$85 Billion Bailout
Filed under: Icky Icky Poo > Hot Mess > Business Blitz
Our tax dollars 'hard at work'!
The government has agreed to bail out the 'world's largest insurer' - AIG - for $85 billion.
We don't get it!
AIG paid almost a billion dollars to have their name on the jersey of English soccer giants Manchester United a few years ago.
Then the company goes on to make more shitty business decisions AND then they get 85 BILLION as a hand out from Uncle Sam?
Will the U.S. tax payers get the profits of AIG since we're bailing them out?
Life is so unfair for the regular guy!
This was probably for the best, though. Right?????
[Image via WENN.]
Posted: September 17, 2008 at 9:15 am
Ridiculous!!! First we pay OUTRAGOUS premiums for insurance that BARELY covers our asses after an accident and we get penialized with HIGHER premiums….NOW OUR TAX DOLLARS ARE BAILING THEM OUT….WHERE THE FUCK DID OUR MONEY GO???????
It's bullshit!
THE GOV'T MUST HAVE SOME SORT OF INVESTMENT IN AIG OR THEY WOULDN'T DO THIS! BUT YAH YOU ARE GOING TO PAY FOR IT, WHILE THEY GET RICHER!
GET RID OF THAT BACKGROUND hard to read the comments Perez!!! sheesh
I am an AIG worker and let me tell you everyone was very scared.
…. I for one am very happy that I can continue to work and have food on my table.
There are thousands of people that could of lost there jobs the ones that have to work to pay there rent
Love you perez!!!
It does indeed suck for the average joe, but necessary to save the economy from tanking even further. AIG would have had a ripple effect across the nation economically if it had died.
That is a load of crap. Figures.
i don't get that one either.
It's called CORPORATE WELFARE.
I work for AIG in New Jersey. They are done as they will never be able to pay this back. Vote McCain/Palin
I doubt this was the best move for the taxpayers of America….let's remember this when we ALL go to the polls this November!
Bullshit..Oh it wasn't Uncle Sam it was our good ole boy Prez. Bush..wonder what he will get in return??
For the best? Sure, if you consider the Fed could bail out all enroled postsecondary students in the US to the tune of $4210 for the cost of trying to save AIG…
YES! its a good thing
Welcome to America. Land of the blue collar support system! We also bailed out mortgage companies to those who lost their homes due to poor financial decisions… I, personally, didn't commit to a mortgage I knew I couldn't afford. I'm sick of paying for other people. As a working class citizen, you pay for other people's children, health care, food stamps etc… all while not being able to afford your own children, buying your own health care(if your company pays for it, chances are you have a lower salary than you should have), and buying your own outrageously priced foods. Speaking of food.. gas prices are the cause of that. This war is the cause of ludicrous gas prices… and, yep… you're footing the bill for that war too, support it or not.
WHERE ARE OUR BENEFITS?!
companies as large as AIG going belly-up would have serious repercussions for the economy, which would essentially only hurt the "regular people." Additionally, an incredible amount of people would be out of jobs… I feel like governments should do everything possible to help maintain a stable economy (especially if they have the dollars to spend as much as they have on this murderous "War on Terror!"
Ummmmm…. Is my $85 million check in the mail?? Cause I haven't recieved it as of yet…..
This is all fucking bullshit. They're throwing money around like we have it. I want Obama to win in November but as fucked up as our economy is right now neither of these candidates are qualified for the position we're in.
Their bankruptcy would cripple our economy because of the ripple effect it would have. The loan is against their assets, so the taxpayers aren't at risk for that money being lost. This is a good thing for the economy. There's plenty of actual bad things the government is doing. Bitch about that, not this.
First of all its a bridge loan and in exchange the Fed gets warrants to purchase stock which equates to 80% of the company.
Re: Hard-On –
you said it, toots!
DESPITE THE CORPORATE WELFARE, it is definitely necessary for the government to bail these companies out. First of all, these predatory lending tactics, which basically charged POOR PEOPLE exorbitant fees on standard loans and included ballooning interest rates on everything from cars, mortgages, and encouraged second mortagages and pay day loans that poor people can't even afford, is the cause for the collapse of our economy. Credit lenders tried to screw the poor out of their pennies and guess what? Poor people DEFAULTED on said loans. The banks thought they could not only collect the money owed, but confiscate any collateral in the form of houses, cars, etc and did. However, they were unable to sell them OR collect said funds and didn't recoup the money they loaned out. So they went under.
The poor are the backbone of our economy and the second our government and banks realise this, the better off we'll be. Those companies would be standing today had they given normal loans with normal interest rates.
GREED caused this.
They're also bailing out people who took out mortgage loans they couldn't afford….or agreed to take out loans with terms they didn't understand. So what's the difference? Apparently, stupid behavior is rewarded in this country.
Bankruptcy will be common for small businesses if Barry Obama is elected.
@#%* that bullshit! AIG screwed us over after Katrina and now we have to bail them out??
This is why we need change people.
Obama/Biden 08
we have to bail them out
itz not just them, if they
fail, thousandz of otherz
fail..thiz company must at all costz survive..
HOWEVER,
I WANT TO CUT HIM A SMILE AND SHUCH HIS EYEBALLZ OUT.
LIKE NOW…
These mother effers.
We need CHANGE people…
OBAMA
Re: Kell – He gets nothing in return you meat head. This had nothing to do with President Bush as the President does not have the purse strings. He can only advise. This was all the liberals in Congress. Geesh read and learn something.
Re: sashita858 – THAT'S VERY TRUE! EITHER WAY IT'S THE "LITTLE PEOPLE" WHO PAY!
Re: annalove65 – I feel you honey! I work for them too and it has been a very scary week here in boston! All i hear is chatter and worries that we are closing! Think god for the government for once! granted we now work for them…p.s. Perez you looooook FABULOUS!!!!!!
Seems as if the Bush administration/McCain are trying to buy electors' VOTES thru this!! Showing how much they CARE ….It s a rather OLD and known "method" of conservative parties, using catastrophies like that….I m afraid the U.S. population will be too DUMB to even notice this "trick" by the Republicans….yes, of course, the TAX PAYER pays! And unfortunately not only the US tax paywe! Today in Germany s BILD tabloid: "…Million transfer to bankrupt bank. Germany s finance minister Steinbrueck/Social Democrat Party threatens with consequences for Germany s state-owned bank KfW and he s pissed off: Shortly before Lehman-Brothers investment bankd collapsed, the state-owned KfW "subsidy bank" (there s no American equivalent to this kind of banks in Europe, KfW= "recostruction loan corporation") transferred 300 Millionen Euros to the already struggling Lehman Brothers bank. Taxpayers' money!
A catastrophe: Steinbrueck threatens them with consequences for the "more than astonishing and infuriating transaction". KfW bank sais this was "a technical error"….
THANK YOU, America!! eh…I mean thank you, American Bush ADMINISTRATION maffia!
Bundesregierung und Finanzexperten im Bundestag forderten Aufklärung – Union, FDP und Grüne sprachen von einem schweren Versagen des Risikomanagements und forderten Aufklärung über den Verbleib der Steuermittel.
Re: Exiegurl – SO THAT'S THEIR INVESTED INTEREST, I KNEW THE GOV'T HAD TO HAVE ONE IN ORDER TO DO THIS!
Re: UrJustADayLate –
People like you are what's wrong with this country. You are so worried about "paying' someone else's way with your tax dollars, which .08 cent goes to the poor, about 10 dollars of your tax dollars will go to this corporate welfare.
The poor didn't cause this. These are normal working class people who wanted houses, but were screwed with bad contracts by greedy companies. These people were taking advantage of people who wanted homes and often presented the loans with a low amount.
Other companies that are responsible for this collapse are pay day loan "sharks" who charge an average of 400% on loans to working class and middle class people who couldn't afford to pay them back.
Had their fees been more reasonable and not greedy they would have gotten their money.
Creditors spent 300 million dollars lobbying to have the credit laws changed so they can screw the poor out of their money and this bill was BACKED and lobbied by the Republicans. The current administration knew the poor were being screwed out of their money and did nothing. Now all of us have to pay for it. I do not blame a single homeowner for what happened.
Get two movies to understand our credit system: MAXED OUT and IRAQ FOR SALE are must see movies.
So not proud to be a citizen of the Divided States of Embarrasment
Re: LettyB –
Letty, you re right, I guess the Bush Republican "clan" has some stake in AIG…It s always THE SAME sleaze Republicans - business men!
HELLO
Re: annalove65 –
So, you NOW will vote REPUBLICAN, now that they "bought" your vote with ALL taxpayers' money? it s all so OBVIOUS what the Republicans are trying to achieve….are Republicans "buying" ALL US Banks now that DEFINITELY WILL GO BANKRUPT over the next few months or even years?
Dont forget: It was the REPUBLICAN Administration that has let bankers act in such criminal ways for YEARS now and led to the - sad - situation you all are in now!
lol expect more government bailouts and welfare handouts from YOUR tax dollars if America is naive enough to elect Obama in November.
"[John McCain] said on NBC's "Today” show that taxpayers should not be "on the hook” for AIG, which may be on the verge of collapse. He praised Treasury Secretary Henry Paulson for denying requests for a bailout, saying Paulson "has been correct” in asserting taxpayers aren't responsible for business failures. "
Of course, the Obama fans don't like to mention this when they're trolling the internet.
Re: Sukiyumyum – Not just the nation, but the world economy also.
Re: LettyB –
Hi LettyB,
whatz up…?
zzzzzzzzzzzzzzzzzzzzzz
cockz run thiz company and you wonder why shit alwayz failz?
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
they are connected to so many other businezzez..itz crucial
that they are up and running..don't u love how everyone lozt
their 401kz yezterday….it waz never there anyway..only on paper..which alwayz later turnz out to be a lie…
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
hey LettyB…
ever heard of Casey Anthony from Orlando that killed her kid?
well, the monterz in the morning radio show
said that she fed that
baby TO AN ALIGATOR TO DISPOSE OF THE BODY
and so far the whore has been fukin 3 copz that we know of
2 lied for her and got fired and
now the ”monzterz in the morning” say that she is screwin
her lawyer..she spendz 4 hourz a day at his office…
what a ho…
what should we do about her…?????
maybe o.j. would kill her..hez going to prizon for life anywayz.lol
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
Well, what do you expect? The democraps have control of congress. If Osama is elected, the democraps will have control of congress and the white house, expect to see a whole lot more of the giant corporations bailed out while the small business owner is left to die out.
There is more to this election than gay weddings and abortion, which is all Hollywood cares about.
Re: tamar –
LOL…"United States of Embarrassment"?? That sounds GOOD and really fits like a glove (for European ears)…I ll have to keep that in mind in future when talking with my US colleagues…*GG*
…and as far as I know it is one of the few industries who do not have to open their books like the rest of us business owners do. "This Masquerade" of an ass kissing is disgusting and unfair…
Re: annalove65 – (sp) there =their
Perez you are such a retard…it isn't a bailout it is a loan backed by more than $1 TRILLION in assets…and an 11% interest rate. You make statements about politics and business, you should stick to celebrity gossip…cause your a mental midget. You never get the facts straight. If AIG had gone under, everyone would have felt the results…try getting a car loan, mortgage or credit card if that had happened. Dumbass.
Re: LettyB – Letty your back.Its good to see my little head again. What did they do with all the multi billions they made in the past !!
Re: njpaul0129 –
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