AIG

[spence]

Originally Posted by RIJIMMY

If government officials were to break the contracts, they would be “breaking a bond,” Ms. Meyer says. “They are raising a whole new question about the trust and commitment organizations have to their employees.”

This is perhaps the biggest crock of %$%$%$%$ I've ever heard.

These executives understood exactly the risk they were putting AIG under when they chose to insure sub-prime loans from default without adequate cash ratios in the bank.

What people don't realize is that a lot of the money sent to AIG is then being sent to other banks as insurance payoffs for mortgage defaults, because the exects at AIG gambled on the premise that housing prices would never fall and they would never have to pay out.

Sounds like a ponzi scheme to me. "Bond" my ass...

-spence

[Fishpart]

You mean Barney Frank and Chris Dodd didn't think of htis $hit when they crafted the basis of the legislation in the Senate Banking Comittee??

Congress is responsible for 90% of the mess we are in as they are the comittes who develop the legislation and get a majority vote from both houses of congress and then get the President to sign.

[Raven]

obama is on the scent.....

ooooh i hate to be those guys right now

[fishbones]

Originally Posted by Raven

obama is on the scent.....

ooooh i hate to be those guys right now

I would say it more like O'Bama's on the hot seat right now, judging from what's being written about him and this mess.

http://www.msnbc.msn.com/id/29731643/?GT1=43001

[RIJIMMY]

Originally Posted by spence

This is perhaps the biggest crock of %$%$%$%$ I've ever heard.

These executives understood exactly the risk they were putting AIG under when they chose to insure sub-prime loans from default without adequate cash ratios in the bank.

What people don't realize is that a lot of the money sent to AIG is then being sent to other banks as insurance payoffs for mortgage defaults, because the exects at AIG gambled on the premise that housing prices would never fall and they would never have to pay out.

Sounds like a ponzi scheme to me. "Bond" my ass...

-spence

are you kidding me? You're still nieve enough to think this was all executives! So you have FAITH in corporations not to use this to screw over their own people? I can see it now, congress imposes a new bonus tax on all bonus incomes, corporations stop bonus payouts for workers. The middle class is goign to take the screw for this under the guise of a hit on the "wealthy".