AIG Rec'd $170 billion in Bailout /Giving$165 million in bonuses

petros

petros

The Central Scrutinizer
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It was a scammed cooked up between the mortgage backed securities brokerages and the bond rating houses. It had nothing or very little to do with sub prime or people not being able to make payments. The ponzi scheme as being caught on to by people who lives in the reality part of the planet forcing banks to make the money to back the securities available by calling loans on the unsuspecting mortgage holders (they weren't home owners...yet). Now the banks have ****loads of properties and are now getting cash out the ass for free putting the population into impossible to solve national debt to private and foreign interests.

Next comes bankruptcy and a new currency called the Amero. There is no other answer since the US dollar is no longer "thee" international oil dollar. There is absolutely nothing to back the dollar beyond consumer spending.
 
petros

petros

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To sum it up in one line; "they are jacking off the dog to feed the cat and they got tennis elbow and can't do it anymore".
 
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Said1

Hubba Hubba
Apr 18, 2005
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petros said:
It was a scammed cooked up between the mortgage backed securities brokerages and the bond rating houses. It had nothing or very little to do with sub prime or people not being able to make payments. The ponzi scheme as being caught on to by people who lives in the reality part of the planet forcing banks to make the money to back the securities available by calling loans on the unsuspecting mortgage holders (they weren't home owners...yet). Now the banks have ****loads of properties and are now getting cash out the ass for free putting the population into impossible to solve national debt to private and foreign interests.

Next comes bankruptcy and a new currency called the Amero. There is no other answer since the US dollar is no longer "thee" international oil dollar. There is absolutely nothing to back the dollar beyond consumer spending.
Click to expand...

Actually, it has a lot to do withit, but either way, I really didn't understand much of what you wrote above, do you have a link from which you paraphrased the above?

Also, why would a bond credit agency down grade AIGs credit rating?
 
petros

petros

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Said1 said:
Actually, it has a lot to do withit, but either way, I really didn't understand much of what you wrote above, do you have a link from which you paraphrased the above?

Also, why would a bond credit agency down grade AIGs credit rating?
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No no no the bond raters gave the mortgage backed securities AAA when they were A+ at best. That is the scam. The mortgage securities are a few years old already so the banks have at least brought enough in in payments to cover the building materials and labour of the homes and pulled the loans on the developers that sold the land to build the houses on and sold to mortgage holders. The banks never lost a thing and the securities companies made money out of thin air that the taxpayer will be covering. The banks now sit on massive subdivisions of homes which the basic cost of creating are covered plus get bail out money.

It's a perfect scam by three levels of Wall Street to bankrupt the country.
 
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Cobalt_Kid

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Feb 3, 2007
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Is it any wonder the financial markets are in a meltdown.

Starting with the .Com bust, then the accounting scandal with Enron, Worldcom et. al., proceeding to the subprime fiasco and losers like Bernie who Maydoff with billions of others peoples money. Not to mention Nortel, RIM and Conny Black here in Canada.

The marketplace has become so filled with the ethically deprived that nobody wants to lend to each other anymore, and it's no suprise, they know how corrupt the other guy probably is.

The free market is all well and good, but some oversight and regulation is needed to prevent the kind of economic meltdown we're seeing now. And it's not like this hasn't happened before, the Great Depression of the 1870s was triggered by the same kind of MBSs that are like a bad infection in todays financial market.
 
petros

petros

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PS You'd have to read for days to catch up on where I uncovered all this. I have no references other than keen observation and perhaps a criminal mind myself.

Making money is easy. Criminals make good money. Do the legal version of what they do.
 
S

Said1

Hubba Hubba
Apr 18, 2005
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Das Kapital
petros said:
No no no the bond raters gave the mortgage backed securities AAA when they were A+ at best. That is the scam. The mortgage securities are a few years old already so the banks have at least brought enough in in payments to cover the building materials and labour of the homes and pulled the loans on the developers that sold the land to build the houses on and sold to mortgage holders. The banks never lost a thing and the securities companies made money out of thin air that the taxpayer will be covering. The banks now sit on massive subdivisions of homes which the basic cost of creating are covered plus get bail out money.

It's a perfect scam by three levels of Wall Street to bankrupt the country.
Click to expand...

I am aware that mortgage securities were (supposedly) over rated, primarily because they are made up of subprime loans. The subprime market is a secondary market - the originator (broker) borrows from the bank and the mortgages themselves are collateral. The orginator sells the pooled securitized debts, not always the bank.

Anyway, this is off topic, my point was about CDSs and AIG's problems going beyond insurance, where they had no business being. AIGs credit rating was down graded prior to their request for money, too.
 
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Cobalt_Kid

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Feb 3, 2007
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I remember a report in 2006 that estimated that due to changes in subprime lending there would be a 20% default rate. It doesn't take a genius to realize what kind of a ticking bomb bomb that represented. But noboby did anything then, everybody in a position to do anything went calmly along getting filthy rich and now the bottoms dropped out we're all expected to foot the bill?

I say let the whole thing fall apart and rebuild it from scratch.

How many cases of executive greed and fraud do we have to learn about before we get the message. Is anyone else starting to feel like a freshly sheared sheep, or it just me?
 
lone wolf

lone wolf

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Nov 25, 2006
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Cobalt_Kid said:
I remember a report in 2006 that estimated that due to changes in subprime lending there would be a 20% default rate. It doesn't take a genius to realize what kind of a ticking bomb bomb that represented. But noboby did anything then, everybody in a position to do anything went calmly along getting filthy rich and now the bottoms dropped out we're all expected to foot the bill?

I say let the whole thing fall apart and rebuild it from scratch.

How many cases of executive greed and fraud do we have to learn about before we get the message. Is anyone else starting to feel like a freshly sheared sheep, or it just me?
Click to expand...

Sheared sheep isn't so bad. It's the buggers who put sand in the KY I'd like to shoot....
 
petros

petros

The Central Scrutinizer
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Is anyone else starting to feel like a freshly sheared sheep, or it just me?
Click to expand...
If you follow the cycles it takes 22 years of growing fleece before this will happen again and the public is shorn by the institutions that send kids off to die in wars for phony baloney demockery when it's to conquer for wealth.
 
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Cobalt_Kid

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"over inflated housing prices put prime borrowers in a risk category they wouldn't nomally be in."

Housing prices became over-inflated because they reflected their value as a commodity on the market not their real value as actual housing. Instead of trying to provide a stable lending environment, too many banks in the US were pre-occupied with getting as much paper through the door as fast as possible and let the buyers of all the crappy MBSs worry about the ever increasing default rate.
 
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