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Thread: AIG Out of the Woods

  1. #41
    Senior Member menmon's Avatar
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    Quote Originally Posted by Franco View Post
    The AIG bailout is Geithner's folly...

    On the frenzied day in September 2008 when the federal government bailed out insurance giant American International Group, Timothy F. Geithner logged dozens of calls with top Wall Street executives, Washington regulators, political leaders and even investor Warren Buffett.
    At the time, the Treasury secretary was head of the Federal Reserve Bank of New York, which played a lead role in organizing AIG's rescue. His call logs, obtained by The Washington Post, are among 250,000 pages of documents the New York Fed recently turned over in response to a subpoena from the chairman of the House Committee on Oversight and Government Reform.
    Records show that Geithner participated in nearly 70 calls between 7:45 a.m. and 10 p.m. on Tuesday, Sept. 16, as officials worked to stabilize AIG -- first through private loans and finally through public assistance. They feared the company's collapse might trigger other failures and endanger the financial system.
    Geithner spoke most often to Federal Reserve Chairman Ben S. Bernanke and then-Treasury Secretary Henry M. Paulson Jr., as well as with AIG chief executive Robert Willumstad. He also shared numerous calls with top financial executives, including Lloyd Blankfein of Goldman Sachs, Jamie Dimon of J.P. Morgan Chase and Vikram Pandit of Citigroup.


    Bought and Paid For - The Unholy Allience between Wall St and Obama
    http://www.intellectualconservative....d-wall-street/
    Let me give you a little history lesson. In 1998, Long Term Capital was failing and the fed ask a group of bank to recapitalize them and I think it was $30B. I was good friends with the guy in charge of this at ML. He told me a couple years later that it turned out to be a good investment for ML, but at the time, we had just lost a $1.5B and really didn't want to do it but knew it we had too and not because the fed was telling us to. But what it prevented was a fire sale that would have hurt us all.

    Make up your mind on where you republicans stand on wall st. too. I'm getting dizzy.

    Wall Street makes a lot of jobs by getting capital where it is needed. The nature of it creates booms and bust. However, I assure you; you want them aggressive.

  2. #42
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    I bought AIG at 19. It went down to 13 and I felt like a dufus. Then it went up to 54 and I sold. The last time I checked it was around 36. It was quite sweet in the end.

  3. #43
    Senior Member troy schwab's Avatar
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    Quote Originally Posted by DL View Post
    I bought AIG at 19. It went down to 13 and I felt like a dufus. Then it went up to 54 and I sold. The last time I checked it was around 36. It was quite sweet in the end.
    You and half of congress...... if you want some interesting reading, take a look at some of the holdings our congress people keep. They are/were heavily invested in AIG. Makes you wonder........hmmmmm.

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