AIG's PR Machine: Four Top PR Firms, Plus In-House Team

Breakingviews.com:

AIG PR: American International Group is keeping the spin machine employed. The US insurance giant - which just received its fourth taxpayer bailout - has four public relations firms on its payroll.

Read the whole story: Breakingviews.com

Comments

[PhilipTaylor]

PR: AIG Bonuses are BS SMOKE SCREEN by AIG, Bernanke, Geithner, and others!

CENTRAL PROBLEM: GET credit Flowing to Americans!

If that is GOAL then let the Government open up direct LENDING Via telephone or the Internet to Small Business, Students, and Consumers at low RATES and FEES!

All Geithner and Bernanke are doing is saving the Banks and FEATHERING THE NEST OF THE ELITES they work FOR!

NOT ONE CEO has Been FIRED, INVESTIGATED, FINED, or PROSECUTED!

All this BS about 1% is to stop Americans from seeing the Continuing $BILLIONS going to these Corrupt Banks and AIG! Corrupt FED/BANKS still in control of Printing and Controlling OUR Government and making us the Largest Debtor Nation on Earth!

[PhilipTaylor]

The revised Fed/Treasury deal terminated the "super senior" CDS contracts, and purchased the underlying CDOs. Of the $52.5 billion in off-balance sheet financing, $30 billion is a loan to Maiden Lane III LLC (ML III), an entity formed by the NY Fed and AIG to purchase (at market value) $64.7 billion face value of the "super senior" CDO tranches on which AIG had written CDS agreements (AIG invested $5 billion in ML III). In connection with the purchase of the CDOs, the related CDS agreements are being terminated.

This is a huge windfall for the holders of these CDOs, which go from owning extremely illiquid securities carried on their balance sheets at pennies on the dollar, to getting cashed out at or near par (through the combination of the market purchase of the CDOs and the CDS collateral and termination payments).

http://johnappel.com/2008/12/12/aig%E2%80%99s-bailout-needs-a-bailout-a-150-billion-problem/

Why should Goldman, Morgan, B of A/Merrill, Citigroup and foreign Banks who it seems clear committed crimes are getting the Benefits of the AIG Bailouts?

It appears from this that Geithner and Bernake are in BED with the Banksters when they should be representing the Taxpayers' Interests.

[research]

AIG = credit default Swaps.

They are toast.

[etcetc]

PR is advertising. This article suggests they shouldn't be advertising to get client. That's absurd. How are they supposed to get new clients and keep the ones they have without advertising?

Is anyone whining about the car manufacturers having commercials about their cars on TV, or in print? NO- because we know it's necessary for them to sell their product.

[shanefish]

I personally like the idea of letting them fail. Let the capital go back into the system and 4 new companies will emerge to take the place of this dinosaur. I wouldn't mind seeing corporations have a "life expectancy" and basically die after 30 or 40 years. It would negate this "too big to fail" BS, and would instigate innovation with fresh minds coming up with new ideas. Seriously, let them die!

[camper320]

It makes me sick how the bailed out banks are spending money on junkets and bonuses and insane salaries...and I don't think any PR firm can undo the damage AIG is doing to itself through it's corrupt and sleazy spending. But I'm not totally sure they shouldn't spend on PR. PR and advertising are huge industries as well that employ many people, esp in NYC. If companies stop spending on PR then these industries will become (more) depressed as well which can mean job losses. But I think really the gov should just let AIG fail--either they will restructure or their bad assets will be sold off. Whatever, someone will take their place.

[bluguy8]

why bother to waste the money. Everyone knows you screwed us big time and there isn't any spin you can put on it to make it smell good.I still don't know why we are bailing out an international co.-- let the other countries bail them out or let them fail

[hemnebob]

why
why
why???
why are we loaning them more money?
WHY!!!???

[Teadye]

Here is why:

http://www.npr.org/templates/story/story.php?storyId=101389469

No one likes this but the alternative is worse and we don't have a lot of options. Actually, if you are so passionate about the subject you should read up on it. Your questions can easily be answer through a little effort on your own behalf: google is your friend.

[Peter007]

This is the problem with nationalization.
The government now owns about 70% of AIG.
Business decisions are going to be made based upon bloggers opinions on the Huff Post.
Before a marketing campaign is initiated, AIG will need to take a poll to determine if they should spend money on it.
If you are a political operative that is good at raising money for a candidate, you could find yourself with a job as CEO of AIG.

[shanefish]

Even more troubling is the fact that we just purchased 40% of another bank, just enough to have to help them through this, but not enough to actually make our opinion matter.

[BigHeadTodd]

Corporate pigs! Nobody cares about your teeny tiny egos and your so-called "image."

Correct the way you do business and stop wasting OUR money on silly things like PR flacks.

[topkatnc]

I heard mos. ago that daddy bush and Clinton were on the Board of Dir. of AIG. Does anyone know if that is true ?

[whatsthatsound]

A ll

I s

G reed

[PhilipTaylor]

My FREE suggestion for a SLOGAN:

AIG means "ALL ILLEGAL GAMBLES!"

Now fire those FIRMS and give us back the Taxpayer Money!

[little old lady]

From what I know, AIG is composed mainly of two big global insurance companies and the Bank. It's the banking part that went wild with creative ways to make money out of thin air. I think the company will be broken up, the will banking business part will die, and the insurance components will go their own ways. These insurance companies insure things like American pension funds--so you can imagine what the ramifications might be if they fail.

[panamajohnny]

Why isn't anyone going to the simple solution. Begin plucking big policyholders away from AIG and assigning them to solid insurers. Any subsidy should follow those policies into their new insurers. What's so difficult about that? We can't afford companies too big to fail.

[Kassandra]

Everybody ought to read this if you have any doubts about who caused this meltdown and why:
Predatory Lenders' Partner in Crime
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html