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220 Comments
- kemp34, on 03/02/2009, -4/+112Instead of burning continued amounts of innocent taxpayers' wealth in the furnace that is AIG's decrepit balance sheet, the organization should be put through an orderly bankruptcy and those who made bad bets should bear the burden of their lack of due diligence. Why should those who were not involved in the scam take the fall?
- tuxthepenguin, on 03/02/2009, -5/+82STOP GIVING FAILING COMPANIES MONEY!!!
Jesus Christ what the ***** is wrong with Congress?
Do we need to storm capital hill before they finally understand that the American people don't agree with this?
I don't give a ***** even if it is a loan, it's the American peoples money and were sick of being ***** on. - Noods, on 03/02/2009, -3/+77People don't understand bankruptcy. Bankruptcy means a company gets to gently be dissolved and smaller companies (like our local banks that are in great positions) get to buy up debt. By perpetual bailouts we don't let our smaller, well functioning companies be rewarded for being successful.
- TherealObadiah, on 03/02/2009, -4/+51CHANGE WE CAN BELIEVE IN !!!
- Phylter, on 03/02/2009, -1/+38Just keep giving the gambling addicts more money, and stick America with the bill...
- PhantomRogue, on 03/02/2009, -1/+35I don't understand why there isn't more outrage over this... AIG is an insurance company. Why is my Tax money going to loan them money, when they already piddled away 60 Billion. They picked the wrong people/investments... why am I being held responsible?
- rainx5, on 03/02/2009, -0/+26Axe AIG and let their paper holders suffer; get this suffering out in the open and get it over with. America is done with slowly paying for AIG's mistakes and the mistakes of banks all over the world who bought up AIG's crap. AIG is still on the hook for $300B of CDS paper... we WILL NOT 'band-aid' our way though all of that! Let. Them. Die.
- kemp34, on 03/02/2009, -2/+26They lost $60 billion in the fourth quarter alone.
Throwing endless taxpayer funds at a clearly BROKE and BROKEN financial failure in order to let cronies carry on as if nothing happened is the essence of government theft and fraud.
You were ninnying and crying about a few million to audit the fed as a waste but $30 billion for a failed financial institution is no big deal?!!
What a total abject loser and hypocrite you are. If you had any semblance of a soul, you'd feel shame at the continued exposure of your nonsense. - kemp34, on 03/02/2009, -2/+26Bankruptcy is one of those words that less able-minded folks seem to think is universally bad.
The fact of the matter is, in a lot of circumstances, such as the case of AIG or Citigroup, orderly bankruptcy is the most sensible, fair and effective path to getting through this time.
Simply seizing taxpayer wealth and throwing it into a black hole is not just or effective and is, in fact, criminal. - wjappe, on 03/02/2009, -0/+21Do you really want to be compelled to underwrite a loan to incompetent companies so we can all lose our shirts together? And do you really think we will get that money back in any case? If you were a loan officer who was really doing his/her job would you lend it to them?
What happens to our "loan money" when everything tanks? - inactive, on 03/02/2009, -1/+20I agree, why aren't the people more aware of what is happening right now?! It's really frustrating..
- Waiting2awake, on 03/02/2009, -1/+20And yet Americans are still doing what? Protests aren't working, asking them isn't working, phoning them isn't working. nope, nothing is working and they are contuing to level extreme debt to your kids and grandkids. In essence a taxation, and because they aren't here, they have no representation.
Wasn't there a time when that meant something to Americans.
To steal a quote from the Joker, "What happened? Your balls drop off?" - kemp34, on 03/02/2009, -3/+20Actually, bankruptcy is a pretty basic concept where creditors gain orderly claims to assets due to the failure of an entity to repay everyone they owe.
http://en.wikipedia.org/wiki/Bankruptcy
You don't have to be a bankruptcy attorney to have a functional understanding of this concept. - kemp34, on 03/02/2009, -2/+19Yes, an actual bankruptcy process will often be complex given the variety of creditors that have claims to the balance sheet of the bankrupt entity. Any bankruptcy of this size would be a significant proceeding of size and time.
The CONCEPT of a bankruptcy is NOT complex. You have a number of creditors who have a claim on the bankrupt entity's assets. The bankrupt entity cannot pay everyone and stay in business. Therefore, the assets are broken up according to who has what claims.
You think taxpayers should take the hit rather than those who are creditors to AIG? - ousthouse, on 03/02/2009, -0/+15Does anybody else find it funny that the ONLY thing that republicans and democrats in office can agree on is something the completely goes against the fundamental principles of BOTH parties?
- americanruble, on 03/02/2009, -0/+15Failure is more profitable than doing a good job in their business. Let the entire system collapse - it has to perish. Just let it kill itself and the forces of nature will give birth to a new system based on practicality and common sense. The Globalist bankers are dinosaurs - we're in the information age and billions are waking up to this. Sure, you don't see that in America because everyone is so domesticated and believes the government makes the grass grow, but even they are waking up. Just learn from the Russians through reading about how they survived through bartering during the Soviet collapse during the Afghan war, survive, and the collapse of the American empire will bring about peace and a chance for entreprenuers to flourish like a phoenix rising out of the ashes.
- inactive, on 03/02/2009, -0/+15In other news, Ironically it's another cold day in hell but this ***** just keeps happening........ oh and there is no other news...
- GrandmaSheila, on 03/02/2009, -5/+19No money for new jobs, or healthcare, but a blank check for AIG, as the same maggots try to block any part of the Stimulous Package that isn't "tax cuts" for themselves. These are the very people who are pocketing the "bail-out" money, the CEO's who also get millions in "retention bonuses". Are they going to allow the people to cut into that?
Hence, Santelli, Limbaugh, McCain, Gingrich, all crawling out from under their rocks. - kemp34, on 03/02/2009, -0/+14So, let me get your logic, since some bankruptcies may be complex, taxpayers should then endlessly be forced to finance the operations of otherwise failed enterprises?
This is what you are proposing? Wow. - etx313, on 03/02/2009, -0/+14What the *****.
- PeppermintPig, on 03/02/2009, -1/+15/S
I hope. - StingingNettle, on 03/02/2009, -2/+16They are. IF they pay it back (which I doubt) it will be with dollars that won't be worth as much (if anything). That is a Guarantee.
PS. you are a tool. - kemp34, on 03/02/2009, -0/+13Those economists should get investors together to finance the deal rather than yoking innocent taxpayers to a black hole financial enterprise.
I guess fascism is an economic system you are fine with. - inactive, on 03/02/2009, -1/+13That's what he is saying. So since bankruptcies can be messy and cost millions of dollars, it would be better to just give the failing companies Billions of dollars - whenever they need it
Without bankruptcy the value of the toxic mortgage backed securities will never be established and the banks will use that to bleed us dry. - Wargala, on 03/02/2009, -5/+17Well when you all here on Digg like to blame Republicans for the mess we are in, when Congress has been controlled by Democrats for 2+ years now. Guess who controls the funding of these projects....go on...guess.
- inactive, on 03/02/2009, -2/+14Bankruptcy of large corporations is always a lengthy process. They have thousands or millions of interconnected responsibilities, contracts, creditors, assets.
In a bankruptcy of a large corporation it takes a long time for the judge to get a clear picture of what is owned and who is owed, and what laws will determine the priority of who gets paid.
The great benefit in this case is that the questionable value of the "toxic" derivatives will be cleared up once and for all. When those assets are sold at auction, the market will determine their value and the buyer will be in a position to hold onto them without going back to Washington crying for bailouts.
Bankruptcies are the only way to put an end to the endless bleeding - TherealObadiah, on 03/02/2009, -1/+13All your money are belong to us!
Keep on looting America.
Go Obama - inactive, on 03/02/2009, -2/+14I love how this guy gets dugg down the second he blames the neo-marxists (you call us neo-cons, it's only fair) for the ***** we're in. Yeah, Obama could have been a great president. But he's not. Yeah, in a month. He isn't face it. He's a failure. Don't burry this, think about it.
Obama could have done many things different, but instead the solution is JUST KEEP GIVING CORPORATIONS MORE MONEY. That'll fix it. Oh, and here's 5 dollars a week in your paycheck taxpayer Steve.
I can't believe we're just sitting here on digg taking this *****. - merku, on 03/02/2009, -0/+12Who will bail out the bailouts?
- inactive, on 03/02/2009, -1/+12That's what he is saying. So since bankruptcies can be messy and cost millions of dollars, it would be better to just give the failing companies Billions of dollars - whenever they need it
Without bankruptcy the value of the toxic mortgage backed securities will never be established and the banks will use that to bleed us dry.
Kemp, you know that every single comment that I make gets one vote down, sometimes two. Its uncanny. When our pal is active I get dugg within 2 or 3 minutes after posting a comment. He follows me everywhere I go. He must think I'm important to be so dedicated to following me around - inactive, on 03/02/2009, -0/+11I dont see what good it will do them. They'll just lose it again. Or spend some on more luxury retreats
- OnAsideNote, on 03/02/2009, -4/+14NO ONE COMPANY SHOULD EVER BE THIS IMPORTANT TO A COUNTRYS ECONOMY
They need to break up this crap and let the little parts die.
Let these multimillion dollar Execs find work somewere else since they think there so valuable. - kemp34, on 03/02/2009, -0/+10Those accounts don't have to be handled by AIG. There are other competent firms that can do this.
- mcla007, on 03/02/2009, -2/+12"I know because I was personally involved in one of the largest in US history, at least at the time."
Moral bankruptcy? I can imagine why. - joshstone100, on 03/02/2009, -0/+10"Many economists, however, believe this deal will work out well for the taxpayers."
Many economists huh. Name 3.
This is another swindle taxpayers are getting stuck with. Forced to pay against our will. More extortion of our money. To pay back their criminal friends on Wall Street. And here you are apologizing for them. Attempting to explain it all away as if it means something. Like taxpayers being forced to give AIG $30 billion is somehow legitimate and necessary. What kind of person does that? This is yet more robbery. Fleecing American taxpayers once again under a new title. Why don't lawmakers give taxpayers a loan for $30 billion and stick AIG with the bill? Better yet, have Congress pay AIG out of their own pockets. - oboshoe, on 03/02/2009, -0/+9People, our financial system is collapsing.
Spending Trillions on bailouts will only have the effect of destroying the dollar.
The more bailouts we do, the more bailouts we have to do. - rewinn, on 03/02/2009, -0/+9Too big to fail = too big to exist
- Wargala, on 03/02/2009, -0/+9Ok dalittle, fair enough. I'll offer you an alternative.
Let them fail. Let them file for bankruptcy. Let them be the example for others to follow. If you make a stupid bet in business, it's not guaranteed that the taxpayers will bail you out. Notice how Ford decided they didn't need our help? - mvfipher, on 03/02/2009, -0/+9Odd, I always thought that when looking for a company to invest in, one that shows a track record of fiscal responsibility and earnings growth is the most recommended. However, here we have elected officials - all of whom I am sure are smarter than me, continually investing tax money into failed companies. First president Bush did it, and now President Obama is continuing it. I don't get it. Aren't the politicians supposed to be smarter than us and more capable of handling our dollars than ourselves?
In love and liberty,
Christopher D. Osborn
fipher(.)blogspot(.)com - AmazingSteve, on 03/02/2009, -0/+9Well I mean they probably need this money badly. The Spring retreats will be coming up after all.
- handler, on 03/02/2009, -0/+9China
- kemp34, on 03/02/2009, -0/+9If you knew this character NoLibs, you'd understand that he is amazingly not being sarcastic.
- clvngodess, on 03/02/2009, -0/+8You are important! Consider it a good thing to have a "pagan" of sorts following you. It means exactly as you say. In branding this is good. It validates your truth, your position. Otherwise, it's just singing to the choir. Kudos, my friend.
- inactive, on 03/02/2009, -2/+10Oh, after reading NoLibs comment, I see he's nothing more than a cheerleader for the crooks. It only took me a second to see he's part of the problem we face in America today. There really isn't any more excuses that can be made for someone who contributes to the raping of the taxpayers in this country.
- joshstone100, on 03/02/2009, -0/+7Yet another PC soundbite for robbery.
- inactive, on 03/02/2009, -1/+8Most AIG credit default swap counterparts are foreign banks, hedge funds, and pension funds. 80% of taxpayers' money given to AIG is used to bail out foreigners.
- inactive, on 03/02/2009, -0/+7Honestly. This is INSANE. Stop it.
or give me eleventy bajillion dollars - WebmastuhB, on 03/02/2009, -0/+7Oof, I read this headline and just threw up on my keyboard out of disgust.
I really ought not to read the news right after breakfast. - bigfatphony19, on 03/02/2009, -1/+8Guys...we're not supposed to know this.
This is none of our business - Jem7vwh, on 03/02/2009, -6/+13This is BS
When will people get it.
Obahma may not be taxing under 250K but he will be taxing other services that will effect what you pay to services and goods you buy and need.
Can you people afford more in bills?
This guy is a fool and needs to go now! -
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