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17 Aug 2009 10:44

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Biz, U.S.: Obama’s pay czar will take back executive pay if he has to

  • Whether I have jurisdiction to decide his compensation or not, we will take a look and decide over the next few weeks.
  • Obama pay czar Kenneth Feinberg • On what he’s considering doing to companies that have been slow to pay back money from the TARP program. Those companies include some of the government’s favorite targets: Citi, AIG, Bank of America, Chrysler Financial, Chrysler, General Motors and GMAC. Basically, two of the country’s biggest banks and the two auto companies that we bailed out. • source
Posted by Ernie Smith • 0 Comments • Permalink

07 Aug 2009 10:02

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Biz, U.S.: More proof the economy’s improving: Even AIG made a profit

  • $1.8 billion amount the company made last quarter after seeing the light at the end of the tunnel
  • $99 billion amount the company lost last year; these jerks needed $180 billion in bailout funds source
Posted by Ernie Smith • 0 Comments • Permalink

09 Jul 2009 11:01

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Biz: Hear that sound? It’s AIG’s stock falling further into oblivion

  • zero Citigroup’s analysis of the company’s possible equity value due to the mess they’ve gotten themselves in
  • -22% Decline in AIG’s stock just this morning, on top of the 90% in value it’s lost in the last year or so source
Posted by Ernie Smith • 0 Comments • Permalink

16 Jun 2009 23:25

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Biz, U.S.: What Obama’s doing to fix flaws in financial oversight

  • Cutting back As predicted a couple of weeks ago, the Office of Thrift Supervision, which supervises savings and loan programs and allowed the AIG fiasco, is going away completely, along with the charter that allows savings and loans to exist.
  • Streamlining In an effort to prevent future financial crises while allowing breathing room for financial firms, the Federal Reserve will have more oversight over wide-scale economic risks that require longer-term planning to avoid.
  • Obama’s take“Whether it’s on the consumer protection side, the investor protection side, the systemic risks … It’s going to be a much more effectively integrated system than previously,” he said. Congress needs to weigh in, BTW. source
Posted by Ernie Smith • 0 Comments • Permalink

12 Jun 2009 15:30

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Biz, U.S.: Hudson crash survivors had insurance from … AIG. Oh God.

  • I wish I had a hammer to get them to do the right thing. They’re riding a wave of feel-good opinion about how well the flight crew handled the bird strike.
  • Andrew J. Maloney • A partner the Kreindler & Kreindler law firm, on AIG’s bailing out of insurance claims for victims of US Airways Flight 1549, which Capt. Sully saved by landing in the Hudson River in New York, sure, but which meant some very tangible losses of stuff for passengers, along with injuries. And knowing that the public opinion is that everyone got off the plane unscathed, they’re taking advantage of this to not pay for damages. Jerks. • source
Posted by Ernie Smith • 5 Comments • Permalink

06 May 2009 11:12

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Biz, U.S.: AIG’s bonus payments are way higher than they first said

  • $120 million amount AIG admitted to giving in bonuses last year back in March, post-bailout
  • $454 million the actual amount in bonuses they really gave out – the other number was just execs source
Posted by Ernie Smith • 0 Comments • Permalink

24 Mar 2009 22:49

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U.S.: Oh yeah, we heard Obama was on TV tonight

  • It took many years and many failures to lead us here. And it will take many months and many different solutions to lead us out. There are no quick fixes, and there are no silver bullets.
  • President Barack Obama • In a rare prime-time news conference tonight, where he defended his budget, spoke honestly about the challenges the country faces, focused on the economy and those pesky AIG bonuses, discussed a couple of other things (because, remember, the economy is but one problem this country faces), and pre-empted “American Idol.” Sounds like he filled a lot into a single hour. • source
Posted by Ernie Smith • 0 Comments • Permalink
 

24 Mar 2009 09:37

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Biz, U.S.: N.Y. Attorney General wants, but can’t get, all the AIG bonuses back

  • We have a very aggressive theory about our jurisdiction, but we don’t have a theory that gets us to London.
  • Andrew Cuomo • N.Y. Attorney General, on his plan to get the AIG bonuses back. Unfortunately, he doesn’t think he can legally get money back from AIG’s financial products division, which is based in London and was largely responsible for the credit-default swaps which got us in this mess. • source
Posted by Ernie Smith • 0 Comments • Permalink

24 Mar 2009 09:30

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Biz, U.S.: Most of AIG’s top ten bonuses will be given back

  • nine execs have agreed to give their AIG bonuses back; the tenth guy didn’t. Let’s beat him up!
  • $50 million amount of bonuses the executives are giving back, out of $165 million total. source
Posted by Ernie Smith • 0 Comments • Permalink

22 Mar 2009 09:40

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Politics, U.S.: Don’t expect much more bailout support from Congress

  • AIG has become the straw that broke the camel’s back. It pushed people off the edge.
  • Sen. Mary Landrieu, D-La. • On the possibility of another bailout plan getting through Congress. With support of the treasury low and constituent criticism high, Timothy Geithner and Barack Obama may have more luck pushing an elephant through the halls of Congress. • source
Posted by Ernie Smith • 0 Comments • Permalink
 
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