Why AIG got billions and GM got nothing...

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Ktulu

Ktulu

Diamond Member
Dec 16, 2000
4,354
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I love the fact that the bank used that money to make sure they all got their bonuses first.
 
D

da loser

Platinum Member
Oct 9, 1999
2,037
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i think AIG executives should go to pound me in the ass prison, and take away all their personal money. probably worth more than $14b
 
StageLeft

StageLeft

No Lifer
Sep 29, 2000
70,150
5
0
Well, it is difficult to defend, isn't it? Banks merely have to ask and get money now and the big 3 are begging and can't.
 
J

JS80

Lifer
Oct 24, 2005
26,271
7
81
One's problem is balance sheet related, the other is business model related. Apples to Steaks comparison.
 
D

da loser

Platinum Member
Oct 9, 1999
2,037
0
0
Originally posted by: JS80
One's problem is balance sheet related, the other is business model related. Apples to Steaks comparison.
Click to expand...

the other problem is the financial industry went first, and the car industry second. if the car industry did what the finance people did, the financial industry would be in shambles.

not to mention the power the financial industry has in both parties, compared with the car industry.

they messed up when they only build in the midwest.

the aerospace companies were smart, they built their crap everywhere.
 
ElFenix

ElFenix

Elite Member
Super Moderator
Mar 20, 2000
102,396
8,559
126
i think another part of it is no one in congress really understands what bankers do. but everyone thinks they know about cars.
 
Squisher

Squisher

Lifer
Aug 17, 2000
21,204
66
91
UAW political contributions to Democrats this election = $1,918,450

UAW political contributions to Republicans this election = $12,500

 
Chunkee

Chunkee

Lifer
Jul 28, 2002
10,391
1
81
THIS CRAP HAS GOT TO FUCKING STOP!!! No one pay their taxes next year....bastards.
 
J

Jhhnn

IN MEMORIAM
Nov 11, 1999
62,365
14,685
136
AIG threatened to bring down the whole financial system in a house of cards sort of way. The whole derivatives market would have collapsed in chaos w/o the nationalization of AIG. That market, as it presently exists, is clearly a cancer, but that doesn't mean we need to kill the patient, the US economy, in order to tame it.

The big 3 going under doesn't do that- it would be a failure within the system, not a collapse of the system itself.

There's a difference...

And, well, yeh, it's an opportunity for repubs to posture and finger-point at the UAW, see if they can get cars built for MickeyD wages... keep the Sarah! worshippers in thrall at the same time...
 
misle

misle

Diamond Member
Nov 30, 2000
3,371
0
76
According to my grandfather, who retired from GM, his pension is (and possibly all GM pensions are) insured by AIG. So if GM goes out, AIG may be stuck paying lots of GM pensions.
 
Budmantom

Budmantom

Lifer
Aug 17, 2002
13,103
1
81
Originally posted by: Squisher
UAW political contributions to Democrats this election = $1,918,450

UAW political contributions to Republicans this election = $12,500
Click to expand...

Who's pushing hard for the union bailout?

 
C

chess9

Elite member
Apr 15, 2000
7,748
0
0
The Dems are to blame for the AIG bailout.

They barely whimpered when Paulson asked for $700 billion. They rolled over like the well greased politicians we know they are.

The Wall Street bailout was a huge coup for Republicans and the White House, even though a few Republicans opposed it.

What we have here is a monumental failure of:

1. Good sense;
2. Good monetary policy;
3. Good economics;
4. Basic fairness;
5. Our Democratic Republic. (As Franklin said when asked what the Constitutional Convention had wrought: "A Republic, madam, if you can keep it." Looks like we can't.)

-Robert
 
X

Xellos2099

Platinum Member
Mar 8, 2005
2,277
13
81
UAW stuck the lifeblood out of the company which are barely hanging. Remember, it WAS UAW that rejected senator propose on paycut and etc, thus the bailout fail. the CEO are willing to go with 1 dollar wage so why can't UAW be more considerate of their company situation. After all, if they file for chapter 11 or 7, it is bye bye UAW.

All in all, bailout is a bad idea in the first place. AIG just ask for more money after their current stack of money all went to mortgage insurance. For more insight of bailout, check this video: http://www.youtube.com/watch?v=7IrR3o7x1ps
 
L

LegendKiller

Lifer
Mar 5, 2001
18,256
68
86
Originally posted by: Xellos2099
UAW stuck the lifeblood out of the company which are barely hanging. Remember, it WAS UAW that rejected senator propose on paycut and etc, thus the bailout fail. the CEO are willing to go with 1 dollar wage so why can't UAW be more considerate of their company situation. After all, if they file for chapter 11 or 7, it is bye bye UAW.

All in all, bailout is a bad idea in the first place. AIG just ask for more money after their current stack of money all went to mortgage insurance. For more insight of bailout, check this video: http://www.youtube.com/watch?v=7IrR3o7x1ps
Click to expand...

Blame it on the UAW. Typical thinking. The UAW didn't make domestic manufacturers design shitty cars, land barges, or trash fit and finish. They didn't cause a bloated design, manufacturing, marketing, and distribution/dealership network with a gazillion brands.
 
X

Xellos2099

Platinum Member
Mar 8, 2005
2,277
13
81
Of course it is UAW problem. You don't see company like Toyota, Honda, or Volvo in deep finance trouble like the big 3 domestic car company, which just so happen none of the three company have union workers. While the big 3 have union workers. Do you want to tell me it is just happen by chance that the the auto company that hire union fail while the one who doesn't hire union worker have no problem?
 
X

Xellos2099

Platinum Member
Mar 8, 2005
2,277
13
81
UAW DID rejected the proposal bailout, right? So how can you insist that it has nothing to do with UAW?
 
L

LegendKiller

Lifer
Mar 5, 2001
18,256
68
86
Originally posted by: Xellos2099
Of course it is UAW problem. You don't see company like Toyota, Honda, or Volvo in deep finance trouble like the big 3 domestic car company, which just so happen none of the three company have union workers. While the big 3 have union workers. Do you want to tell me it is just happen by chance that the the auto company that hire union fail while the one who doesn't hire union worker have no problem?
Click to expand...

yeah, but they also have very friendly terms with foreign governments. Toyota and Honda are very protected in their home turf. Japan is massively protectionist and banks, owned by other industrial corporations, help out the companies with cheap loans. Not to mention lending has been uber-cheap over there forever, resulting in lower costs of capital.

It's like people wondering why Boeing can't always compete well with Airbus. Well, that's because Airbus get's so much fucking help from the Euros.

They rejected it because they already gave up a massive amount of stuff.
 
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