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Posted on 09/17/2008 11:04:31 AM PDT by Dr. Marten
China's imploding US ally By Richard Komaiko and Chris Stewart
The collapse of US insurance giant AIG and its US$85 billion takeover by the US government on Tuesday takes the US financial crisis right to the heart of China's development as a capitalist country.
AIG, the world's sixth-largest company by assets and biggest insurer, according to the Forbes Global 2000 list for 2007, is one of the few US institutions to be founded in China, its roots dating from 1919 when Cornelius Vander Starr, a veteran of World War I, founded a small insurance company in Shanghai called American Asiatic Underwriters, later to become AIG.
More famously, Starr's successor, Maurice R Greenberg, built relations with China's leadership from 1975, his first visit to thecountry predating by several years the revolutionary moves by Deng Xiaoping to open up China to Western influences.
(Excerpt) Read more at atimes.com ...
Ping.
Should have known COMMUNIST China was involved....
Why are we bailing out ChiCom-supported companies? We already re-distribute our wealth to COMMUNIST China via bad free-trade deals...
Let the ChiComs bail out AIG.
Why should American taxpayers foot the $85 billion bill?
Its time to go after those who support free trade w COMMUNIST China...if you support Free Trade w COMMUNIST China...you are a Communist...
>> if you support Free Trade w COMMUNIST China...you are a Communist...
on the contrary — if you make hyperbolic statements such as this one, you are very likely an ignorant, dogmatic ass.
“At the beginning of this year, his (Greenberg’s) shares were worth $15.8 billion. By the close of the market on Tuesday afternoon, they were worth a little more than $1 billion.”
Just....Wow.
Elliott Spitzer drove Greenberg from his company in 2005. Greenberg's successor entered into counterparty deals with "AAA" names like Bear Strearns, Lehman Brothers and Merrill Lynch. Hank Greenberg's life's work and fortune has been destroyed ... effectively by Elliott Spitzer.
Spitzer is now sitting on his inherited wealth laughing about the devastation he has wrought on a conservative Republican.
I would be happy as a pig in mud with a billion buck, but that's me :)
McCain’s campaign needs to get out in front on a few things.
It’s really sad that they haven’t already, really. It looks like McCain’s campaign is reacting politically on 0bama’s turf. This is the wrong thing to do. Instead, McCain should be playing experience up again. But not ‘experience’ in general, but rather his specific experience.
McCain sponsored a bill in 2005 to reform Fanny Mae and Freddie Mac, so why is he playing defense to 0bama on this issue? What was 0bama doing in 2005? I doubt he even knew what Fanny Mae and Freddie Mac were back then. McCain needs to be presenting himself as a knowledgeable and experienced manager who has seen these problems coming for a long time, because he is, and he has. Why his reaction has been what it has been makes no sense at all. It’s not reinforcing confidence in him as a leader who can be turned to in troubled times. If McCain frames the situation in easy to understand terms, and makes the case for his own expertise in dealing with these issues — something 0bama simply cannot match — then McCain wins this argument. But so far, 0bama is clearly winning it, and that’s a damn shame. Instead of turning to populism and pandering, McCain should be turning to experience and knowledge.
McCain also needs to place the blame squarely on the Clinton administration for repealing the Glass-Steagall Act, instead of blaming Bush. Simply blaming Bush won’t help. In fact it hurts McCain. Because no matter how much McCain distances himself from Bush, he is still going to be more closely tied to Bush’s than 0bama. To the extent that Bush’s policies are blamed, it harms McCain.
The correct way for him to distance himself from Bush is as a manager. He should blame not Bush policies, as that only sticks to himself, but Bush’s management style and priorities. If he wants to distance himself from Bush, it should be as a serious manager who is more interested in solving problems than playing politics. It’s not Bush’s overall philosophies that are unpopular. It is the way he implemented them — or didn’t.
McCain should paint a picture of how he would govern day to day as a manager behind the Resolute Desk in the Oval Office that differs from both Bush and 0bama. It’s called Leadership. McCain has a huge Leadership advantage over 0bama, so he ought to be exploiting it right now.
McCain talks about making pork barrelers ‘famous’. Well, right now he should be making Franklin Raines famous. Very famous. And Robert Rubin. Both of these men are responsible for the banking crisis, and both men are 0bama advisers. McCain needs to lead a charge against them.
McCain should also me calling for more than a commission to look into the problems on Wall Street. He should be calling for a special prosecutor to investigate these 0bama advisers. Right now, Nancy Pelosi is putting together a team of all of the Democrats in congress who are responsible for the meltdown to place the blame on Bush. McCain should not be part of their chorus. He should be offering an alternate view. He should be placing the blame on the guys Nancy has appointed to cover up their mess.
Also McCain should be highlighting 0bama’s recent comments about McCain’s ‘outrage’ at Wall Street, where 0bama says that cutting taxes is an odd way to ‘punish’ them. McCain needs to put these words into perspective. 0bama is saying that investors should be PUNISHED, and the way to do that is raise their taxes. That view speaks volumes about 0bama. McCain needs to point that out.
US is bailing out what amounts to a Chinese company? If so our corrupt government must be thrown out; all of it!
“US is bailing out what amounts to a Chinese company?”
No. It’s an American company that was founded in China which later moved it’s headquarters from Shanghai to NY.
I don’t, and have been quite vocal on this for some time.
on the contrary — if you make hyperbolic statements such as this one, you are very likely an ignorant, dogmatic ass.
Especially when one considers we have no free trade agreements with China. They merely enjoy the same low tariffs we have with every other country on the planet except for Cuba and North Korea.
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