This IS utter bullshit. AIG can change their derivative and insurance contracts ie: not making payments to their credit default swap holders, yet they can't change their contracts for bonuses...people need to wake the fuck up and understand we're being duped. AIG isn't going to be repaying ANY of this bailout money, ever. Instead of making them bigger, we need to BURN THEM TO THE GROUND! I could go for a Guy Fawkes moment right about now
have you actually read the terms of the bailout?
1. you do realize that the government virtually owns AIG at the moment, it owns a massive amount around 80%, it also has rights to high yielding interest payments not to mention, the government has the right to strike down dividends and payments to common and preferred shareholders
. AIG will attempt to pay back certain portions by selling off pieces of its business or the government will control those assets as collateral. All of AIG has a company is solid and profitable. The problam was in the derivatives arm based in London. Everything else is utterly solid. It was the largest insurance company in the world prior to all this and the 18th most valuable company in the *ENTIRE* world in 2008. The problem is the toxic assets, not the company itself.
2. No, AIG cannot simply "change" their derivative and insurance contracts. They agreed to binding legal agreements to be the counterparty for derivative trades and writing insurance policies.
you cannot just change whatever you'd like when you legally owe people money.
3. Burn them to the ground? Blow them up? are you insane? Do you know how many employees AIG has who are totally innocent and had nothing to do with derivatives trading? Who committed their lives to the firm? 116,000 people work for AIG, who have done *NOTHING* wrong.
4. burn them to the ground and you burn the world with them. AIG is the underwriter for over 1 *MILLION* life insurance policies through australian corporate and state pension plans
there another 2 million plus policies written in Hong Kong
they own nearly 20% of China's largest casualty insurer
i am not even going to go further into their insurance holdings, or their aircraft leasing businesses, telecommunications, real estate
5. Before you "burn them to the ground" all these loans are going to bail out the individual american *STATES* that are counterparties to AIG derivatives and insurance...should we just let the states burn too?
The bailout has paid out 12.1 billion alone to US States like
California 1.2 billion
Virginia 1.01 billion
Hawai 770 million
Oho 490 million
Georgia 410 million
and 15 more states ranging from as much as 360 million to 100 million
You are being completely silly and infantile