I think I can speak for a lot of people, maybe most people when I say, I don't want to hear about AIG's problems anymore. Their systemic risk should be eliminated by now. If it's not then current Secretary of the Treasury and former President of the New York Federal Reserve, Timothy Geithner should resign immediately. This country, through $60 billion of loans, $40 billion of direct investments and $52 billion of asset purchases has squared AIG away with regard to causing a collapse of our banking system. Mr. Geithner has been involved in the AIG fiasco every step of the way, including a failure to recognize just how much of a risk AIG posed to the money center banks and investment banks that his organization was supposed to be monitoring. Maybe not regulating but certainly monitoring. And if there's more systemic risk then I demand names of counterparties that will fall if AIG falls.
This sick game ends now. The handouts and bailouts have to stop here. Sure as sh*t come tomorrow morning Hank Greenberg will be on CNBC giving his "AIG is a national treasure speech." Hand the old man the $152 billion bill and tell him to either pay it or shut up. Get Mark Haines all liquored up tonight and then let him do the interview instead of some fawning talking bobble head. AIG isn't converting anything to common. They are going to sell themselves off brick by brick, in due haste and then get on an ice float and sail away to oblivion. Guys like Greenberg will say, "Oh, you're losing $ billions liquidating into this market. You're destroying these great businesses by letting valuable employees go." It does more damage to this country at this point to let these assclowns keep leading us around by the nose, handing out bonuses to "valuable employees" while they pick our pockets. Better to "lose" a few billion and save our self respect. As far as the valuable employees go, it's all a crock of sh*t. It's insurance. It's finance. It ain't that complicated. I was good at my job in finance. So were a lot of other guys. We all got sent home over the course of a year and guess what? Life went on and the places we worked at are still there....for the most part. Maybe somebody doesn't do as good a job as you did, but in the grand scheme of things, the world still spins. Unless your Sully the airline captain who landed the plane in the Hudson, you're expendable. And that especially goes for high level finance executives. Dime a dozen. Like spare parts to a kitchen faucet.
Time to torch AIG and get as much back as we can. They are a national embarrassment and the rest of the world is watching.