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« Bailout CNBC: Bank of America CEO Ken Lewis Should Shut His Pie Hole | Main | David Walker Says US Government Immorality Will Lead to Bankruptcy »
Thursday
Feb052009

Rule Bending Banking Bastards: The Taxpayer Shithole That is AIG

 

 

It's been 18 weeks since taxpayers rescued AIG to save Goldman Sachs, a few large hedge funds and several European banks, who all utilized the unhedged luddites of AIG to protect their own weakening portfolios.  In late 2007 and early 2008 the brainiacs at Goldman hedged their porfolio of shit assets with a shit insurer, because well, they're Goldman Sachs, Lord of Idiots.  Turns out Euro banks had been hedging their exposure to the mortgage pile on their books for years as a means to skirt regulations on capital ratios.  Rule Bending Banking Bastards 101.

The problem was AIG didn't hedge their own exposure. They couldn't. They were the 'safe' place to buy protection. And the shitkeepers in control of AIG allowed their exposure to other people's waste to grow so large that there was no one capable of handling a hedge that size.

I recall a press release (can't find it now) from AIG's cfo in February of 2008 whining noticably about mark-to-market requirements being unfair. It was an obvious tell.  It was the tell of early 2008.  Such a public cry about accounting could only mean they were swimming in a brown pool. Turns out it was not a pool.

So far AIG has cost your kids $150 billion. Yes, $150 billion, go ahead and let it sink in.  And the number will likely be closer to $200 billion the next time we're forced to mention them.  They're in the news again this morning, with a piece in the WSJ about something extra-Mensa they were doing called '10 Cubed'.  Please take a moment to consider just how stupid you have to be to lose $150 billion selling insurance on other people's shit.  Thank you for that collective moment.

Inside I have more photo-shopped AIG photos with commentary.  And since we taxpayers are the winners in the AIG Shit Sweepstakes, I've decided to do an AIG at the Outhouse links edition.  Inside I am gathering articles on the entire mess. I've read way too many on AIG and I will deliver the 15 best links out there, both background and from today.

Here's the goods right here.  The 13 best articles on AIG in one link: http://bit.ly/y9Fv

 

 

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Reader Comments (16)

FUCK AIG, FUCK CITI, FUCK BANK OF AMERICA, FUCK ALL THESE BAILOUTS!!!

YOU ARE MY HERO!! THANK YOU FOR STANDING UP FOR EVERYBODY AND BEING LOUD ABOUT IT!!

FUCK THESE BAILOUTS!!!
Feb 5, 2009 at 5:10 PM | Unregistered CommenterNetMargin
Funny and sadly true. Ballsy photo.
Feb 5, 2009 at 6:01 PM | Unregistered CommenterToxic Assets
Not angry enough. Nice touch with the photoshopping.
Feb 5, 2009 at 6:05 PM | Unregistered CommenterAngry_Populace
Welcome to 2009. I believe historians will (in the future) will refer to this time period as "the beginning of the end for what was once the USA." We're so screwed here, I actually believe very few people realize how little time we actually have left as a country. THIS IS OVER....FACE IT. The politicians, the CEO's, the unions and the multitude of other self-servers have cashed out the equity in our economy. This is over here. I am leaving the country and re-locating elsewhere. Jumping off a sinking ship? A deserter? No. Just a realist. I have applied for citizenship (preliminary) elsewhere and don't plan to go down with the rest of you. I didn't steal. I "served my country", I tried as hard as I could to be honest and paid every cent of taxes I was asked to pay. I've had enough however. When the creditors come knocking, I plan to be elsewhere. I didn't steal, I have no one lobbying for me, I am not a receipient of bailout cash. I am not now, nor have I ever been "political". I have simply ..................HAD ENOUGH OF THE BULL SHIT................. Good luck all.
Mad and Laid Off. Please do not move out of the country. There are alot of likeminded folks out here. the only hope we have is not in Obama the Fraud...it is when good people get fed up and take this country back. There will be a time for good people to rise up....no sense moving out of the country where another bunch of commie libs are lying in wait...Hang on Bro...We need you here for what's coming down the pike.
Keep the faith...the race isn't over yet.
Feb 5, 2009 at 10:17 PM | Unregistered Commenterdb51
If we REALLY WANT CHANGE...
WE THE PEOPLE have to stop letting ourselves be split into warring camps.
We must come together. We have been ripped off by both Dem and Rep, Liberal and Conservative alike.
The liberal/dem fiscal and monetray policy -- LBJ's Great Society -- gave us the stagflation of the 70s.
The conservative/republication neo-con economic policy -- Trickle Down Economics -- has delivered us the Depression of 2009.
We need to take control back from both of these elements. Dems and Reps are both way too entrenched in power.
To get politicians to start working for us, rather than lobbyist and corporations, the working and middle class have to stop letting itself be divided and side tracked.
Feb 6, 2009 at 11:17 AM | Unregistered Commentermessy
DB,
Nope. Gotta go. Your done here. What you are seeing now is the culmination of decades and decades of greed and theft by those in power, and those at the top of the corporate food chain. It is too far gone to be repaired short of total collapse. Do the math yourself. It is literally impossible to pay for all the nonsense these criminals have done / promised. Can't pay it, impossible. I don't care how big you think your GDP is, you can't pay for all the shit they have borrowed / promised. It's not happening. Ask yourself a question AND BE HONEST WITH YOURSELF: do you really think anything is going to change here as it relates to business as usual in Washington? The clear answer is: no, nothing will change. Look at what they're doing RIGHT NOW with this bailout nonsense. They are viewing this as a way to ram-thru all their pet projects that have been unfunded. They literally just really don't get it, and they never will until there is a total and complete collapse here. And that total and complete collapse is probably going to happen in our lifetimes. YOU CAN'T PAY FOR ALL THE SHIT YOU HAVE PROMISED TO PAY. Get it? Everyone keeps saying "we are passing along this mess to our kids and grandkids", and they are correct. I have a solution to protecting my wife, kids and future grandkids" GOODBYE. You are headed for a meltdown here in your lifetime. It simply amazes me that collectively all of you are STILL in denial about that issue. What has to happen here before you all admit that blatantly obvious fact? You will never be able to pay for the Medicare, medicaid and social security obligations, you will never be able to pay off the debt burden taken on already, you will never be able to continue to export manufacturing and survive, your savings rate in the U.S. is zero, your trade imbalance / budget deficit is now completely ingrained in the global economy and thats what creates actual inflationary pressures on your markets. You are borrowing back your own money from your foreign creditors and then borrowing more money to pay interest on the money you already borrowed. It is only a matter of time, and not a hell of a lot of time, before this whole mess goes BOOM. Look at it this way if you like: you don't have a problem here, until your asian creditors stop loaning you money. The minute they pull the plug (which they will, they too have a baby boom generation to support soon), you can no longer function here. If your under age 50, your entire life has been subsidized with borrowed money. And our debt burden growth is now outpacing our GDP growth. Eventually you just can't pay. And then the baby boomer entitlement problem kicks in in full tilt and your done. The instant my family and I move out of here, my wife, kids and I are instantly relieved of probably $400,000 of immediate and long term government incurred liabilities. Why are we leaving? Simple: we want to beat the rush. I'll be rooting for you all, but then, I usually support the underdog. In this case, thats all of you.
To "Mad Broke Laid off, etc --

Just curious - where you are heading. I think you are correct -- the "entitlement" clusterfuck hasn't even started. I'm thinking we are going to see a doozy of hyperinflation sometime in the coming decade -- sure, we'll all get our social security and pension checks, but it'll be like the soviet pensions back after their collapse -- maybe enough for a rotgut vodka drunk once a month.
Feb 6, 2009 at 12:24 PM | Unregistered Commenterchubbz De Linquente
chubbz,

We have friends and family in Costa Rica, and after significant research we are moving there - permanently.
Adios amigos.
Mad, broke, etc. --

Buena suerte! CR is the only Cent-Am country worth considering. Huge US expat community, esp retired military. Knew of a few chiefs that went down there after punching out.
Feb 6, 2009 at 3:10 PM | Unregistered CommenterChubbz De Linquente
@READERS

GVE ME SUGGESTIONS FOR WRITING ON THE PHOTOS.

If it's good I will post a photo with the caption.

And I'm willing to post several more photos.

thanks.
Feb 6, 2009 at 7:17 PM | Registered CommenterDailyBail
Excellent commentary and connection of more recent news back to the connection points earlier in this debacle!
Feb 8, 2009 at 12:47 AM | Unregistered CommenterThink4aChange
Daily Bail:

Excellent work.
You should absolutely link over to Karl Denninger-http://market-ticker.denninger.net/authors/2-Karl-Denninger who provides some excellent financial analysis as to why all this bailout bullshit absolutely will not work; and who is as pissed off as you and I obviously are at this outright fraud.

Regards,

MN
Feb 10, 2009 at 6:40 PM | Unregistered CommenterMonica Nixon
I totally agree with you, Mad Broke and Laid Off. The politicians are expecting our children to pay off the national debt of trillions, and social security for all us baby boomers, and the expenses of millions of people collecting government pensions, welfare, health care and other subsidies for millions of illegal aliens. Let's call it what is is: felony child abuse. There needs to be a new law in the USA: nobody is responsible for a debt unless they are able to participate in creating it. The new law should state that the government cannot place a financial burden on anyone too young to be elected to the governing body that creates it.
Feb 23, 2009 at 9:48 PM | Unregistered CommenterRiverside rebel
just discovered your site - great stuff, will post. situation hopeless, the end of living the beginning of survival. i know all this shit well and reality is-- fuck all the posting and we got to get the hell out of the usa. cr is ok but its cr in centeral america. great stuff . the people with a brain know whats been happening for the past 25 years and now its all coming to a head. lets discuus where the hell t we are going to live a life.. my best to all, good health and tune in turn on and drop the fuck out. its a huge circle jerk ponzi . it started 235 years ago.
Feb 25, 2009 at 7:21 PM | Unregistered CommenterCITIZEN ORWELL

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