Forums: Community: The Soap Box: Re: [guangzhou] Accept responsibility for your choices: Edit Log




yanqui


Oct 7, 2011, 9:53 AM

Views: 2183

Registered: Feb 24, 2004
Posts: 1550

Re: [guangzhou] Accept responsibility for your choices
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Accept responsibility .... hmmm ... lets see how that goes:

For years AIG made a killing radically overvaluing its subprime mortgaged backed securities. When investors found out these values were about double the values used by the bankrupt Lehman Brothers, the company immediately began to collapse. Because such a collapse would cause a complete financial meltdown, more than 100 billion government dollars got pumped into the company. Most of this money, in turn, got payed out to banks that also had to be bailed out by the government because they too had made a killing on bad investments based on inflated subprime mortgages and were too big to fail.

What did AIG officials do to accept responsibility? After the first installment of government money they went on a retreat to California, including spa, golf and banquets, costing hundreds of thousands of dollars. What next? AIG executives went on a lavish English hunting trip. Then what? AIG reported the largest corporate loss in history and the executives decided to pay themselves hundreds of millions of dollars of bonuses. Now that's responsibility.

Meanwhile, what happened to the little guy who was hit hard by the economic crisis and maybe stretched it a bit too far by buying an overvalued 300,000 dollar home in an inflated real estate market? The banks foreclosed.

Anyone who can't see the outrage in that situation is one callous cad.


(This post was edited by yanqui on Oct 7, 2011, 10:25 AM)



Edit Log:
Post edited by yanqui () on Oct 7, 2011, 9:54 AM
Post edited by yanqui () on Oct 7, 2011, 9:56 AM
Post edited by yanqui () on Oct 7, 2011, 9:57 AM
Post edited by yanqui () on Oct 7, 2011, 9:59 AM
Post edited by yanqui () on Oct 7, 2011, 10:00 AM
Post edited by yanqui () on Oct 7, 2011, 10:25 AM


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