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Old 02-23-2009, 07:14 PM
 
Location: Olympus Mons, Mars
5,000 posts, read 8,045,656 times
Reputation: 4931

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$60 BILLION in losses! I wonder if they are going to host another party in Las Vegas?

AIG Seeks More US Funds As Record Loss Looms - Financials * US * News * Story - CNBC.com
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Old 02-23-2009, 07:36 PM
 
3,853 posts, read 11,430,081 times
Reputation: 2503
wow. What was the record for exxon's quarter? Wasn't it only like 50 billion? None the less though, it really goes to show why you can't bail out a failing company. They are failing because the market has collectively voted that it is time to go. It is impossible to protect a sinking ship.
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Old 02-23-2009, 07:41 PM
 
16,704 posts, read 18,933,830 times
Reputation: 6804
Don't forget this is after we loaned them 150 BILLION... they are basically a bankrupt company that is being steadily dismantled... Obama is overseeing the dismantling with Geithner, how much of that 150 Billion we get back... well, don't keep your hope up...
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Old 02-23-2009, 08:01 PM
 
Location: Great State of Texas
86,093 posts, read 69,937,493 times
Reputation: 27520
I'll bet we never see any of that bailout money from any of them.
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Old 02-24-2009, 05:13 AM
 
705 posts, read 1,144,589 times
Reputation: 427
AIG is finished. They have been trying to peddle assets but the offers are so low they can't sell without taking huge write-offs. I know some of their real estate portfolio and there are not even any offers on a lot of their properties.

Sometimes you just have to say when.
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Old 02-24-2009, 07:47 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,473 posts, read 13,422,355 times
Reputation: 6344
If you open a nacho stand and your nachos are rotten....no one wants your nachos....what do you do? You get your cousin George to beat people up and make them buy your nachos. And then they throw them in the trash....'cuz they can't eat them.....or if they're desperate, they might get a good nacho out of the pile here or there. Still tastes bad, though. Tastes like humiliation and coercion.

Someone needs to take a big wrecking ball to this nacho stand ....and put the criminals in jail.

It's called "extortion" people. Extortion is not a word for use in polite company. You don't look over at your bud and say, "Hey, can I extort 5 bucks? 'Thanks!" or look over at the wife/Girlfriend and say "I need some sex. You're giving me some, whether you thought you were or not. It's GOOD to be KING!" Funny thing, is....peope are going to blame this on Obama...or Bush.or Clinton. Too bad they're wrong. You'd have to be the god**** man to make all this crap happen by yourself. Nah, you need people for this. And whaddya know, many people stepped up, raised their hand and said, " I can haz cheezeburger?" NAY, I CAN HAVE GOLD PLATED CHEEZBURGERS!!!" and there you go.

We're paying for the collective sins of this society. And I was always taught that was wrong. That's why this irritates the **** out of me so bad.

************************************************** ************************************************** *********

Extortion, outwresting, or exaction is a criminal offense, which occurs, when a person unlawfully obtains either money, property or services from a person, entity, or institution, through coercion.

Refraining from doing harm is sometimes euphemistically called protection. Extortion is commonly practiced by organized crime groups. The actual obtainment of money or property is not required to commit the offense.

Making a threat of violence or a lawsuit which refers to a requirement of a payment of money or property to halt future violence or lawsuit is sufficient to commit the offense.

Exaction refers not only to extortion or the unlawful demanding and obtaining of something through force additionally, exact in its formal definition means the infliction of something such as pain and suffering or to make somebody endure something unpleasant.

Extortion - Wikipedia, the free encyclopedia

Last edited by 70Ford; 02-24-2009 at 07:57 AM..
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Old 02-24-2009, 08:18 AM
 
Location: Backwoods of Maine
6,940 posts, read 7,671,575 times
Reputation: 17847
Quote:
Originally Posted by killer2021 View Post
It is impossible to protect a sinking ship.
AMEN!!!

Why isn't someone telling this to the Obama administration??? ALL of our banks, insurance companies, and MOST of our publicly-traded corps are "sinking ships". So why are we trying to nationalize them? This is crazy!
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Old 02-24-2009, 08:42 AM
 
17,750 posts, read 15,041,223 times
Reputation: 6377
None of this institutions serve our interests. They profit on "can't lose" insurance which legitimized the risky activity of banks and then can't back it up. They do nothing of value. If I insure you for the bargain price of a $1 and then can't reimburse your loss its economically useless. Finance and Real estate rents acquired by it along with selling tax payer funded insurance is all thin air. They are leeches. We don't need banks other than a few services. We especially don't need bank credit.
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Old 02-24-2009, 09:45 AM
 
10,723 posts, read 20,156,038 times
Reputation: 9868
They didn't really lose $60 billion, it was writedowns.
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Old 02-24-2009, 01:08 PM
 
8,938 posts, read 15,867,843 times
Reputation: 6659
this issue is a lot more complex than it's being painted here - however, wheelsup is right in some degree in that a lot of this is writedown, accounting losses .... that's been part of their problem for the past 18 months

also, their capacity in the insurance and financial marketplaces is hard to replace

however, what it's looking like what may happen is since the gov't has absorbed a lot of their "toxic" portfolio and there aren't good market prices for the truely good assets (yes, of which there are many) those good assets could end up in government control in almost a controlled wind down of the corporate parent

no matter how you slice it it's crazy stuff with a lot of potential ramifications - i'm a long way from understanding most of it myself
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