AIG hires law firm to draw up bankruptcy papers: report

Originally posted by ChrisJr03
As much as I hate to see the Fed take action in private matters, in the long run it will probably be to our benefit; just like with Freddie Mac and Fannie Mae. ....


...In the end, this mess can be cleaned up...it might take a few years, but it will happen.

You havent heard much about the NWO / Big Brother have you...?

It's pretty much in that they are loaning 85 billion to AIG. Good news here. Means that we won't see a disaster tomorrow during the stock exchange. I would definately be buying stock tomorrow, as this is definately good news and going to bolster stock prices decently.

I will bet that tomorrows market go 150-200+.

Originally posted by lardo5150
Can someone help me out with this. I am sure I am not the only one.
What are the effects of this fork in the road?

If the FED does not bail them out, what are the effects? Collapse? Correction?

If the FED does bail them out, what are the effects? Softer landing? Bandaid?

If the Fed hadn't bail them out, it will probably freeze the entire financial system and we'll crash...I know someone said we'd go down 1000 points on the Dow on here...which is probably true, because AIG is one of the 30 Dow components

Since the Fed did bail them out, it's all official now...AIG will probably still go under (at least portions of it will) or at least not be nearly as big of a company as it was. AIG will just have enough time to sell off some of it's good assets and let the bad parts die. The deal has a lot more than loans involved, it seems the heads of the company have been ousted and replaced by the former CEO of Allstate.

www.bloomberg.com...

reply to post by grimreaper797


You are right, however, this will just be temporarily. Money cannot be created out of nothing, meaning that America sinks deeper and deeper into a position of debts.

The question is how long debt buyers such as China are willing to take the increasing risk of buying US treasury bonds.

Funny how AIG gets a bailed out.

I watched a film called Who killed John O'neill and AIG was a major player with Kroll and the CIA in the 9/11 Conspiracy.

reply to post by Mdv2


You do realize the government could very possibly break even or even MAKE money on this? I would recommend doing some reading as to how the Fed's deal with AIG may lead to our government coming out POSITIVE in this deal. I can't explain as Im about to walk out the door.

*Funny how AIG gets a bailed out!*

Yeah! it's just very sad!

And yet another funny thing in this financial mess!

If you follow the money and see who the REAL owners of AIG and FED are, you will find that they have the same owners .

Now to the beautiful part in this scam of buying some more time:

Now they can reconstruct the company and sell the good parts and let the bad parts die and let the tax-payers pay for all!

So now you have a giant company with shady connections that got plundered while the taxpayers have to pay the bills - just brilliant and beautiful planned!

And by doing this! no nosy private firms and lawyers can dig in the piles of documents of AIG to find anything they were not supose to find either!

Everything is just buried and soon forgotten! (just in time before the election and the new regime!) while some of the shady characters got richer and are laughing all their way back to hell and to some new adventures that are waiting for them.

Just gotta love this! - beautiful!

reply to post by grimreaper797


That's ASSUMING that the institutions don;t continue to fail after the bail out. If they do, the US could be on the ropes for another 2 TRILLION or more.

We are now putting these firms in the hands of the government who NEVER screws anything up...AND the interest rate to AIG is close to 9%! Do the math...9% OF 85 BILLION...OVER A FEW YEARS...yikes.

This means that AIG will have to raise capital, and FAST. Only thing is that no one can lend capital right now.

reply to post by grimreaper797

You do realize the government could very possibly break even or even MAKE money on this?

An investor could possibly come out positive, but remember who you're talking about. The Federal government of the US has demonstrated in its history an amazing ability to pull defeat out of the mouth of victory.

TheRedneck

AIG=bush??

From: Laurel [Ron Paul Revolution]
Date: Sep 17, 2008 10:58 AM


Sep 29, 2006, 01:06

Email this article
Printer friendly page

Democratic Underground Demopedia reports in Who Killed John O’Neill that at the time of 9/11, AIG, the world’s largest insurance company, and subsidiaries Marsh McLennan, ACE and Kroll, were run by the Greenberg family. With Council on Foreign Relations (CFR) member Maurice “Hank” Greenberg as the AIG godfather, the Familia’s tentacles curled around the heart of the tragedy.


Hank’s son Jeffrey, a CFR member as well, was chairman of Marsh & McLennan, situated on floors throughout the North Tower of the World Trade Center as well as the top floors of the South Tower. Marsh also had ties to the CIA. Son Evan Greenberg, a CFR member, was CEO of ACE Limited, situated in Tower 7, which also contained AIG subsidiary Kroll, closely related to the CIA, also with an office in Tower 7.


Tower 7 also contained offices of the FBI, Department of Defense, IRS (which contained prodigious amounts of corporate tax fraud corporate, including Enron’s), US Secret Service, Securities & Exchange Commission (with more stock fraud records), and Citibank’s Salomon Smith Barney, the Mayor’s Office of Emergency Management and many other financial institutions.


Greenberg’s cousin, Alan “Ace” Greenberg, was former CEO of Bear Sterns, where the Bush family, Cheney family George Schultz, James Baker, et al, did business. It is the leading brokerage firm of the great and all-powerful Bush Familia.


Also reported by Democratic Underground, AIG’s Kroll “provided protection services,” among other things, to high level Americans at home and abroad. Kroll had military teams in their company and merged with Armor Holdings on August 23, 2001, adding Defence Systems Limited, another private military corporation, to their operation, and an ex-KGB team called Alpha Firm earlier acquired by Defense Systems Limited. These four teams could have been used on 9/11, part of a “corporatizing” of black ops in tandem with military teams.


According to whistleblower Richard Grove, who worked as a senior manager for SilverStream Software on Marsh and AIG accounts, Kroll also managed the Enron fraud once Kenneth Lay stepped down.


Marsh, immediately after 9/11, established a specialized terrorism team called Marsh Crisis Consultancy (led by L. Paul Bremer III), adding the teams Control Risks Group, a British ex-SAS team and Versar, bio-terrorism and homeland defense team. These players could have known each other from 9/11, bringing in new assignments and profits.


Democratic Underground also reports, AIG allegedly was laundering drug money, and was involved in the Afghanistan oil and gas pipelines. Greenberg and the Adnan Khasshogi family allegedly benefited from the Afghanistan narcotics trade and interests in the oil and gas pipelines, as well.


Greenberg’s Law Firm Connections to Bush

According to www. sourcewatch. org, the Greenbergs were and are connected to the Bush Familia via their Miami-based law firm Greenberg Traurig, LLP, a 1,350-lawyer, full-service international firm. Here are a few connects . . .


1) G-T represented George W. Bush in the Bush-Gore 2000 Florida election vote recount.


2) They personally represent Florida Governor Jeb Bush.


3) They hired son of Supreme Court Justice Antonin Scalia on Election Day 2000 -- after which Justice Scalia cast one of the 5 to 4 deciding votes that placed Bush in the White House.


4) They partially funded/sponsored a delegation to Israel by House-Senate Armed Services Committee members and government contractors to witness and be briefed on interrogations resistance procedures and torture techniques.


5) The firm has prominent administrative positions in Massachusetts 9/11 Fund, which also involves Bush family banking house Brown Brothers Harriman (the same BBH involved with Prescott Bush’s bankrolling the Nazis in World War II).


6) Traurig Greenberg works with 9-11 victims on planning their US government “hushmail/bribery estates.” That is, to receive the money, the victim’s family must sign an agreement never to sue the government for any reason. Victim-wife Ellen Mariani is currently being legally harassed for not signing and for holding the Bush government’s feet to the fire.


7) Bush still owes the Greenberg Traurig firm nearly $1 million for work done by dozens of lawyers and paralegals, leaving questions why a Republican candidate would hire a Democratic lawyer from a Democratic firm. See Greenberg Traurig link above for more scandals.


Greenberg’s Relationship to Larry Silverstein

On July 24, 2001, six weeks before 9/11, Larry Silverstein took control of the lease of all the WTC buildings. This followed the Port Authority decision on April 26.


According to democraticunderground. com, the three companies who originally insured the WTC were AIG, Marsh and ACE, all run as mentioned by the Greenbergs at the time. They then sold stakes of the original contract to their competition, a technique called reinsuring.


Once the Towers came down, the reinsurers got caught holding the bag. This would inextricably tie the Greenbergs to Silverstein and the larger conspiracy of 9/11.
If they had no foreknowledge of events to occur, why would the Greenbergs have unloaded so many stakes in their contract?

According to Michel Chossudovsky in Financial Bonanza behind the 9/11 Tragedy, “On October 17, 2000, eleven months before 9/11, Blackstone Real Estate Advisors, of The Blackstone Group, L.P, purchased, from Teachers Insurance and Annuity Association, the participating mortgage secured by World Trade Center, Building 7.1.” [Blackstone in 2000 also purchased a 50 percent stake in Universal Studios, producers of the myth-perpetuating Flight 93.
]

“April 26, 2001 the Port Authority leased the WTC for 99 years to Silverstein Properties and Westfield America Inc.


“The transaction was authorised by Port Authority Chairman Lewis M. Eisenberg. This transfer from the New York and New Jersey Port Authority was tantamount to the privatisation of the WTC Complex. The official press release described it as ‘the richest real estate prize in New York City history.’ The retail space underneath the complex was leased to Westfield America Inc.


“On 24 July 2001, 6 weeks prior to 9/11 Silverstein took control of the lease of the WTC following the Port Authority decision on April 26.


“Silverstein and Frank Lowy, CEO of Westefield Inc. took control of the 10.6 million-square-foot WTC complex.


"Lowy leased the shopping concourse called the Mall at the WTC, which comprised about 427,000 square feet of retail space.
”

“Explicitly included in the agreement was that Silverstein and Westfield ‘were given the right to rebuild the structures if they were destroyed.
'’

“In this transaction, Silverstein signed a rental contract for the WTC over 99 years amounting to 3.2 billion dollars in installments to be made to the Port Authority: 800 million covered fees including a down payment of the order of 100 million dollars. Of this amount, Silverstein put in 14 million dollars of his own money. The annual payment on the lease was of the order of 115 million dollars.


“In the wake of the WTC attacks, Silverstein is suing for some $7.1 billion in insurance money, double the amount of the value of the 99 year lease.” In fact, some $5 billion was actually returned, given the multiple court-case protests of the insurers.


“The mortgaging of the WTC was handled by The Blackstone Group, headed by Peter J. Peterson, current head of the Council on Foreign Relations (CFR). The Blackstone Group also bought a piece of Kroll in 1993 at the very same time AIG took over majority control. Henry Kissinger sits on the board of the Blackstone Group.
”

By his own admission Silverstein had Tower 7 pulled by controlled internal demolitio

reply to post by Skipper1975


You do realize that the game "six degrees of separation/Kevin Bacon" basically can be used to connect pretty much anyone who's ever lived on Earth, right? Kinda makes these connect Bush with every financial bailout posts pointless. I'm sure that the same connections could be made between Bush & Lehman Bros... a bank that wasn't bailed out and was allowed to fail miserably, yet curiously I don't see any posts using those connections to tout the president NOT acting in his own personal interest.

While all this has me more pissed off the more I think about it.
I for one would like to see what is going to happen to the share holders.
And on top of that I would also like to know what is going to happen to the CEO's and CFO's who were the ones who decided to draw up these bright ideas to make all these sub-prime insurance loans? I would almost bet these white collar criminals are going to come out of this with a big FAT contract check and smelling like a rose.... Only to land at the head of some other company and start the re-distribution of wealth cycle all over again in another sector?

I'm sure that the same connections could be made between Bush & Lehman Bros... a bank that wasn't bailed out and was allowed to fail miserably, yet curiously I don't see any posts using those connections to tout the president NOT acting in his own personal interest



Jeb Bush and Gerorge Walker (cousin) were at Lehman Bros.

www.legitgov.org...

The Dow just closed at -449.36 (-4.06%) and The Nasdaq -109.05 or -4.94%.

It wasn't a very pretty day on wall street. The Feds move did little to calm these short term sellers nerves. JPmorgan stock dropped, even though they announced better than expected results from the 3rd quater, which leads me to believe this is a short term crisis, and things WILL balance out over the long term.

I think that this is a good time to look at long term investing in the market. With these short term sellers, you can get it cheap, and by 2009 mid year, you will be looking at a nice profit.

A good deal changed over night. Yesterday it seemed like it was going to be a day of little market change, but over night things changed with new fears about WaMu (washington mutual) being the next one to go. I think that is a major fueler as to why these short term sellers are doing what they are doing. There is no reason for JPmorgans stock to be dropping, unless, its all just short term spectulation that will pass.

In which case, it is a very good time to invest.

[edit on 17-9-2008 by grimreaper797]

The problem that resulted was when the Fed finalized the deal, rather than comforting people, it made them nervous. This is still much better than having AIG collapse, but the problem is that people are worried other big companies are going to follow similiar paths.

The fact AIG is now in the position it is in sends the signal to people that companies can't be trusted as AIG said it was fine just like everyone else....now look where it is. Not only that but AIG couldn't find any lifelines except the Fed, and that is bad news should WaMu follow in its footsteps. That fact that AIG faced either bankruptcy or having the Fed bail it out, means that should a company like WaMu follow suit, the situation would be very similiar. They would be faced with very limited options and not much time to get out of the pit.

It will get ugly in the short term market. Long term is another story.

I saw "short seller" and it struck a cord.. All this dumping may be due to the law which will be implemented tomorrow, Thursday Sept. 18/08...


Sourc e

So, I'm leaning on some who are unable to back up their trades.... hence the selling off today.. lets see if the market continues its downward spiral.

Interesting times indeed....

reply to post by downtown436


Good cause tax payers don't want to foot the bill. Let em file! I guarentee when ave american checks their 401K and see's how their wise mutual fund owned 10% financials and take huge end of quarter hit they will pull funds..Boomers have little choice. Worst is ahead