Read a little. Learn a lot. • Tightly-written news, views and stuff • Follow us on Twitter • Be a Facebook Fan • Tumble us!

15 Mar 2009 21:34

tags

Biz, U.S.: Where did the AIG money go? Now we know!

  • $44 billion went to debts the company sustained in its “securities lending” program, when the economy went plop. source
  • $22 billion went to satisfy credit-default swap debts its London subsidiary, AIG Financial Products, caused source
  • $12 billion went to pay debts to municipalities in dozens of states who signed complex investment agreements with AIG source
Posted by Ernie Smith • 0 Comments • Permalink

15 Mar 2009 11:05

tags

Biz, U.S.: Rep. Barney Frank wants to try to take back the AIG bonuses

  • Good for him! He’s a cool guy. Frank, a Democrat, said he’ll look into taking the roughly $1 billion in bonuses, which the company says it’s legally obligated to give out, away from the company. “We need to find out whether these bonuses are legally recoverable,” Frank said. AIG Financial Products is receiving half of the bonuses – they’re the part of the company that made the credit default swaps that screwed up the economy. source
Posted by Ernie Smith • 0 Comments • Permalink

14 Mar 2009 18:20

tags

Biz, U.S.: Dear AIG: Why are you still giving out bonuses?

  • AIG got a ton of money from the government to keep the economy going, because they’re too freaking big and broke everything. source
  • They’re restructuring some of their biggest bonuses to executives, but still giving out hundreds of millions to employees. WTF? source
Posted by Ernie Smith • 2 Comments • Permalink

10 Mar 2009 10:44

tags

Biz: A single AIG office may have screwed up the economy

  • $500 billion in losses at AIG’s London office source
Posted by Ernie Smith • 2 Comments • Permalink

08 Mar 2009 21:16

tags

Biz, World: When it comes to bailouts, don’t forget the third world

  • $700 billion might be needed; at least they’re not AIG. source
Posted by Ernie Smith • 0 Comments • Permalink

04 Mar 2009 10:12

tags

Biz, U.S.: Obama’s foreclosure rescue program: Open for business

  • 5 million homeowners could be assisted by the $75 billion program source
Posted by Ernie Smith • 0 Comments • Permalink

02 Mar 2009 21:00

tags

Biz, U.S.: AIG is still around, but it’s really dead in its current form

  • Why it needs to die Simply put, it’s too freaking big. Any company that posts a $61.5 billion loss in income in a single quarter – they lose more money in a minute that most of us see in a year – is too freaking big. Ever throw $400 grand into a fire, then do it again 150,000 times? It’s kind of like that. source
  • Why it needs to die Simply put, it’s too freaking big. Any company that posts a $61.5 billion loss in income in a single quarter – they lose more money in a minute that most of us see in a year – is too freaking big. Ever throw $400 grand into a fire, then do it again 150,000 times? It’s kind of like that.
  • Government control In exchange for yet another $30 billion bailout, two of AIG’s largest assets – American International Assurance and its Asian operations – will be directly owned by the government and will be sold. Taxpayers, who now largely own AIG, will reap the benefits – eventually. source
  • Why it needs to die Simply put, it’s too freaking big. Any company that posts a $61.5 billion loss in income in a single quarter – they lose more money in a minute that most of us see in a year – is too freaking big. Ever throw $400 grand into a fire, then do it again 150,000 times? It’s kind of like that.
  • Government control In exchange for yet another $30 billion bailout, two of AIG’s largest assets – American International Assurance and its Asian operations – will be directly owned by the government and will be sold. Taxpayers, who now largely own AIG, will reap the benefits – eventually.
  • A smaller, leaner AIG Why is the government putting so much work into keeping the monster alive? Well, if they don’t, it will worsen the stock market collapse even further. But when the dust is settled, don’t expect the company – if it survives – to remain in its current form. It’s too freakin’ big. source
Posted by Ernie Smith • 0 Comments • Permalink
 

01 Mar 2009 22:22

tags

Biz, U.S.: The U.S. props up AIG with even more money

  • $60 billion the projected quarterly loss the insurer plans to announce tomorrow – the largest ever. That sounds incredibly sucky, guys. :/ source
Posted by Ernie Smith • 0 Comments • Permalink

23 Feb 2009 10:44

tags

Biz, U.S.: You know Citi? Well, you could soon be one of its owners!

  • 40% of Citi’s stock could be owned by the government source
Posted by Ernie Smith • 0 Comments • Permalink

17 Feb 2009 21:08

tags

Biz, U.S.: General Motors has a plan, and that plan is drastic

  • 47,000 job cuts for the automaker, who will have to have their pampered senior executives make the cars at that rate source
Posted by Ernie Smith • 0 Comments • Permalink
 
<< newer 
top tags
older >>