What is Digg?255 Comments
- LinuxLars, on 10/08/2008, -2/+254As a taxpayer, and now part owner of AIG, I want accountability. And some of these executives should go to prison.
- skizzo, on 10/09/2008, -1/+147And they have the balls to plan another retreat!
http://www.bloomberg.com/apps/news?pid=20601087&si ...
So lets summarize:
1. AIG makes bad investments
2. Company execs make millions
3. Stock gets wiped out
4. Company gets wiped out
5. Billions lost
6. Company and execs get $85 billion bailout
7. Execs and sales force go on $400,000 weekend retreat
8. Congress cries OUTRAGE!
9. We give them another 38 billion
10. They plan another retreat
Only in America - theviceroy, on 10/09/2008, -1/+119This ***** is getting way beyond ridiculous...
- algaeturd, on 10/08/2008, -3/+91Money is good! OM, NOM, NOM, NOM.....
You can have a headline that says 'AIG hits up Fed for more money' but the bottom line is that the Fed GAVE them ('lent' them) 37.8 Billion MORE dollars.
Ridiculous. After the floodwalls came down, why stop at billions? Why not go to TRILLIONS? It's not going to be paid back anyway and the American taxpayer will ultimately be the one in debt over this.
Again: ridiculous. ***** ridiculous. Abolish the Fed or this country is DOOMED. - mrsteveman1, on 10/09/2008, -2/+83How about......no. ***** off AIG
- jukz, on 10/08/2008, -2/+54I wonder where the exec's next vacation destination is.
- sunshine99, on 10/08/2008, -2/+54What the hell is going on?
- liquisoft, on 10/09/2008, -0/+42I have a better idea.
SET THEM ALL ON FIRE. NOW. - JohnnyDIGGme, on 10/09/2008, -3/+42FIRE THEM ALL. NOW.
- thegrantman, on 10/09/2008, -0/+33Break the contracts;let them sue us.
I'll let a jury decide. - Track3r, on 10/09/2008, -2/+34I guess after that spa treatment they need another vacation.
- jfsimard79, on 10/09/2008, -1/+31Time to whip out the guillotines like France did I guess.
- NotAChickenHawk, on 10/09/2008, -2/+32So lets see. We're supposed to believe that while they were shoving the $85 billion AIG bailout pill down our throats, that no one knew there was another $37 billion following 2 weeks later? Not that I expect either corporations or the government to be forthright with the people (after all, its only our money, our government and our country, how dare we expect any honesty about the amount of money we're required to cough up as an antidote to unfettered corporate greed!), but this is a massive slap in the face. To the CEO of AIG: Its bad enough to come to the tax payers needing $85 billion (that's BILLION) to bail out your company when you took ill-advised risks, mismanaged it and generaly demonstrated that you didn't deserve to earn 10's of dollars each year, never mind 10's of millions of dollars - but then to do that while 'forgetting' to mention that you need another $37 billion on top of that. Outrageous. Fellow tax paying Americans, AIG just baited and switched us, and the Treasury Secretary, the Chairman of the Federal Reserve, the Congress, the Senate and the President were complacent in it. IMHO, not one single incumbant from either party should be re-elected in the coming election. For that matter, not one single member of either party should be elected at all in the coming election at all. These people, in both parties, have systemically raped the American taxpayer and plundered the U.S. Treasury, and don't even have the balls to tell us the true cost of their antics. To hell with all of them. Its time for the people to take our country back from the two parties and the corporations that control them.
- Blant, on 10/09/2008, -3/+31we can take a tip from communist russia....some of these people can just, you know, disappear.
- AboveandBeyond, on 10/09/2008, -1/+26since I'm paying for the party, where is my invite?
- adml_shake, on 10/09/2008, -1/+25You ***** ass holes. You beg the government for a bail out, get it then take a $400,000, $1,000 buck a night, little vacation. ***** you guys. Ever single one of you. Satan is warming up the red hot anal coals just for you guys. You should all be stripped of your money and spend a few years living like the rest of us. You people make me sick.
- inactive, on 10/09/2008, -1/+23Since we own it now I guess I'll be filling a complaint with HR: https://secure.aig.com/agla/aglacontact.nsf/HRForm ...
I suggest you (and everyone you know) do the same...
Oh and if someone could write up a brief draft, that'd be good for the lazy people that want to help without having to do any thinking. - peestandingup, on 10/09/2008, -10/+32Thank your boys McCain & Obama. They were for this every step of the way.
Suddenly Ron Paul isnt looking so bad, eh? - thrive868, on 10/09/2008, -1/+22You know, if we had enough people and support we could bring a warrant against the corrupt individuals in congress, and the National Guard would be required to enforce it.
- inactive, on 10/09/2008, -1/+19INFLATION! TAXATION!
- EntropyFan, on 10/09/2008, -3/+20While I applaud the idea, sadly it can't be done. They have legal contracts that must be honored. We, the now part owners, have that obligation.
With any luck or justice, we can prevent this ***** from happening again. - relayer2112, on 10/09/2008, -1/+18The $400,000 getaway was at the St. Regis resort in southern California. It was a "reward" for their top performers.
***** selfish scum, all of them. - NotAChickenHawk, on 10/09/2008, -0/+15Something's not right. Are we really supposed to believe that at the time we were being sold the $85 billion loan for AIG, that no one knew another $37 billion was right around the corner? Why were we not told, up front? Its only been two weeks since that $85 billion. Are we at the point now that a company can show up and ask for $37 billion and have it approved in less than two weeks? Are our government officials now that irresponsible with our money? I'm sorry, but I do not want to loan AIG my hard earned tax dollars. Not when the collateral on that loan is pieces of that company, that they're supposed to sell to repay the loan. If AIG cannot sell part of their company for enough money to repay the loan, what chance does the government have of doing so if they have to sieze the collateral? And if pieces of AIG are collateral on the loan, then the value of that collateral is dependent on how AIG's management manages those pieces of their company between now and either repaying or defaulting on the loan. Do we really trust them - the very same people that have gotten AIG into a position where we're supposed to believe its necessary for them to borrow in excess of $120 billion? If AIG defaults, then really the government bought part of their company for $120+ billion. Does anyone here think it would be a good idea for the government to buy some percentage of AIG for $120 billion? God this is a nightmare.
- numb, on 10/09/2008, -0/+15Loved this part:
AIG considered buying advertisements to explain its position, only to be told by public relations consultant George Sard that it would be ``a really bad idea.''
``To spend the taxpayer's money on an expensive ad campaign to apologize for how you used taxpayer money leaves you open to further attacks,'' Sard wrote in an e-mail to Ashooh. Sard, chief executive officer of New York-based Sard Verbinnen & Co., said the message was a private e-mail mistakenly sent to Bloomberg and wasn't intended to be a public statement. - inactive, on 10/09/2008, -1/+15Are you *****' kidding me?
- inactive, on 10/09/2008, -0/+14I think it'll be at the Treasury.
There they can do things like swim in a pool of gold coins, like what Scrooge McDuck does. - nydwarf, on 10/09/2008, -2/+16Guess they need some walkin around money.
- SilverBlade2k, on 10/09/2008, -1/+14How many vacations does a disgraced CEO need?
- moses141, on 10/09/2008, -0/+13There is plenty of legal precedent for clawbacks in events in which the government has to take ownership of a corporation.
We CAN get our money back -- unfortunately, our friends at Treasury won't allow that. Anything to help AIG (and in turn GS).
Also: I urge everyone to watch the hearings on CSPAN.org. There's much more scary stuff than has been condensed into these short articles. - morphboy23, on 10/09/2008, -0/+12I don't even know what to say anymore. I feel like I'm in a bad dream; all the greatness I used to believe America had, and all the pride I had for this country, has all been thrown out the window in the last decade. I wish I was an ignorant kid again..
- kokoves, on 10/09/2008, -1/+13Everybody should stop paying taxes... That'll give them a lesson.
- honesttussey, on 10/09/2008, -1/+13What the ***** is wrong with our economy and government? When did it become ok to just ask for dozens of billions of dollars from the government. AIG got $85b last month and they want another $37b.
FTA
"In exchange, AIG is giving the New York Fed investment-grade, fixed-income securities that it had previously lent out to other institutions for a fee. Those institutions are now returning these securities and want their money back."
That doesn't sound right. How is giving up securities that people are trying to cash considered a good collateral. The company needs to be dismantled and parted out. No one should receive a payment of over $250k (the highest government salary). CEOs getting $300million packages while they get bailed out is insane.
What REALLY concerns me is that you never get a free lunch. All this lending, borrowing trading is *****. It's like we have a fake propped up economy, You CAN'T fight market forces (Soviet Union anyone? Quality of life was TERRIBLE).
So somewhere, someday, somehow this is all gonna have to be paid for, whether it means hyper inflation or great depression or who knows....
Why is it ok to be in a position where we're faced with the premise "Oh this company CAN'T fail, the consequences would be disaster so lets GIVE them funds". That just defeats the WHOLE point of FREE MARKET. - Dumbledorito, on 10/09/2008, -0/+12The salesmen who bought and sold the 'assets' that caused the collapse? Oh, yes, good thing we rewarded them for their efforts.
- Skuzzlbut, on 10/09/2008, -1/+12Oh just wait, over the next year there are going to be HUNDREDS of instances like this. These companies have long histories of waste and over the top spending, the fact that taxpayers are funding their sprees means nothing to them.
- BradOFarrell, on 10/09/2008, -2/+12When this country falls apart (any day now...) how about we try enacting a direct democracy (since that's actually feasible now, with, yknow, communications technology) next time around? So the public at least has some say in this *****?
- netfool, on 10/09/2008, -1/+11This is what happens when you're "too big to fail".
- Bloodwine, on 10/09/2008, -0/+10Their own money? If they had their own money they wouldn't have needed billions from us, the taxpayers.
- zjungleist, on 10/09/2008, -0/+9Yeah... good excuse. It was still funded by the taxpayers. These ***** need an enema. Cancel the expensive weekend because everyone else in this country are making sacrifices well beyond spa treatments.
- Ymeg, on 10/09/2008, -1/+10A direct democracy would be horrible.
- odigity, on 10/09/2008, -2/+11I would say it's a moral imperative to cease paying any Federal taxes, since they presumably help fund an illegal war that is killing civilians. Plus that whole clamping down on our freedoms, bit. It's suicidal to fund your own oppression.
- Jasuus, on 10/09/2008, -3/+12Heres an idea. Go ***** yourself.
- inactive, on 10/09/2008, -0/+8I used to think 'That must really REALLY hurt' when I saw him do that.
- lanzemurdok, on 10/09/2008, -1/+9God damn it you insensitive bastards piss me off. HOW ELSE ARE THEY GOING TO GET THE MONEY FOR THEIR EXPENSIVE JETS, AND SANDWICH MAKERS?
- jackspade, on 10/09/2008, -0/+8I don't really give two ***** *****. The company took a ***** dump, we had to give them billions and they are acting like a bunch of primadonnas.
- positron, on 10/09/2008, -0/+8"The last official act of any government is to loot the treasury."
--George Washington - secrity, on 10/09/2008, -0/+7That is not an excuse, they should have canceled the event when they realized that they were in the *****.
- odigity, on 10/09/2008, -0/+7You've got to be ***** me.
Ok, I think I've figured it out. They've realized the collapse is imminent, and the only remaining plan they have for keeping their jobs is to break our hold on sanity.
Anyway, here, I've prepared the vessel:
http://digg.com/business_finance/AIG_planning_anot ... - sentime, on 10/09/2008, -7/+14You're an idiot.
- HippyJM, on 10/09/2008, -0/+7You cancel the event and get whatever money you can back. I don't care if all they get back is a dollar. We are bailing their asses out and we have to let A HALF MILLION VACATION slide? I have not nor will ever take enough vacations in my life that are cumulative more than $100,000. WTF!
- duggdowncatisad, on 10/09/2008, -2/+9AIG is like a 29 year old still living at home and asking mom and dad to help them out with their credit card bills one more time.
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