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reply to post by Ex
American International Group, Inc., through its subsidiaries, provides insurance and financial services in the United States and internationally.
Originally posted by BlasteR
It's actually alot more than $120 B..
They recieved about $170 Billion in bailout money
They are giving out $165 Billion in bonuses right after receiving said bailout money.
reply to post by irishchic
I feel duped...bigtime.
The administration is worried that there might be political fallout over this plan, and I have to admit this plan makes me feel pretty hostile. But that’s not the only reason this is wrong.
Taxpayers are pouring money into the shadow financial system day after day through AIG. The money we poured into save AIG is flowing right back out into the bank accounts of counterparties. We have a short list, but that information is being leaked to serve AIG’s purposes. One of those purposes is to show that if we let AIG fail, there would be world-wide consequences to the financial system.
The short list doesn’t answer important questions like:
1. How many of those counterparties are going to be making mountains of money out of the toxic waste pool?
2. How many of them are going to insist on ludicrous rewards without risk using even more of our money?
3. Why is the US Government such a patsy?
Maybe Jon Stewart could ask?
Everyone knows what the problem is. Banks and Tim Geithner think toxic waste is worth more than the anyone is currently willing to pay. Hedge funds, vulture funds, even new funds small investors might be able to buy into, all of them think the prices will go lower. This is a standard practice: if someone is headed for bankruptcy, wait until they file to buy their assets. Of course, you might have to bid against other people, but in this case, there are so many assets that you don’t really have to worry about that. How many of these vultures are AIG counterparties who have already been paid off by the Treasury?
Originally posted by Rockpuck
Just like Obama tried to tell Congress what they can and cannot put in a bill, the Treasury is going to find they cannot tell a company what to spend money on.
Maybe they will learn their lesson, don't give money to pigs, they will just throw it around. Then again, it's the government, so I doubt they learned their lesson.
For some reason people just don't seem upset enough about what's happened in the past 16 months.
Originally posted by plumranch
Just a recap:
The liberal democrats in power realize that if AIG fails all will go down like a house of cards because they are the ones that set it up with AIG as the keystone insurer to prop up Fannie, Freddie, the derivatives and make themselves look like the good guyes.
Barney Frank and Chris Dodds are in charge of the Congressional and Senate (POWERFUL) banking committees.
If AIG goes down their silly scheme to put risky low income people into housing is exposed and Barney and Dodds loose their jobs, and we find out how our hero Obama is involved in the scheme.
Do you think that Obama, Barney and Chris will let that happen? Of course not! Were we betrayed? Of course! Will we be betrayed again? Da!
Contracts are broken EVERYDAY and I refuse to accept that some of the supposedly brilliant legal minds at the helm can't find a tiny "loophole" so that no only could the bonus-issuing have been stopped (I believe they went out today?Just another weekend party like so many we've seen lately!) or at the very least,the amount to be paid out substantially reduced.
The hot seat is getting even hotter for AIG Chairman and CEO Edward Liddy. Not only has President Barack Obama called on his Treasury Secretary to do everything possible to block the bailed-out insurance company from doling out $165 million in bonuses, but now the New York Attorney General has set a deadline of 4pm Monday for Liddy to release the names and job descriptions of those receiving bonuses stating that if the information is not received this afternoon that he will seek a subpoena to force compliance.