Category Archives: AIG
Matt’s latest piece is a wonderful bitchslap of the AIG carpetbaggers. He is responding to the recent NYT OpEd by one of their employees…actually former employee. Executive VP Jake DeSantis. Jake was a big wig in the Financial Products division…you know, the one that created the credit default swaps bullshit. It’s a must read! Just a small tidbit:
Are we supposed to believe that Jake DeSantis knew nothing about Joe Cassano’s CDS deals? If your boss and the top guys in your firm were all making a killing selling anything at all — whether it was rubber kayaks, generic Levitra or credit default swaps — you really wouldn’t bother to find out what that thing they were selling was? You’d really just mind your own business, sit at your cubicle and put your faith in the guys up top to fill you in if there was something you needed to know?
This would be a believable claim for an employee of some other wing of AIG, a company with well over 100,000 employees. But DeSantis works for tiny, 377-person AIGFP, a unit that had only two offices — one in London and one in Greenwich, Conn.
And we’re talking about financial professionals, the most shameless group of tirelessly envious gossips ever to walk the face of the earth. The likelihood that Cassano would pull in $280 million for himself, and his equally greedy, hopelessly jealous employees wouldn’t know not only exactly how he made that money but every last ugly detail about his life — from what skank he’s sleeping with to what side of his trousers he hangs on — is almost zero.
I know plenty of people who work in this world, and I’ve met very few who didn’t hate with every cell in their bodies anyone in their own companies who made more money than they did or got bigger bonuses at Christmastime. Gossiping about each others’ bonuses, and bitching about each others’ compensation, is the national pastime for these people.
So forgive me if I don’t buy this story that poor Jake and his buddies didn’t know about Cassano’s CDS business.
Get em Matt!!! Bitchslap the living shit out of these punks. Taibbi is one of the best journalists out there..I can never get enough of him.
I am really tired of this subject. AIG was not the only financial company to reward failure. Lehman Bros did too. Hell, I would be willing to bet all if not most of the banks and financial houses did prior to putting their hand out for that corporate welfare check.
Timmy Geithner needs to set the record straight on what he knew and when. Chris Dodd needs to name the ‘administration official’ that told him to change the language in the stimulus bill from wiping out all bonuses to letting a few of them slide through.
So what did the folks in the House of Reps do today? Why they passed a bill that smells totally illegal and unconstitutional..it taxes anyone that received a bonus or will receive a bonus…to the tune of a 90% tax rate. Retroactive legislation is rarely legal…they should know that. It was pure unadulterated theater folks! From CNN:
The measure would tax individuals on any bonuses received in 2009 from companies getting $5 billion or more in money from the Troubled Asset Relief Program, or TARP. Bonuses for people with incomes over $250,000 would be taxed at a 90 percent rate.
Yes we are outraged…but I think we are pissed at the wrong people…Timmy G and Benny Bernanke should be higher on our shit list than the folks that took the bonuses their companies were contractually obligated to pay.
Timmy has been on the side of the carpetbaggers since day one. Five bucks says he is the one that told Dodd to remove the section prohibiting bonuses.
And Bernanke knew about these fucking bonuses for months and never informed anyone in the new administration? WTF dude? He just moved up my shit list too.
Friggin carpetbaggers, and their friends in high places…kiss my brown ass. I hope all your names are released publically and you are shamed into returning those bonuses.
As for Benny and Timmy..they need to resign their posts…but they won’t. Obama can fire Timmy, but not Bernanke.
Let me start by saying I watch every Presidential news conference. Sorry folks but I am calling bullshit on the Presidents newest declaration. He is publicly feigning outrage at AIG because he already knows there is nothing that can be done to stop the millions being handed out to the assholes that helped make this economic mess.
It’s simply populous rhetoric on his part, designed to show that he feels our pain.
He is, after all, a politician.
I have nothing against Obama, I just think his presser was theater at its finest. A Time magazine article says it best for me:
Obama’s AIG Outrage: All Talk, No Action
In the middle of decrying the misdeeds of the financial firm AIG, President Obama cracked a joke. “Excuse me,” he said Monday, after coughing into the microphone. “I am choked up with anger here.” There were laughs all around the gilded East Room of the White House, because he didn’t sound angry at all.
The laughter, of course, did not fit the occasion, the latest in a seemingly endless stream of public events at which Washington’s political leaders work themselves into high dudgeon over the sins of financial wizards who, we are told over and over again, have messed up the world for everyone else. But then, you can only act outraged about the same thing so many times before it all starts to sound stale. These spectacles, the public rhetorical floggings, have become teleplays, as predictable as a daytime soap opera, as comforting as a wet rock. (See pictures of the top 10 scared traders.)
Obama had promised weeks ago to stop the excessive bonuses on Wall Street, at a time when the existence of the coming AIG bonuses had already been disclosed by the excellent reporting of Bloomberg News. Obama’s staff had vowed more recently that the further infusion of taxpayer money into AIG, which the federal government now controls 80% of, was appropriate and necessary. And now he was faced with the fact that his new executive compensation policy, which only applied to a narrow subset of executives at a few institutions, had been powerless to stop the worst violators at AIG from getting their undeserved payday. (See the worst business deals of 2008.)
I realize that this mess wasn’t created by Obama. I realize he is doing what he can, but damn dude, don’t play me…I ain’t stupid.
Two law enforcement officials said the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, Lehman Brothers Holdings Inc., and insurer American International Group Inc.
A senior law enforcement official says the inquiries, still in preliminary stages, will focus on the financial institutions and the individuals that ran them.
Officials say the new inquiries brings the number of corporate lenders under investigation over the last year to 26.(emphasis mine)
Woo Hoo! Bring those bastards down!!! Perp walk em!!!!!
That is what the Fed is doing this morning. Selling more of our debt to foreign nations in order to bail out AIG. We are bailing out INVESTORS and stock holders…people who took a chance on making big bucks or going broke.
They went broke. Yet, our government sees nothing wrong with selling a huge portion of our debt to China or whomever is buying today, in order to have the cash to give to AIG.
I looked for a news story on it..googled it and got one Bloomberg story on it..what does that tell you?
The Media is complicit in this bullshit. They keep the most important part of this… cough…deal quiet so that we, the people, don’t think about what this horseshit is actually costing us. From another Bloomberg article on the subject of selling our debt to cover a privately owned companies ass:
Benchmark 10-year credit-default swaps on Treasuries increased 4 basis points to 30, according to BNP Paribas SA prices at 6:45 a.m. in New York. The contracts have risen from below 2 basis points at the start of the credit crisis in July 2007 and are more than double those on government bonds sold by Austria, Finland or Sweden.
The U.S. Treasury pledged an $85 billion loan for AIG just 10 days after committing as much as $200 billion to prevent a collapse of mortgage companies Fannie Mae and Freddie Mac. The U.S. budget deficit will grow next year to $438 billion, the Congressional Budget Office said Sept. 9, making it harder for President George W. Bush’s successor to either cut taxes or increase spending.
Too many people jump on the Repubs for creating this mess, when the reality is Bill Clinton did it when he pushed through the bill ironically named:
Guess who wrote the bill…go on…guess..