[Professional]

READ THE ENTIRE ARTICLE, AND KEEP YOUR PERSONAL THOUGHTS ON SPITZER OUT OF IT. HE IS TELLING THE TRUTH.

AIG and the GOVT is a smokescreen, and the "bonuses" is meant to feed the idiot masses. Stealing Employee Pay is another example of what our fine govt is like today too...

[Professional]

Right now, if I was an AIG employee, I’d be inclined to walk out, walk off the job.

In many key positions, this is the equivalent of the airline pilot walking away in mid flight.

[razorback-bert]

Think Spitzer is mad about being thrown out?

He certainly isn’t toeing the party line nowdays.

[Sequoyah101]

AIG placed bets and lost. We paid off the bad bets.

There are two elements involved that made this a “crisis”:

1. Paulson’s buddies were set to lose money, money for nothing and they weren’t going to go home wihout it...Hank saw to that.
2. There is a rumor that certain pension funds were involved with these high stakes bets...pension funds belonging to highly placed parties and vote critical groups...parties like congress and teacher’s unions. This is a whispered little rumor that slips around in the backwoods of the internet.

[Raster Man]

You’re right. Paulsen used AIG to save Goldman Sachs, that is plain to see. While Geithner is just a plain idiot, Paulsen is a traitor. On the other note, with the new 90% tax rate effectively capping compensation at $250,000 for AIG, Citi, BoA, Goldman, etc, there hasn’t been much talk what happens to the tax base of NYC. New York will become the new Michigan, and NYC the new Detroit.

[Big_Monkey]

I remember the first I heard about investment insurance, I was skeptical - that was more than a dozen years ago. Did AIG-FP make some huge mistakes? You bet. But, there were many other financial products that were sold, even other derivative's products that were sold. They didn't go south. The Sub-Prime mess is still the giant floating iceberg. The sub-prime mess is still the root cause of all this mess.

Just like the bonuses are a smoke screen to AIG's larger problems. AIG is a smoke screen that keeps attention off of Freddie and Fannie and the Community Reinvestment Act. The government fell down from a regulatory standpoint - no doubt. But, this raging fire started with bad paper written to people who couldn't pay it back, even in a great economy.

Lastly, it's hard to comment on Spitzer. I do happen to think that he had target on Hank Greenberg and that it was largely personal. I believe that if Greenberg had still been with AIG, we may have avoided many of the problems that we're now dealing with. That's Spitzer's fault.

[Chgogal]

You may find this post very interesting as well. I found if fascinating,

http://www.freerepublic.com/focus/f-news/2209313/posts

[Right_Wing_Madman]

"Bonus is a real issue. It touches us viscerally,"

[Extremely Extreme Extremist]

Spitzer is still pond scum because he was part of the problem.

[JerseyHighlander]

Spitzer is also trying to deflect attention from his failures. Spitzer’s pogrom and Spitzer’s collusion with the AIG insiders who went on to ramp up the Financial Products division are directly responsible for much of AIG’s collapse.

Spitzer’s trumped up pogrom against the Greenberg family is what caused the removal of the Greenberg family's steady hand at the top of the AIG structure. It wasn't until after Spitzer had collaborated with AIG insiders to remove Hank Greenberg and install the insiders to the head of the Group did the shysters in the Financial Products take control of the corporation and expand the hedge fund and gearing of the AIG group contracts.

[sadiebella]

As much as I hate the guy, he’s right.

[IrishCatholic]

bookmark for later.