Followers of the government immediately know what happens when a company with a lot of lobbyists makes big, expensive mistakes - the feds pony up billions and billions of dollars to reward the company: . Market cap is a bit over a billion dollars, meanwhile taxpayers have "invested" about 180 billion. All on the margin, BTW. Just #$*&ing great. Looks like our grandkids will get a lesson about big government beaten into their thick skulls with a giant baseball bat. http://finance.yahoo.com/news/AIG-posts-617B-4Q-loss-apf-14508618.html
agreed, ridiculous. who's on the other side of this, goldman sachs holding a bunch of CDS from AIG? (rumored)
Over $100 billion worth of losses over the past 5 quarters and they still pump more billions into this fu$king company. When does it end? Enough is enough, let these companies fail, the system is already broken.
Thank you George Bush and Hank Paulson! $162.5 Billion and counting. Another "rape" job! Thanks Hank! Between Donald Rumsfeld, Hank Paulson, and Christopher Cox - - - I don't think that you could have ever assembled/appointed a more INCOMPETENT trio.
Refresh that lube, Obama and his cronies are ready to ram it to the taxpayers again: http://finance.yahoo.com/tech-ticke...lout-Won't-Be-Its-Last?tickers=aig,^gspc,^dji
Hey TGregg, Why did you originate this thread in the TRADING FORUM? What does it have to do with TRADING? Shouldn't it be in the "Wall Street Forum"? You would think that a mod on ET would know better . . . but apparently not.
these companies are already failed... new owners of these companies. these institutions like banks and insurance companies will still ber around just new ownership of shares. the prior owners of these banks and insurance have sold and lost money already===capitullation. don't forget that is the main reason for existence of the stock market which transfer of ownership of companies. if you can own 51% of voting shares, you can take a company private and collect all the net earnings to your personal bank account. minority shareholders have no power whatsover, more like silent useless investors. investors with less than 5% ownership of shares are pretty much useless have no power in the board rooms. man there common shares can even be diluted. millions saved by companies by not being public companies. no retail investors. not worth the cost of being public company. banks even short stocks shares as insurance against any loans they make to public companies.
Fuck AIG and and all the other firms who so ungratefully took billions of tax payer money. This country is a breeding ground for irresponsibility and incompentaance. It's sick.
i'm no 'big government' guy, but isnt this as much a lesson about deregulation? allowing a 'too big to fail' insurance company to venture into the unregulated industry of 'debt insurance' just becasue they called the insurance policy a 'credit default swap'? the lack of regulation put the taxpayer(slave) into hock to communist china, as 'guarantor of last resort' 'Dont tell us what we can do, we'll tell you how much we need when it blows up'