Comments are closed for this entry
View All
Favorites
Bloggers
Recency  | 
Popularity
Page:  « First  ‹ Previous  3 4 5 6 7 (7 total)
HUFFPOST SUPER USER
beekeeper
03:41 PM on 03/03/2009
NOT ON MY DIME ANYMORE
photo
HUFFPOST SUPER USER
Mauimom
03:38 PM on 03/03/2009
Couldn't taxpayers have BOUGHT the entire sorry mess that is AIG? [I recall reading the other day that their stock price would mean the company could be purchased for a FEW billion.]

If so, let's do so, then fire the directors, executives, and cancel all these stupid "contracts."

We can next take a close look at what it is AIG "insured" that Bernake, Geithner et al are so afriad of "welching" on. It's rumored to be losses by overseas banks and "investment firms" that bet on the collateralized deposit swaps. I've got a few other places I'd like our tax money to be going instead.
photo
HUFFPOST SUPER USER
jadeba
03:50 PM on 03/03/2009
Makes sense to me but then the Rs would be screaming about nationalizing and then it would turn into socialism and then the end of the world. They're so predictable.
photo
HUFFPOST COMMUNITY MODERATOR
LiarLiarIraqsOnFire
03:38 PM on 03/03/2009
So, Mark Penn is getting a cut of my tax dollars that are going to bail out crooked bankers and financial con men? I just threw up in my mouth a lot!
photo
HUFFPOST SUPER USER
jadeba
03:52 PM on 03/03/2009
Now, that does make me ill.
03:36 PM on 03/03/2009
Sell off their good assets and then let them fold. Then distribute the monies received to their owners: all Americans and for sure we will then stimulate the economy.
This user has chosen to opt out of the Badges program
03:35 PM on 03/03/2009
I believe that the time has come to exert the true power of (pardon me, George Lucas...) "this fully armed and operational United States Government battle-station."

(A terrific blast of pure energy shoots across space toward the ivory tower, which instantly explodes into smithereens...)

The collective interests of 305 million citizens shall not be denied.
03:32 PM on 03/03/2009
Let 'em fold. I just cancelled my car insurance policy on the fear that if I was ever in an accident AIG would actually pay my claim. Plus I found cheaper insurance.

Wonder how many other people are doing the same.
photo
Grannysue
Been around for awhile!
03:30 PM on 03/03/2009
Tell these slimeballs that everyone in top management and their butt lickers are out, when they are gone then they will get the money and help, as long as those responsible are GONE, otherwise they get NADA!
03:27 PM on 03/03/2009
You see the game here?

AIG insures, with Credit Default Swaps, the the deregulated investment banks

which bought all the fractured bad loans.

There are trillions of dollars in CDS liability at AIG.

It's heavily leveraged, 100:1

So people are winning bets they didn't even put the money up for.

"Money As Debt"

We must invalidate Credit Default Swaps NOW, before they get anymore money.

Ban Credit Defaults Swaps!

Here's a bill to do it!

http://georgewashington2.blogspot.com/2009/01/support-bill-banning-credit-default.html
This user has chosen to opt out of the Badges program
03:41 PM on 03/03/2009
In its essence, a credit-default swap agreement is:

* Impossible: if the parties to the contract actually had to do what they promised to do, they (as we have seen...) do not have the capability to do so.

* Therefore, "of NO value, not FACE value."

* Therefore, "purely and completely fraudulent." Whether the law expressly forbids them or not.

Just as "ol' Bernie" finally had to admit that he could not fulfill his promises to his investors (just like Mr. Ponzi before him...), these "securities" are in-fact quite obviously worthless. Always have been, and always will be.

This razor cuts both ways: it is neither "a fabulous asset," NOR "a fabulous liability."

The bankers want it to continue to be "a fabulous asset" by shoving the "fabulous liability" off onto us, and then they want to keep right on with "business as usual."

But the time has come when OUR interests ... all 305 million of US ... must be "what matters above all." We need banks. We need insurance. For all of these, we need "fiduciary duty" ... to US.

Right now, all 305 million of US are ... plaintiffs. "Giving us relief, NOW," is what both law and government are FOR.
photo
yakmeat
Nearly all of us are both makers and takers.
03:54 PM on 03/03/2009
This is spot on. Credit Default Swaps must be banned. They are nothing more than legalized gambling with someone else's money. Like most, I didn't know what a CDS is, so I did some research and was absolutely floored by what I found. I kept saying, out loud "this is legal?!" as I read.

The short version of a CDS is this: The buyer of a CDS pays a monthly premium for insuring against the default of a debt. If the debt goes into default, the seller must pay the buyer an agreed upon lump sum. So, the seller makes money if the debt doesn't default, and the buyer makes money if it does. The interesting part is, neither the seller or the buyer must have any financial stake in the debt that is being insured! This would be like me buying fire insurance on someone else's house, speculating that it might burn down. I would never be allowed to do this, since I would have no insurable interest - I don't own the house. I'm only allowed to insure my own house. This is due to insurance laws (a.k.a. regulations) that do not apply to the financial industry. This has to change.
photo
HUFFPOST SUPER USER
Hank10303
Reality Check
03:21 PM on 03/03/2009
I say start talking about replacing top management and voiding any golden parachute payments. They won't be back.
photo
HUFFPOST COMMUNITY MODERATOR
gjohntheterrible
03:19 PM on 03/03/2009
AIG is trying to find out if you can polish a t u r d.
photo
HUFFPOST SUPER USER
vippy
Carpe Diem!
02:58 PM on 03/03/2009
Just unbelievable. Let them fold, we will be far better off.