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US to 'wind down' AIG in 'orderly way': Geithner

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posted on Mar, 17 2009 @ 11:42 PM
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US to 'wind down' AIG in 'orderly way': Geithner


news.smh.com.au

US Treasury Secretary Timothy Geithner said that the government would work with AIG chief executive Edward Liddy to "wind down" the troubled insurer "in an orderly way."

In a letter to lawmakers Geithner addressed what he described as "considerable outrage" stemming from 160-million-dollar bonuses paid to AIG top executives, and said his department would "explore any and all responsible ways to accelerate this wind down process."
(visit the link for the full news article)




posted on Mar, 17 2009 @ 11:42 PM
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This is a really big deal. This just kicked off phase II of the supercharged doom a' thon that we are in right now.

I don't know how much trouble AIG is really in but estimates as to their derivatives balance sheet is between 65-500 trillion dollars.

What this means is that there will be no bankruptcy, no more bailouts, it means AIG is going to cease to exist. Stock holders will be wiped out completely.

news.smh.com.au
(visit the link for the full news article)



posted on Mar, 18 2009 @ 12:04 AM
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reply to post by downtown436
 


Don't we own like 80% of AIG... Oh wait.

Move along nothing to see here.


Of course instead of declaring chap. 11 and liquidating, they are going to shuffle all of AIG's assets to other banks and hedge funds and stick us with all the toxic assets.

They have to keep the wealth concentrated you know.



posted on Mar, 18 2009 @ 12:13 AM
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You must be kidding when you say 65 trillion. Surely you mean billion. I don't think there is 500 trillion dollars if you took all the currency on earth and put it in one pot. Please recheck this figure and get back to us.



posted on Mar, 18 2009 @ 12:22 AM
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reply to post by Jim Scott
 


No that isn't a typo. The hedge funds and banks won't open up their books so there isn't a real figure to go off of.

If it was at most 500 billion dollars then the first tarp would have settled the debt and we would be smooth sailing.

Unfortunately the most conservative estiment of the CDS(credit default swaps) market is 50 Trillion the most liberal is 500 trillion.

It is all on paper. They chopped up these sub-prime loans and sold them and re sold them and re-sold them many many times. And each time they were sold they offered a "swap" which is insurance but they couldn't call it that because then they would be subject to regulation.

So yea, it isn't a typo it just goes to show you how # we really are. We still have two more bubbles to go yet.



posted on Mar, 18 2009 @ 12:42 AM
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Wow.. I know that some may disagree with this but from all the polls I've seen most people are pretty pissed off..

This is from a CNN poll on their website..(Before this story came out)

Would you support a special tax on AIG executives to recoup bonus money paid to them?
Yes 82% 231430
No 18% 49145
Total Votes: 280575


The moment you think all accountability is gone from our political and corporate systems, this story breaks... I think its a good thing for the country right now. Not sofar as AIG should be the fall guy for our frustrations (It shoudn't). More because the same practices that got us in this mess are continuing even after these companies are bailed out with taxpayer dollars. Just because something is legal doesn't make it right and AIG's practices definately spit in the face of all the economic progress made thus far. These bonuses are some of the questionable business practices that got us where we are today because of this sick sense of entitlement. Merryl Lynch got bailout money only for the CEO to spend a million dollars renovating his office and buying $40,000 dollar toilets (on top of whatever bonuses were divied out to himself and his cronies). Then AIG recieves a huge sum of bailout money and pays out $165 Mill in bonuses. The 10 execs paid the biggest bonuses recieved a total of $42 Million.. LOL@!

11 of their employees quit today (probably set for life though thanks in part to "joe taxpayer"). If it were me, I'd already be out of the country.

When you think about it this could even be one way for our government/CIA to covertly fund global terrorist efforts. If such funding exists, this is how it might be done. You give your cronies millions dollars in bonuses, they take the money and leave the country, then pay rogue governments a big suitcase of money to covertly organise terrorist groups around the world. Food for thought I guess. I'm just being open to the possibilities I guess.

-ChriS



posted on Mar, 18 2009 @ 12:49 AM
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Originally posted by BlasteR

When you think about it this could even be one way for our government/CIA to covertly fund global terrorist efforts. If such funding exists, this is how it might be done.
-ChriS


Always the thinker you are. Be careful ChriS you might be getting too close. These people are so damn dirty it makes the rest of us look like Jesus.



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