One would think that Tim Geitner was tied at the hip with the bad boys of AIG as he became the architect of another bad boy bailout system. Is he to close to his friends to be the agent of change and inflict the penalty deserved by such reckless behavior?
http://www.forbes.com/2008/11/…
It is obvious that the government through it’s bailout and even more obvious through this latest chest thumping over pay raises is simply trying to buy time to see if AIG can remove it self from the quicksand it created. Yet they are doing so with a mortgage on our entire future. A mortgage the Obama administration and the financial buffoons, whose hands are all over this collapse, have still not offered a plan on how to they plan to pay off this financial hole in our wallets. We may be trading one abyss for another and dooming our country to generations of debt that we may never see the end off. Please take a look back at the posts about Massachusetts Swaptions here on BMG and see the facts that government is working under. You will see through the links that we sent out bonds that are interest only with Principle balloon payments in the final five years and when the annual payments on the interest got to large to handle we went to market to issue bets that would pay us up front a fee on what would happen in the future. Guess what the house is losing on those bets. The point being that Government is hoping if they push the cost far enough down the road we will one forget about it two the economy will grow enough to make the payments smaller as a percentage of income and three that some how some way they will come up with a solution before it all happens. Which is why we are where we are today and we are swapping one bet for another in the case of AIG. We are kidding ourselves our children and our grand children by betting the last dollar in the house that time will heal all wounds. WAKE UP IN WASHINGTON it’s a fools bet.
Don’t believe that for one minute this scratching of the surface of this problem is magically going to make it go away. This is a promise that no one should put a bet down on no matter what the odds. Instead you see talk coming from President Obama and Lawrence Summers and Tim Geitner that we may need a third or fourth round of Bailouts just to (hopefully) stabilize the American banking system. What they are saying between the lines is if they can pay off enough of AIG’s debt to stop banks from around the world from cashing in the Insurance Policies, that AIG wrote against such a down turn, but can not cover.
I have written in the past and I dear say I will repeat myself here again that AIG is not “to big to fail” instead the hole is just “to Deep to Fill” with American tax dollars. We are spending Trillions on AIG to pay off their Mortgage yet Main Street is losing their homes at an ever-growing rate and we have crumbs thrown to us in a bailout and AIG gets $136 Million in bonuses. It is time to take matters into our own hands it is time to demand the bailout to stop it is a time to BOYCOTT all of AIG’s business’s it is time to Demand our State of Massachusetts Cut all ties with AIG if any exist, It is time to close that annuity and role it over to another company, it is time to cash in that stock and take the loss in 2009, it is time to demand that this company be held to the same standard as you and I. You pay the consequences of your actions you lose your job when you screw up just this bad. And it is time to boycott the Obama Administration until they put the same number of Dollars into bail out Main Street as they are into AIG and the problems they have created. The growing amount of evidence is overwhelming.
http://xkorpion.wordpress.com/…
http://curiouscapitalist.blogs…
Look closely at the list being published on where the AIG money went, it went to many of the large banks in the world who bought contracts (insurance Policies) to insure their investments and protect their bottom line but also in the mix are foreign banks, and as of this morning we now know that Billions went to States who also rolled the tax payers dollars into investments that were backed by smoke and mirrors. So not only did California have to demand money from AIG but it also got a lion share of the federal Stimulus and it now has a reported unemployment beyond 10%.
Is AIG the only villain? Well it is unlikely yet they certainly are the poster child for all that has gone wrong and by far they have been the leader of business as usual. We need a change Obama promised Change, I want to see change so far I am only seeing loose change in the sofa and millions in their pockets.
SO lets Start by Boycotting AIG let those who vote speak loudly as a group such actions help defeat Apartheid in South Africa we have the power to make the change we need in our own hands it is time to mobilize and use it.
Call your broker call your Insurance agent call your Rep call you Congressman but do it today!
As Usual just my Opinions but in my opinion today is a need for real Change our future is in our hands!
Looks like the banks are all sitting in a circle, putting money from you and I in one another’s pockets and NOT freeling up lines of cre3dit to Main Street, at all.
You may be doing business with AIG and not even know it.
So you are suggesting that just because you can not see them you should not boycott any aspect of their company?
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p>Well I strongley disagee. Boycotts can start with the low hanging fruit like Auto Insurance, or home owners, How about that annuity, we want to see change take the key to the liquor cabinet and throw it out the window and watch them change or die. Did you see the panic letter from Nonnie Burne’s posted let me quote
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p>This from link:http://www.mass.gov/?pageID=ocamodulechunk&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Insurance&sid=Eoca&b=terminalcontent&f=doi_Media_AIG_Commissioner_Update&csid=Eoca
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p>Sounds like Capt Smith’s last words from the helm of the Titanic. At this time thank you for the resounding confidence how about next week Nonnie try next Month how about when they are asking for more bailout money because Standard and poors and moody are set to lower them again and HSBC wants another 10-15% capital reseved for the CDS they hold.
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p>Even though you may suggest that the entire business of AIG should not be effected I would endeavor to point out you are incorrect the effect of their performance over the last 5 years let say has been a disgrace they are little more then frauds and charlatans and should be run out on a rail for their behavior. To turn their back on the American people whom they asked for the bailout from and then reward and suggest that they are contractually liable for is a sham. How about the contractual obligations Polaroid had with its retirees, how about Lucent, or TRW. Try telling that to UAW. Are you going to suggest that any of those workers who lost it all because of the actions of management above them is any less of an obligation but we throw them under the bus every chance that comes along. No this is not justice this is not right, it is time to clean house of this dead wood not only would I not send them a bonus check I would send them all a pink slip and don’t go down the road that then who will get us out of this mess because that dog won’t hunt. Letting those used car sales charlatans near more money is like putting a bottle of Jack Daniels in front of an alcoholic. The hole is just getting deeper and soon the light of day will be gone from sight. What will you do when it comes time to pay this bloated mortgage? to many sit here and rant about Democratic spending on real people and about run away deficits yet so far the banks and AIG have consumed more then it would take to bail out Social Security for the next 100years or they the equivalent figure of insuring every man women and child at market rate Health insurance for the next 20 years are you kidding send more to them no start the revolution walk away take your money and give it to a company that has not stolen our future take the liquor away from the drunks at AIG until they get back into AAA and admit they have a problem NO ETHICS!
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p>As Usual just my opinion but I did call my agent today and said find out.
You have no idea if you are using AIG right now. How can you do a boycott? That’s how big they are.
You mean to say You have not seen the AIG ad for Auto Insurance here in Massachusetts. You have obviously never talked to a financial planner who represents AIG for retirement annuities either. AIG divisions include most retail insurance sectors. Obviously we can not run out and sell off our CDO’s insured by them they are worthless but we can hit their other retail divisions. Like the government the funds all pass through the general ledger of the corporation if revenues are down here and there and hey over here to they will get the image issue and Mr Liddy who did a respectful job on Wednesday will have to address the image more directly and deal with it. This may foster a change I think the power of the pocket book certainly has a greater effect then a call to a congressman at this point in time. So yes Boycott yes some dollars through the reinvestment pools will find their way back to AIG but even a 1-2 % cut in revenue will send a message.
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p>What would you propose?
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p>As Usual Just my Opinion