Comments on: After Bailout, AIG Execs Lounged At Resort

House Panel Probe Into Market Crisis Also Reveals Insurance Giant Hid Risky Practices

[vietvet06]

***...HELLO....***...ME AND MY FRIENDS ARE SCROUNGING AND THESE THIEVES ARE PARTYING....

[usclimey]

Has anyone noticed how much the Republicans (including John McCain) have been boasting about their plan to invest Social Security in the Stock Market recently - NOT!!

[soldat44]

http://www.foxbusiness.com/story/markets/industries/finance/aig-executives-blow--getting-bailout/

[vietvet06]

And they just took a ******* vacation an nobody in the senate or house gives a ***.....go figure.....revolution....

[gce65]

"AIG hid its risky practices?" No! Hard to believe.

The creation of credit default swaps was just another result of Reaganomics and Phil Gramm-style deregulation. Credit Default Swaps are basically insurance without the technical name of insurance so they can''t be regulated.

Here''s an equally plausible scenario: give me $1 billion and I will wave my magic wand and attempt to* make this whole mess go away.


*Disclaimer: The words "attempt to" should in no way be construed to guarantee an outcome. Results may vary.

[lawyertom1]

Greenberg an underhanded, sneaky, conniving crook? Oh, I am just shocked...shocked. Anyone who has ever had to deal with that company knows that it reflected his philosophy of life.

[mamag1938]

The French had a way of dealing with arrogance and greed of their "aristocracy"-the guillotine. It''s high time that people like this pay for their crimes. Destroying the country''s economy and impacting so many lives should be met with severe punishment, in my view. It seems to me that it is indeed traitorous.
Who in this world should make these outrageous amounts of money when there are homeless people living in our streets?

[skysoldier75]

This is just further proof that you can NEVER trust business to regulate or police itself.

And John McCain want to deregulate the health insurance industry next?

Brilliant John...just brilliant!

[easeup-2009]

This article doesn''''t surprise me and it shouldn''''t surprise anyone.

I have worked in the accounting departments of companies large and small over the past 40 years, have seen a LOT of questionable and totally unethical things, and if there is one thing you can rely on, its the HUGE amount of GREED and SMALL amount of brains that occupy the corporate offices of upper management.

And as far as brains goes, I have worked at a few companies where upper management decisions were erratic, cash disappeared, companies have gone bankrupt and closed down, and hard-working employees who felt the company was a "home away from home", ended up losing everything, their jobs, their retirement, EVERYTHING, because of GREED and MISMANAGEMENT at the TOP!!!

So, you want to fix the economy, don''''t throw money at the problem, like the Great Emperor Bush II loves to do, but arrest the ones at the top, seize all their personal assets converting them all to cash and applying the money against the national debt, and give them a long jail sentence, and not at a "country-club" prison either!

SIG HEIL, THE ECONOMY WILL TURN AROUND, EVENTUALLY!!!, BUSH!!!!
sig heil, I''''VE GOT 13 CARS AND 7 HOUSES, I THINK!!!, McBush!!!
sig heil, THE RNC SAYS WE DON''''T HAVE TO ANSWER SUBPEONAS!!!, Palin!!!

Posted by walt1944 at 04:11 PM : Oct 07, 2008

Something tells me you''ve had a LOT of jobs!

[bobnjersey]

[Good job Hank! The hearings are just a pre-election political witch hunt to divert bailout blame from the Democrats'''' legislaive failures such as the Community Reivestment Act, which created the unregulated sub-prime market.]
[Posted by far_point200 at 02:51 PM : Oct 07, 2008]

the problems did not source from the unregulated sub-prime market. it came from the fact that those on wall street turned these loans (payment streams) into exotic investment instruments that carried signifigant risk ... and then insured these risky instruments w/o any capital backing.

so ... what democratic legislative failures are responsible for this?

[soldat44]

"Get a rope"

[walt1944-2009]

This article doesn''t surprise me and it shouldn''t surprise anyone.

I have worked in the accounting departments of companies large and small over the past 40 years, have seen a LOT of questionable and totally unethical things, and if there is one thing you can rely on, its the HUGE amount of GREED and SMALL amount of brains that occupy the corporate offices of upper management.

And as far as brains goes, I have worked at a few companies where upper management decisions were erratic, cash disappeared, companies have gone bankrupt and closed down, and hard-working employees who felt the company was a "home away from home", ended up losing everything, their jobs, their retirement, EVERYTHING, because of GREED and MISMANAGEMENT at the TOP!!!

So, you want to fix the economy, don''t throw money at the problem, like the Great Emperor Bush II loves to do, but arrest the ones at the top, seize all their personal assets converting them all to cash and applying the money against the national debt, and give them a long jail sentence, and not at a "country-club" prison either!

SIG HEIL, THE ECONOMY WILL TURN AROUND, EVENTUALLY!!!, BUSH!!!!
sig heil, I''VE GOT 13 CARS AND 7 HOUSES, I THINK!!!, McBush!!!
sig heil, THE RNC SAYS WE DON''T HAVE TO ANSWER SUBPEONAS!!!, Palin!!!

[neonink]

To "hide" means to falsify.

Falsify means fraudulent.

Fraud should mean JAIL TIME, right?

[neonink]

ooohhhhh.... don''t they look sad.

Of course that is just a look for the cameras. Behind the scenes they are patting each other on the backs.

[billpl-2009]

"Right !!....and they were rewarded with $85 Billion.
Ain''''t it great?" -- Posted by snarkysnark

did you flunk 2nd grade math?
AIG when from $70 to $3 per share
they''re dead
stick a fork in them
the government bought what''s leftover for $85 billion
....peanuts

[kcblogger]

AIG got too big for its britches -

They were so big they held and abused power OVER oversight and regulatory procedures. So much so they had power to force a regulator to "resign" These folks should have handcuffs waiting for them as they leave the hearing. Period.

[amercanbiker]

This is the same old Republican scheme of internalizing profits and socializing losses.

It works well for them.

[edthelight]

was wondering. Why can''''t the shareholders take these crooks to civil court?


Shareholders have limited options for suing these companies. Congress passed the Private Securities Litigation Reform Act in 1995 (PSLRA).

[far_point200]

"Maurice "Hank" Greenberg, the company''s largest individual shareholder - canceled his appearance before the committee."

Good job Hank! The hearings are just a pre-election political witch hunt to divert bailout blame from the Democrats'' legislaive failures such as the Community Reivestment Act, which created the unregulated sub-prime market.

[checkthepast]

currently and historically...

Posted by ibsteve2u

If we disallow anyone from running for public office that has ever been to law school and return to a government ''for the people, by the people'' maybe we''d be on the right track. I believe that soccer dads and even hockey moms would be better for the interest of the people than slick tongue attorneys and professional politicians.