kallend 2,106 #1 March 3, 2009 Another $30Bn, because if it fails "it will bring down the entire world's economy"; so said a financial guru not obviously associated with either political party. It makes me shudder to think that any one company could get into that position.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
Amazon 7 #2 March 3, 2009 Quote Another $30Bn, because if it fails "it will bring down the entire world's economy"; so said a financial guru not obviously associated with either political party. It makes me shudder to think that any one company could get into that position. Yeah but since they don't have those evil unproductive Union employees running the company into the ground...certain posters here will give them a complete pass Quote Share this post Link to post Share on other sites
idodsick 0 #3 March 3, 2009 i recommend that anyone who reads this post reads "the creature from jekyll island"the diamond can not be polished without friction, nor a man perfected without trials. Quote Share this post Link to post Share on other sites
lawrocket 3 #4 March 3, 2009 http://www.youtube.com/watch?v=UP73cK3GXdo My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
airdvr 210 #5 March 3, 2009 QuoteQuote Another $30Bn, because if it fails "it will bring down the entire world's economy"; so said a financial guru not obviously associated with either political party. It makes me shudder to think that any one company could get into that position. Yeah but since they don't have those evil unproductive Union employees running the company into the ground...certain posters here will give them a complete pass Seems to me the government is giving them a free pass.Please don't dent the planet. Destinations by Roxanne Quote Share this post Link to post Share on other sites
Rookie120 0 #6 March 3, 2009 Quote"the creature from jekyll island" Oh what a beautiful place. The wife and I spent a long weekend there a couple years ago.If you find yourself in a fair fight, your tactics suck! Quote Share this post Link to post Share on other sites
StreetScooby 5 #7 March 3, 2009 From today's NYTimes: The Case for Saving A.I.G., by A.I.G. http://www.nytimes.com/2009/03/03/business/economy/03sorkin.html?hp AIGFP (financial products) caused this mess. Unbridled, irresponsible greed. Pure and simple.We are all engines of karma Quote Share this post Link to post Share on other sites
Capt.Slog 0 #8 March 3, 2009 Quotehttp://www.youtube.com/watch?v=UP73cK3GXdo I'm glad one Republican thinks executive bonuses in failing companies are wrong. I'm sure someone on here will wail "but it's in their contract". Quote Share this post Link to post Share on other sites
jerryzflies 0 #9 March 3, 2009 QuoteFrom today's NYTimes: The Case for Saving A.I.G., by A.I.G. http://www.nytimes.com/2009/03/03/business/economy/03sorkin.html?hp AIGFP (financial products) caused this mess. Unbridled, irresponsible greed. Pure and simple. chuckakers will chime in soon to tell us that Barney Frank made them do it.If you can't fix it with a hammer, the problem's electrical. Quote Share this post Link to post Share on other sites
Halfpastniner 0 #10 March 3, 2009 I hope i can own a company like that some day. So i can lose 60 billion dollars in a quarter and the government will keep giving me the cash! Awesome!BASE 1384 Quote Share this post Link to post Share on other sites
marks2065 0 #11 March 3, 2009 QuoteQuoteFrom today's NYTimes: The Case for Saving A.I.G., by A.I.G. http://www.nytimes.com/2009/03/03/business/economy/03sorkin.html?hp AIGFP (financial products) caused this mess. Unbridled, irresponsible greed. Pure and simple. chuckakers will chime in soon to tell us that Barney Frank made them do it. actually it had alot to do with Cox and clinton. I posted the article on another thread a couple days ago. Quote Share this post Link to post Share on other sites
marks2065 0 #12 March 3, 2009 QuoteQuotehttp://www.youtube.com/watch?v=UP73cK3GXdo I'm glad one Republican thinks executive bonuses in failing companies are wrong. I'm sure someone on here will wail "but it's in their contract". most rep don't believe a ceo should get a bonus from a failing company. I personally think they should loose everything if the company fails, just like the rest of us. Quote Share this post Link to post Share on other sites
jerryzflies 0 #13 March 3, 2009 QuoteQuoteQuoteFrom today's NYTimes: The Case for Saving A.I.G., by A.I.G. http://www.nytimes.com/2009/03/03/business/economy/03sorkin.html?hp AIGFP (financial products) caused this mess. Unbridled, irresponsible greed. Pure and simple. chuckakers will chime in soon to tell us that Barney Frank made them do it. actually it had alot to do with Cox and clinton. I posted the article on another thread a couple days ago. The "Enron Loophole" of which you write was sponsored by Phil Gramm (R) and supported by John "the Deregulator" McCain. Nice try though.If you can't fix it with a hammer, the problem's electrical. Quote Share this post Link to post Share on other sites
Andy9o8 2 #14 March 3, 2009 QuoteQuotehttp://www.youtube.com/watch?v=UP73cK3GXdo I'm glad one Republican thinks executive bonuses in failing companies are wrong. I'm sure someone on here will wail "but it's in their contract". More like: "Very, very fair." Quote Share this post Link to post Share on other sites
marks2065 0 #15 March 3, 2009 QuoteQuoteQuoteQuoteFrom today's NYTimes: The Case for Saving A.I.G., by A.I.G. http://www.nytimes.com/2009/03/03/business/economy/03sorkin.html?hp AIGFP (financial products) caused this mess. Unbridled, irresponsible greed. Pure and simple. chuckakers will chime in soon to tell us that Barney Frank made them do it. actually it had alot to do with Cox and clinton. I posted the article on another thread a couple days ago. The "Enron Loophole" of which you write was sponsored by Phil Gramm (R) and supported by John "the Deregulator" McCain. Nice try though. as it was pointed out it was wrote with a dem and signed by Clinton. if the left wants to blame bush for signing bills the last 2 years for everything the dem's wrote then i guess you need to blame Clinton for everything he signed. Quote Share this post Link to post Share on other sites
Capt.Slog 0 #16 March 3, 2009 Quote Quote Quote Quote Quote From today's NYTimes: The Case for Saving A.I.G., by A.I.G. http://www.nytimes.com/2009/03/03/business/economy/03sorkin.html?hp AIGFP (financial products) caused this mess. Unbridled, irresponsible greed. Pure and simple. chuckakers will chime in soon to tell us that Barney Frank made them do it. actually it had alot to do with Cox and clinton. I posted the article on another thread a couple days ago. The "Enron Loophole" of which you write was sponsored by Phil Gramm (R) and supported by John "the Deregulator" McCain. Nice try though. as it was pointed out it was wrote with a dem and signed by Clinton. if the left wants to blame bush for signing bills the last 2 years for everything the dem's wrote then i guess you need to blame Clinton for everything he signed. Lame. The bill was introduced by Phil Gramm (R Texas). Wendy Gramm, Phil Gramm's wife, coincidentally was the former chairman of the Commodity Futures Trading Commission. After leaving the CFTC, she took a seat on Enron's board of directors.In September 2007, Senator Carl Levin (D-MI) introduced Senate Bill S. 2058 specifically to close the "Enron Loophole" This bill was later attached to H.R. 6124, the Food, Conservation, and Energy Act of 2008, also known as "The 2008 Farm Bill." President George W. Bush vetoed the bill, but was overridden by both the House and Senate while under (D) control. Clicky. Besides, this is quite irrelevant since no-one FORCED the AIG board to behave irresponsibly. They did it all by themselves out of GREED as Streetscooby wrote previously. Try again. Quote Share this post Link to post Share on other sites
Gawain 0 #17 March 3, 2009 QuoteAnother $30Bn, because if it fails "it will bring down the entire world's economy"; so said a financial guru not obviously associated with either political party. It makes me shudder to think that any one company could get into that position. We are in agreement, and I am cynical to the depth of their impact if they were to collapse. There are so many conglomerates in the global economy. I am also scratching my head as to why AIG is tasked with maintaining their mortgage backed insurance programs. This is something the US could have taken the helm over for a fraction of the money that's being spent right now. So, on a global scale, I either do not fully understand the depth of their involvement, or it's being hyped. On a domestic scale, I do understand they are one of the major players in the mortgage insurance schemes, and so the credit markets would feel a shudder. I'm wondering where the entrepreneurs are that see the opportunity to build a new enterprise out of this mess. Of course, as long as the government is willing to throw billions into this, this will not happen.So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
StreetScooby 5 #18 March 3, 2009 AIGFP was fully engaged in what was referred to within the company as "regulatory arbitrage". The knowingly exploited some weakness in the regulatory system somewhere. Which one I'm not sure of. From an article in the NYTimes today: http://www.nytimes.com/2009/03/04/business/economy/04webecon.html?hp Quote “A.I.G. exploited a huge gap in the regulatory system,” Mr. Bernanke said. “There was no oversight of the financial products division. This was a hedge fund, basically, that was attached to a large and stable insurance company.” And this quasi-hedge fund, Mr. Bernanke went on, to nobody’s surprise, made irresponsible bets and took huge losses. Quote We are in agreement, and I am cynical to the depth of their impact if they were to collapse. There are so many conglomerates in the global economy. Make no mistake about it. AIG was a counterparty to EVERYONE, and their collapse would be felt severely around the world. Since what their management did was not deemed illegal, they can't be prosecuted for the enormous and reckless risks they took. This one is a doozy.We are all engines of karma Quote Share this post Link to post Share on other sites
mnealtx 0 #19 March 3, 2009 QuoteQuotehttp://www.youtube.com/watch?v=UP73cK3GXdo I'm glad one Republican thinks executive bonuses in failing companies are wrong. I'm sure someone on here will wail "but it's in their contract". Ok, lemme make sure I have this straight: Excessive union pay/benefits by contract - good Excessive executive pay/benefits by contract - bad Is that the basic gist of it?Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
mnealtx 0 #20 March 3, 2009 QuoteQuoteQuoteQuoteFrom today's NYTimes: The Case for Saving A.I.G., by A.I.G. http://www.nytimes.com/2009/03/03/business/economy/03sorkin.html?hp AIGFP (financial products) caused this mess. Unbridled, irresponsible greed. Pure and simple. chuckakers will chime in soon to tell us that Barney Frank made them do it. actually it had alot to do with Cox and clinton. I posted the article on another thread a couple days ago. The "Enron Loophole" of which you write was sponsored by Phil Gramm (R) and supported by John "the Deregulator" McCain. Nice try though. That would be the same "Enron loophole" that frmr SecTreas Rubin wanted to apply so Enron could pay it's debt to Citigroup, yes?Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
