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Significance of AIG Bailout! : Swingers Discussion 113734101
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TOPIC: Significance of AIG Bailout!
Created by: My_hypocrisy The original post for this thread was deleted.
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So when the fox has eaten all of the Hens then what? Yeah the farmer will go hungry. Pain will come whether it be sooner or later. Our treasury can not bailout everyone, and shouldn't be bailing out anyone. We are in a DEPRESSION and if history teaches us anything is that Government only slows recovery. Besides it was the lack of their oversite that has caused all this mess. END THE FED!!!

Woodland CA
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Twofer, you are right!!! The foxes are watching the hen house!!!

Hickory NC
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Butterfly. Their pay is no longer based on performance. Thats the problem. It's a good old boy club where a director on one board determines the pay for a "friend" on another board. And of course, you get to be on my board.... K

Pembine WI
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I am not as concerned about the bail out as I am the leadership of the company. Their CEO is the idiot that almost bankrupted Sears & Roebuck, they tar and feathered and ran him off, Allstate hired hm and he became CEO it was some of the most difficult years that Allstate had endured. I was with Allstate at that time and now he is at AIG, that has now changed their name to 21st century insurance!!!

The problem that I have with all the bailout is these folks made BAD choices under their leadership! Get them out and restructure!!! These same folks keep making the same mistakes over and over but continue to drop millions in their checking accounts. CEO's no longer have pride in their companies.

Hickory NC
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By Joseph A. Giannone (Reuters) Wed Oct 15, 4:44 PM ET

NEW YORK (Reuters) - New York Attorney General Andrew Cuomo is investigating what he contends is "unwarranted and outrageous" spending by American International Group Inc even as the struggling insurance giant receives $123 billion of U.S. government funding to stay in business. In a letter to AIG's board Wednesday, Cuomo demanded the company cease the kind of spending that sent executives on luxury retreats costing hundreds of thousands of dollars after a taxpayer bailout.

"The taxpayers of this country are now supporting AIG through rescue financing, which makes such expenditures even more irresponsible and damaging," Cuomo wrote.

The company, once the world's largest insurer, earlier this year had provided a former chief executive a $5 million bonus plus a $15 million golden parachute. It also let a terminated executive responsible for much of AIG's losses keep $34 million of bonuses, Cuomo said.

$5 million, $15 million, $34 million in bonuses with my tax money! WTF!

Tulare CA
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And we just gave them another $37.8 billion today...

Lakeside CA
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By ANDREW TAYLOR, Associated Press Writer Tue Oct 7, 10:57 PM ET

WASHINGTON - Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown.

AIG sent its executives to the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy. The resort tab included $23,380 worth of spa treatments for AIG employees, according to invoices the resort turned over to the House Oversight and Government Reform Committee.

Tulare CA
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Thats not what my gut is telling me.

Battle Ground WA
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I feel in my gut that all this so called bailout is going to do is go into the pockets of multimillionaires.

Copied from Associated Press via Yahoo news

WASHINGTON - Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday. As well, executives who feared for their bonuses in the company's last months were told not to worry, according to documents cited at a congressional hearing. One executive said he was embarrassed when employees suggested that Lehman executives forgo bonuses, and cracked: "I'm not sure what's in the water."

Tulare CA
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I have no problem with the bailout. Well, that is not entirely true.

I have a problem with handing over $700 billion to Wall Street without putting in place restrictions that prevent this from happening again.

I would be much more in favor of an AIG type bailout. We, the people, get an equity share of the companies that are bailed out.

For a start...

Lakeside CA
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TOPIC: Significance of AIG Bailout!