$150,000,000,000 into this gaping sinkhole.
For ONE COMPANY
That's $500 from each and every American.
With no end in sight.
Amazing.
But no congressional oversight. No hearings. No media malestorm. Pretty much nothing.
So, where were the regulators? Where were the auditors? Where were the risk analysts? Where was the MSM? Where was congress? Where was the SEC? How did one company put the US taxpayer on the hook for $150 billion (and counting)?
And nobody goes to jail. Nobody has their bonus clawed-back.
This is sick.
Makes you pretty much lose any confidence you may have had that we can get out of this mess.
It's just too big.
All wealth may be lost.
All currencies may be destroyed.
There may be no safe haven.
Federal officials tossed American International Group another financial lifeline today, providing up to $30 billion more to help the staggered insurance giant deal with a record $61.7 billion loss in the final three months of last year.
The money was made available in a complex series of transactions by the Treasury Department and Federal Reserve that involves restructuring of the company and could boost the federal government's stake to 77.9%. It would add significantly to the $150 billion U.S. officials already have extended to AIG since last fall in the largest of all the government bailouts to date.
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34 comments:
Time for another 5 Star Hotel Getaway.
Fuck AIG.
Let them DIE, Today.
Blood in the Streets.
Summer of Violence, '09...
AMERICA IS DEAD
we don't care because it's all fake money at this point.
get your food, guns, and family ready. the food riots are not far off.
Yup, even The Economist is comparing this situation to the plot of Atlas Shrugged.
http://www.economist.com/finance/displayStory.cfm?story_id=13185404&source=hptextfeature&ref=patrick.net
Where is all this money going? Isn't this the 6th, 7th time they've required government money since September?!!
The bondholders and insurance holders took the risk and now they should burn. Let AIG fail.
Simple in the past the addict got it's fix from the "Housing ATM" now from the "Goverment ATM"
Therefore, many are busy with finding out what THEY can get from the government with no regard to where the government gets or spends the money.
"Ask not what you can do for your country BUT what your country can do for you" JFK are you watching!!
There is nothing left to say at this point . The only way this will stop is a peoples revolution plain and simple .Obama's retarded followers will trust him to the bitter end . so it will have to be realistic and intelligent people both Democrats and republicans coming together and tossing the whole congress out including the president who still refuses to produce a legitimate birth certificate .
The whole nation should refuse to pay income taxes , until they can account for every single cent.
This will be the end of America as we know it unless something radical is done .
WE should demand real consequences for those guilty , swift and speedy trials as per constitutional allowances. And All money paid back.
I know i am only dreaming but it would sure be nice to see some justice for a change . That would be the only change that i am interested in.
We're toast.
No riots in the streets? We may not have any. Not yet at least.
Wait until people can't watch March Madness because the cable was cut, wait until the health club memberships are gone, eating out becomes a memory, little Suzie and Billy have to settle for community college, you look out the front door and every other house is having a garage sale, people start looking for shoe repair shops.
The cut backs have started but the minds of most people are still in party land. I'm afraid one day soon all these people who had grown accustomed to nonstop consumption are going to wake up and go buck wild. Suicide, riots? Don't know. But it will not be kind.
Does anyone know how to churn butter?
When Buffett said: "Derivatives are weapons of mass destruction." -- he was likely comparing AIG to a storage facility for defective nuclear weapons.
$500 here, $500 there -- it is all funny money anyhow, so why would anyone get upset?
Just another case of the media failing America.
Slaves don't have time to care.
Fiat currency has no purpose except the manipulation of a people by their government.
Why on earth would a government tax a peoples income on a printed baseless script except to deminish their ability to save and keep them in voluntary slavery to production?
It’s like Atlas Shrugged is happening in real life.
change we can believe in keith...change we can believe in.
hold your littles eyes tightly shut... and believe...hope...click your little heels together and wish upon a star.
ha ha ha, the ceo says they will pay all the money back.
that is a good one. To do so will require that all their toxic crap becomes worth something again. which it won't so they will have to pay it back using operating profit.
How long will it take AIG to repay if they simply use their profit stream?
50 years? a 100 years?
they keep saying aig is too big to let fail. Why don't they do something about that problem? take control and bust the MF up.
No company should be too big to fail because it creates a moral hazard. these "to big to fail" companies will make decisions knowing full well that uncle same will step in to save them if necessary.
DEC 2008
Could you imagine walking out the back door of that place?
QUESTION:
If you have whole life insurance policies that are well funded (yes...I blew it back in the 80's when I bought these) and the companies fall under this AIG umbrella (SunAmerica) - would you take all the cash out? Getting a 5% return that pretty much is paying most of the premium. 55 yrs old - kids all grown up. Sure would like to hear what you got to say.
We already bailed those fuckers out! Does anyone remember how they pissed away hundreds of thousands on spa treatments, golf outings, and top of the line food and wine!? And we-the taxpayers-paid for all of it!
I agree with "guy n. cognito". Get ready.
"Obama's retarded followers will trust him to the bitter end."
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how the fuck is any of this Obama's fault? Please enlighten me. He inherited a big fat pile of shit left rotting by the republicans (you know they could have stopped this from happening and they did not, period.) GO TO HELL ALL YOU BLIND GOP PEOPLE. Every time republicans have had power for a sustained amount of time, disaster happens. Coincidence? No way.
how the fuck is any of this Obama's fault? Please enlighten me. He inherited a big fat pile of shit left rotting by the republicans
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it is BO's fault because he isn't doing anything about it!
Can't you see he is following those same "failed policies of the past 8 years" that he in turn criticizes???????
Every time republicans have had power for a sustained amount of time, disaster happens. Coincidence? No way.
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that is because the GOP always gets stuck with dem's f-ups.
we will need a Reagan-like leader to clean up after BO's mess he creates trying to fix problem that don't need any fixing (like affordable housing).
"...they pissed away hundreds of thousands on spa treatments, golf outings..."
Exactly ONE MILLIONTH of the bailouts.
Let's not confuse/distract from the important parts.
"...it is BO's fault because he isn't doing anything..."
Says the guy five weeks into the new administration...
I disagree; he's making it much worse, but AGAIN:
Let's not muddy the waters. Reasonable people agree both parties are but waterboys for the REAL OWNERS of this world who created this debacle over many decades, if not centuries.
They certainly know what they are doing, and if it were possible for us to focus and follow the REAL WEALTH to it's destination, we'd see that.
Anon said ....how the fuck is any of this Obama fault? Please enlighten me.
I am not saying that this is directly his fault , What i am saying is that all that he is doing will absolutely be a complete disaster for the freedoms of American people Bush would have done the same shit Obama is doing obama is simply continuing the agenda of the power brokers that run this country.
You will not know what i am talking about as you are obviously one of the gullible obama retards i was talking about ,with your head up your own ass hoping for change
"...the GOP always gets stuck with dem's f-ups.
we will need a Reagan-like leader to clean up..."
YES! We definitely need a Reagan-like leader. And to choose the leader most like Ron, I will be conducting interviews in the near future. Please practice the following word as my decision will be based on how true to the Reagan spirit you can say it. The word is: "Well........."
We will simultaneously be looking for an appropriate first lady. Candidates should practice the following phrase which is arguably the tougher of the two: "We're doing all we can".
Anyone who voted for Bush-twice-is either retarded or a neocon pimp.
Sorry, those are just the facts.
Are both parties corrupt? You bet.
Is this Obama's fault? You have to be a retard or a pimp to think so. But soon, pretty soon, it will be his fault. If he leave Geithner/Dr. Strangelove in, he'll get there pretty quick.
No oversight and silence is the new "accountability".....
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"EXQUISITE HOME WITH BEAUTIFUL CANYON VIEWS FOR JUST $600K. HURRY, IT WON'T LAST!"
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All of these people on this thread who are saying "how is this Obama's fault" are so missing the point. (Like most of his supporters did for the last 2 years).
You all seem to forget that he WAS A SENATOR for the past 4 years. He didn't just fall from the sky fully formed into the WH. He either actively enabled Bush policies by voting for them (he voted for many of them) or indirectly enabled them by not fighting against them. He was basically a lily-livered coward during most of his years in Congress, when he bothered to show up for work. So, H-LL yes - I blame him too, along with the incompetent Republican a-holes who engineered most of this disaster.
But, you prove your besotted Obama-love idiocy when you act like he just came riding out of the West last November and does not have any of this on his hands at all.
Even more importantly, the man kept telling everyone that he was going to be "ready on Day One" (remember that one) when people, reasonably questioned how someone with no track record of success on anything was going to handle the most important job in the world. And - Day One means November 5 when the transition team starts working - not Jan. 20. So, he's been 5 months into the job now and all I can see is that he doesn't know what in the world he's doing - he doesn't even have his full cabinet in place. He's continuing many of Bush's policies and he's still blaming the past administration for everything - maybe he's right, but that's not an example of "leadership" from someone who promised to be "ready on Day One."
The SEC and everyone else has been captured. Check out Overstock.com's CEO, Patrick Byrne, talk about it:
http://www.youtube.com/watch?v=SIHw7C73s3E
His website is http://www.deepcapture.com/
Fools,
I smell fear! I see panic in your face. The bush/republicans have accomplished what Al-quieda couldn't. They fucked up the global economy with their free market/no regulations mantra. Now the whole world is infected with the poison wall street was allowed to spread. Now they are looking to place blame. Retards, don't blame the doctor for your cancer not being cured.
Here's a real CEO who's still profitable in a lousy environment. Plus be predicted and prepared for this. He's cut back on marketing to keep the business afloat, unlike other large corps:
http://www.youtube.com/watch?v=9Co1YjrymNI
http://www.youtube.com/watch?v=eimHoWwGwqU
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DON'T FORGET THAT DEMOCRATS HAVE BEEN THE MAJORITY IN POWER ON BOTH HOUSES FOR THE LAST 3 YEARS. NO EXCUSES. NICE TRICK OF TRASHING THE ECONOMY TO ELECT BO.
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