AIG was responsible for Banks' Jan & Feb Profits

[Craig234]

Originally posted by: wwswimming

Originally posted by: rchiuSeriously, you people should just declare Wall St. is evil and just burn it down. I am sure USA will be much better that way.

what contribution has Wall Street made to American society lately ?

Wall Street has done a lot for the country, as always - and it's done great harm, too.

Corruption is usually coupled with something good. Our rapacious medical insurance industry grossly overcharges, yet it also provides insurance. Developers may play all kinds of corrupt games, but also provide homes and commercial buildings. Comcast pays homeless people to take up the seats at a public hearing to collect complaints about them, but they provide the television I was just watching and the internet service I'm posting this on. A military dictatorship might curtail freedoms, but also provide some security.

Wall Street and the banking system do provide essential economic resources for the nation, while at the same time parts exploit the society to gouge 41% of all profits.

It's important to remember the balance, that we both need to have the good services, and fix the corruption, not just 'kill all the brokers and blow Wall Street up'.

 

[rchiu]

Originally posted by: wwswimming

Originally posted by: rchiuSeriously, you people should just declare Wall St. is evil and just burn it down. I am sure USA will be much better that way.

what contribution has Wall Street made to American society lately ?

Ever heard of Microsoft, Intel, Cisco, Apple, Google? Without Wall. St. investment banks for their seed money, IPO, debt issuance, where would those company be today? I suggest you read up on what Wall St. does before you make a comment like that.

 

[Fern]

Originally posted by: Craig234
Another way to look at the same facts was expressed by a guest on Charlie Rose, who described funding AIG as the government's 'lazy way to fund banks as a pass-through'.

In other words, instead of the government figuring out how much to pay a bunch of banks, they could just give a sum to AIG, and they'd distribute it.

Well, that's pretty much what's happened. AIG was a conduit; most of the bailout money received from the government went to other (non-bailout) banks.

Fern