Comments on: AIG Gets More of Your Money http://splendidmarbles.com/2008/11/10/commentary/aig-gets-more-of-your-money/ cartoons and commentary Sun, 29 Jan 2012 13:53:44 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: SplendidMarbles http://splendidmarbles.com/2008/11/10/commentary/aig-gets-more-of-your-money/comment-page-1/#comment-2335 SplendidMarbles Tue, 18 Nov 2008 16:56:33 +0000 http://splendidmarbles.com/?p=1564#comment-2335 I agree that the AIG saga is a disgrace. I think it points to a lack of coherent policy objectives at the Treasury. They were first bent on buying toxic securities; now they say they want nationalization. But they are doing both in this case. As for GM, as a company, it has been a great destroyer of wealth and investment dollars. Another lifeline will just waste billions and prolong the inevitable collapse. Check out this <a href="http://online.wsj.com/article/SB122669746125629365.html" rel="nofollow">WSJ piece</a> on the dismal management record of GM and Ford. I agree that the AIG saga is a disgrace. I think it points to a lack of coherent policy objectives at the Treasury. They were first bent on buying toxic securities; now they say they want nationalization. But they are doing both in this case. As for GM, as a company, it has been a great destroyer of wealth and investment dollars. Another lifeline will just waste billions and prolong the inevitable collapse. Check out this WSJ piece on the dismal management record of GM and Ford.

]]> By: John Olivo http://splendidmarbles.com/2008/11/10/commentary/aig-gets-more-of-your-money/comment-page-1/#comment-2318 John Olivo Sun, 16 Nov 2008 00:06:25 +0000 http://splendidmarbles.com/?p=1564#comment-2318 What's going on with AIG is just unconscionable. How can they continue to ask for money when they can't even get their house in order. they are increasing dividends and paying their execs to go to spa's for meetings. How about say NO!!! to the request. I'd say fire the management and start over. The same thing for the auto industry. No money until they fire top management and start over with the Fed taking control as an oversight board and making them pay back every cent. No money for them unless they suck it up. They have not earned any of this with their poor management policies. They did not do what their competitors did - make energy efficient cars. They are still marketing honking muscle cars that eat more gas then ever. the new Dodge Charger has over 400 horsepower. Who needs this kind of car??? Tough luck for them if they think they get a blank check. I would like to see a new business plan to get out of the mess with check points to be reviewed by the congress on designated time frames. A total restructuring of the industry is in order. I am so upset I am having trouble thinking straight but you get the idea. We do need to find someway to protect all those middle class jobs. We cannot afford to have 3 million workers hit the unemployment lines. What’s going on with AIG is just unconscionable. How can they continue to ask for money when they can’t even get their house in order. they are increasing dividends and paying their execs to go to spa’s for meetings. How about say NO!!! to the request. I’d say fire the management and start over. The same thing for the auto industry. No money until they fire top management and start over with the Fed taking control as an oversight board and making them pay back every cent. No money for them unless they suck it up. They have not earned any of this with their poor management policies. They did not do what their competitors did – make energy efficient cars. They are still marketing honking muscle cars that eat more gas then ever. the new Dodge Charger has over 400 horsepower. Who needs this kind of car??? Tough luck for them if they think they get a blank check. I would like to see a new business plan to get out of the mess with check points to be reviewed by the congress on designated time frames. A total restructuring of the industry is in order. I am so upset I am having trouble thinking straight but you get the idea. We do need to find someway to protect all those middle class jobs. We cannot afford to have 3 million workers hit the unemployment lines.

]]> By: Treasury Department Needs P.R. Help Now! | Splendid Marbles http://splendidmarbles.com/2008/11/10/commentary/aig-gets-more-of-your-money/comment-page-1/#comment-2298 Treasury Department Needs P.R. Help Now! | Splendid Marbles Tue, 11 Nov 2008 23:38:26 +0000 http://splendidmarbles.com/?p=1564#comment-2298 [...] wrote about the confusing nature of the AIG bailout yesterday- which expanded from an $85 billion to a $150 billion scheme in the course of two months. [...] [...] wrote about the confusing nature of the AIG bailout yesterday- which expanded from an $85 billion to a $150 billion scheme in the course of two months. [...]

]]> By: SplendidMarbles http://splendidmarbles.com/2008/11/10/commentary/aig-gets-more-of-your-money/comment-page-1/#comment-2295 SplendidMarbles Tue, 11 Nov 2008 15:02:14 +0000 http://splendidmarbles.com/?p=1564#comment-2295 You're probably correct about the Fed's attitude toward AIG - but aren't they primarily concerned with overall liquidity within the banking system? They began accepting more dubious assets as collateral as the financial mess gathered pace so that financial companies would lend to one another. It seems now that a growing number of politicians are very intent on monitoring what the Fed is up to - and that they may not like the independence that it currently enjoys. The Fed was created in 1913 after a long legislative battle - and Democrats won out at the time. Now they may be the ones who would like to curb Fed activities because they can be viewed as pro business - that would be a shame. Thanks for your comment - it is apparent that you understand the Fed well, better than I do. Please let me know more about what you think the Fed and the Treasury should do to restore order to the financial system. You’re probably correct about the Fed’s attitude toward AIG – but aren’t they primarily concerned with overall liquidity within the banking system? They began accepting more dubious assets as collateral as the financial mess gathered pace so that financial companies would lend to one another. It seems now that a growing number of politicians are very intent on monitoring what the Fed is up to – and that they may not like the independence that it currently enjoys. The Fed was created in 1913 after a long legislative battle – and Democrats won out at the time. Now they may be the ones who would like to curb Fed activities because they can be viewed as pro business – that would be a shame. Thanks for your comment – it is apparent that you understand the Fed well, better than I do. Please let me know more about what you think the Fed and the Treasury should do to restore order to the financial system.

]]> By: Jason http://splendidmarbles.com/2008/11/10/commentary/aig-gets-more-of-your-money/comment-page-1/#comment-2294 Jason Tue, 11 Nov 2008 04:07:55 +0000 http://splendidmarbles.com/?p=1564#comment-2294 The AIG bailout is small change and means nothing to the Fed. The Fed is transparent in that it is subject to the oversight of Congress. Is twice a year not fast enough? The intent of Congress in shaping the Federal Reserve Act was to keep politics out of monetary policy. Legislation requires that the Federal Reserve reports annually on its activities to the Speaker of the House of Representatives. http://nomedals.blogspot.com The AIG bailout is small change and means nothing to the Fed. The Fed is transparent in that it is subject to the oversight of Congress. Is twice a year not fast enough? The intent of Congress in shaping the Federal Reserve Act was to keep politics out of monetary policy. Legislation requires that the Federal Reserve reports annually on its activities to the Speaker of the House of Representatives.

http://nomedals.blogspot.com

]]> By: » AIG Gets More of Your Money http://splendidmarbles.com/2008/11/10/commentary/aig-gets-more-of-your-money/comment-page-1/#comment-2293 » AIG Gets More of Your Money Mon, 10 Nov 2008 23:33:33 +0000 http://splendidmarbles.com/?p=1564#comment-2293 [...] [Technorati] Tag results for finance wrote an interesting post today onHere’s a quick excerpt What the hell is going on with American International Group (AIG)? First the U.S. government tossed the embattled insurance giant an $85 billion credit line in September – when it decided to let Lehman Brothers file for bankruptcy – and that was increased by $38 billion last month. The spiraling cost of the AIG mess seems to symbolize the financial bailout as a whole; as the pile of money being spent keeps growing, the mechanisms and logic behind it seems to be dissolving before our eyes. Now, [...] [...] [Technorati] Tag results for finance wrote an interesting post today onHere’s a quick excerpt What the hell is going on with American International Group (AIG)? First the U.S. government tossed the embattled insurance giant an $85 billion credit line in September – when it decided to let Lehman Brothers file for bankruptcy – and that was increased by $38 billion last month. The spiraling cost of the AIG mess seems to symbolize the financial bailout as a whole; as the pile of money being spent keeps growing, the mechanisms and logic behind it seems to be dissolving before our eyes. Now, [...]

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