The insurance business is supposed to be simple and relatively stable. It's not difficult to sell insurance, collect premiums, hedge your risk elsewhere with re-insurers and then invest the remaining premiums conservatively.
So what the hell happened? Shockingly, it involved greed. We'll explain it inside.
The Daily Bail crafts a mix of mayhem and pain from offices somewhere in Bloomington, Indiana. For those who don't know, Bloomington is the proud home of Indiana University and 40,000 sometimes studious students. When not cracking the books for Drs. Theodore Megremis, Greg Udell and Ash Soni or any of our other 2,000 outstanding professors, the students here either get soaked at our multitude of bars or think about IU hoops and our 5 national championships. Yo, Purdue. How many NCAA titles you guys got? Zilch and nada. That's what I thought.
Some people dislike conservatives. Other people detest liberals. Smart people hate Notre Dame football. Me, I have a problem with AIG and Joe Cassano. He's the dweebish riptard who ran the un-hedged, hedge fund that destroyed AIG.
I debated approximately 7 seconds before deciding on the above title. It's late and that means my objectivity is shot. But it's my personal site and even though I've somehow got thousands of you sick voyeurs stopping by daily to witness my self-destruction, I really just started this blog to tell the truth. And the title is the only truth that eases my pain.
I made a promise in a previous post that from now until the day he's finally indicted, Cassano's name will be highlighted and linked at the beginning of every post even remotely concerning AIG.
He earned $280 million in salary and bonus while at AIG before being fired last February. And swallow this, he's still getting a million per month as a consultant to the company he destroyed. A million of your kids' cash every month. The actions of this one individual have so far cost taxpayers $180 billion, and as night follows day, the bill will eventually be at least $300 billion. One guy. Read the links I've provided and you will see. Somehow, I need visceral revenge and this is all I've got.
So from me and 300 million pissed-off Americans, fuck you Joseph Cassano, you irresponsible asswipe.
Seriously. Is it just me or does this guy have a perpetual case of stupid face?
These clips of Treasury Secretary Timmaaay Geithner speak for themselves. He is a willfull tax cheat who now spends his days robbing your kids blind. But don't get mad, watch instead how the idiot plays jazz hands all the way through both videos.
Geithner, as Jimmy Rogers says, you are not only a current failure, but you carry a long history of poor performance as head of the New York Fed. It was your job to police Wall Street and yet you didn't see the crisis coming. I can show you thousands of people who foresaw what you did not.
Why were you so reckless and irresponsible in the conveyance of your duties. Oh, no one's asked you that question. Well, I just did. You are the annointed poster-child of regulatory malfeasance and ineptitude. And a pitiful disgrace as keeper of our Treasury.
We have another video from disco fingers after the jump.
And honestly, you leave us no choice. We're bringing back this guy to make us feel better about getting screwed over by you. Watch it, afterwards you will either hate me or feel a hell of a lot better.
Updated on Mar 4, 2009 at 6:11 AM by
DailyBail
I've been working behind the scenes all afternoon on this.
We are looking into the possibility of beginning the process to file a FOIA Freedom Of Information Act request pursuant to aig counterparty disclosure. If there are any federal lawyers reading and you don't mind giving me some advice on a few small issues, please contact me: thedailybail@gmail.com.
From now on and until the day he is indicted for costing American taxpayers hundreds of billions, Joseph Cassano's name will be highlighted at the beginning of every AIG article I write. He was the head of the financial products division of AIG London that brought down the entire company and is now helping to bring down our nation.
Jim Rogers appeared almost warm and fuzzy on CNBC Asia last night. Ok, not really. Here are a few of his quotes from the accompanying 4 minute video.
We present this video without comment. He likely stole our phrase asshat but has accomplished greatness with it nonetheless. It is The Fly from Ibankcoin.com.
Updated on Mar 2, 2009 at 3:52 PM by
DailyBail
I present these AIG commercials with some commentary. They were annoying enough when AIG was still a viable insurance company, now that they've failed and are actually engaged in stealing from your kids, we need new words to describe the visceral loathing we feel. Several more of these commercials are inside including a satirical copy.
It's so painful for taxpayers we can't even laugh properly. The squalor is presented below in numbered format.
1) Any company whose national marketing was built around obsessive 8-year olds discussing anything, deserves prima facie ridicule for insulting our inteligence.
PLAYBOY HAS PULLED THE ARTICLE FROM THEIR WEBSITE AND ISSUED A PRIVATE APOLOGY TO THE DAILY BAIL.
The link below no longer works but I found a link with the article cached here in its entirety. It seems they not only didn't do their research on us, but they failed even to establish the basic thesis of their article. We assume that Santelli and FreedomWorks and perhaps others have filed a lawsuit for slander. Uh-oh. One day you're a hero and the next day a liar. Marc Ames and Yasha Levine, I hope you get fired and end up being forced to snort worms for the rest of your days. Thanks for ruining my weekend, you bastards.
Below is my original article in its entirety.
I'll have more on this interview later, but for now spend a little time inside Roubini's head as he discusses Citigroup, the banking crisis and nationalization with Maria Bartiromo and Howard Lutnick from hedge fund BCG partners.
The global collapse is not playing well for General Electric And CEO Jeff Immelt. GE has been exposed. When the music stopped last Spring, the investment community became acutely aware that GE is nothing more than a bank waiting to fail. Vendor-financing wrapped in some pretty manufacturing ribbons.
Option Armageddon has the most recent calculations on bank leverage statistics industry wide.
Updated on Feb 27, 2009 at 2:07 PM by
DailyBail
We are covering this as a rolling story. Links and commentary will be added all day. To keep from clogging the front page, all links and updates are after the jump.
With all the bad news I'm trying to keep the bailout comedy coming every night. This 5 minute video from the Colbert Report is called 'Bears & Balls-Company Bailouts'. Several failed and currently failing companies are judged and Stephen decides who should get taxpayer bailout bucks. Sbarro, Six Flags, Circuit City, Linens N Things, Spencer Gifts and Muzak. For Sbarro, he recommends they cut back on expensive ingredients like tomatoes and cheese and start selling a crust pizza, topped with crust.
After the jump is a clever British video focused on the UK bailout culture called 'Laughing All The Way From The Bank' by faux reporter 'Wildly Innacurate.'
