AIGbama!

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AIGbama!

Postby pesetas » Thu Mar 19, 2009 1:37 pm

I'm speechless...
:UmmmHmm:

"With all the outrage coming from the White House over bonuses paid to executives at the troubled AIG Insurance group, the White House might be a bit embarrassed to admit that as a Senator, President Obama took plenty of money from AIG in the form of campaign contributions. According to OpenSecrets.org, Senator Obama was the second largest recipient of campaign dollars from AIG at $101,332."
"The clever combatant imposes his will on the enemy, but does not allow the enemy's will to be imposed on him"
- Sun Tzu

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Re: AIGbama!

Postby *FDB*Hakko » Thu Mar 19, 2009 1:59 pm

Also, from what I have heard, these bonuses are part of AIG's contracts which was known before the bailout. Contracts are legally binding.
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Re: AIGbama!

Postby Majik » Thu Mar 19, 2009 3:29 pm

Actually contracts are not legalling binding when fraud is a factor.

And it seems AIG and Wall Street in general were practicing widespread fraud.


As far as Obama, that statement is a bit vague.
Took money from AIG during what time frame? His Senate or presidential campaign?
Did he know at the time that it was dirty money?
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Re: AIGbama!

Postby *FDB*Hakko » Thu Mar 19, 2009 4:26 pm

Majik wrote:Actually contracts are not legalling binding when fraud is a factor.


That's true. But I haven't heard anything about AIG acting fraudulent. But then, I haven't been watching the news or reading the paper.
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Re: AIGbama!

Postby Majik » Thu Mar 19, 2009 6:51 pm

I believe Wall Streets actions as a whole were/are fraudulent.

I don't believe I am alone in this belief.
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Re: AIGbama!

Postby Majik » Sat Mar 21, 2009 6:41 pm

To further explain, the bailout money was to be used for a specific purpose, to get the country out of a finacial crisis.
ANYONE using the money for any other purpose has committed fraud on the citizens of the United States and should be prosecuted.
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Re: AIGbama!

Postby pesetas » Sat Mar 21, 2009 7:38 pm

I concur Majik!
"The clever combatant imposes his will on the enemy, but does not allow the enemy's will to be imposed on him"
- Sun Tzu

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Re: AIGbama!

Postby Knightrider » Tue Mar 24, 2009 12:44 am

Something to think about. When AIG failed last year, we had Sec. Paulson and the rest of the gov give money to bailout select financial institutions. Of those financial institutions we know that AIG was one of them. We also know that Goldman Sachs was betting against the market, through insurance arrangements with AIG. So it was a big game of spin the pistol. So when the market went bad AIG had to pay the money to those that bet against it (the people who got their insurance through them). Sec. Paulson use to work at Goldman and still had his GASP capitol and other funds tied up with Goldman in addition to other interests such as his pals and those good old smart people that view the whole picture. Then Paulson gave them(AIG) money(to payoff their debts) and the money didn't stop flowing. Now Obama's in office and the Dems run the senate and the country. They then decide to make a change to the TARP rules where "On February 5, 2009, the Senate approved changes to the TARP which prohibit firms receiving TARP funds from paying bonuses to their 25 highest-paid employees. The amendment was proposed by Christopher Dodd of Connecticut as an amendment to the $900 billion economic stimulus act yet to be passed. [15]" (http://en.wikipedia.org/wiki/TARP). As all good politicians do, Dodd added a loop hole. What did this loop hole do, it allowed "TARP Funds to be used for AIG to give out bonuses under previously negotiated contracts" (http://en.wikipedia.org/wiki/Christopher_Dodd). So what interest does Dodd have in AIG, well according to Opensecrets.org reports Dodd has received over $223,000 from AIG employees for his campaigns. Oh yeah he is also the chairman of the senate committee on banking, housing, and urban affairs. I would like to also add a really huge retard on top of that. so anyways back to history. The TARP rule change bill gets passed and then it happens. The sheep start yelling AIG IS GIVING OUT BONUSES THAT HAS TO BE STOPPED THAT MY TAX MONEY! and china's like DON'T LET AIG GIVE BONUSES TO THOSE BUSINESSMEN and congress goes ok and says we will tax 90% of those bonuses of those evil corporate companies that we meddled with. We had NO CLUE that the loophole was in the bill. That is where we are today.


So the bonuses are not fraudulent. If you want to prosecute anyone it would have to be the whole entire government for playing special interest with the lobbyists.

Now on to why this happened in the first place.

Quick summary.

Fed looks at CPI.

Fed keep interest rates down.

CPI doesn't Change

People start to get loans

Government (Clinton/Bush) tells banks to loan to suspect people.

More people start getting loans/mortgages.

Companies start selling their loans

No sign of inflation in the CPI

ARMs come on to the block in force.

People get ARMs thinking that they wont go up.

Housing and commodities prices start rising. (where the inflation went)

Companies sell the arms around.

More people start getting more loans for stuff

Housing and commodities rise even higher. ( very inflated)

Stocks are high.

Flip that house comes on tv.

Companies raise the arms and People can't pay. Market demand of housing Falls.

Supply of housing greater than demand price falls ARMs go up. People that shouldn't have gotten them default and the chain reaction starts.

Flip that house still is on tv.



More to be added that was just brief. Economic graphs and tables will be included. HOORAY!
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