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Discussion Starter #1
My stomach can't take much more of this. Got an email yesterday:

Pretty Damn Pitiful


Remember when this economic crisis hit, and Congress let Bear Sterns
go under, pushed a bunch of forced marriages between banks, etc.?

Then they bailed out AIG. At the time, I thought: "That's strange.


What does an insurance company have to do with this
crisis?"

I think I just found the answer.



Among other things, AIG INSURES THE PENSION TRUST OF THE UNITED STATES
CONGRESS!!

No wonder they got bailed out right away!

"To heck with the people, let's protect our future" , said all our
Senators and Congressmen.

Nice to see where their loyalties lie!

("I'm from the government and I'm here to help you!")

HM
 

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And who says these guys are idiots? They call part of Congress "The House of Representatives" but who do they REALLY REPRESENT? You guessed it, themselves.
Darrell
 

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Discussion Starter #4
Didn't mean to piss in your corn flakes, but I figure the more steamed people get the sooner something might happen.

This was my helping of rage for the morning.

HM
 

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HM,,,,I think the email you got may have been someone making something up in anger....

Link is too long,,,,copy and paste:

http://askville.amazon.com/AIG-insure-Pension-Fund-United-States-Congress/AnswerViewer.do?requestId=33756306
 

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Discussion Starter #7
I checked the link, and by George it is as you say. The email had to be erroneous, and where it came from originally I can't say. It was just forwarded.

Now the question still comes up: Why in a financial banking crisis did an insurance company have to have a big load of cash? And who was responsible for them receiving the nice big carrot?

They took 350 billion, gave it away with no strings attached, and the money went to buy private jets, stockholder dividends, and executive salaries and bonuses.

ANd they refuse to tell what it was used for. Ostensibly it was going to free up the credit marketrs so we could "get money for homes and cars and college education for our kids".

Didn't happen. Try getting a loan now without proving you don't relly need it.

Oh, yes you can get money. I got an offer for 500 dollars at a 44.9% APR in the mail the other day.

Anyway, thanks for the correction and anyone that can clarify the AIG need fill us in.

HM
 

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I hope this link is not too big,,,,this post gives several reasons,,,,but let me give you my take on this,,,,

I believe it was Chucky Schumer that was promoting the failure last August and ended putting up major pressure on them.

AIG was no saint in this debacle with the LARGE amount FM/FM loans that they had on their books.

AIG is/was a MAJOR player in the bonding of the construction industry and it was felt by many if they went down, the construction (mainly home) business would come to a screeching halt and put us in a financial mess that would be insurmountable in 20 years.

The feds with their infinite wisdom (boy if that isn't an oxymoron), just throw money at any problem and "hope" (heard that word before??) it will fix it. The problem is it doesn't fix it,,,,as usually over time it will fix itself,,,,it just exacerbates another problem,,,,throw money at that....see the trend???

The old saying, "it is too big to fail", holds true in some instances and AIG was probably one of them, just as BofA or Citibank are in the banking industry.

This is my simple understanding of "why" AIG was bailed out.
 
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