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Sublime Peach





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  posted on 11/10/2008 at 08:14 AM
.

[Edited on 12/2/2008 by jerryphilbob]

 
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Zen Peach



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  posted on 11/10/2008 at 08:17 AM
This was signed by Bush and has nothing to do the with the "new Amerika" but keep on reaching.

 

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Sublime Peach



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  posted on 11/10/2008 at 08:23 AM
So are you telling me under the new regime that Obama is going to revoke these Bailouts? He already stated in his news conference that the bailouts will continue, he just calls them STIMULUS packages, no difference. This is the new Amerika, and nothing will change under Obama. I am not blaming anyone, its the reality of the situation, but Mr. Obama will do nothing to stop this nonsense. Big business, get in line. Up next, all auto manufacturers. Please bring your own dumptruck to collect your money.
 

Extreme Peach



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  posted on 11/10/2008 at 08:59 AM
It gets worse. They are getting 42 BILLION not million.

That'll keep them in champagne and caviar for awhile.

 

Extreme Peach



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  posted on 11/10/2008 at 09:24 AM
jerry,

The bailouts are a result of an administration asleep at the wheel. This crash was so predictable. What happened was the treasury department and the SEC allowed their banker friends to extend their leverage from 12 times to 40 times, all the while keeping interest rates inordinately low.

The same thing caused the great depression. It was so predictable. Now we will be cleaning up this mess long after Obama is retired.

The blame lies squarely on the republicans and Bush for allowing this to happen. This is a direct result of deregulation, irresponsibility, and corruption.

 

Zen Peach



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  posted on 11/10/2008 at 11:17 AM
quote:

The blame lies squarely on the republicans and Bush for allowing this to happen. This is a direct result of deregulation, irresponsibility, and corruption.



This deregulation goes back to Reagan, so Dubya SR. , Clinton and Dubya all signed deregulation.

Plenty of Blame for both parties.

 

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Zen Peach



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  posted on 11/10/2008 at 06:57 PM
I knew I should have bought AIG when it was 1.25

 

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Zen Peach



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  posted on 11/10/2008 at 09:17 PM
quote:
So are you telling me under the new regime that Obama is going to revoke these Bailouts? He already stated in his news conference that the bailouts will continue, he just calls them STIMULUS packages, no difference. This is the new Amerika, and nothing will change under Obama. I am not blaming anyone, its the reality of the situation, but Mr. Obama will do nothing to stop this nonsense. Big business, get in line. Up next, all auto manufacturers. Please bring your own dumptruck to collect your money.



Nothing like starting the 'blame Obama' chant early. Personally I'd rather folks at least wait until the guy is actually in charge of screwing things up before people start dogging him. But maybe that's just me.

 

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Ultimate Peach



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  posted on 11/10/2008 at 09:47 PM
AIG owns a company called American General that's a very big lender in the agricultural business.
Last year I bought a used $80,000.00 cotton picker and financed it with AG. I called last week and asked them to go ahead and add my note to what they are getting from the bailout and pay it off. Of course they said no, but it sure was fun dunning them just like they would do me if I stopped making the payments.

And my mortgage, it's with Lehman Brothers.

[Edited on 11/11/2008 by ClayPelland]

 

Peach Master



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  posted on 11/10/2008 at 10:17 PM
I worked for AIG, before leaving last January/February, so I don't have much love for those folks, and their hubris.

However, if AIG shuts down, here is what essentially happens, and this is just the tip of the iceberg. About a 1/3 of the construction projects would get shut down (The Big Dig in Boston is one of the hundreds of thousands of projects AIG covers). 15% of the drivers in California would be left scrambling to get insurance. And I also believe 1 in 4 airplanes in this country are covered by AIG. They'd be grounded until covered.

Essentially if AIG goes belly up with no contingency plan in place, a nice slice of this country would come to a standstill. And if you ain't working, driving, flying, or building, then just about none of them folks would be getting paid.

Fire top management, absolutely, but allowing this insurance company to collapse would be a tough deal indeed. Maybe it'll happen. Be interesting to see what happens if they let it....

 

Peach Master



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  posted on 11/11/2008 at 08:45 AM
The most recent AIG CEO compensation and bonus figures:

AIG

2007 Martin J. Sullivan $10,200,000 $5,647,439 $15,847,439

2006 Martin J. Sullivan $16,900,000 $5,838,656 $22,738,656

2005 Martin J. Sullivan $7,750,000 $159,000 $7,909,000

2004 M.R. "Hank" Greenberg $1,400,000 $12,002,880 $13,402,880

I'd imagine that the extra 40 billion is helping to pay for this :

http://abcnews.go.com/Blotter/WallStreet/story?id=6223972&page=1



Can't say that I recall things being that great when I had to file bankruptcy . . . . .


 

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Zen Peach



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  posted on 11/11/2008 at 12:45 PM
I agree that AIG shutdown would significantly hurt American economy and it's to everybody's advantage that they stay afloat but it would be nice to see their upper management get a clue. These luxury retreats need to come to a halt. I can't understand why they continue to support this type of activity while holding their hands held out for rescue. The fact that they are attempting to hide things would indicate that they realize it is not the right thing to do in current circumstances. As for the salaries - that's something that is scewed all over corporate America. Yes, people should be rewarded (richly so) for performance especially when it keeps companies successful, people employed, etc. But really - these salaries and golden parachute plans are just laughable. Same with sports world and Hollywood. How much money does a person need?

 

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