How is it even possible to burn through $460,000 per minute. Think about that. Is it even physically possible to burn $460k in cash in a minute. Could you light a $460k pile of cash on fire and have it burn in 1 minute? I don’t think it’s physically possible. How the hell does AIG burn through that kind of cash!
Liquidate AIG! What part of liquidate does the government does not understand. AIG should not receive anymore of my money. The board of Director’s at AIG made horrible decisions, and they have to live with it. No more taxpayers money. I’m streching my dollars even further, and AIG burns through 460K in a minute STOP!
Have you ever noticed that almost without fail, I.J. stories about AIG garner the most volume and venomous responses compared to all others combined? How does one organization become so widely hated and despised. Just wondering.
Actually, I do not enjoy it, even a bit. I was just answering the guy’s question, which was ligitimate. I fear that even though the P&C operation had notthing to do with this, all of us in the P&C industry will be affected. The grandstanding politicians will use AIG as the poster child for federal regulation. Nobody is laughing at you, my friend.
Can anyone explain what they did with the first $150b that we gave them. That was pretty recent if I remember correctly, what did they use that for?
I just dont understand why we are not questioning/investigating where every single penny is being spent. I wont even loan someone five dollars without asking why…..
Here’s a link to the Senate Banking Committee’s list of member. These guys will make the recommendations for more $$ for AIG so this is who needs to hear from “us”
Maybe that’s because there aren’t enough stories about Farmers. Ha!
Seriously though, AIG encapsulates the entire idiocy of any government action over the past decade and a half. End of story. That’s Republican and Democrat for those of you that like to play sides.
It’s lunacy at it’s height and proof that libalism IS a mental disorder. Republican and Democratic mental disorders. They both end up on the same dead-end road.
And, FYI, I’m not Libertarian either. I’m just a normal guy, living a normal life, and looking at idiocy. It becomes more frustrating ever day of my life.
For decades this company has shifted money around just to make the finanacials look good. They didn’t care about there employees (turn and burn) and to try and work with them at times was harder then working with the goverment.
Yes they wrote anything and everything. That was the only positive. But they have been shifty about there financials for decades and for those of us “playing by the rules” yes we are pissed! And now glad to see the roosters come home to nest.
it’s not over yet….you may have to compete against the 1st federally funded government PC company! Can’t wait to see the feedback next week! Better revisit your advertising budgets!!!
Ok, now we have some constructive input on something we can actually do, other than just to *****. I’m sorry I did not come to this sooner.
I will personally commit to send an email to these 23 members. Will you do it too?
Just in case folks aren’t understanding the money, you can break it down like this. $150,000,000,000.00 (150 Billion) in 150 days (5 months, 30 days each – ok, it might be 6, but stay with me.) is 1,000,000,000.00 per day ($1 Billion per day). Divide that number by 24 for each hour, and then another 60 for each minute – that’s 1,440 minutes per day. When you do, you will come up with $694,444 per minute!!! Ok, maybe it’s 6 months instead of 5. You do the math. In any case, it’s an ***-load of money – although nothing in comparison to all the other spending that’s going on now – but, that’s another topic.
If spending more money on AIG would fix our industry, I would say go for it. But, it has no chance of doing anything other than continuing to tear our industry apart. Like another poster has pointed out, it’s going to cause suspicions about our entire industry, even though there are many other large carriers that actually do legitimate business. The public and the gov’t aren’t going to care.
When this is all done, if it continues to play out the way it is heading, the only concerns are going to be that a quarter, to half a Trillion Dollars has been spent trying to fix the “insurance industry”, and it didn’t work. So, the only solution left at that point will logically seem to be for the government to completely take over the entire industry for the “public good”. After all, we can all agree that society could NOT exist as we know it without insurance to allow risks to be made with capital. So, the government, and the public of that ilk will see no viable alternative than to play the role of the white knight with Big Brother.
Communism Plus, here we come!
We need to pull together as an industry, and do what we can to head this off as quickly as possible. It may be TOO LATE, but we don’t have the luxury at this point to consider that possibility.
Let’s just do it! If we don’t, the alternative is bleak.
How much sense does it make for the government to take equity stakes in AIG spin-offs when it already owns 79% of them? Sort of like me paying rent in my own house…
I thought the financial arm of AIG was in trouble and the insurance part was just fine due to reserves & strict state regulation. The problem though is that with all the negative media coverage, the average individual just sees AIG, they don’t separate insurance from the financial. They just see potential $60B corporate loss.
Being one who loves to crunch numbers the problem with AIG is those lovely credit default swaps that were dressed up to be called insurance.
Having had a conversation with a real person at the N.Y.D.O.I. I did have the idea that with the DOI permission could AIG under the benefit of Chapter 11 close the financial division which is what dragged it down in the first place and thus cancel those “insurance contracts”? Their answer is yes as long as the Federal jusge would allow it.
Solution: Hire a real well experienced bankrupcy attorney, go see a judge first for approal of such a plan( acording to my retired source it is yes) and FILE.
No need for loans or bailout or handouot. This would have been in the policy holder and stock holders best interest.
Anyone out there ever think about this solution or any other solution? As far as I have seen most postings on IJ is about those who lost business to AIG and want to throw a fit over it and would like to see those thousands upon thousands of people loose their job.
The Feds (us) own 80% of the financial services holding company, the one everybody is saying did the bad deeds with CDOs and other stuff.
Trading that position for equity in the insurance companies, the ones that everyone keeps saying are ‘fine’, is what the Feds are now proposing to satiate the angry masses. But be aware, this is just a difference of months.
AIG customers are running for the doors, demanding to have coverage replaced, at least the ones who look past next quarter. Look at the spot price of the assets that AIG has on the blocks, one offer went from $11.2b to $8b due to business deterioration. Now even the Chinese are backing away from what was the crown jewel, the shining example of their new capitalistic embrace, AI Life.
This is like paying huge sums for a producer who does not own their book and just got caught with Pee Wee Herman in a movie theater. The assest is short-term worthless, long-term who knows.
Attorney for the Plaintif: “So Mr. Agent, as an insurance professional, please explain to the jury how you arrived at the conclusion that the AIG product presented the best terms available in the marketplace for your client given that it’s parent company was bankrupted and supported only by a series of well publicized government bailout loans.”
Mr. Agent: Well, Bests and S&P continued to rate it……
AIG is killing the p/c industry. Their p/c subs are well funded but the parent is DEAD due to greed and bad decisions running their financial sub. The government continues to dump BILLION$ into a death spiral situation in order to ‘save the global economy.’ AIG is losing employees and clients by the minute. The remaining Underwriters undercut their competitors to salvage business. This compromises the long-term stability of their insurance subs. Agents lose commission revenues as prices are slashed. Well run competitors see their stock value drop like a stone as the market can’t get appropriate rate. Our children’s grand children will be paying off this tab. Who wins exactly? Where does the madness end? Why doesn’t the government liquidate AIG, sell its insurance subs to the highest bidders and save the BILLION$ they woud use to bail out AIG to ‘save the global economy?’
well, in our industry, it’s helping because it’s sending folks to companies that are solvent and financially stable. i work for one in particular. we still are rated a+++ but s&p, and have aaa rating with jd powers and associates. it’s sad that the financial side is affecting the insurance side. most folks will think it is transcended. but then if you read the article, it even states the insurance is apart of that money loss. someone said in an earlier blog, that they used the wrong terminology.
either way, the money is blown see the company in pieces and pay us the taxpayer back. allow us not to have to pay for taxes due to the money we gave out! afterall, is not the gov’t getting it back with interest? um…um… think about it? we have let so many small companies go under, why not the big one. same w/the auto industry.
Well, we’re now in for another #30 Bil. I wonder how long it will take for the next hand to be held out. Us taxpayers are really being taken for a ride, don’t you think?
What a shame. I have a 6yr old and a 4yr old, and they are going to have a massive bill to pay. All because this generation can’t stop thinking about themselves long enough to spit.
How is it even possible to burn through $460,000 per minute. Think about that. Is it even physically possible to burn $460k in cash in a minute. Could you light a $460k pile of cash on fire and have it burn in 1 minute? I don’t think it’s physically possible. How the hell does AIG burn through that kind of cash!
…because at one time, they had that kind of cash.
I’m a twenty-year man. I can tell the difference between punks who need a little lesson in manners, and the freaks like you who just enjoy it.
Liquidate AIG! What part of liquidate does the government does not understand. AIG should not receive anymore of my money. The board of Director’s at AIG made horrible decisions, and they have to live with it. No more taxpayers money. I’m streching my dollars even further, and AIG burns through 460K in a minute STOP!
Take Care
Have you ever noticed that almost without fail, I.J. stories about AIG garner the most volume and venomous responses compared to all others combined? How does one organization become so widely hated and despised. Just wondering.
Actually, I do not enjoy it, even a bit. I was just answering the guy’s question, which was ligitimate. I fear that even though the P&C operation had notthing to do with this, all of us in the P&C industry will be affected. The grandstanding politicians will use AIG as the poster child for federal regulation. Nobody is laughing at you, my friend.
Can anyone explain what they did with the first $150b that we gave them. That was pretty recent if I remember correctly, what did they use that for?
I just dont understand why we are not questioning/investigating where every single penny is being spent. I wont even loan someone five dollars without asking why…..
Here’s a link to the Senate Banking Committee’s list of member. These guys will make the recommendations for more $$ for AIG so this is who needs to hear from “us”
http://banking.senate.gov/public/index.cfm?FuseAction=Information.Membership
Maybe that’s because there aren’t enough stories about Farmers. Ha!
Seriously though, AIG encapsulates the entire idiocy of any government action over the past decade and a half. End of story. That’s Republican and Democrat for those of you that like to play sides.
It’s lunacy at it’s height and proof that libalism IS a mental disorder. Republican and Democratic mental disorders. They both end up on the same dead-end road.
And, FYI, I’m not Libertarian either. I’m just a normal guy, living a normal life, and looking at idiocy. It becomes more frustrating ever day of my life.
The reason for the hatred for AIG…
For decades this company has shifted money around just to make the finanacials look good. They didn’t care about there employees (turn and burn) and to try and work with them at times was harder then working with the goverment.
Yes they wrote anything and everything. That was the only positive. But they have been shifty about there financials for decades and for those of us “playing by the rules” yes we are pissed! And now glad to see the roosters come home to nest.
it’s not over yet….you may have to compete against the 1st federally funded government PC company! Can’t wait to see the feedback next week! Better revisit your advertising budgets!!!
Ok, now we have some constructive input on something we can actually do, other than just to *****. I’m sorry I did not come to this sooner.
I will personally commit to send an email to these 23 members. Will you do it too?
Just in case folks aren’t understanding the money, you can break it down like this. $150,000,000,000.00 (150 Billion) in 150 days (5 months, 30 days each – ok, it might be 6, but stay with me.) is 1,000,000,000.00 per day ($1 Billion per day). Divide that number by 24 for each hour, and then another 60 for each minute – that’s 1,440 minutes per day. When you do, you will come up with $694,444 per minute!!! Ok, maybe it’s 6 months instead of 5. You do the math. In any case, it’s an ***-load of money – although nothing in comparison to all the other spending that’s going on now – but, that’s another topic.
If spending more money on AIG would fix our industry, I would say go for it. But, it has no chance of doing anything other than continuing to tear our industry apart. Like another poster has pointed out, it’s going to cause suspicions about our entire industry, even though there are many other large carriers that actually do legitimate business. The public and the gov’t aren’t going to care.
When this is all done, if it continues to play out the way it is heading, the only concerns are going to be that a quarter, to half a Trillion Dollars has been spent trying to fix the “insurance industry”, and it didn’t work. So, the only solution left at that point will logically seem to be for the government to completely take over the entire industry for the “public good”. After all, we can all agree that society could NOT exist as we know it without insurance to allow risks to be made with capital. So, the government, and the public of that ilk will see no viable alternative than to play the role of the white knight with Big Brother.
Communism Plus, here we come!
We need to pull together as an industry, and do what we can to head this off as quickly as possible. It may be TOO LATE, but we don’t have the luxury at this point to consider that possibility.
Let’s just do it! If we don’t, the alternative is bleak.
How much sense does it make for the government to take equity stakes in AIG spin-offs when it already owns 79% of them? Sort of like me paying rent in my own house…
Uh …yeah. But, that’s using common sense again. You probably shouldn’t make that mistake again.
I thought the financial arm of AIG was in trouble and the insurance part was just fine due to reserves & strict state regulation. The problem though is that with all the negative media coverage, the average individual just sees AIG, they don’t separate insurance from the financial. They just see potential $60B corporate loss.
Being one who loves to crunch numbers the problem with AIG is those lovely credit default swaps that were dressed up to be called insurance.
Having had a conversation with a real person at the N.Y.D.O.I. I did have the idea that with the DOI permission could AIG under the benefit of Chapter 11 close the financial division which is what dragged it down in the first place and thus cancel those “insurance contracts”? Their answer is yes as long as the Federal jusge would allow it.
Solution: Hire a real well experienced bankrupcy attorney, go see a judge first for approal of such a plan( acording to my retired source it is yes) and FILE.
No need for loans or bailout or handouot. This would have been in the policy holder and stock holders best interest.
Anyone out there ever think about this solution or any other solution? As far as I have seen most postings on IJ is about those who lost business to AIG and want to throw a fit over it and would like to see those thousands upon thousands of people loose their job.
Just think, your turn may be next.
The Feds (us) own 80% of the financial services holding company, the one everybody is saying did the bad deeds with CDOs and other stuff.
Trading that position for equity in the insurance companies, the ones that everyone keeps saying are ‘fine’, is what the Feds are now proposing to satiate the angry masses. But be aware, this is just a difference of months.
AIG customers are running for the doors, demanding to have coverage replaced, at least the ones who look past next quarter. Look at the spot price of the assets that AIG has on the blocks, one offer went from $11.2b to $8b due to business deterioration. Now even the Chinese are backing away from what was the crown jewel, the shining example of their new capitalistic embrace, AI Life.
This is like paying huge sums for a producer who does not own their book and just got caught with Pee Wee Herman in a movie theater. The assest is short-term worthless, long-term who knows.
Attorney for the Plaintif: “So Mr. Agent, as an insurance professional, please explain to the jury how you arrived at the conclusion that the AIG product presented the best terms available in the marketplace for your client given that it’s parent company was bankrupted and supported only by a series of well publicized government bailout loans.”
Mr. Agent: Well, Bests and S&P continued to rate it……
Next stop – WalMart Greeter.
AIG is killing the p/c industry. Their p/c subs are well funded but the parent is DEAD due to greed and bad decisions running their financial sub. The government continues to dump BILLION$ into a death spiral situation in order to ‘save the global economy.’ AIG is losing employees and clients by the minute. The remaining Underwriters undercut their competitors to salvage business. This compromises the long-term stability of their insurance subs. Agents lose commission revenues as prices are slashed. Well run competitors see their stock value drop like a stone as the market can’t get appropriate rate. Our children’s grand children will be paying off this tab. Who wins exactly? Where does the madness end? Why doesn’t the government liquidate AIG, sell its insurance subs to the highest bidders and save the BILLION$ they woud use to bail out AIG to ‘save the global economy?’
well, in our industry, it’s helping because it’s sending folks to companies that are solvent and financially stable. i work for one in particular. we still are rated a+++ but s&p, and have aaa rating with jd powers and associates. it’s sad that the financial side is affecting the insurance side. most folks will think it is transcended. but then if you read the article, it even states the insurance is apart of that money loss. someone said in an earlier blog, that they used the wrong terminology.
either way, the money is blown see the company in pieces and pay us the taxpayer back. allow us not to have to pay for taxes due to the money we gave out! afterall, is not the gov’t getting it back with interest? um…um… think about it? we have let so many small companies go under, why not the big one. same w/the auto industry.
Comrade, welcome to the new world order. Dasvidaniya Freedom.
Well, we’re now in for another #30 Bil. I wonder how long it will take for the next hand to be held out. Us taxpayers are really being taken for a ride, don’t you think?
What a shame. I have a 6yr old and a 4yr old, and they are going to have a massive bill to pay. All because this generation can’t stop thinking about themselves long enough to spit.