credit reports wiki
By James F. Cotter
In September 2008, American International Group – AIG – have received 85 billion dollars in the biggest bailout of a company Privacy in the history of the nation. The following week, AIG executives indulged to the tune of $ 444,000 at a seminar in California which included the spa, golf and banquets. Subsequently, the insurance giant received another $ 37.8 billion from Federal Reserve (1).
On October 17, the Associated Press reported that AIG executives spent $ 86,000 on a hunting trip in England. In November 10, ABC News said the company had spent another $ 343,000 for a trip to a station in Phoenix. The report came shortly before a Another government bailout has been negotiated (40 billion dollars this time) (1).
Federal Reserve Chairman Ben Bernanke, testifying before the Senate Banking Committee in early March, said: "AIG operated a huge void in the regulatory system", and "the paris irresponsible and have suffered huge losses. "(2) In addition to all this, AIG has recently announced it was providing $ 165 million in premiums for retain the best in the Financial Products unit. The same performance that led the company into the ground. There were 73 recipients of this largesse, 11 of them no longer work at AIG. AIG is clear that the use of word "detention" of a hip new way that most dictionaries are not yet to catch up.
Financial Products unit, incidentally, is the division that sold credit default swaps credit. Says insurance consultant Andrew Barile, "They were selling a product type of insurance that is not called insurance so that Not regulated as insurance. By calling a swap credit default, you have invented a new product, but it is no different insurance. "(3)
Senator Chuck Schumer of New York refers to the antics as "Alice in Wonderland marketing practices", and concludes: "It boggles the mind." (4)
AIG has received four levels of government bailout to date, a total of 182 billion ($ 5).
As CNNMoney editor Paul R. LaMonica said, "Paying to 165 million in premiums for people in a society that has lost nearly 100 billion dollars last year is, to quote Woody Allen, "a simulacrum of a simulacrum of a simulacrum of a parody travesty of two mockeries of a sham. "(6)
But AIG is not the villain in this drama catastrophic. Other companies deserve their fair share of revulsion. Citigroup, for its part, also plans to pay millions of dollars in premiums, at least some of them unearned. institutional group Client Company lost 20 billion dollars last year. James Forese, co-leaders of this unit is scheduled to receive 5 million dollars over the next five years. At least fifteen other directors of Citigroup are also programmed to receive millions of dollars. Citigroup declined to say how he intends to pay all (7).
As the President said: "The American people will find it hard, as I do, to accept a situation in which a small handful of … executives, whose pursuit of private power and profit exceeds their sense of public responsibility, can show such contempt "for national interest (8).
No, not President Obama. It was President Kennedy in April 1962, after the section of the increases prices edge by steel companies.
How little things change.
REFERENCES
- 1. href = "http://en.wikipedia.org/wiki/American_International_Group"> Http: / / en.wikipedia.org / wiki / American_International_Group
- 2. href = "http://www.washingtonpost.com/wpdyn/content/article/2009/03/03/AR2009030303810.html?hpid=topnews"> Http: / / www.washingtonpost.com/wpdyn/content/article/ 2009/03/03/AR2009030303810.html? hpid = topnews
- 3. Http: / / cnnmoney.mobi/money/latest_news/latest_news/detail/133037/2
- 4. Http: / / www.reuters.com/article/wtUSInvestingNews/idUKTRE52G4ZJ20090317?virtualBrandChannel=10112
- 5. Http: / / news.yahoo.com/s/ap/20090320/ap_on_bi_ge/citigroup_bonuses_1
- 6. Http: / / money.cnn.com/2009/03/17/markets/thebuzz /
- 7. Http: / / www.time.com/time/business/article/0, 8599,1886778,00. Html
- 8. Http: / / www.trivia-library.com/a/united-states-and-american-history-early-1962.htm
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