Ed Liddy, the man who took over the reins of AIG the failed insurance giant to which the government has made $180 billion available in aid speaks to Steve Kroft about the gargantuan task ahead.
Ed Liddy did a great job, stabilized the company and put a plan in place to repay the government and tax payers after his departure. AIG paid the entire 182 billion back with interest in 2012.
*Josh Gorman* And I’m sure that, if they had been left to fail, you’d be bitching about how the government sat on their hands as the real economy and the global economy burned. The interest rate for AIG is reported to have been about 15% by the way. And the Fed had control of almost 80% of AIG’s assets, so they were able to change out the management and had absolute veto power during the crisis.
*Josh Gorman* We socialized the loan, not the losses. The government profited tens of billions from AIG after they paid back the bailout with interest to Uncle Sam
People who should have faced huge humiliation , personal bankruptcy and jail time ...... instead walked away with $32 MILLION cash leaving packages !!! It's unbelievable .
Stellarspace they should make profit when they do not defraud consumers with the products and services they provide. Way too many people accept the criminal behavior as part of the Wall Street identity. We glorify it in movies and fawn over hedge fund managers that show us their million dollar houses. They and it is crime no different than the mafia, a drugstore robbery or a hit and run. There should be capital punishment for anyone that steals more than $50k. Bottom dwellers.
So what would your answer to this situation be? Fail the economy? I mean it's clear they're crooks, but what is the alternative to a bailout? We're talking hundreds of billions of dollars
Thank you Mr.Bolton for releasing your manuscript to the NYT. Before this I was going to start a BAN THE BOLTON BOOK movement. Now I will be a HUGE advocate for your sales. Yes QUID PRO QUO.
*KingSlimjeezy* Sorry, do you ever get a money check from the government other than through tax returns? You got that money back through better welfare funding like the housing program that kept millions from losing their homes (HARP).
They said AIG was too big to let fail, I say just too damn big and too big to not let fail. Either way the average person gets it in the rear. I would rather take the hit and have nobody get rewarded for the corruption that that caused the mess.
Yeah, the US government. Not only did it stop the economy from collapsing, the government, in selling off their equity over time, has *profited* $23 billion from its massive investment
The executives that brought this company down should have been fined and had their assets taken, just as many pension plans lost so much of recent and current retirees fund's
Then you're no better than the bankers. You and they (and their DemParty cronies) are parasites who borrow, then expect me and ALL THE REST OF US Americans to PAY FOR your bad decision.
The "Bond Market Association" (Now SIFMA), developed marketing materials for CMO's, and nowhere in these was the risk of "default". The days after the collapse, all marketing materials were amended to include the risk of mortgage default. I have an original. The Bond Market Association was so, integrated into the government, that government officials came to the office.
They had to encourage their traders to stay with the firm so they could wind down their business. If they didn't give out bonuses, everyone would have just abandoned the firm and it would have been stuck with no skilled traders to sell their assets.
Like the dude who was appointed to run AIG in order to stabilize the volatile entity that’s failure would result in tens of thousands of businesses collapsing on the salary of $1/yr?
The Credit Default sales are a large area of what goes wrong ina bank tgar size. Tgese foreign customers kmow Americzn insurance companies fund the loss and liabilities.
The issue with that is that AIG insured many securities in our pension funds. Without AIG's insurance, these instruments wouldn't have been considered "investment grade.". This change in rating would have required all pension funds (by law) to sell those risky instruments and we would have a more massive sell off that would have obliterated the middle class's retirement funds.
I just don't understand one thing (someone please explain me). If the government bailed out banks and these securities companies, why did the people lose homes? Were not their debts with the bank effectively written off? (our government recently wrote off some debts by paying the banks what people with blocked account couldn't)
People were over leveraged without even knowing and when unemployment started hitting hard people couldn’t even afford car notes / mortgage …. Which caused foreclosure which than caused the banks/ mortgage lenders to want there capital back as home value kept declining…. A lot more happened it like a domino affect
@@dondatrader5609 Yeah. Still, my point was, if the government already intervened and used taxpayer money to bail out banks, It's not really fair that people still lost homes and banks remained the owners of those homes.
In any other country, AIG would have been out of business. There were other companies in similar positions and that's how we became the biggest socialist country. Businesses could not support themselves, they were financed and owned by the government.
I dunno who made the decisions regarding who and what they would insure. Most people have no clue. How many people know who insured the Deepwater Horizon? AIG. Not a good record.
We need regulation. I've worked with and talked to people betting on subprime mortgages, most of them didn't think they would fail. They rely too much on financial models and also they have so much power that when they make a mistake they cant just learn from it and move on with minimal damage, they wreck the economy.
Some here say that living under a dollar a day is not acceptable to be considered in the group of rich persons in the country. A professional foreign advice can cost $ 100 USD an hour o more depending on the project.
AIG is a prime example of stupidity and greed or greed and stupidity. They just had to jump onto the sub-prime mortgage wagon with no understanding of where it was going or how it was going to get there.
He should have torn a page out of Marvel and Gave them a Tony Stark salute. Congress repealed the savings and loan laws that separated them from commercial banks to make the S&L scandals go away. Then the Real Estate market went corrupt and the vultures came home to roost.
There's so many anti-corporate sentiments in the comment section. It's almost as if people absolutely believe that they'd be better off without them. Let's try that one day and see what it gets you.
We paid for AIG, but we don't own it. Profits are privatized while losses are socialized. Always have been, always will be. This video is pure propaganda, as always.
*baby voice* it's so haaaaaard running a billion dollar bank. why does the government bully meeeeeeeee? We almost destroyed America but we said we're sorrrrrrry.
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Ed Liddy did a great job, stabilized the company and put a plan in place to repay the government and tax payers after his departure. AIG paid the entire 182 billion back with interest in 2012.
That doesn't include "stealth" tax breaks AIG got against future tax bills.
And when is the government gonna pay the tax payers back
*Josh Gorman*
And I’m sure that, if they had been left to fail, you’d be bitching about how the government sat on their hands as the real economy and the global economy burned.
The interest rate for AIG is reported to have been about 15% by the way. And the Fed had control of almost 80% of AIG’s assets, so they were able to change out the management and had absolute veto power during the crisis.
*Josh Gorman*
We socialized the loan, not the losses. The government profited tens of billions from AIG after they paid back the bailout with interest to Uncle Sam
Truly great Americans
“It far safer to steal large sums with a pen than small sums with a gun”...- warren freaking Buffett
that thief Buffet & his DemParty cronies should know: google.com/search?q=How-Congress+Obama-failed-economy-bombshell-proof&tbm=vid
corrected link: google.com/search?q=How-Congress+Obama-failed-economy+bombshell&tbm=vid
I had no idea!
He would know
I know I'm kind of randomly asking but does anybody know a good site to watch newly released series online?
Thank you Mr. Romney for your pledge to vote for witnesses and documents. You are truly living up to your oath. And you are a good man.
People who should have faced huge humiliation , personal bankruptcy and jail time ...... instead walked away with $32 MILLION cash leaving packages !!!
It's unbelievable .
it's socialism for the rich and capitalism for the poor
Corporations invest money into providing products and services to consumers, so they should be able to make a profit from it.
Stellarspace they should make profit when they do not defraud consumers with the products and services they provide. Way too many people accept the criminal behavior as part of the Wall Street identity. We glorify it in movies and fawn over hedge fund managers that show us their million dollar houses. They and it is crime no different than the mafia, a drugstore robbery or a hit and run. There should be capital punishment for anyone that steals more than $50k. Bottom dwellers.
The bailout resulting in a profit for the U.S. government
Bailouts are bad. This is NOT capitalism, just the opposite.
Does this apply to every bailout that has occurred and every bailout that will occur in the near future?
@@mactastic144 yes every bailout is bad in the long-term.
So what would your answer to this situation be? Fail the economy? I mean it's clear they're crooks, but what is the alternative to a bailout? We're talking hundreds of billions of dollars
If they didn’t bail them out the world economy would crash.
Thank you Mr.Bolton for releasing your manuscript to the NYT. Before this I was going to start a BAN THE BOLTON BOOK movement. Now I will be a HUGE advocate for your sales. Yes QUID PRO QUO.
I there there are a lot more layers to this than surveyed in the 60 Minutes program.
Where is our dividends if “we” own it
We were payed principle back plus interest years ago, and our prefered shares were redeemed as a result.
this
@@tkdcow9911 I never got a check
*KingSlimjeezy*
Sorry, do you ever get a money check from the government other than through tax returns? You got that money back through better welfare funding like the housing program that kept millions from losing their homes (HARP).
You'd have to be a shareholder
They said AIG was too big to let fail, I say just too damn big and too big to not let fail. Either way the average person gets it in the rear. I would rather take the hit and have nobody get rewarded for the corruption that that caused the mess.
Someone made some serious money off this failure
Yeah, the US government. Not only did it stop the economy from collapsing, the government, in selling off their equity over time, has *profited* $23 billion from its massive investment
*Josh Gorman*
I don’t think the American people are ready for the socialist revolution, my dude
google.com/search?q=How+Congress/Obama-failed-economy-bombshell&tbm=vid
@John S That's what I'm talking about.
The Bonuses should never been paid. Legal judgments could have prevented these pay outs.
The executives that brought this company down should have been fined and had their assets taken, just as many pension plans lost so much of recent and current retirees fund's
I wish the Federal Reserve will help bail me (A Law Abiding Citizen) Out of my Student Loan from 2008
Then you're no better than the bankers. You and they (and their DemParty cronies) are parasites who borrow, then expect me and ALL THE REST OF US Americans to PAY FOR your bad decision.
You took them out, you pay it back.
All this is ridiculous! They have to respond to the public prosecutor for organized financial crime, not то Congres !
The "Bond Market Association" (Now SIFMA), developed marketing materials for CMO's, and nowhere in these was the risk of "default". The days after the collapse, all marketing materials were amended to include the risk of mortgage default. I have an original. The Bond Market Association was so, integrated into the government, that government officials came to the office.
how does anyone have the nerve to give bonus after loosing $61billion.
They had to encourage their traders to stay with the firm so they could wind down their business. If they didn't give out bonuses, everyone would have just abandoned the firm and it would have been stuck with no skilled traders to sell their assets.
Crooks all of them
Like the dude who was appointed to run AIG in order to stabilize the volatile entity that’s failure would result in tens of thousands of businesses collapsing on the salary of $1/yr?
@@Kyle_Schaff ✌️not a crook✌️
GIGO. Great object lesson for our increasingly algo-driven economy.
The Credit Default sales are a large area of what goes wrong ina bank tgar size. Tgese foreign customers kmow Americzn insurance companies fund the loss and liabilities.
Never trust a skinny chef and never trust a selfless CEO.
Thieving does it pay. Quick wealth
Bonuses for those responsible for the mess? Funny way to proceed...more of the same?
And we the taxpayers paid dearly for it; which sends out a very bad signal to other businesses.
Hopes for the best
How does 30 or 40 people bring down an entire company? Greed. They were greedy, and the people that were supposed to be watching them were greedy.
No mgmt controls only greed .
Michael Milken brought down the Aetna. And the Securities and Exchange let him back in
Pamela Homeyer it is a small club and they all look out for one another.
Ed Liddy to congressman: "I take offense, sir"
panographic as he probably should if that junk was done prior to him getting there. F*ck that congressman
if anyone should figure out risk, it should be an insurance company.
They should've let AIG drown like Lehman Brothers.
The issue with that is that AIG insured many securities in our pension funds. Without AIG's insurance, these instruments wouldn't have been considered "investment grade.". This change in rating would have required all pension funds (by law) to sell those risky instruments and we would have a more massive sell off that would have obliterated the middle class's retirement funds.
When can we expect payments? We can certainly use the added finances.... LOL !!!
Saw this at my local Alcoholics Anonymous. Changed my alcoholic life #savetheturtles
Well it is called American Intl Group. This worked out in the long run. Sometimes Govt should intervene.
This is what happens when rich lawyers on the Supreme Court say money is the same as speech
Allstate + Goldman Sachs. He knew what was under the kimono.
any relation to G Gordon Liddy?
How do they feel when they were spending the public money ? That was call thieving !
Thank You Sir.
#1FOKUS #GHOSTWRITER
PHEW! I thought CBS was saying it owned Answers in Genesis and I almost threw up my lunch.
Oh my... I hadn't even considered...
Manipulate, Manipulate, Manipulate Excuse Me I Meant to Say Marketing that's what that Degree is For .
I just don't understand one thing (someone please explain me).
If the government bailed out banks and these securities companies, why did the people lose homes?
Were not their debts with the bank effectively written off?
(our government recently wrote off some debts by paying the banks what people with blocked account couldn't)
People were over leveraged without even knowing and when unemployment started hitting hard people couldn’t even afford car notes / mortgage …. Which caused foreclosure which than caused the banks/ mortgage lenders to want there capital back as home value kept declining…. A lot more happened it like a domino affect
@@dondatrader5609 I know that, but still, there was a government bailout.
In my opinion they should've let every irresponsible acter fail.
@@DataLog hopefully they let that happen this time around
@@dondatrader5609 Yeah.
Still, my point was, if the government already intervened and used taxpayer money to bail out banks, It's not really fair that people still lost homes and banks remained the owners of those homes.
In any other country, AIG would have been out of business. There were other companies in similar positions and that's how we became the biggest socialist country. Businesses could not support themselves, they were financed and owned by the government.
He is so so handsome from his actions.
Lie cheat steal welcome to aig
I dunno who made the decisions regarding who and what they would insure. Most people have no clue. How many people know who insured the Deepwater Horizon? AIG. Not a good record.
We need regulation. I've worked with and talked to people betting on subprime mortgages, most of them didn't think they would fail. They rely too much on financial models and also they have so much power that when they make a mistake they cant just learn from it and move on with minimal damage, they wreck the economy.
Came here in 2020 to see the future of Boeing. Lol
Hank hoocked him up
The frauster lives in London now.....aaaawww.
So if I'm a shareholder, where's my check?
chad f me to I’m still waiting
Shareholders don’t always get paid.. the gov made money on your tax money though!
SELL IT!
I just don’t get why and how these banks fail Man U would think if the government run anything it would be the money flow
between saving aig or lehman, it had to be aig.
Some here say that living under a dollar a day is not acceptable to be considered in the group of rich persons in the country. A professional foreign advice can cost $ 100 USD an hour o more depending on the project.
Those are certainly all words...
The Default ?
should not have bailed them out
AIG is a prime example of stupidity and greed or greed and stupidity. They just had to jump onto the sub-prime mortgage wagon with no understanding of where it was going or how it was going to get there.
116,000 employees had no role in AIG's collapse? No one went to jail. Charade.
You want the crooks, look at the banks, not the insurance company that got duped by them.
6:47 Um, how does that guy not take any responsibility?
That's a mystery.
I guess he thinks it was AIGs job to do his. Of course companies lie and no one takes responsibility for anything.
if you have a car crash with an allstate customer--good luck!
He should have torn a page out of Marvel and Gave them a Tony Stark salute. Congress repealed the savings and loan laws that separated them from commercial banks to make the S&L scandals go away. Then the Real Estate market went corrupt and the vultures came home to roost.
HILLARY 2020!!!!!!!!
I’m still waiting for the 30 thousand I lost in their stock from fraud
Anonymous he said their stock so I’m assuming AIG
Oh is this Mr. tRump's Father? dark vader? "i'm your father"
There's so many anti-corporate sentiments in the comment section. It's almost as if people absolutely believe that they'd be better off without them. Let's try that one day and see what it gets you.
I don't have any general anti-corporate bias but I think companies who act this irresponsible should be allowed to fail
Of course they want everyone to think large multinationals monopolies are "needed".
Let's actually give capitalism a try.
:o
wheres my money at hah
Combine black swans with greed and nitwit leadership , Sullivan , and voila you have a Disaster.
i didn't get a damn thing! not a penny.
Outsourced to India Incs. That’s what really caused it.
Can I sell my share please lol
2 lol xD
i own it
haha FIRST!!
Santa Barbara Dianne but are you still among the. living in 2019 ?
We paid for AIG, but we don't own it.
Profits are privatized while losses are socialized.
Always have been, always will be.
This video is pure propaganda, as always.
*baby voice* it's so haaaaaard running a billion dollar bank. why does the government bully meeeeeeeee? We almost destroyed America but we said we're sorrrrrrry.
I'm glad Trump is president!
Obama's President now
Look, AIG was/is TO BIG TO FAIL...get over it and live your lives.
All Jews
HART-/C-MarfKieTY //nd.D