AIG-WHEEEEEEEEEEEEEEE-We're All Communists Now

[kpete]

Big Shitpile

Oh The Irony
Sunday, September 14, 2008
McCain economic adviser: quit complaining, the economy is great
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/12/AR2008091202415.html?hpid=opinionsbox1

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Uh-huh...........

CNBC telling me that when Bear Stearns was bailed out it was because if Bear went, Lehman and then Merrill would go.

WHEEEEEEEEEEEEEEEEEEEEEE

Offer for Merrill Accepted; Lehman Nears Liquidation

In one of the most dramatic days in Wall Street history, Merrill Lynch agreed to sell itself to Bank of America for about $50 billion, while Lehman Brothers headed toward bankruptcy.
http://www.nytimes.com/2008/09/15/business/15lehman.html?hp

WHEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

AIG turns down private equity infusion, turns to Fed: report
updated 2 hours, 38 minutes ago
Font size:

NEW YORK (Reuters) - American International Group Inc CEO Robert Willumstad turned down a private equity infusion and turned to the Federal Reserve for help, the Wall Street Journal, citing people familiar with the situation, reported Sunday.

http://www.cnbc.com/id/26709371/for/cnbc/

We're All Communists Now

WHEEEEEEEEEEEEEEE

The American International Group is seeking a $40 billion bridge loan from the Federal Reserve, as it faces a potential downgrade from credit ratings agencies that could spell its doom, a person briefed on the matter said Sunday night.

Ratings agencies threatened to downgrade the insurance giant’s credit rating by Monday morning, allowing counterparties to withdraw capital from their contracts with the company. One person close to the firm said that if such an event occurred, A.I.G. may survive for only 48 hours to 72 hours.

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Wikipedia tells me AIG is the 18th largest company in the world. More than that, a chunk of its business involved guaranteeing Big Shitpile. Another chunk of its business involved betting on Big Shitpile.

http://www.eschatonblog.com/2008_09_14_archive.html#7716321892431438151

p.s. for aig, lehman and merrill: boo-fucking-hoo..
http://takeitpersonally.blogspot.com/2008/09/fuck-no-aig-go-screw-yourself-b-of-can.html

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"My goodness. I've been in the business 35 years, and these are the most extraordinary events I've ever seen."

-- Former Nixon Commerce Secretary Peter G. Peterson, quoted by the New York Times, on the crisis in the financial markets.
http://politicalwire.com/archives/2008/09/14/bonus_quote_of_the_day.html

[flamingdem]

1. hey brother can you spare 40 Billion?

Well there goes our social security...

[HCE SuiGeneris]

2. Costa Rica and anonymity, here I come.

Wheeeeeeeeeeeeeeeeeeeee

[alittlelark]

10. I should be there w/ you now....

But hubby does not agree.

[NutmegYankee]

3. Another one bites the dust

Another one bites the dust
Another one bites the dust
And another one gone, and another one gone
Another one bites the dust
Hey, I'm gonna get you too
Another one bites the dust

[Sebastian Doyle]

15. Every thread needs some Queen

http://www.youtube.com/watch?v=hMenB9Ywh2Q

[OmahaBlueDog]

4. Hell, loan me 40 billion

We'll buy shuttered Detroit factories and retool to employ laid off auto workers to build wind turbines and spare parts with half

We'll buy windy midwestern land with the other half

[nebenaube]

5. the fed

is a private company and has nothing to do with us as taxpayers...

[Celebration]

8. the Fed is fast using up their capital

So what happens when it is all gone?

[RUMMYisFROSTED]

13. It acts on behalf of the Treasury and is basically a Central Bank, so it's not that simple.

Pay no attention taxpayers...

[HCE SuiGeneris]

18. I'm guessing the :sarcasm: tag was implied here...

[Amonester]

6. Their brand of Communism is:

Communism for the tax-breaking wealthiest fat cats only, AND:

Catastrophic Capitalism for the working-class taxpayers, their children, and their not-born-yet grandkids.

[HCE SuiGeneris]

19. By George...

I think you nailed it. Who knew that "by George" would have such significant connotations...

[daleo]

7. A new bridge to nowhere

"American International Group is seeking a $40 billion bridge loan from the Federal Reserve..."

[Fovea]

9. The scariest words in the English language --

I've got an M.B.A., and I'm here to help.


The free market and laisser faire capitalism have created an ownership society...
Your slave collar is in the mail.

[Gregorian]

11. We interrupt this thread for a brief musical interlude.

It seems like as good a spot on the forum as any to post this. Warning, it's Max D Barnes singing about his right wing nut case ideas. He almost cries at the end. It's worth listening to.

http://blogfiles.wfmu.org/KF/2006/10/open/Max_D_Barnes_-_Dear_Mr_President.mp3

[kpete]

12. thank you for that

Gregorian, I am tired too

peace, kp

[Raschel]

14. Pull yourself up by your bootstraps

Isn't that what McCain and Gramm tell the little people?

Quit whining CEOs etc. You're too spoiled! If you can't make it here in the good ole' US,
tough noogies.

Personal responsibility dontcha know? I'm sure Palin would agree!

[beac]

I love the smell of 'free markets' in the morning. n/t

[beac]

16. I love the smell of 'free markets' in the morning. n/t

[roody]

17. If we were Communists, there would have been

orderly, efficient evacuation of Galveston and surrounding areas.

[Wilms]

20. I recall a DUer brilliantly posted:

"Privatize the profit. Socialize the losses."