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Who Was Really Bailed Out? We'll Never Know: NYT's: Floyd Norris

First Posted: 3/18/10 Updated: 5/25/11

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Aig Benmosche

nytimes.com:

Who were the ultimate beneficiaries of the Treasury's decision to make good on the credit default swaps written by the American International Group?

We still don't know.

Read the whole story: nytimes.com

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Who were the ultimate beneficiaries of the Treasury's decision to make good on the credit default swaps written by the American International Group? We still don't know.
Who were the ultimate beneficiaries of the Treasury's decision to make good on the credit default swaps written by the American International Group? We still don't know.
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HUFFPOST SUPER USER
BannedNBoston
Is hemp legal yet?
113 Fans
03:24 PM on 11/18/2009
Like chemtrail flight numbers (flight controller­s cant talk about them) NATIONAL SECURITY
Bailouts same thing (WE WOULD TELL YOU BUT WE WOULD HAVE TO KILL YOU)
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Stop Wall Street
1 Fans
03:06 PM on 11/18/2009
Once again, Obama fails to make progress with anything. All this traveling is a waste of tax payer dollars and never brings any resolution­. We need less free trade and more manufactur­ing in America.

hat tip to http://fin­anceopinio­nss.blogsp­ot.com
Meanwhile, wall street makes record revenues and profits while unemployme­nt shows no signs of abating. What a joke.
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sonofsamphm1c
103 Fans
12:21 PM on 11/18/2009
Okay, for around the 100th time

Who was bailed out?

Easy, AIG was bailed out

Why were they bailed out?

Easy, they were bailed out because the fact that they could not meet their financial obligation­s was going to end in a disorderly bankruptcy that would have, with certainty, triggered a systemic crisis, and may have led to a systemic disaster

Why - because they could not pay their bills in full

Okay - in full

So how do you fix it?

You bail them out so they can pay their bills in full

The people to whom they owed money are not beneficiar­ies; they're the people to whom they owed money

AIG owes Uncle Sugar 182 billion

It's simple
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DismayedRepub
300km/s Not just common sense, it’s the law
120 Fans
05:12 PM on 11/18/2009
Who are the people they owed money to? Everybody. My girlfriend had a $20K IRA investment with them. If AIG had not been bailed out she would have lost all of it. As it was they sold her a rider that guaranteed she’d get her principle back. That is what is called a derivative­. If AIG didn’t get this bailout tens of thousands of investors would have lost their investment­s, possibly their life savings. AIG had to be bailed out. The stock market would have collapsed if they weren’t.
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jerrypl
289 Fans
01:32 PM on 11/19/2009
AIG had obligation­s that were fraudulent swaps with no real collateral to show for it. So, we the taxpayer was responsibl­e to fork up the bad bets, the fraudulent bets that AIG made at the Shadow Banking Crap Tables? Ridiculous rationale.

At the point that AIG was virtually bankrupt, we should have taken them over, or told them that we would NOT pay off their debts. TOO big TO fail should have been allowed to unfold. Let AIG go into bankruptcy court and have the judge decide how many of their creditors would be paid and what they would receive. This is how it happens. To surmise that AIG would have created a massive disaster bigger than what has already been happening is only projection­.

http://eye­-on-washin­gton.blogs­pot.com
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