AIG is taking the US to court

[WAYNE HASKETT]

Lets see we own 80% of AIG. So tax payers(AIG) are paying lawyers to sue our selfs so we get our money back? Am I missing something?

 

[DiveCon]

Just a reminder to you partisans seeking to pin this mess entirely on the current administration?

Bush II gave the first two rounds of cash to AIG.

I know how inconvenient that might be to any of you who have the capacity to think beyond your prejudices, but there it is.

as i recall the bush admin let a few financial institutions fail....then everyone started screaming and timmy and bennie started passing out loans to aig ..... the dem controlled congress then drafted and passed the bills that bush signed into law and timmy and ben only passed out 1/2.....now barry timmy benneynanny and dirty harry are passing out money like candy at halloween.....

and the same congress that started this is still there accusing others, claiming the know how to fix this and passing out money.....

i blame one group of people.....if there is a person in office that you voted for.....it is your fault....you hired em....you had your chance to fire them ...you failed....suck it up.....

IIRC, only Lehman Bros. failed...the rest were bought by other banks.

When Lehman failed it became apparent that the entire financial market was nothing but a house of cards being run by people with nothing to lose, in part because CEOs received billions of dollars just for taking a job and employees were promised billions of dollars in bonuses for taking ridiculous risks.

To blame it on Bush or Obama is convenient but ridiculous. To blame it on people that voted for either one is also ridiculous. It will be extremely difficult for anyone to sort out this mess...if not impossible.

and the difference is most of the people on YOUR side of the political spectrum want to only blame BUSH

well, most people on MY side of the political spectrum also blame Bush, as well as the assholes in congress and Obama and his cabinet for being such fools and doing the same stupid shit bush was doing

 

[DiveCon]

Lets see we own 80% of AIG. So tax payers(AIG) are paying lawyers to sue our selfs so we get our money back? Am I missing something?

nope, you got the full picture of this clusterfuck

and dont forget, they are doing it with the money WE gave them
just a nice little twist eh?

 

[manu1959]

Just a reminder to you partisans seeking to pin this mess entirely on the current administration?

Bush II gave the first two rounds of cash to AIG.

I know how inconvenient that might be to any of you who have the capacity to think beyond your prejudices, but there it is.

as i recall the bush admin let a few financial institutions fail....then everyone started screaming and timmy and bennie started passing out loans to aig ..... the dem controlled congress then drafted and passed the bills that bush signed into law and timmy and ben only passed out 1/2.....now barry timmy benneynanny and dirty harry are passing out money like candy at halloween.....

and the same congress that started this is still there accusing others, claiming the know how to fix this and passing out money.....

i blame one group of people.....if there is a person in office that you voted for.....it is your fault....you hired em....you had your chance to fire them ...you failed....suck it up.....

IIRC, only Lehman Bros. failed...the rest were bought by other banks.

When Lehman failed it became apparent that the entire financial market was nothing but a house of cards being run by people with nothing to lose, in part because CEOs received billions of dollars just for taking a job and employees were promised billions of dollars in bonuses for taking ridiculous risks.

To blame it on Bush or Obama is convenient but ridiculous. To blame it on people that voted for either one is also ridiculous. It will be extremely difficult for anyone to sort out this mess...if not impossible.

i blamed and have been blaming and will continue to blame congress.......when the president signs into law one of their stupid ideas i will blame them as well....

the failed financial institutions were bought with tax payer funds.....either loaned directly by timmy and bennie or given to them by law written by congress and signed by bush and obama.....if you want to blame the ceos of the bank fine.....if the broke laws try them and put them in jail.....but i think you find they were simply operating within the laws and policies written and signed into law by congress and the pres......

so if you will.... the financial instutions "stole/ lost" about 1 trillion utilizing the rules written by our government ... and now they are being paid to consolidate the banking industry buying each other up..... and last but not least ... the 1 trillion they "stole/lost" originally is being replaced courtesy of the congress and pres and to top it all off the market is being flooded with currency......

and if you want to believe that our congress and presidency have this under control and are doing the right thing....more power to you.....

 

[DavidS]

Where has anyone said differently about Bush starting this? Oh and the second one he procured, but passed it to President Obama.

Every post you read where some partisan nitwit attpts to pin this crap on OBama, honey.

Kittennorner, Xited, Garyd posts for example seem to want to play the partisan blame game, don't you think?

and YOU want to pin it all on Bush
so?

It's reckless for these corporations to giving out multi-million dollar bonuses to people who screwed AIG up, but the United States government cannot go after these bonuses after the fact. The Senate won't approve it nor will Obama sign the bill. You just can't do it. Any future lending to AIG should have these purse strings attached. Just like the bailout bill has the no golden parachutte clause attached.

 

[DiveCon]

Every post you read where some partisan nitwit attpts to pin this crap on OBama, honey.

Kittennorner, Xited, Garyd posts for example seem to want to play the partisan blame game, don't you think?

and YOU want to pin it all on Bush
so?

It's reckless for these corporations to giving out multi-million dollar bonuses to people who screwed AIG up, but the United States government cannot go after these bonuses after the fact. The Senate won't approve it nor will Obama sign the bill. You just can't do it. Any future lending to AIG should have these purse strings attached. Just like the bailout bill has the no golden parachutte clause attached.

wrong in this part

there better not BE any future money given to AIG

or anyone else
it shouldnt have been done in the first place

 

[Gunny]

I'll get the rope.

I'll tie the knot ....

 

[Gunny]

The least experienced most untested and untried president in the entire history of the country. You hire an incompetent ignoramus you get an incompetent ignoramus.

Now who'da thunk THAT?

 

[Xenophon]

The least experienced most untested and untried president in the entire history of the country. You hire an incompetent ignoramus you get an incompetent ignoramus.

Now who'da thunk THAT?

About 46% of the electorate.

 

[Maple]

I don't know where you get this prejudice thing, personally I don't care if you are black,white, hispanic, asian, male, female or purple. All I want to know is if you are the best person to run this country. Obama is not, he is a harvard grad and a community organisor, he can read a teleprompter better than anyone I have ever seen, but this does not qualify him to be President of the greatest country on earth and his incompetence is becoming clearer and clearer. He will be stomped by a conservative leader in 4 years.

 

[FactFinder]

Letting the economy crash would be even more distasteful than what we have to do to try to right the errors of the previous admin. We learned that in the First Great Republican Depression. However, we can fix this so the people that created this debacle do not profit from it. And we can address many of our nations very real problems while doing that.

I say let it crash, but i doubt that AIG was that powerful and certainly not any more. There is no reason worth kissing arrogant asshole's ass. They served their purpose as a conduit to pay off the likes of Goldman Sachs. They are all done.

 

[FactFinder]

From Goldman Sachs in 2007. Still hyping mortgage backed securities:

http://www2.goldmansachs.com/gsam/docs/instgeneral/general_materials/primer/primer_mortgages.pdf

Why include securitized assets in a US Treasury portfolio?
We believe investors have the opportunity to significantly improve their risk/return profile by strategically
allocating a portion of their portfolio to the MBS/securitized sector for two important reasons:
1) the historically attractive risk/return profile of the securitized sector and attractive yield opportunities
relative to Treasuries and 2) the diversification benefits from introducing new sources of risk and
potential return to the portfolio.

 

[FactFinder]

So at the same time that Goldman was hyping mortgage back securities they were going short on them themselves. Whatever they were exposed to in MBS they recovered through AIG.

How Goldman Sachs defies gravity
While the credit markets went sour, one investment bank made a huge, shrewd bet - and seems to have won big. Fortune's Peter Eavis explains the stunning strategy.
By Peter Eavis, Fortune writer
September 20 2007: 5:46 PM EDT


NEW YORK (Fortune) -- It is one of the most stunning bets Wall Street has seen in decades.

As the credit markets fell apart over the summer, causing the prices of hundreds of billions of dollars of mortgage-backed bonds to plunge, Goldman Sachs (Charts, Fortune 500) had already positioned itself so that it would profit massively from a decline in those securities. Thursday, Goldman reported earnings for its fiscal third quarter that were far above expectations.


Goldman made a bold bet as others faced mortgage-related losses.
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While several businesses were surprisingly strong in a difficult period, the chief contributor to the earnings blowout were trades that made money from price drops in mortgage-backed securities. Goldman indicated this in its press release when it said that "significant losses" on certain bonds were "more than offset by gains on short mortgage products." (In Wall Street parlance, being "short" a stock or bond means that you will make money if it goes down in price.) "Goldman Sachs showed an ability to not only protect itself from the problems in the market but also to capitalize on them," says Mike Mayo, banks analyst at Deutsche Bank (Mayo rates Goldman a buy.)

 

[KittenKoder]

Just a reminder to you partisans seeking to pin this mess entirely on the current administration?

Bush II gave the first two rounds of cash to AIG.

I know how inconvenient that might be to any of you who have the capacity to think beyond your prejudices, but there it is.

Where has anyone said differently about Bush starting this? Oh and the second one he procured, but passed it to President Obama.

Every post you read where some partisan nitwit attpts to pin this crap on OBama, honey.

Kittennorner, Xited, Garyd posts for example seem to want to play the partisan blame game, don't you think?

Aaaaw ... he took the time to mention me. Look in the mirror, then go back and read my posts about this whole mess. I don't blame anyone, however it is everyones fault. The problem is that you won't face the fact that Obama isn't helping, but is doing what Jr did and started making matters worse ... basically you do this only because he's a Democrat ...