Aig is bullsh|t!

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Mar 17, 2009 9:43 am

WTF?  I understand we can't let the major institutions in this country fail...but OMG!

 
AIG used some of their bailout money to make good on obligations to FOREIGN BANKS!  (I guess I assumed this would happen, but I'm just pissed about it today).
 
We should have let AIG go bust.  Then the Treasury could step in, and make good on their obligations to Goldman, Wells, BAC, C, and all the other major US INSTITUTIONS that AIG owed. 
 
There is no f*cking reason US Taxpayer bailout money should have been used to support AIG's obligations to Barclays, RBS, etc. 
 
Now, I'm not saying those banks should have gone under too.  But c'mon.  The EU would have bailed out those banks, just like the Treasury did with ours...except they would have done it with EUROPEAN TAX DOLLARS.
 
That would have also eliminated the nonsense about AIG bonuses in the news.  And it would have probably balanced out some of the future inflation we are going to see in this country, if the Treasury wasn't busy supported foreign institutions. 
 
Sorry.  I know this is old news.  I'm just pissed about it today.  /end rant.
Mar 17, 2009 9:46 am

The price of running the world, is that from time to time you have to pay for it..

Mar 17, 2009 9:54 am
iceco1d:

WTF?  I understand we can't let the major institutions in this country fail...but OMG!

 
AIG used some of their bailout money to make good on obligations to FOREIGN BANKS!  (I guess I assumed this would happen, but I'm just pissed about it today).
 
We should have let AIG go bust.  Then the Treasury could step in, and make good on their obligations to Goldman, Wells, BAC, C, and all the other major US INSTITUTIONS that AIG owed. 
 
There is no f*cking reason US Taxpayer bailout money should have been used to support AIG's obligations to Barclays, RBS, etc. 
 
Now, I'm not saying those banks should have gone under too.  But c'mon.  The EU would have bailed out those banks, just like the Treasury did with ours...except they would have done it with EUROPEAN TAX DOLLARS.
 
That would have also eliminated the nonsense about AIG bonuses in the news.  And it would have probably balanced out some of the future inflation we are going to see in this country, if the Treasury wasn't busy supported foreign institutions. 
 
Sorry.  I know this is old news.  I'm just pissed about it today.  /end rant.
 
It's easy to get angry, it takes a little more reasoning to grasp that HAD the Treasury taken over AIG and paid the counterparties it's hard to imagine them picking and choosing which to pay (US firms) and which to stiff (foreign outfits).
Mar 17, 2009 10:17 am
Squash1:

The price of running the world, is that from time to time you have to pay for it..

 
Squash,
 
Didn't you mean "The price of RUINING the world, is that from time to time you have to pay for it"
Mar 17, 2009 10:24 am

Agreed.  There are a lot more considerations beyond what we hear in the press.  There can be serious political ramifications.  Personally, I don't think the US Treasury stiffing the Europeans is going to endear any foreign nations to us.  Talk about leaving a bad taste in your mouth.  We rely on foreign capital to a great extent.  It's painful to watch, but it's reality.  And despite what everyone thinks, this little Bailout debacle is not the first time taxpayer money has been used in seemingly indiscriminate ways.  It's jsut that this time it's all over the news, so we actually KNOW about it.  If the US Taxpayer knew all the stupid things that the Government has spent OUR money on over the past 100 years, there would be looting in the streets.  I would argue that shoring up the economy and bailing out banks is a better use of taxpayer money than funding a "Save the Manatee" program.

Mar 17, 2009 11:18 am
B24:

Agreed.  There are a lot more considerations beyond what we hear in the press.  There can be serious political ramifications.  Personally, I don't think the US Treasury stiffing the Europeans is going to endear any foreign nations to us.  Talk about leaving a bad taste in your mouth.  We rely on foreign capital to a great extent.  It's painful to watch, but it's reality.  And despite what everyone thinks, this little Bailout debacle is not the first time taxpayer money has been used in seemingly indiscriminate ways.  It's jsut that this time it's all over the news, so we actually KNOW about it.  If the US Taxpayer knew all the stupid things that the Government has spent OUR money on over the past 100 years, there would be looting in the streets.  I would argue that shoring up the economy and bailing out banks is a better use of taxpayer money than funding a "Save the Manatee" program.

 
 
Mar 17, 2009 6:46 pm

Ice my friend.....AIG is just the Poster Child for the Scamming that has been going on for ie. 10 years. CEOs and Senior Executives that have performed poorly , decreased the value for shareholders and failed their company and employees ....getting INCREASES and BONUSES for failing to lead and grow their firms/companies.

To AIG the Bonuses getting the Press now are for 2008 .....hold on to your knickers. There are bonuses to be paid out for 2009. REALLY!!!
Of the current crop of DEADBEATS , SCAMMERS and OUTRIGHT CROOKS apparently 11 of the group are not even employed with AIG.
Contract that are given to perform to wit to attain goals apparently has been reworked to include - WIN OR LOOSE....I Win....PAY ME.
Mar 17, 2009 7:51 pm
Ron 14:
B24:

Agreed.  There are a lot more considerations beyond what we hear in the press.  There can be serious political ramifications.  Personally, I don't think the US Treasury stiffing the Europeans is going to endear any foreign nations to us.  Talk about leaving a bad taste in your mouth.  We rely on foreign capital to a great extent.  It's painful to watch, but it's reality.  And despite what everyone thinks, this little Bailout debacle is not the first time taxpayer money has been used in seemingly indiscriminate ways.  It's jsut that this time it's all over the news, so we actually KNOW about it.  If the US Taxpayer knew all the stupid things that the Government has spent OUR money on over the past 100 years, there would be looting in the streets.  I would argue that shoring up the economy and bailing out banks is a better use of taxpayer money than funding a "Save the Manatee" program.

 
 
 
For a complete list of the most idiotic uses of taxpayer dollars, please review the 2009 Omnibus Spending package.  
Mar 18, 2009 8:29 am
B24:

Agreed. There are a lot more considerations beyond what we hear in the press. There can be serious political ramifications. Personally, I don't think the US Treasury stiffing the Europeans is going to endear any foreign nations to us. Talk about leaving a bad taste in your mouth. We rely on foreign capital to a great extent. It's painful to watch, but it's reality. And despite what everyone thinks, this little Bailout debacle is not the first time taxpayer money has been used in seemingly indiscriminate ways. It's jsut that this time it's all over the news, so we actually KNOW about it. If the US Taxpayer knew all the stupid things that the Government has spent OUR money on over the past 100 years, there would be looting in the streets. I would argue that shoring up the economy and bailing out banks is a better use of taxpayer money than funding a "Save the Manatee" program.







I think the Manatees might handle the money better if they were allowed to.

Mar 19, 2009 7:47 am

Let me preface my remarks by saying that I'm certainly no fan of AIG management. That being said, I'd like to comment on the Congress' plan to tax bonuses already earned by people at their financial products division at 90%. The stalwart of the liberal Democrats Rep. Charles Rangel of New York (that's right...the one who 'forgot' to pay his taxes) has come out and said he feels sure that state and local governments can take care of the other 10%. This reeks of ex post facto. How can we allow the Congress to pass onerous tax laws after the fact simply because they don't like what happened? What precedent does this set for the future? What will happen to us, for example, if after the next government sponsored fiasco and the markets drop again, Congress decides that we are overpaid and slap us with a 90% tax? Think it can't happen? Really?

Mar 19, 2009 11:19 pm

Congress wants ta tax dem at 90%...Which leaves 10% fo' state an' local taxes

Lets not forget ta mention Congress usin' tax policy as uh financial weapon

Ya'll is mad stupid.

Mar 20, 2009 6:29 pm

I spoke with a friend of mine who works in the trust department at Citibank. He told me he got his bonus check in late February. It seems that all of the TARP recipients are behaving like "business as usual".

Between the bonus awards, the $10 million office makeover, I find it all a bit repulsive.