March 17, 2009

Scolding the Bonus Babies

AIG, the insurance giant at the core of the financial meltdown, struck again over the weekend, disclosing that it would use some of its $170 billion in federal bailout money to reward its employees with $165 million in bonuses. And Obama was left looking like a pitiful giant as his aides explained that there was absolutely nothing they could do to stop the obscene payouts -- even though the government owns 80 percent of AIG.
But if the president wants to keep ahead of the public fury, he'll need to do more than share the concerns; he'll need to act on them. Now it's time to deliver.
Well said. He is the president for crying out loud, we the tax payers own most of AIG, if not the whole corpse. We have the power; he has the power if he has the balls to execute it. Nothing less than nationalizing, firing the oh-so-very "Talented" and breaking up the company will suffice. Do you have the balls Obama?
AIG needs to die. They are 13 trillion dollars in debt from credit default swaps; they have acknowledged paying 80 billion of that debt... We simply cannot afford to bring them back to life... the bankers, the insurers, the stockholders, the board of directors have to- must- lose their shirts and shuffle away in disgrace.
They are not talented, there f-students on a drinking binge.

February 26, 2009


Bernanke: Uptick rule might have been useful during crisis

Federal Reserve board chairman Ben Bernanke seemed to give tacit support on Wednesday to restoration of federal rules that don't allow short-selling while a stock is declining. In a question-and-answer session with the House Financial Services committee, Bernanke said that the rule "may have had some benefit" during the current crisis. Mary Schapiro, the new chief of the Securities and Exchange Commission, told the New York Times this week that she's thinking about reinstating the rule. The SEC eliminated the rule in 2007. It had been in place since the market crash in 1929. It stated that short sale had to take place at a price higher than the price of the previous trade. Robert Brusca, chief economist at FAO Economics, said too many people on Wall Street were able to make profits from the pessimism in markets and restoration of the up-tick rule was needed.

Lakedweller2 - wrote
These comments by the SEC and Fed support the conspiracy theory that market manipulation is a purposeful activity by the government. They have stolen all the money through derivatives, depleted the treasury through bailouts, and allowed the hedge funds to destroy any market or company they desire. Why not reinstate the uptick rule. There is nothing left to protect.

Ggeophiz - wrote
Where is Congress? Grandstanding in the TV covered committee meetings. All blow and no go.

Dodoclown - wrote
LOL blame the shorts for this World Wide Depression... not the Wall Street banks that STOLE trillions from World investors through the Scheme of CDO selling with AAA rated investments and while insuring these toxic CDOs with CDS to scam governments world wide... BUT of course these Wall Street banks that did this (GS, JPM, C, BAC, WF, LEH) are not to be blamed, they were just doing their job of making trillions off the backs of the 401K holders and NOW they are STEALING more money through Bailouts! ... but the small brained Bernanke blames the short sellers! LOL @ this... bunch of imbeciles

Cybernaut - wrote
Until this nation comes to grip with the fundamental question of enforcing the rule of law...we will continue slide down the path of moral corruption.