New To Mac-Forums?

Welcome to our community! Join the discussion today by registering your FREE account. If you have any problems with the registration process, please contact us!

Get your questions answered by community gurus Advice and insight from world-class Apple enthusiasts Exclusive access to members-only contests, giveaways and deals

Join today!

 
Start a Discussion
 

Mac-Forums Brief

Subscribe to Mac-Forums Brief to receive special offers from Mac-Forums partners and sponsors

Join the conversation RSS
Schweb's Lounge Forum for general conversation, chit chat, or most topics that don't fit in another forum.

AIG Executives Blow $440,000 After Getting Bailout


Thread Closed

 
Thread Tools
macgig

 
macgig's Avatar
 
Member Since: Mar 15, 2006
Posts: 555
macgig will become famous soon enough
Mac Specs: 20" 2007 Aluminum iMac 2.0 Ghz | 4 gigs ram | 10.6.8

macgig is offline
AIG Executives Blow $440,000 After Getting Bailout - FOXBusiness.com


anyone mad yet?
baggss

 
baggss's Avatar
 
Member Since: Oct 10, 2004
Location: Margaritaville
Posts: 10,309
baggss has a reputation beyond reputebaggss has a reputation beyond reputebaggss has a reputation beyond reputebaggss has a reputation beyond reputebaggss has a reputation beyond reputebaggss has a reputation beyond reputebaggss has a reputation beyond reputebaggss has a reputation beyond reputebaggss has a reputation beyond reputebaggss has a reputation beyond reputebaggss has a reputation beyond repute
Mac Specs: 27" 3.4 Ghz i7 iMac-13" C2D Macbook-OSX 18.8.2-64Gb iPad 2-32 Gb iPhone 5-ATV 2-14Tb of Storage

baggss is offline
I say we form a lynch mob and go to work.


nukemm

 
nukemm's Avatar
 
Member Since: Dec 15, 2006
Location: Oak Harbor, WA
Posts: 925
nukemm is a jewel in the roughnukemm is a jewel in the roughnukemm is a jewel in the rough
Mac Specs: 2.33Ghz Core2Duo MacBook Pro /// 2.2Ghz Core2Duo MacBook

nukemm is offline
I'm a bit irritated at the fiscal irresponsibility of it all. Heck, a restructuring retreat would not be looked down upon, but $440,000 for just the top exec's? That's absurd.


Don't forget to use the reputation system!
My Setup
xj6jaguar1985

 
xj6jaguar1985's Avatar
 
Member Since: Jul 06, 2008
Location: In a van down the river.
Posts: 661
xj6jaguar1985 has a spectacular aura about
Mac Specs: 933 Mhz Powermac Quicksilver,1.5GB RAM, OSX 10.5, Tangerine 300MHz Clamshell, OS 9.2

xj6jaguar1985 is offline
I give up. I'm writing in Ron Paul.

Yes my name is Jaguar.
No, it is not a joke.
I don't find your "I'm a cheetah." joke funny.
iWhat

 
iWhat's Avatar
 
Member Since: Nov 11, 2004
Location: Toledo, Ohio
Posts: 5,736
iWhat has a reputation beyond reputeiWhat has a reputation beyond reputeiWhat has a reputation beyond reputeiWhat has a reputation beyond reputeiWhat has a reputation beyond reputeiWhat has a reputation beyond reputeiWhat has a reputation beyond reputeiWhat has a reputation beyond reputeiWhat has a reputation beyond reputeiWhat has a reputation beyond reputeiWhat has a reputation beyond repute
Mac Specs: Macbook, iMac G5, iPad, iPhone 4, iPod (MANY)!

iWhat is offline
I'm glad it was highlighted in the debate Tuesday night. People need to know about this.
dabears34

 
dabears34's Avatar
 
Member Since: Jul 17, 2008
Location: Columbus, OH
Posts: 410
dabears34 is on a distinguished road
Mac Specs: Macbook 2.4 GHZ, 2G Ram, 160 GB HD| iPhone 4

dabears34 is offline
There is just not enough room to type how angry I am.
the8thark

 
Member Since: Jan 27, 2007
Location: *Brisvegas*
Posts: 5,658
the8thark is a name known to allthe8thark is a name known to allthe8thark is a name known to allthe8thark is a name known to allthe8thark is a name known to allthe8thark is a name known to allthe8thark is a name known to all
Mac Specs: 17 inch 2 GHz C2D imac (5,1) with 3GB DDR2 RAM, X1600 (128MB memory) GPU - OSX 10.6.3

the8thark is offline
Even little kids are taught about not spending all of their money and saving some for a rainy day. And these people who are supposedly adults can not do this. Such a shame.
Kash

 
Kash's Avatar
 
Member Since: Dec 03, 2006
Location: Irvine, CA
Posts: 9,385
Kash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant future
Mac Specs: Black Macbook C2D 2GHz 3GB RAM 250GB HD iPhone 4 iPad 3G

Kash is offline
Quote:
Originally Posted by the8thark View Post
Even little kids are taught about not spending all of their money and saving some for a rainy day. And these people who are supposedly adults can not do this. Such a shame.
Well, technically, that doesn't apply here. These execs DO know how to handle their own money, that's why they're so rich. Another reason they're rich is because that half million wasn't theirs, it was ours. So they have no problem spending other people's money.


June 2007
July 2009
D3v1L80Y

 
D3v1L80Y's Avatar
 
Member Since: Feb 02, 2004
Location: PA
Posts: 12,459
D3v1L80Y has a reputation beyond reputeD3v1L80Y has a reputation beyond reputeD3v1L80Y has a reputation beyond reputeD3v1L80Y has a reputation beyond reputeD3v1L80Y has a reputation beyond reputeD3v1L80Y has a reputation beyond reputeD3v1L80Y has a reputation beyond reputeD3v1L80Y has a reputation beyond reputeD3v1L80Y has a reputation beyond reputeD3v1L80Y has a reputation beyond reputeD3v1L80Y has a reputation beyond repute
Mac Specs: MacBook

D3v1L80Y is offline
Quote:
Originally Posted by Kash View Post
These execs DO know how to swindle in order to get money, that's why they're so rich.
Edited for clarification.

__________________________________________________
Posting and YOU|Forum Community Guidelines|The Apple Product Cycle|Forum Courtesy

mac: a waterproof raincoat made of rubberized fabric
MAC: a data communication protocol sub-layer, also known as the Media Access Control
Mac: a brand name which covers several lines of personal computers designed, developed, and marketed by Apple Inc.

Zoolook

 
Zoolook's Avatar
 
Member Since: Sep 24, 2006
Location: Brooklyn, New York
Posts: 2,751
Zoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud of
Mac Specs: 15" MacBook Pro, i7 2.66Ghz, 8GB RAM, 512GB SSD; iPad 3, iPhone 5

Zoolook is offline
Well at least the story wasn't spun to get maximum anger from the public, and at least that wasn't simply possible because the whole 'bail out' package is not understood by anyone, thanks to the media keeping everyone dumb so they can be made angry by non-events like this...

... oh wait!

Firstly, does anyone know what the 'bail out' actually is, and how it works? Does anyone know why it won't make a difference at all to anyone, except a few banks? Hands up those who think that basically companies are getting huge blank checks (cheques) to spend on their executives and pay off shareholders... hmmm, most of you. Gee, what's going on?

[/sarcasm]

Here goes...

The commercial lending sector is dead. Not just dead, actually positively mouldy... starting to smell a little kind-of-dead. This 'bail-out' has done only two things.

Firstly, it allows the fed to guarantee loans, to banks. This sounds like a nice new radical plan to save the day, but in fact, this is the Fed's job. The Fed has ALWAYS done this, and always will. Freddie and Fannie became huge, because of this. All the Fed did was even the playing field... the BoE, ECB and others have done the same thing in other countries. The AIG bailout was a line of credit, to continue operations. It didn't cost the tax-payers a dime. because it's not real money collected, it wasn't going to be spent elsewhere and was 'taken away'. Most of this money, is borrowed 'overnight' to guarantee positions and secure client money (15c33).

Secondly, the $700Bn 'bail-out' has been used to remove certain assets from certain bank's books. The reason is that in the US, banks must report a full balance sheet and can only borrow a certain percentage of their capital base, which is effectively the balance sheet. If you had Real Estate Mortgage backed Securities (RMBS) you thought were worth a billion dollars, you could borrow 8x that amount to conduct your business and investments, on behalf of 401(k)s, IRAs, corporate finance etc. If suddenly you find thise assets are only valued at $200 million, then suddenly your working capital is slashed, you cannot make payments, the market does a run on you, your capital base collapses and so does your shareprice, and then it's... ciao! Either that, or JP Morgan buys you for $3

The problem with the assets is not that they're worthless; they're not. Not all mortgages have failed, and the sub-prime actually makes up (in fiscal terms) a teeny-weeny percentage of the market... probably less than 5%. The issue is that the assets cannot be valued, because there has been so much packaging and repackaging of these assets. So, the government is buying them at a price that allows them to be removed from balance sheets without causing losses, until they can be evaluated correctly.

What the AIG execs did was stupid; they should all be fired. However, the frothing at the mouth anger aimed at this sector is largely baseless.

Just to declare my colours a little, I work on Wall St. Take this as you wish... however, the information splashed all over CNN is dumbed down so far, you're just not even being given a chance to understand what's gone on.

Sorry for the rant...

In the land of the blind, the one-eyed man is stoned to death.
- Joan D. Vinge

Dysfunction

 
Dysfunction's Avatar
 
Member Since: Mar 17, 2008
Location: Tucson, AZ
Posts: 6,638
Dysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant future
Mac Specs: 2008 and 2011 15" mbps, late 11 iMac, iPhone 4s, and too many ipods and other stuff

Dysfunction is offline
For starters, the frothing at the mouth about this issue is understandable. Especially with these idiots running around (AIG). It won't effect anything, and is largely misdirected, but it's understandable.

Quote:
Originally Posted by Zoolook View Post

What the AIG execs did was stupid; they should all be fired.

Personally, I think they should not only be fired but should be charged.

mike
This machine kills fascists
Got # ? phear the command line!
louishen

 
louishen's Avatar
 
Member Since: Oct 22, 2007
Location: London
Posts: 8,948
louishen has a brilliant futurelouishen has a brilliant futurelouishen has a brilliant futurelouishen has a brilliant futurelouishen has a brilliant futurelouishen has a brilliant futurelouishen has a brilliant futurelouishen has a brilliant futurelouishen has a brilliant futurelouishen has a brilliant futurelouishen has a brilliant future
Mac Specs: Mac Mini Core i7 2012 | White 2009 MacBook 2 Ghz | 733 Mhz G4 Quicksilver

louishen is offline
So Zoolook, is what you are saying, is the real problem may not be that serious. The real economy is largely the same as it was months ago, after all, there are not half as many cows in the fields and mass unemployment has not hit (yet).

It is all about the confidence of men and women in international markets, not a sober assessment of the real economy but some sort of herd mentality panic not based on any real understanding or evidence

Member of the Month September 2008 & August 2012 | Found advice useful? use the rep system
Kash

 
Kash's Avatar
 
Member Since: Dec 03, 2006
Location: Irvine, CA
Posts: 9,385
Kash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant futureKash has a brilliant future
Mac Specs: Black Macbook C2D 2GHz 3GB RAM 250GB HD iPhone 4 iPad 3G

Kash is offline
Investors in the stock market are all of the herd mentality. They see a small dip, they all go nuts and pull their money out. When it bottoms out, they all go nuts again and pour money back in. The vast majority of investors are idiots, just look at the $4 billion loss Apple took in a matter of hours on a false rumor last year that the iPhone was going to be delayed.


June 2007
July 2009
Zoolook

 
Zoolook's Avatar
 
Member Since: Sep 24, 2006
Location: Brooklyn, New York
Posts: 2,751
Zoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud ofZoolook has much to be proud of
Mac Specs: 15" MacBook Pro, i7 2.66Ghz, 8GB RAM, 512GB SSD; iPad 3, iPhone 5

Zoolook is offline
Quote:
Originally Posted by Dysfunction View Post
For starters, the frothing at the mouth about this issue is understandable. Especially with these idiots running around (AIG). It won't effect anything, and is largely misdirected, but it's understandable.

Personally, I think they should not only be fired but should be charged.
Charged with what? Charged with using their expense accounts in the same way they have for years, when no one gave it a second thought, as long as the shareholders got their cut?

Quote:
Originally Posted by louishen View Post
So Zoolook, is what you are saying, is the real problem may not be that serious. The real economy is largely the same as it was months ago, after all, there are not half as many cows in the fields and mass unemployment has not hit (yet).

It is all about the confidence of men and women in international markets, not a sober assessment of the real economy but some sort of herd mentality panic not based on any real understanding or evidence
There are very serious issues, but they're not the issues making the seven o'clock news. Also, there are issues that are being linked, that should not be.

Does anyone really honestly think the blame for (excuse the bullets)

- 10 trillion dollars of debt
- 9 years of borrowing Chinese money
- 30 years of declining industrial output
- 10 years of constant outsourcing of working class white-collar jobs
- Student debt averaging $20,000
- A society that says ' have it now, pay later '

can all be blamed on a handful of CEOs? This country is drowing in debt, and yet still thinking nothing of spending half a trillion dollars a year on its military (30x the next biggest spender). When was the last ime you bought anything that was made in the USA? I see old gits in hardware shops complaining that a hammer costs $7, and so buy the $4 one made in ZangZhou.

It's short term thinking greedy thickos who have contributed to this, so they can save 50 cents on a t-shirt, and get a bigger hdd in their iPOd. And the reason why so many people are stupid? Because they fill their brains will commercially backed news, or read blogs and opinions rather than doing any reasearch for themselves.

Basically, the crap we're in now, is the result of practices that have been hailed so far, voted for and even fought for, and yet no one can see it. Suddenly Wall St is greedy and out of touch. Suddenly we care about people who cannot afford their motgages (but 2 years ago, they were just losers). Gee, next we'll be caring about the car workers and steal workers that companies have been crapping all over for the last 35 years...

The sooner people realise we've been mortgaging our future for the last 30 years, the sooner they might be able to influence a change, rather than cheering cheesey soundbites about corruption and change.

In the land of the blind, the one-eyed man is stoned to death.
- Joan D. Vinge

Dysfunction

 
Dysfunction's Avatar
 
Member Since: Mar 17, 2008
Location: Tucson, AZ
Posts: 6,638
Dysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant futureDysfunction has a brilliant future
Mac Specs: 2008 and 2011 15" mbps, late 11 iMac, iPhone 4s, and too many ipods and other stuff

Dysfunction is offline
Nope, I think that utilizing their expense accounts while we're bailing out their failed company should amount to fraud. Once you've accepted public money you should accept different standards of practice, period. These practices would not be acceptable for federal employees and they shouldn't be from any company accepting federal bailout funds.

mike
This machine kills fascists
Got # ? phear the command line!

Thread Closed


« Earliest or Latest?! | Free Ipod »
Thread Tools

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off
Forum Jump

Similar Threads
Thread
Thread Starter
Forum
Replies
Last Post
AIG government bailout. ? macgig Schweb's Lounge 37 10-11-2008 12:20 AM

All times are GMT -4. The time now is 07:13 PM.

Powered by vBulletin
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
X

Welcome to Mac-Forums.com

Create your username to jump into the discussion!

New members like you have made this community the ultimate source for your Mac since 2003!


(4 digit year)

Already a member?