AIG

[Guest]

Re: AIG looks like it heading for BK if they can't raise 75 Billion

Frankly, Im tired of bailing all these suckers out of these problems, I say let capitalism take its course, this is getting ridiculous

FOXNews.com - Federal Reserve Announces $85B Loan to Bail Out AIG - Local News | News Articles | National News | US News

Well, the Federal Reserve is capitalism at it's best, so you must be happy.

 

[GreenSky]

Re: AIG looks like it heading for BK if they can't raise 75 Billion

Well, the Federal Reserve is capitalism at it's best, so you must be happy.

The Fed basically sets interest rates and controls the money supply. How the hell is that capitalism?

Rick

 

[Crabcake Johnny]

Re: AIG looks like it heading for BK if they can't raise 75 Billion

Well, it's not federal and it's not a reserve.

Here's the tin foil hat version:

The Truth About the Federal Reserve Bank (Dec. 19, 2005)

 

[moonlightandmargaritas]

Re: AIG looks like it heading for BK if they can't raise 75 Billion

I wonder how many "six figure" VP's these companies have that are in the business prevention department.

Hehehehe. More and more of them will end up in line at the unemployment office, which is where they really belong as the gravy train grinds to a halt...

 

[Crabcake Johnny]

Re: AIG looks like it heading for BK if they can't raise 75 Billion

Honestly, where do you go after being a Veep "tool" at one of these companies likely pulling in 200k+ (not including perks) when you're suddenly out of work? Monster?

It has to be a special kind of hurt. The good 'ole boys network takes in some of these baffoons but most are a** out.

Of course, all these guys have Yale business degrees in specializing in "nothing" and couldn't manage their way out of a box.

 

[Guest]

Re: AIG looks like it heading for BK if they can't raise 75 Billion

The Fed basically sets interest rates and controls the money supply. How the hell is that capitalism?

Rick

Let's start with

Capitalism:

An economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.

The Federal Reserve act:

The plan adopted in the original Federal Reserve Act called for the creation of a System that contained both private and public entities. There were to be 8 to 12 private regional Federal reserve banks (12 were established) each with its own branches, board of directors and district boundaries (Sections 2, 3, and 4) and the System was to be headed by a seven member Federal Reserve Board made up of public officials appointed by the President.

 

[moonlightandmargaritas]

Re: AIG looks like it heading for BK if they can't raise 75 Billion

Of course, all these guys have Yale business degrees in specializing in "nothing" and couldn't manage their way out of a box.

As my Dad (still kickin' at 78) would say:

"Couldn't find their ass with both hands...and a road map."

 

[Guest]

Re: AIG looks like it heading for BK if they can't raise 75 Billion

How about this, as vague as can be from the Federal Reserve website?

Who owns the Federal Reserve?

The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.

However, the Federal Reserve is subject to oversight by Congress (even though the members terms span multiple politician terms), which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government (again, even though the members terms span multiple politician terms). Therefore, the Federal Reserve can be more accurately described as "independent within the government."

The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation's central banking system, are organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks.

However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

I hope that cleared things up a bit, LOL.

 

[Guest]

Re: AIG looks like it heading for BK if they can't raise 75 Billion

Well, it's not federal and it's not a reserve.

Here's the tin foil hat version:

The Truth About the Federal Reserve Bank (Dec. 19, 2005)

Yes about as Federal as Federal Express!

 

[moonlightandmargaritas]

Re: AIG looks like it heading for BK if they can't raise 75 Billion

Yes about as Federal as Federal Express!

Hehehehe. Love it. Very creative.