O/T : One BIG Slap In The Face

Just read about the party AIG had after the bailout with our tax dollars. After they got the check - OUR MONEY -, they spent $440,000 on a party for a weekend at a resort in California, complete with spa treatments and all the joys $440,000 could bring.
Now Lawmakers are investigating...they all should be jailed!


read about this this morning on Yahoo News.

Yeah, and they blew our 700 billion and the blinking stock market is still crashing. And you know if the 700 bil wouldn't have gone through the same crash would have occured and they would've said "see you should've let us have the bailout and this wouldn't have happened.
The same ones having the spa parties at AIG etc are the ones who are supposed to fix this? What a joke! I say its time for a tax revolt!
But, the important thing is we got money for "wooden arrows and a race track". *&^% (sound of me vomiting)

Y'all might get a kick out of this. My dad wrote this piece that was published in the WSJ on Sat.

http://wsj.com/article/SB122307498894303825.html

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Great article !!! I'm sure he's proud of reaching such a wide audience.

What's the WSJ? Hal

Sorry. Try this:

http://www.wsj.com/article/SB122307498894303825.html

This whole party thing really angers me. Joe sixpack's taxes will be going higher and the rich are partying. Not to mention the nation going way deeper in debt makes us very vonerable to attacks because we are going to be too broke to do anything about it. I've been afraid lately that WW3 is just around the corner with Russia, China, and Iran all against us.

Wall STREET JOURNAL ,, Good Artical

Thanks, Great article. Hal

There is a lot more to AIG than the division that received the bailout money. Yahoo should check and see which division had the party.

That article was absolutely on target. I was a loan officer for Production Credit Assn. in southwest Washington from 1974 to 1984, and while we had (modest) targets for portfolio growth, our paramount duty was to "mind the store"- make sure we didn't expose our company to bad loans, at least to the best of our ability. Local banks did the same thing, and are still doing so. I remember when I was first made aware of the concept of a "mortgage broker"- we bought a house in a suburb of Seattle, and the real estate agent recommended "Margie" as a "mortgage broker"- I asked what that was- she said, "She can get mortgages from many different sources- to fit your situation." "So how does she get paid?" I asked. "Well, on commission, of course." I remember thinking at the time, that this was going to be a problem eventually. It takes all the objectivity out of the loan "vetting" process when you don't get paid unless the deal goes through, and everyone in the process (real estate agent, mortgage broker, appraiser and even pest inspector) ends up conspiring to get the loan through to they can get paid. It all went up the line, aided by the fact that the fund managers, with billions of 401K dollars pouring in relentlessly, desperately needed "investment instruments" to put that money into. And what could be more impressive to clients than the high interest subprimes? Lenders could rationalize them by the fact that Congress was demanding that they loan to low income, disadvantaged and "under served" people, and Fannie and Freddie looked the other way when the "creative" packaging started- NINJA ("no income, no job or assets) loans (sometimes called "liar" loans in the business), "80/20's" (first mortgage at 80% of value, thereby avoiding private mortgage insurance), 2nd mortgage at 100% of the remaining equity- having the effect of using up all the collateral margin, but both loans being within their respective guidelines, and handily removing the only safeguard in the process. And I won't even start on all the shenanigans when the loans got "packaged" and sold into the investment market- but it was even more egregious than the making of the loans in the first place.

Is it any wonder the whole thing crashed?

Yeah jail them and cost us more tax money? Just put them out to sea headed for China on one of those empty freight ships and get rid of them!

Not only are we going to be too broke to fight back, most of our manufacturing capability has went overseas along with a lot of our raw materials. DOUG

And they put Martha Stewart away!?

Another example of crooks that should be making small rocks out of big ones somewhere nice and hot.Might make a new TV show out of it?I think that would work on like the Discovery channel.Maybe put those dog training collars on them and if they stop shock them.

Well,
Your Dad just ruined his political career. {too much common sense}

Your dad was right. This debacle started years ago. Great article!!
Led

Punish the thieves no matter how well they talk and dress. No mercy for white collar crime.

And I just heard on the radio the Fed is loaning (giving?) more money to AIG. Where does it end?

(quoted from post at 10:11:34 10/08/08) Sorry. Try this:

http://www.wsj.com/article/SB122307498894303825.html

Click to expand...

Great article and I can attest that it is true. 2 wks ago in the midst of the crisis, I bought a new car, financed through my bank, a not so small regional bank, but a place where I have my checking account, savings account and mortgage and whose branch is less than a mile away from my house. There was no "credit crisis anxiety", the loan officer took a look at our 20+ year history with the bank and basically told us on the spot to get the car. When I was stuck in traffic on the way to close the loan and feared the bank would be closed when I got there, I called and they said take your time, they would be there whenever I got there. Great customer service. By the way, I'm in Michigan, not Kansas, but still pretty far away from Wall St.

I felt the same as others when I heard the local airwaves filled with ads for quick financing, no down payment, no problem even if you had bad credit. I scratched my head and wondered how many of those loans would go belly up. Now we all know.

Nah, not China. They make money off us without fighting us at all. They'd be smart about it and sit it out, making more money on the US, and new money on Russia and Iran as a bonus.