Today, while testifying for only the second time on Capitol Hill since the financial crisis began, [former Fed chairman] Alan Greenspan said the Fed closely monitored the subprime market
[...]"I was right 70% of the time, but I was wrong 30% of the time, and there were an awful lot of mistakes in 21 years..."
. But Greenspan's defense
of his record today rang hollow
to many seasoned observers
, if not downright deceitful
posted by HP LaserJet P10006
on Apr 7, 2010 -
"Early in the Iraq War, it cost taxpayers $100,000 per year to insure a civilian contractor who was paid $100,000 per year. So the insurance was the same amount as the salary."
"Another very peculiar part of this particular story is that because of another law, the U.S. actually reimburses the insurance companies for any civilians who are injured in a combat situation. So at the very end, the insurance company will ultimately submit the bill to the U.S. government, and they will get paid back for any injury involving a combat wound."
"Let me ask a stupid question
: What is the point of the insurance company if taxpayers are paying for the premium and then also paying for the medical bill?
" [more inside]
posted by webhund
on Jan 12, 2010 -
Matt Taibbifilter: Among other things, the GAO report noted that the entire OTS had only one insurance specialist on staff — and this despite the fact that it was the primary regulator for the world's largest insurer! This week's MeFi stories
have generally failed to explain the reasoning that caused the recession, even though Jon Stewart
was basically on the mark. Now, Rolling Stone
's only reporter lays it all out The Big Takeover
, a typical combination of zealous snark and the overlooked, damning facts needed to clear up a ridiculously complicated story.
posted by shii
on Mar 20, 2009 -
AIG corporate memo
, leaked to Gawker, advises employees on how not to fall victim to the populist horde calling for their heads.
posted by VicNebulous
on Mar 20, 2009 -
On the heels
of news about $165 million to be paid as bonuses to AIG employees, the company has released
"the counterparties involved in credit default swaps and other transactions in which bailout funds were used to meet A.I.G. obligations."
In other words, where your bailout money went.
More background here
posted by jourman2
on Mar 15, 2009 -
In the 20 years that we've published our annual list,
we've covered corporate villains, scoundrels, criminals and miscreants. We've reported on some really bad stuff - from Exxon's Valdez spill to Union Carbide and Dow's effort to avoid responsibility for the Bhopal disaster; from oil companies coddling dictators (including Chevron and CNPC, both profiled this year) to a bank (Riggs) providing financial services for Chilean dictator Augusto Pinochet; from oil and auto companies threatening the future of the planet by blocking efforts to address climate change to duplicitous tobacco companies marketing cigarettes around the world by associating their product with images of freedom, sports, youthful energy and good health.
But we've never had a year like 2008.
). [more inside]
posted by adamvasco
on Nov 25, 2008 -
After an historic near
, a federal bailout to the tune of $85,000,000,000
, a second
federal bailout to the tune of $37,800,000,000
and one hell of a party (p
), the news
on A.I.G. just keeps getting better. Now: Fed arbitrage
! Paying down
a 9% taxpayer loan with a 2% taxpayer loan? Genius
posted by jckll
on Oct 31, 2008 -
Last month (Sept. 16, 2008) the American taxpayers bailed out
insurance giant American International Group
(AIG) to the tune of $85 billion dollars. So, asked "what ya' goin' do now after the bailout?" top executives said "party it up at the St. Regis Resort Monarch Beach
(Dana Point, CA) for a week (September 22 - 30, 2008). Total costs? Invoice: $443,343.71
. "$200,000 dollars for hotel rooms. Almost $150,000 for catered banquets. AIG spent $23,000 at the hotel spa and another $1,400 at the salon
Rep. Elijah Cummings (D-MD): "They were getting manicures, facials, pedicures and massages while American people were footing the bill. And they spent another $10,000 dollars for I don’t know what this is, leisure dining. Bars
posted by ericb
on Oct 7, 2008 -