AIG

[xoxoxoBruce]

Originally Posted by sugarpop

About AIG, they lost about a million dollars A MINUTE in the last quarter. Again, why the fuck are we giving them more money? Shouldn't we just take over the damn thing and fire all the people at the top? Shouldn't we be PROSECUTING people? grrrr.

The money that showed up as lost in the last quarter, was actually lost a year or more ago.

The reason they are propping AIG up is that if it goes down the loses they will continue to report would transfer to dozens, maybe hundreds of institutions and many of them would go down.

The total loss numbers won't change whether it's one or a bunch of institutions, but public perception which is important to recovery, is less damaged with a smaller number of failures.

[Kaliayev]

If they were serious about solving the financial crisis, they would stop dicking around and just nationalize the thing already. Oh, and then they'd be working to put safeguards in place to make sure they were not just dropping money into a black hole of debt.

But nooooo, Geithner and Larry Summers know better! I mean, just look at Lithuania, Summers managed to double the suicide rate and nearly cause the country to vote the Communists back into power with his financial genius. What could possibly go wrong?

[sugarpop]

Originally Posted by Zhuge Liang

If they were serious about solving the financial crisis, they would stop dicking around and just nationalize the thing already. Oh, and then they'd be working to put safeguards in place to make sure they were not just dropping money into a black hole of debt.

But nooooo, Geithner and Larry Summers know better! I mean, just look at Lithuania, Summers managed to double the suicide rate and nearly cause the country to vote the Communists back into power with his financial genius. What could possibly go wrong?

Yes, they should nationalize some of the banks, and they should definitely nationalize this piece of crap. Either that, or STOP GIVING THEM MONEY! I don't mind the stimulus money, and I think we should be doing more there, but I'm sick to death of hearing about these pricks doing this crap. Just investigate them already and throw their asses in jail. That's where they should be.

Oh, and while we're at it, let's look at Countrywide. A lot of people like to blame Freddie and Fannie, but the subprime mortgages started with Countrywide and companies like that. Now they're cashing in on their mistakes. Really, can it get any worse?
http://www.startribune.com/business/...D3aPc:_Yyc:aUU

What's that about Larry Summers? You got a link where I can read about it?

[Scriveyn]

Originally Posted by sugarpop

Why the fuck are we still pumping money into that sucking black hole? grrrrrrr

Is anyone else upset about that?

Yes, yes, yes!

Originally Posted by ZenGum

... Allowing 20 working days per month, this means the peeps at AIG lost $1,000,000,000 per day for three straight months.

No, really, how the #$%* did they manage that???

I am not surprised. - I had to exchange data with their IT department a few years back and I found they were the most incompetent bunch I'd encountered ever. Repeatedly failed to produce a plain text file according to specifications. And called themselves IT experts too!

[limey]

Originally Posted by xoxoxoBruce

The money that showed up as lost in the last quarter, was actually lost a year or more ago.

The reason they are propping AIG up is that if it goes down the loses they will continue to report would transfer to dozens, maybe hundreds of institutions and many of them would go down.

The total loss numbers won't change whether it's one or a bunch of institutions, but public perception which is important to recovery, is less damaged with a smaller number of failures.

What he said. I'm guessing hundreds of institutions, the world over, collapse of which would cause serious social instability (to put it mildly).

[TGRR]

Originally Posted by xoxoxoBruce

The money that showed up as lost in the last quarter, was actually lost a year or more ago.

The reason they are propping AIG up is that if it goes down the loses they will continue to report would transfer to dozens, maybe hundreds of institutions and many of them would go down.

The total loss numbers won't change whether it's one or a bunch of institutions, but public perception which is important to recovery, is less damaged with a smaller number of failures.

They're going to fail anyway.

But why not do as much damage as we can? Hell with it, just hand the treasury over to these bastards, so they can take bonuses and buy jets.

Oh, wait, we already did that.