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Tue Jan 8, 2013, 01:07 PM

Pic Of The Moment: How Wall Street Says "Thank You"



AIG Is Thinking About Suing the Government for Bailing It Out

23 replies, 3818 views

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Arrow 23 replies Author Time Post
Reply Pic Of The Moment: How Wall Street Says "Thank You" (Original post)
EarlG Jan 2013 OP
RedCloud Jan 2013 #1
Brigid Jan 2013 #2
freshwest Jan 2013 #3
SoapBox Jan 2013 #8
BlancheSplanchnik Jan 2013 #14
RKP5637 Jan 2013 #20
freshwest Jan 2013 #21
RKP5637 Jan 2013 #22
klook Jan 2013 #4
OnyxCollie Jan 2013 #6
infidel dog Jan 2013 #16
Brigid Jan 2013 #17
infidel dog Jan 2013 #18
gateley Jan 2013 #5
pscot Jan 2013 #13
longship Jan 2013 #7
grahamhgreen Jan 2013 #9
Amonester Jan 2013 #10
Nay Jan 2013 #11
barbtries Jan 2013 #12
Dont call me Shirley Jan 2013 #15
rhett o rick Jan 2013 #19
KansDem Jan 2013 #23

Response to EarlG (Original post)

Tue Jan 8, 2013, 01:12 PM

1. They once sold me house insurance for $350 a year.

Little did I know what I was into.

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Response to EarlG (Original post)

Tue Jan 8, 2013, 01:24 PM

2. I always felt . . .

that Obama agreed to the bailout while holding his nose, and only because he feared that not to do so would lead to a full-blown depression both here and even abroad. I wonder now if he feels he made a mistake.

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Response to EarlG (Original post)

Tue Jan 8, 2013, 01:30 PM

3. May their lawsuit be dismissed with prejudice and AIG billed for court costs.

Sorry, you ain't royalty yet.

Kiss off.



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Response to freshwest (Reply #3)

Tue Jan 8, 2013, 02:12 PM

8. ...

What you said.

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Response to freshwest (Reply #3)

Tue Jan 8, 2013, 05:02 PM

14. also what you said, except

I would be a little more....gritty about it.

They can fuck off. With a rusty yacht mast.

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Response to freshwest (Reply #3)

Wed Jan 9, 2013, 08:22 AM

20. And may they flat-out fail next time. Propping up institutions like AIG is another

reason this country is consistently in such a mess. And, "we the people" often have little voice. I would have let them fail, as painful as it might have been, but in the long run we would have been stronger with diversification. NO institution should be allowed to grow so big it's too big to fail. That, is an absurd way to manage an economy. ... diversification adds strength. And with AIG back ... it will happen again.

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Response to RKP5637 (Reply #20)

Wed Jan 9, 2013, 12:19 PM

21. Elizabeth Warren is on the case now. Thanks MA, and keep Brown out of Kerry's seat!

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Response to freshwest (Reply #21)

Wed Jan 9, 2013, 02:40 PM

22. +++ 1,000,000 +++ n/t

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Response to EarlG (Original post)

Tue Jan 8, 2013, 01:36 PM

4. Sore winners.

Lesson learned: Next time we make stringent regulation a part of any bailout package.

The notion that these crooks even have the ability to sue the U.S. government over the terms of the loans is ridiculous. They should be grateful they weren't liquidated or regulated into oblivion.

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Response to klook (Reply #4)

Tue Jan 8, 2013, 01:50 PM

6. Next time the US will be a slave to the banks.

Why do you think BoA moved trillions of derivatives from its investment division to its FDIC-insured commercial banking division?

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Response to OnyxCollie (Reply #6)

Tue Jan 8, 2013, 05:20 PM

16. Next time???

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Response to infidel dog (Reply #16)

Tue Jan 8, 2013, 05:49 PM

17. Oh, it'll happen again.

Because these greedy idiots sociopaths never learn. They can't.

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Response to Brigid (Reply #17)

Tue Jan 8, 2013, 05:56 PM

18. True. Sadly, the U.S. has been a bankster slave state for a very long time...

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Response to EarlG (Original post)

Tue Jan 8, 2013, 01:38 PM

5. Speechless.

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Response to gateley (Reply #5)

Tue Jan 8, 2013, 03:32 PM

13. No good deed goes unpunished.

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Response to EarlG (Original post)

Tue Jan 8, 2013, 01:57 PM

7. It's actually worse than that.

AIG sold credit default swaps on a huge number of mortgages. If the mortgage goes into default, the insurance would pay off. AIG basically bet their company that the housing market would never, ever go down.

Wall Street wrapped those swaps into more mortgage bonds, on which AIG insured with yet more swaps. And it was all legal.

As soon as property values went down mortgages went into default, AIG ended up having to pay off all those CDS on thousands of subprime mortgages, all at once. It took no time at all for them to have a larger than 50 billion dollar hole.

The guy who was most responsible for this was Joseph Cassano. Basically one guy crashed the whole world economy.

Recommended reads:
The Big Short: Inside the Doomsday Machine, by Michael Lewis. Tells the story of several people in the background who saw what was happening. A really great read.

Too Big to Fail by Andrew Ross Sorkin. History of the Lehman failure and the TARP bailout. Not as readable as Lewis, and not exactly portraying a liberal POV. But it contains essential info on what went down after Bear Stearns fell.

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Response to EarlG (Original post)

Tue Jan 8, 2013, 02:26 PM

9. You know, this was a no-brainer. We told them to put these criminals in jail. It's not to

late to prosecute.

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Response to EarlG (Original post)

Tue Jan 8, 2013, 03:08 PM

10. Thieves will be thieves.

Even after they've "purchase" legality...

Oh, but they "create" jobs!

Lawyers. Check.
Accountants. Check.
Janitors. Check.
Whatelse?

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Response to EarlG (Original post)

Tue Jan 8, 2013, 03:09 PM

11. NOW can we stop treating these monsters like special little snowflakes? Please??

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Response to EarlG (Original post)

Tue Jan 8, 2013, 03:21 PM

12. they must be pissed

that their bonuses aren't ridiculously huge.
Greed - it will take down the human race.

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Response to EarlG (Original post)

Tue Jan 8, 2013, 05:12 PM

15. AIG deserves criminal charges levied against them. Period.

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Response to Dont call me Shirley (Reply #15)

Tue Jan 8, 2013, 05:57 PM

19. Shirley you jest. If you are caught dispensing medical MaryJane, charges will be levied.

If you are a bank, you are the elite that runs the country. Democracy in America is a sham.

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Response to EarlG (Original post)

Wed Jan 9, 2013, 03:34 PM

23. Hey, AIG!


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