Yes Libby, AIG were the big thugs on the street for a long time and thought they could get away with anything and everything. We should have been forewarned when they got caught bid rigging with Marsh years ago. I don’t think anyone went to jail over that either. Old Hank, the walking lawsuit should be occupying a cell with Bernie rather than taking up court time. His lawyers love it though.
“Bernanke made key decisions about the government takeover of the insurer during the financial crisis, according to a filing by Greenberg’s Starr International Co. today in the U.S. Court of Federal Claims in Washington.”
Yeah, like should we bail them out or let AIG and Hank’s big ego erode into nothingness?
This is almost like being born into a less than wonderful life and then suing your mother for not having an abortion. I think we should abort Hank.
Yep, AIG was aggressive in just about every deal they put together. We used them out of necessity on a couple program deals because we had to in order to compete not because we wanted to. As soon as we had a better partner we moved the business.
I believe the reason the feds bailed them out was due to the fact that AIG sold credit protection through its London unit in the form of credit default swaps on collateralized debt obligations (CDOs) but they tanked in value. The AIG Financial Products division in London, entered into credit default swaps to insure about $450B worth of securities originally rated AAA. Out of that about 60B were backed by subprime loans. They tanked and as a result, AIG’s credit rating tanked and it was required to post additional collateral with its trading counter-parties. Thus AIG had a liquidity crisis. The U S Fed Bank stepped in and created a secured credit facility for up to US$85 billion to prevent the company’s collapse, enabling AIG to deliver additional collateral to its credit default swap trading partners. I think the final number was closer to $150B which ended up in Bank/invester coffers. If The Fed had not done this they (the US government) would have had to give more money to the banks anyway. So they infused money into AIG and took ownership.
You could say the banks misrepresented the quality of the business Originally AAA)AIG poorly underwrote and priced the deals to get the business and the feds bailed them out in order to save the banks. It essentially was a sophisticated fraud all around.
Well, just who’s fault was it Phoenix? AIG and Greenberg sure had a large part in this fraud. Yes, Goldman Sachs and all the other bloodsuckers were right in there with them. But the article was about AIG and Greenberg, not about the reason for the collapse. The banks should have gone under, too.
Why, oh why, did we bail out AIG??? We could have flushed and let it go down the drain. We missed our chance. Big time.
Amen, Libby!
Yes Libby, AIG were the big thugs on the street for a long time and thought they could get away with anything and everything. We should have been forewarned when they got caught bid rigging with Marsh years ago. I don’t think anyone went to jail over that either. Old Hank, the walking lawsuit should be occupying a cell with Bernie rather than taking up court time. His lawyers love it though.
“Bernanke made key decisions about the government takeover of the insurer during the financial crisis, according to a filing by Greenberg’s Starr International Co. today in the U.S. Court of Federal Claims in Washington.”
Yeah, like should we bail them out or let AIG and Hank’s big ego erode into nothingness?
This is almost like being born into a less than wonderful life and then suing your mother for not having an abortion. I think we should abort Hank.
This man makes me sick.
I guess libs and conservatives all come together when it comes to AIG and Greenberg. Finally! Something we can all agree on.
Yep, AIG was aggressive in just about every deal they put together. We used them out of necessity on a couple program deals because we had to in order to compete not because we wanted to. As soon as we had a better partner we moved the business.
I believe the reason the feds bailed them out was due to the fact that AIG sold credit protection through its London unit in the form of credit default swaps on collateralized debt obligations (CDOs) but they tanked in value. The AIG Financial Products division in London, entered into credit default swaps to insure about $450B worth of securities originally rated AAA. Out of that about 60B were backed by subprime loans. They tanked and as a result, AIG’s credit rating tanked and it was required to post additional collateral with its trading counter-parties. Thus AIG had a liquidity crisis. The U S Fed Bank stepped in and created a secured credit facility for up to US$85 billion to prevent the company’s collapse, enabling AIG to deliver additional collateral to its credit default swap trading partners. I think the final number was closer to $150B which ended up in Bank/invester coffers. If The Fed had not done this they (the US government) would have had to give more money to the banks anyway. So they infused money into AIG and took ownership.
You could say the banks misrepresented the quality of the business Originally AAA)AIG poorly underwrote and priced the deals to get the business and the feds bailed them out in order to save the banks. It essentially was a sophisticated fraud all around.
Idiots all the way around as I see it.
Don’t try to confuse them with the facts, Sarge. It was all AIG’s and Greenberg’s fault. Just ask the crew above.
Well, just who’s fault was it Phoenix? AIG and Greenberg sure had a large part in this fraud. Yes, Goldman Sachs and all the other bloodsuckers were right in there with them. But the article was about AIG and Greenberg, not about the reason for the collapse. The banks should have gone under, too.