T1B

smackaholic wrote: All those innocent drones working in that section would still have a yob. They might not have had big fat bonuses as the company that promised them no longer existed, but, too fukking bad. You, me and our kids and grandkids would have a shitload less debt.

Felix wrote:

smackaholic wrote: All those innocent drones working in that section would still have a yob. They might not have had big fat bonuses as the company that promised them no longer existed, but, too fukking bad. You, me and our kids and grandkids would have a shitload less debt.

typically, lower level workers don't receive bonuses, but in the instance of AIG, I'm not sure....as was said, business failures are a part of the economic system and as such should be allowed to occur naturally...but in the instance of a company like AIG, the failure has much larger economic ramifications than simply another business going bankrupt....but as mvs said, maybe we should simply bite the bullet now and let them fail now instead of postponing the inevitable-which is AIG most likely going under and taking a shitload of our money with it

smackaholic wrote: There are sections of this conglomerate that are doing OK. I write a fukking check to those bastards every few months or so for insurance. I assume that section of this monster is still working.

A good sect. 11 house cleaning would have left it functioning, as a smaller company. All those innocent drones working in that section would still have a yob. They might not have had big fat bonuses as the company that promised them no longer existed, but, too fukking bad. You, me and our kids and grandkids would have a shitload less debt.

Instead, that fukking monster still exists....on our dime. And you think a few hacks in DC that allowed this shit to get out of hand in the first place are suited to keep it under control?

Like wags said, "fool me once...."

jiminphilly wrote:

As much as the market is flooded with fly-by-night insurance shops offering shitty coverage for pennies on the dollar, the insurance market needs companies like AIG to help keep the competition honest.. Yeah funny word to be using in conjunction with AIG but in terms of providing a competitive and steady insurance market, AIG is a pillar. Insurance companies don't mind splitting up a given market- in a given cycle a company wants more or less of a given product but ultimately the market needs AIG in the insurance segment. They're very good at what they do.

Derron wrote:

They are very good at what they do ??

AIG's current status isn't a result of shitty underwriting on their core business of health, auto, property, and worker’s compensation insurance. It was the result of AIG getting involved in credit default swaps. They are not the only company to get involved in this- they are simply the largest and the other lines of business they write, which have proven to be profitable over a very very long period of time are now at risk, not necessarily from a solivency stand-point but when AIG's ratings were downgraded, that can be a virtual death-blow to a company.

You have parroted the perfect salesmen spew for selling insurance, and justifying your miserable existence...

Not an agent, never have been and never will. If my existence bothers you so much, please, by all means, extinguish yourself post-haste so that your pain will be gone. I, on the other hand, have plenty of living to do.

AIG is a pillar....OK...why did they need massive amount of government ( mine and yours cash) infusion?...And then pay excessive bonus to executives to fleeced the business and taxpayer?...Yeah that falls right in line with the definition of a "pillar" business..Fuckin a dude...hit the deke some more this morning..

AIG pulled off a major fleece job by asking for and getting the largest slice of gov't cheese from a newly elected gov't that was more interested in getting the hero lable plastered on their administration less than 90 days into office.

Bwwwaaahhhh..expect your plungering to commence on 3...2....1...go ahead and try and get your facts and links in order to try back up your bullshit and majorly flawed take

Nothing flawed about my takes- AIG's 80+ years of providing insurance products is proof enough that their core insurance operations were pretty sound.

...and since you are an insurance honk..let me be the first to tell you to go fuck yourself for being in an industry that makes huge coin..

Yes.. we do.. what's wrong with that?

and looks for any way possible not to pay out.

Let me guess.. your insurance company denied your claim for shit stains in the carpet when you discovered you were simply too drunk to make it to the porceilin bowl. Read your fucking policy language next asshole. Seriously, think to yourself what would happen to an insurance company that got the reputation of not paying claims?

.but your a pillar right ?

My company? In some segments, yes. Proud of it too and we're not going anywhere.

[quote[And your going to keep everybody honest ??

AIG pulled off a major fleece job

AIG's 80+ years of providing insurance products is proof enough that their core insurance operations were pretty sound.

It was the result of AIG getting involved in credit default swaps. They are not the only company to get involved in this- they are simply the largest and the other lines of business they write, which have proven to be profitable over a very very long period of time are now at risk, not necessarily from a solivency stand-point

Yes.. we do.. what's wrong with that?

but in terms of providing a competitive and steady insurance market, AIG is a pillar.

think to yourself what would happen to an insurance company that got the reputation of not paying claims?

mvscal wrote:

These bailouts and "stimulus" packages are being driven by political hysteria and sinister opportunism. They make absolutely no economic sense.

mvscal wrote: Which is exactly why they should have gone Chapter 11 and spun off the healthy elements of the company.

These bailouts and "stimulus" packages are being driven by political hysteria and sinister opportunism. They make absolutely no economic sense.

Felix wrote:

mvscal wrote: Which is exactly why they should have gone Chapter 11 and spun off the healthy elements of the company.

that's what the new CEO is trying to do, but apparently their not finding a lot of buyers

Derron wrote:

AIG pulled off a major fleece job

One of the first things a "pillar" of the industry should be doing.

You mean corporate america is full of 100% honest folks who never never dream of fleecing the gov't ? Tax shelters.. Ever heard of them?"

Yeah I see where that has brought stability to the insurance business

jiminphilly wrote:
Think of it as a liquidation sale- everything has been marked up a bit and the real buyers are waiting till AIG gets desperate. I can tell you most insurance companies are pressuring agents/brokers to roll-over their book of AIG business to them.

Why?
Because it's profitable.

As I said, AIG is good what they do.

jiminphilly wrote: You mean corporate america is full of 100% honest folks who never never dream of fleecing the gov't ? Tax shelters.. Ever heard of them?"



and having learned form the costly investment mistakes is going to return to it's core strength of underwriting the profitable insurance segments.

Derron wrote:
So where did you come up with the concept of a " liquidation sale" after having billions of cash infused ? I missed that day in business administration school...Infuse billions..devalue the assets even more...put the paper out trolling for the "REAL BUYERS", looking for good deals....SMOKE ANOTHER ROCK DUDE...

How do you mark up credit defaults and swaps ?, package them and say " Here's some credit paper...its marked up a bit, but you should be able to make money on it..."

The real buyers...those must be the dudes that are waiting with the "real killers" than Oreinthal has been looking for, for the last 14 years right ??

Warren Buffett said his firm, Berkshire Hathaway Inc., would be interested in acquiring a couple of AIG’s assets depending on what the company was willing to sell.

Just waiting to swoop in and pick AIG's bones for some devalued assets to buy for pennies on the dollar ?

Go ahead and flip on C Span or Fox Business right now...Liddy is stuttering and stammering and making excuses like a Catholic priest caught with his crank rammed up some altar boys ass...

and tax shelters are fleecing the gubmint ??

I have my accountant do as much as possible and legal...and I still pay a pretty good amount of tax...so that comparison it flawed as well...

Some of those "devalued" assests have considerable value and the only reason why AIG is selling them in the first place is to be able to being to repay the gov't and build capital as they change their business structure.

Does this guy count?

Warren Buffett said his firm, Berkshire Hathaway Inc., would be interested in acquiring a couple of AIG’s assets depending on what the company was willing to sell.

Ask yourself this- if AIG is attempting to sell off some of their profitable segments/assets of their company in order to build capital, are they going to hope someone is generous with their offer or are they going to try and upsell the asset attesting to it's profitability?

Liddy is in way over his head and the gov't is making him look like a fool, no doubt. Then again, the gov't looks pretty fucking stupid right now too.

mvscal wrote:In his first month in office he has rammed through two pork stuffed monstrosities