Showing posts with label AIG. Show all posts
Showing posts with label AIG. Show all posts

Friday, March 20, 2009

THE MOB VS. THE MOB

"I feel like I'm watching Star Wars and the destruction of the Evil Empire. This banking industry is like the mob and the mob is after them."

GOOD THINGS HAPPENING BENEATH THE SURFACE. Read more below...

SCANDAL UPDATES: CAN YOU BELIEVE THE NERVE?

But PLEASE STOP THE DEATH THREATS against the AIG employees who received bonues. I have received death threats from Ann Coulter fans, and believe me, it is quite scary — especially when you have children. It can ruin your life. This is a media lynching, and since the blame is with the designers of these credit default swaps and complicated financial products, people should behave like civilized human beings.

A.I.G. Sues U.S. for Return of $306 Million in Tax Payments
While the American International Group comes under fire from Congress over executive bonuses, it is quietly fighting the federal government for the return of $306 million in tax payments, some related to deals that were conducted through offshore tax havens.

A.I.G. sued the government last month in a bid to force it to return the payments, which stemmed in large part from its use of aggressive tax deals, some involving entities controlled by the company’s financial products unit in the Cayman Islands, Ireland, the Dutch Antilles and other offshore havens.

A.I.G. is effectively suing its majority owner, the government, which has an 80 percent stake and has poured nearly $200 billion into the insurer in a bid to avert its collapse and avoid troubling the global financial markets. The company is in effect asking for even more money, in the form of tax refunds. The suit also suggests that A.I.G. is spending taxpayer money to pursue its case, something it is legally entitled to do. Its initial claim was denied by the Internal Revenue Service last year.
CNBC HOST: WALL STREET FIRMS CAN'T 'BE RUN WELL' BY THOSE MAKING UNDER $250K

HAINES: Let’s get back to what I regard as a fundamental issue here. I know it’s politically unpopular, politically incorrect. I know it goes against all of the populist indignation that’s out there right now. But you can’t really, it seems to me, expect that these Wall Street companies are going to be run well by a bunch of people who don’t make more than $250,000.

Of course, Wall Street has been run so smoothly under millionaire CEOs. Haines also seems to be criticizing the management ability of America’s small business owners, the vast majority of whom do not earn over $250,000 in gross income per year.

UPDATE The Wonk Room's Pat Garofalo notes that today Haines also compared Wall Street to Nazi Germany in arguing that AIG should keep its bonuses:

"It’s just like when the Allies were victorious over Nazi Germany in World War II, when we occupied the country, we left a lot of Nazis in place because they were the ones who made the trains run on time and the bureaucracy function properly, etc. And it was distasteful, but you needed them." (!!!!???)

SUZE ORMAN TO BUSH: You Owe The American People Every Penny Of Your Fortune And Your Family's Fortune

MIRACLES HAPPEN... THE GOOD NEWS

This AIG bonus scandal is a gift in disguise. It is exposing the ugly underbelly of massive banking fraud and elitism. This is a good thing. The liars can whine all they want, but the truth is that deregulation caused this and pleas to regulate were ignored for the past 8 years on George W. Bush's watch. So -- let's look at the good happening now: Transparency! So much greed occurred in the past 8 years, including mortgage banking fraud, contractor fraud in Iraq, war profiteering and Big Oil tax loopholes. Everything will come out now. This is encouraging.
You attract to yourself riches or poverty, peace of mind or fear — entirely in accordance with the thoughts you think. You make your own conditions, and you can unmake them.
"You know how when you’re in a room with a serial killer – or someone who is extremely angry – you can just feel the tension coming off the person? Well the opposite is true too. It’s been scientifically proven that enthusiasm and courage actually change your brain waves, changing the molecular structure around you. This means you can be attractive even if you’re not good looking — because when you radiate love, you attract people. - Lydia from the comedy "Venus Conspiracy"

Science has now proven that there is no solid matter. What looks like a table is really vibrational energy. Love is a powerful molecular energy, a transformative force. Imagine if joy and love were tangible, physical. What would they look like? A joyous, loving spirit actually has a calming effect on others.

THINGS FALL APART... BUT IT'S ALL GOOD

Chaos theory says that right where there appears to be chaos, from a higher view, a beautiful pattern is developing and emerging. If a business doesn't pay attention to changes going on, it is going to be in trouble. But if this troubled business embraces the change - there will be a period that appears to be "chaos" for a while, but in reality a beautiful solution is developing. This good intention of "embracing change and acting on the side of good" acts as a magnet that brings everything into order. A higher order, the next stage of development.

VIKTOR FRANKL
Viktor Frankl, the Austrian Holocaust survivor who overcame concentration camp torture with the power of his mind, is one of my heroes. He literally transcended hell on earth with his thoughts, and somehow the torturers left him alone. He rose above his grisly fate by dwelling on love. He thought non-stop of his wife's face, the love they shared. He filled his mind with so much love, the prison guards never abused him. He was untouchable and of course, was one of the few who survived.
Even in the degradation and abject misery of a concentration camp, Frankl was able to exercise the most important freedom of all - the freedom to determine one's own attitude and spiritual well-being. No sadistic Nazi SS guard was able to take that away from him or control the inner-life of Frankl's soul. One of the ways he found the strength to fight to stay alive and not lose hope was to think of his wife. Frankl clearly saw that it was those who had nothing to live for who died quickest in the concentration camp.

From "Man's Search for Meaning" by Viktor Frankl: "A thought transfixed me: for the first time in my life I saw the truth as it is set into song by so many poets, proclaimed as the final wisdom by so many thinkers. The truth--that love is the ultimate and the highest goal to which man can aspire. Then I grasped the meaning of the greatest secret that human poetry and human thought and belief have to impart: The salvation of man is through love and in love.

I understood how a man who has nothing left in this world may still know bliss, be it only for a brief moment, in the contemplation of his beloved. In a position of utter desolation, when a man cannot express himself in positive action, when his only achievement may consist in enduring his sufferings in the right way--an honorable way--in such a position man can, through loving contemplation of the image he carries of his beloved, achieve fulfillment. For the first time in my life, I was able to understand the words, "The angels are lost in perpetual contemplation of an infinite glory."

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MIRACLES HAPPEN ... they are natural laws

A very wise man said that each time he lost a job or client, the door opened to a better one. The minute he put too much importance on a particular job, project or relationship, it mysteriously self-destructed. . .because you cannot get your self-esteem from material things. It’s an inside job. The minute you put all your focus on money, pleasure or material goods you will lose those things – because nothing in the material world is stable. Stock markets drop, banks fail, houses can burn down. But as long as you "wear the world as a loose garment" you can be okay during any crisis.

All you have to do is to take care of one moment at a time and commit 100% to getting your inner life right before anything else.

The man I'm referring to now has a successful career on his own terms, doing work that he loves; but he had to let go of needing that one job to fix him. He had to stop putting his focus on MONEY, PROPERTY OR PRESTIGE.

** If you are very worried and confused, now is the time to “lie down among the poppies” mentally and pray. But prayer is not what you think it is. It is walking surrendering the fight. Stop worrying about your problems, walk away from intellectual manipulation. Try it for one week.

"It is by self-forgetting that we find..." As contrary to your nature and as hard as it sounds, you must completely put your worries aside for one week or so — enjoy the beauty in life, find ways to help others — get your mind off yourself and your worries. You can only fix things so far by human manipulation. When you are deeply confused there is only one way to go: DROP IT ALL TOGETHER and replace your negative obsessions with thoughts of joy, truth, love and beauty. These are all synonyms of "God." This is true prayer: the invisible transfer of love to another, and to yourself.

Emmet Fox writes: "A woman in London, whose affairs seemed to have got into a hopeless tangle that meant utter ruin, was persuaded to drop the whole burden mentally and “let the worst happen,” while he spent two or three days browsing spiritual books, and praying for peace and happiness. He was forbidden to worry or look again at his problems. Everything cleared up like magic within a week without having to take any material action."


If you have a problem or a worry, do not indulge in blaming the past, or dwelling on the problem — whether it’s your job or a tragedy or a difficult person or someone who hurt you. Do not look back and blame yourself either. It’s a complete waste of time. Do not indulge in grumbling, psychoanalyzing, self-pity, recriminations, or how you could have done it better. The past will tyrannize you; the future will terrorize you. All you can do is live this one moment and train your thoughts. TRAIN YOUR THOUGHTS to think only of good things; and if you can’t come up with any good thoughts, don’t think at all, empty your mind out. Stop the chatter, meditate -- take a walk in a forest. If you can't stand the quiet— go to the movies, ride a roller coaster, help at the Mission, eat ice-cream, go dancing, play music, create art, express joy, have fun, clean house.

As Einstein said, "No problem can be solved on the level it was created on."

DON’T THINK, DON’T DWELL ON YOUR WORRIES; DWELL ON GOOD, BEAUTY TRUTH, LIGHT, JOY. If you really do this, your problem will go away because your thoughts create your reality.

If you dwell on your worries they will get bigger. This is what is meant by "don't fight your enemies." You thought your problem into existence, now unthink it. Shakespeare said, “There is nothing either good or bad, but thinking makes it so.” Wash it away by substituting it with a thought of Love, Truth, Beauty Wisdon. You will be amazed at the power of prayer; it completely changes things — even sickness and material conditions. This is a secret few people know until they really want it. Give it a try and see what happens.

Love by Emmet Fox

“There is no difficulty that enough love will not conquer; no disease that enough love will not heal; no door that enough love will not open; no gulf that enough love will not bridge; no wall that enough love will not throw down; no sin that enough love will not redeem.

It makes no difference how deeply seated the trouble, how hopeless the outlook, how muddled the tangle, how great the mistake; a sufficient realization of love will dissolve it all.”

Forget mistakes. Forget failures. Forget everything except what you’re going to do now and do it now. Today is your lucky day!

Tuesday, March 17, 2009

HEARTBREAKING AIG SCANDAL UPDATES


Fed failed to tell Obama about AIG bonuses!

"This is like the captain and the crew of the ship reserving the lifeboats, saying to hell with the passengers, we're going to take the lifeboats for ourselves, for the crew and the captain. That's what happened here." Massachusetts Democrat Stephen Lynch


This is heartbreaking: yesterday I was listening to the Ron Reagan show on Air America, and a woman called in named "Nadia" who lost her 19-year-old son in an industrial accident. Even though he was covered by AIG in an insurance policy with his company, AIG would not pay out. The grieving family was given the run-around and forced to go to court to sue AIG. The insurance giant still has not paid anything on the claim. They "claim" they have no money, or some such nonsense. I am not exactly sure of all the details, but you could hear the heartache in her voice. To have lost a son, and then to hear that AIG is paying out bonuses to buddies, swindlers and fellow partners in crime, is simply criminal.

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The Real AIG Scandal: It's not the bonuses. It's that AIG's counterparties are getting paid back in full. By Eliot Spitzer

Everybody is rushing to condemn AIG's bonuses, but this simple scandal is obscuring the real disgrace at the insurance giant: Why are AIG's counterparties getting paid back in full, to the tune of tens of billions of taxpayer dollars?

...The appearance that this was all an inside job is overwhelming. AIG was nothing more than a conduit for huge capital flows to the same old suspects, with no reason or explanation.

It all appears, once again, to be the same insiders protecting themselves against sharing the pain and risk of their own bad adventure.

The payments to AIG's counterparties are justified with an appeal to the sanctity of contract. If AIG's contracts turned out to be shaky, the theory goes, then the whole edifice of the financial system would collapse.

What is the deeper relationship between Goldman and AIG? Didn't they almost merge a few years ago but did not because Goldman couldn't get its arms around the black box that is AIG? If that is true, why should Goldman get bailed out? After all, they should have known as well as anybody that a big part of AIG's business model was not to pay on insurance it had issued.
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Arianna Huffington: A Disturbing D.C. Whodunit [Updated]

The mystery over who killed a provision in the stimulus package that would have curtailed bonuses at bailed out companies is a disturbing D.C. whodunit. But even more disturbing is what it reveals about how our government is run. "It is the ultimate indictment of what Washington has become," Sen. Ron Wyden, co-sponsor of the eliminated provision told me. "It's a place where, again and again, the public interest is deep-sixed without any fingerprints." Wyden has no idea who killed the provision. And, so far, no one in the administration of a president who promised that transparency would be a "touchstone" of his presidency has demanded that whoever is responsible own up to it. We deserve better.
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Michael Hudson of Counterpunch says: Let’s go after the REAL money given to AIG – the $183 billion! I realize that this has already been paid out, and we can’t get it back from the counterparties who knew that Alan Greenspan and George Bush and Hank Paulson were steering the U.S. economy off a real estate cliff, a derivatives cliff and a balance-of-payments cliff all wrapped up into one by betting against collateralized debt obligations (CDOs) and insuring these casino bets with AIG. That money has been siphoned off from the Treasury fair and square, by putting their own proxies in the key government slots, the better to serve them.

So let’s go after them altogether. Sen. Schumer said to the AIG bonus recipients that the I.R.S. can go after them and get the money back one way or another. And it can indeed go after the $183-billion bailout recipients. All it has to do is re-instate the estate tax and raise the marginal income and wealth-tax rates to the (already reduced) Clinton-era levels.


HAPPY ST. PATRICK'S DAY!!

You are SO lucky!


AIG OUTRAGE UPDATE!

NY Attorney General Cuomo Reveals 73 Individuals Got Multi-Million-Dollar Bonuses... Top Recipient Got $6.4 Million....


Undercuts AIG Claim On Retention Payments: Numerous Bonus Recipients No Longer Work At The Firm ...

MORE AIG FALLOUT: CNBC's Santelli Downplays AIG Outrage, Asks Public To Show Some Perspective: "$165 Million Is Like Worrying About 16.5 Cents While $165 Maybe Necessitates A Little More Outrage"... Sen. Reid: Congress Intends To Retrieve Stimulus Money From AIG... Geithner Under Fire Over AIG Scandal: Sen. Shelby Charges Treasury Secretary Is "Out Of The Loop"... Security Ramped Up After Death Threats: Armed Guards Posted Outside AIG Offices... Some Senior Managers Submit Resignations... AIG BIG NEWS PAGE at Huffington Post


Who is Saint Patrick?
Saint Patrick was a missionary who lived in Ireland. He died around March 17, 493.
When he was 16 years old, Saint Patrick was captured and made a slave.
He was a slave for six years.

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Arianna Huffington: What If Jon Stewart, Instead of John King, Interviewed Dick Cheney
As I watched John King interview Dick Cheney on Sunday, Jon Stewart kept popping into my head. Each time King let Cheney get away with revisionist history, I kept thinking how different things would have been had Stewart been asking the questions. A low point came when King brought out some data to refute Cheney's spin, then undercut the impact of the hard, cold facts that he was quoting by using mealy-mouthed qualifiers like "There are people who would say..." and "and they have some numbers to back up their case." Facts are not some numbers that belong to some people being trotted to make their case. They are empirical evidence. I can imagine King asking a flat-earther: "Some people say the earth is round. And they have some pictures taken from outer space to back up their case. What would you say to them?" More at Huffington Post