AIG struggles to survive financial tsunami

[ccskier]

The government, has to step in. AIG is the backbone of the market. I work in the insurance industry and the past two days have been kind of hellish. AIG has/had $1.1 trillion dollars in assets, sure they are not liquid, but they have their hands in everything. If AIG fails, the loan market will fail, no one will be able to get a loan for the simple things like cars. From the insurance standing, there is not an immediate worry. The insurance side of the house operate on their own. AIG is the holding company, for instance, there was talk of non-brokered auto insurance, that is probably AIG direct, separate company. There is over $26 billion in reserves set solely for paying insurance claims, safe for now, bu they did file w/ the state to dip into them if they have to. The different insurance divisions of AIG have a combine ratio between 80-95% (want to be lower than 100% to be profitable). Depending upon state there is also the guarantee fund if a company becomes insolvent and can not pay claims, here in MA it is $300k. Not that it is going to happen, but if it ever did fall out, just switch companies.

http://money.cnn.com/2008/09/16/news/companies/AIG/index.htm?cnn=yes

 

[andyzee]

I hope they go out of business, could mean lower prices at Stowe. F everything else, simple as that. :-D

 

[deadheadskier]

The government, has to step in.

apparently they think so too....

http://money.cnn.com/2008/09/16/news/companies/AIG/index.htm?cnn=yes


So lets see, Fannie, Freddie, AIG, Bear Stearns and more.......by the end of the year the Fed will own McDonald's :lol:

 

[andyzee]

Well, there goes cheaper Stowe tix. Life is so unfair! :???:

 

[Moe Ghoul]

I hope they go out of business, could mean lower prices at Stowe. F everything else, simple as that. :-D

If they're "too big to fail", force the counter parties to bail it out and the band of thieves that created the mess. F them, F Cox at the SEC, F the 8 years of deregulation and non- enforcement, and a big FU to Phil Gramm, who should be flogged severely with a rubber hose as well. :flame::flame::uzi::uzi::smash::smash:

http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html

 

[andyzee]

If they're "too big to fail", force the counter parties to bail it out and the band of thieves that created the mess. F them, F Cox at the SEC, F the 8 years of deregulation and non- enforcement, and a big FU to Phil Gramm, who should be flogged severely with a rubber hose as well. :flame::flame::uzi::uzi::smash::smash:

http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html

Yep, what he said.

 

[deadheadskier]

, and a big FU to Phil Gramm,

oh stop being such a 'whiner' :lol:

 

[andyzee]

oh stop being such a 'whiner' :lol:

Yeah, just bend over and take it like everyone else! :roll: :-D

 

[RootDKJ]

I saw 3 AIG commericals on TV last night. At this point, you would think they would stop running them and not spend any more cash.

 

[billski]

I don't think people should get life in prison for financial stuff unless they are robbing a bank with a gun...yes fraud is bad but murderers usually don't even get life sentences..The federal mandatory minimum sentences are a bunch of BS...they are merely costing society more to keep them fed, housed and supervised in Prison..They should get a Pinapple shoved up their ass in front of all the people they f4cked over..kind of like in Little Nicky..lol

AIG is as far as I know..the biggest insurance company in the world..and there are going to be some bad apples..I don't see this affecting Stowe..maybe more fresh Poe..this season since all the AIG execs in prison were tracking out all the mad Edgar Allen Poe in the woods..ya heard..

Don't agree. Look at Enron and all the employees that lost everything they had, even some fell to the poverty level. I don't care what it costs us to lock them up, it sets the tone that this crap won't be tolerated and that those entrusted with great responsibility need to take their roles damn seriously.

 

[billski]

I am glad that Ben Bernake took the time to read this thread before he made his decision. Maybe they exert some pressure now on MMC to restructure Stowe as a "value resort"

 

[Warp Daddy]

If they're "too big to fail", force the counter parties to bail it out and the band of thieves that created the mess. F them, F Cox at the SEC, F the 8 years of deregulation and non- enforcement, and a big FU to Phil Gramm, who should be flogged severely with a rubber hose as well. :flame::flame::uzi::uzi::smash::smash:

http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html

AGREE

Let the bastids fail !!!

 

[Warp Daddy]

And put the BOZOS in charge in the crow bar hotel --

 

[Marc]

kind of depends

if you're an outside investor, and numerous people were in the case of Enron, then yes, kind of stupid. However, for an employee who gets offered a sweet IPO, I could see some people taking that gamble. It can work both ways. Take Google for instance who had an IPO of I think around $85 (probably lower for employees) and now is hovering around $450. People only put in a little bit, would probably be kicking themselves.

Not disagreeing that diversification is the way to go, but do see how some can go 'all in' under certain circumstances. Maybe they're good poker players :lol:

I too can understand why people would want to, but it doesn't change me thinking they're idiots. Chasing after a Google with your retirement is as idiotic as betting your retirement on a horse race.

How often does a Google come along? The last one was Microsoft. If anyone thinks they can pick a one and fifteen year stock out of the hundreds of thousands that come along reliably enough to bet their nest egg on, they might as well go spend it on the lottery or a slot machine or any other various forms of the stupid tax.

 

[deadheadskier]

Yeah, just bend over and take it like everyone else! :roll: :-D

It's what Gramm would say :lol:

 

[deadheadskier]

I too can understand why people would want to, but it doesn't change me thinking they're idiots. Chasing after a Google with your retirement is as idiotic as betting your retirement on a horse race.

How often does a Google come along? The last one was Microsoft. If anyone thinks they can pick a one and fifteen year stock out of the hundreds of thousands that come along reliably enough to bet their nest egg on, they might as well go spend it on the lottery or a slot machine or any other various forms of the stupid tax.

I think Powerball is up over a hundred mil tonight. You want in on that action? :lol:

 

[Marc]

I apologize if I seem bitter. I'm just waiting for FM to get their equal share of government handout like AIG got...


I'm not holding my breath.

 

[Marc]

I think Powerball is up over a hundred mil tonight. You want in on that action? :lol:

Give me a sec... I'm taking a loan against my 401(k) as we speak... :dunce:

 

[ctenidae]

I apologize if I seem bitter. I'm just waiting for FM to get their equal share of government handout like AIG got...


I'm not holding my breath.

I think you'd have to get an equal share of the world's financial markets first.

But, anything's possible.

 

[Marc]

I think you'd have to get an equal share of the world's financial markets first.

But, anything's possible.

Stop taking away my dreams. Just because FM was smart enough to stay insurance (Lord knows why an insurance company would want to focus on insurance...?) doesn't mean we shouldn't get a piece of that sweet taxpayer pie.

And yes, I'd like that on a silver platter.


That or a big fat tax rebate if/when AIG recovers and starts turning a profit.