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  • Aig-bailout again

    So disappointed they bailed them out. I was hoping they would let the blood fly.

    J.C.

  • #2
    Re: Aig-bailout again

    Originally posted by JCsPlumbing View Post
    So disappointed they bailed them out. I was hoping they would let the blood fly.

    J.C.
    You are not alone, but the Fed realized the collapse of AIG would have caused too much damage to way too many other businesses and institutions. Once again it will be you and I paying...

    Comment


    • #3
      Re: Aig-bailout again

      No worries....

      The Federal Reserve said they will print more money

      Comment


      • #4
        Re: Aig-bailout again

        Originally posted by JCsPlumbing View Post
        So disappointed they bailed them out. I was hoping they would let the blood fly.

        J.C.
        I think this pig was so big they were worried that the blood bath would drown us all.

        Since we now own 80% of AIG, I think that they mis-managers, CEOs, and most of their manager level non-exempt employees should be working for minimum wage until the 'loans' are paid back in full.
        ---------------
        Light is faster than sound. That's why some people seem really bright until you hear them speak.
        ---------------
        “If I had my life to live over again, I'd be a plumber.” - Albert Einstein
        ---------
        "Its a table saw.... Do you know where your fingers are?"
        ---------
        sigpic http://www.helmetstohardhats.com/

        Comment


        • #5
          Re: Aig-bailout again

          Originally posted by Bob D. View Post
          Since we now own 80% of AIG, I think that they mis-managers, CEOs, and most of their manager level non-exempt employees should be working for minimum wage until the 'loans' are paid back in full.
          You might as well fire them all. The C-level guys should get the axe. If you have a mid level non-exempt employee go from somewhere between $40k-$150k a year to $15k a year; they'll be out the door by the end of the week.

          Comment


          • #6
            Re: AIG-bailout again

            Well, I was thinking that they should have to stay and help clean up the mess they made, and not be allowed to leave, but that would never work.

            You're right, fire them all and make it so they can't work for any company in the industry for 5 years say.

            It always amazes me how people will get so upset and want to come to blows if they think the car mechanic charged them even $5 more than they think the job is worth, but when some steals thousands out of their pension or otherwise affects their financial future they shrug and say: "whadda-ya-gonna-do?"
            Last edited by Bob D.; 09-17-2008, 10:04 PM.
            ---------------
            Light is faster than sound. That's why some people seem really bright until you hear them speak.
            ---------------
            “If I had my life to live over again, I'd be a plumber.” - Albert Einstein
            ---------
            "Its a table saw.... Do you know where your fingers are?"
            ---------
            sigpic http://www.helmetstohardhats.com/

            Comment


            • #7
              Re: AIG-bailout again

              Originally posted by Bob D. View Post
              Well, I was thinking that they should have to stay and help clean up the mess they made, and not be allowed to leave, but that would never work.

              You're right, fire them all and make it so they can't work for any company in the industry for 5 years say.

              It always amazes me how people will get so upset and want to come to blows if they think the car mechanic charged them even $5 more than they think the job is worth, but when some steals thousands out of their pension or otherwise affects their financial future they shrug and say: "whadda-ya-gonna-do?"
              For the managers etc. that just made bad decisions they should be fired. The pension fund managers who bought those securities should also be fired. Whether they get another job should be up to their employer.

              The ones who committed fraud should go to jail just like other thieves. I think at thief basically takes part of your life away (the part spent working to generate that value); so they deserve no sympathy and very harsh treatment.

              The real victims here wouldn't be the share holders (e.g., in the pension funds); they had money that was supposed to be at risk. It would be people who had insurance and annuity contracts with AIG that wouldn't get paid. These people were supposed to be eliminating risk (e.g., I could have paid life insurance premiums for many years die and get nothing; or I could have bought an annuity and live darn near forever but get nothing).

              Comment


              • #8
                Re: AIG-bailout again

                Originally posted by cpw View Post
                For the managers etc. that just made bad decisions they should be fired. The pension fund managers who bought those securities should also be fired. Whether they get another job should be up to their employer.

                well, I would want to punish them a bit that's why I wanted to keep them around.

                The ones who committed fraud should go to jail just like other thieves. I think at thief basically takes part of your life away (the part spent working to generate that value); so they deserve no sympathy and very harsh treatment.

                Agreed.

                The real victims here wouldn't be the share holders (e.g., in the pension funds); they had money that was supposed to be at risk. It would be people who had insurance and annuity contracts with AIG that wouldn't get paid. These people were supposed to be eliminating risk (e.g., I could have paid life insurance premiums for many years die and get nothing; or I could have bought an annuity and live darn near forever but get nothing).
                Or my whole future could be invested with them and they blew it. Yes, these are the people I am talking about, as well as shareholders. Just because you invest money and know there is risk does not relieve the people managing the funds from operating responsibly.
                ---------------
                Light is faster than sound. That's why some people seem really bright until you hear them speak.
                ---------------
                “If I had my life to live over again, I'd be a plumber.” - Albert Einstein
                ---------
                "Its a table saw.... Do you know where your fingers are?"
                ---------
                sigpic http://www.helmetstohardhats.com/

                Comment


                • #9
                  Re: Aig-bailout again

                  first off, I think we have a bigger problem..It is unconstitutional for our government to
                  buy/bail out/rescue businesses..This will cause more problems than solutions!!!

                  If indeed our government is now in the business in buying out businesses that are mismanaged, then I have a business they can rescue. I'm asking only 10 million!!!! [gold preferred]

                  I am also planning to open a shop selling plastic coffee cans so everyone can store their money in their own back yard! Metal cans will mess up the paper money over time!

                  Here in AZ the stupids are always voting in additional taxes, then vote in tax money and breaks for sports stadiums like the cardinal football, diamond back baseball, hockey and basketball. Each one has its own facility and has been paid for by tax breaks and tax dollars! This in my opinion should be all private venture capital.
                  Instead we have the good ole' boys and the rest of us are paying the price. $7.50 for a cold cheap hot dog !!!!!

                  Seems we did not learn anything from the savings and loan debacle of years back!


                  this is really scary stuff and I have yet to hear/read of any intelligent solution from anyone!
                  All you get is posturing and the blame game, not a single solution!

                  I also agree the CEO and other upper management should go to prison and not be given 20 million to "leave" Give them a cardboard box and two weeks like the rest of us poor working folks!

                  It's ok to make a mistake, but there seems to be much more under all of this..as AIG was doing just fine and within 24 hours it's in the crapper? This ain't kosher and us civilians are screwed!

                  Cactus Man
                  Last edited by cactusman; 09-18-2008, 12:10 AM.

                  Comment


                  • #10
                    Re: Aig-bailout again

                    Originally posted by plumberscrack View Post
                    No worries....

                    The Federal Reserve said they will print more money
                    That must have only been on your local news.
                    I love my plumber

                    "My Hero"

                    Welcome, Phoebe Jacqueline!

                    Comment


                    • #11
                      Re: Aig-bailout again

                      The more I look into this, the angrier I get.

                      Where do I sign up to save my business when I leverage it and screw up?

                      Teaching large financial & insurance institutions that they can make money without risk of failure (or that you and I will bail them out) is just wrong. It just makes them weaker.

                      And it's far from over. I'm a pretty positive person but it looks like this negative economy will continue for awhile. Maybe years.

                      Maybe we need another Boston Tea Party of sorts.

                      J.C.

                      Comment


                      • #12
                        Re: Aig-bailout again

                        A bad precedence is definitely being set with all these bail outs. In spite of AIG's bail out, the president left with a multi-million dollar severance. Maybe some of that could have been put back into the company he let helped fail
                        I love my plumber

                        "My Hero"

                        Welcome, Phoebe Jacqueline!

                        Comment


                        • #13
                          Re: Aig-bailout again

                          Originally posted by MrsSeatDown View Post
                          A bad precedence is definitely being set with all these bail outs. In spite of AIG's bail out, the president left with a multi-million dollar severance. Maybe some of that could have been put back into the company he let helped fail
                          EXACTLY. That is what should happen. Go take a look at Lehman, AIG, Merrill Lynch etc. CEO sign on bonuses, salaries, and "golden parachutes". This has been going on since the 80's and the gov'ts. solution is to BAIL THE COMPANY OUT AND LET THE TOP STAFF KEEP ALL OF THIS!

                          It's just insanity. They should be bankrupted and their houses (notice the plural) be sold off. Kids yanked out of private schools & colleges. Some even put in jail.

                          After being on the Ridgid Forum for awhile I've concluded that the majority of the regulars on here are smarter than I am. Why do you think I ask so many questions?! But even I saw this coming. I told the builders I work for 5 years ago this had to happen. Most listened or came to their own conclusion and stopped spec. housing.

                          On another note, I told my dad years ago I wanted to be a CEO of a large corporation. He asked why? I told him it's the only job in the world I can think of where you can totally fail and be rewarded.

                          J.C.

                          Comment


                          • #14
                            Re: Aig-bailout again

                            I saw an interesting piece on BBC news the other day regarding AIG and, more specifically, its holdings. AIG has a wholly owned subsidiary that buys and subsequently leases airplanes to almost every airline in the world. They are the largest (over 90% of all orders) purchaser of planes world-wide. If AIG went down, the domestic (Boeing) and foreign (Airbus) airline production industry would have collapsed in months by most estimates. That would have been followed by the collapse of the airline industry in less than a year. Pretty scary stuff. The world’s economy is on a razor’s edge it seems--and all because of rampant greed. I guess these morons never read the old fable about the goose that laid the golden eggs?

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