A short time ago, our Chairman and CEO Ed Liddy said that he has ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs.

Given AIG’s commitment to our customers, business partners, regulators, and American taxpayers, coupled with the new and very different challenges our company now faces, we take these responsibilities extremely seriously. Their trust is critical to our success. We recognize the need to be sensitive about all company expenditures.

As we move forward, we will continue our focus our efforts to pay back the $85 billion loan from the Federal Reserve Bank of New York as quickly as possible.

We appreciate your blog’s efforts to share this information with your readers.

Best,

AIG Blog Relations

Specifically the paragraph:

“The event, mischaracterized as an “Executive Retreat,” was held by one of AIG’s insurance subsidiaries for independent life insurance agents, not for AIG employees. These agents were top business producers for the company, and of the more than 100 attendees, only 10 were employees of the AIG subsidiary who were there to represent their company. No AIG executives from headquarters attended. The meeting was planned months before the Federal Reserve Bank of New York’s loan to AIG.”

Lets hope “They” don’t steal the election one more time…”They” have all of the police state tactics in place..It’s been 8 years…
Yeah, we ain’t seen nothing yet..

Julie gives me hope~Go Wallstrip!!

Do you think what Brad Pitts Character (Tyler Dierdon) could ever really happen to RESET everyone’s credit to zero?

Probably not, huh? I guess you have to have a defaulted mortgage for that. Just wishin’

Bill heard should be in Jail and all 3000!!

Zz

Three card monty anyone? Guess which card is the end of the recession and win yourself an economic recovery!

NADER STAND WITH WE THE PEOPLE (Americans are smarter than the Corporations think…) We Need to VOTE NADER in 2008 and VOTE the corporate elite OUT!!!!!!!!!!!

was hoping you’d go out on the street to do some interviews with people, see if their attitudes have changed… maybe way until DOW hits 8000 :-)

Responsible lending practices exist for a reason.

After I discovered severe corruption at Eurostat, the statistical office of the European Union, I wrote a fully documented message detailing the allegations, which I posted on Timothy Syke’s website.

In a very short time, my message was deleted. When I contacted Sykes, his excuses ran the gamut from “the file size was too large” to “the message doesn’t fit the theme of our website” to “you don’t write good enough”.

Timothy Sykes is not a prophet who exposes “manipulative forces at work in companies, the media, ANALysts, etc.” as he proclaims. Timothy Sykes is a liar who probably works *for* the manipulative forces as a facade of opposition.

If you would like to receive a copy of my message about corruption at Eurostat that includes graphics, please contact me.

Jeff Bowyer
jbowyer@seznam.cz

Burning more good money in an effort to limit the losses is imho not the right approach.

I do agree that companies should be allowed to go out of business. Otherwise, we end up with an economic mess like Japan.

Here are a few interesting articles and videos that I’ve collected over the past week….

When the DOW fell Monday the money was NOT LOSSED it moved into T- Notes and gold. WE are being HAD and WE, OUR CHILDREN AND GRANDCHILDREN WILL PAY FOR A FEW GREEDY PEOPLE WHO WISH TO DESTROY AMERICA.

May GOD bless America and DAMN those that seek to destroy it.

It’s a 800 Billion package, 700 Billion to be used in 50 Billion Bites, 100 Billion in Pork and a whole bunch of Business tax Credits to rebate Energy improvement expenses.

It removes Coal Power Plant Emission testings and record keeping by the Utility Or Steel Coal Exhaust and raises the CO2 Out-put Levels.

Foreclosed Property will be bought back from the Mortgage holders and that allows them to reinvest in China or wherever they can get the best returns.

http://www.TimAlertsExposed.com
http://www.TimothySykesExposed.com

I would never claim to have the answer, NOBODY seems to, but it seems like reform of the banking community and OVERSIGHT should be KEY to this legislation - if we’re ALL going to pay, we should get SOMETHING for our nearly TRILLION dollars! Safer more stable and saner bankers would be a start!

BTW - LOVE the “Schoolhouse Rock” clip but now I’m humming the Lolly’s Lolly’s Lolly’s Adverb song! lol!

PERIOD.

As for teaching “both”…NO!!!!!! Teach the science in the school..G-d in the home!

The so called ‘jabs’ on Ms. Pallin are real/ what? is she toooo sensitive for the big time network?..Then she should stay in Alaska!..Now give me the scoop, did she really have an affair??

The street interviews are the BEST times at Wall Strip!!!!

read that it explains LeftHand’s products very well

7:40 mark: “I think (evolution) should be taught as an accepted scientific principle.”…..”(Creationism) should not be part of a local school cirriculum….Science should be taught in science class”

Thrilled?

Not holding my breath for the “Palin thinks dinosaurs didn’t exist!” mythology to subside…

I don’t think a show has to be “earth shattering” or surprising to be great! While all the networks put their spin on the economy and who’s to blame, I found the idea of doing a “streeter” with those most effected AND responsible for the crisis to be brilliant! It doesn’t have to be Shakespeare to be great!

Julie and I are VERY casual friends online and I feel lucky and privileged to be able to count her as one - if she’s not your idea of talented and entertaining then I wonder what show your watching? Difference of opinion is what makes this country great - I find a GREAT deal of substance and knowledge and if you think “Wallstrip” has a different format than it did when Lindsay was hosting, you CLEARLY didn’t watch it much when she hosted because she was even MORE irreverent and comical than Julie - and I LOVED the show then as well!

I’m sorry that you don’t see the value, production quality and talent involved in creating a daily MUST WATCH! Plenty of people watch this daily and enjoy it! I commend you for at least giving it a try before you criticized it but I have to disagree.

Keep doing what you’re doing Julie and Howard, the show has NEVER been better!

If I want gloom and doom, I’ll watch Bloomberg news or CNBC!

I still don’t see ANY evidence AT ALL that Palin has dismissed evolution or doesn’t see it as legitimate science.

I also see NO evidence AT ALL that Palin has pushed for, advocated or even CONSIDERED advocating that Creationism being taught in schools. (I do see evidence that she didn’t want the school silencing creation vs evolution debate)

No evidence whatsoever. Although apparently it is fashionable to say so anyway….with a smirk :)

Here’s the quote, from http://www.boston.com/news/local/articles_of_faith/2008/08/sarah_palin_on.html

“Teach both. You know, don’t be afraid of information….Healthy debate is so important and it’s so valuable in our schools. I am a proponent of teaching both. And you know, I say this too as the daughter of a science teacher. Growing up with being so privileged and blessed to be given a lot of information on, on both sides of the subject — creationism and evolution. It’s been a healthy foundation for me. But don’t be afraid of information and let kids debate both sides.”

I’m really trying to find this….and while a lot of people seem quite willing to make these little verbal jabs, I haven’t yet found anyone willing to back them up with facts.

Thanks!

Congratulations and a big pat on the back, but you’re wrong. Capitalism does not run on morals. It runs on self-interest.

My job, when I am in the market for a loan, is to get the best loan terms I can. The bank’s job is to get the best loan terms IT can. I pay for money with interest - they pay for interest with risk. My job is to convince the bank that I can pay and that my collateral is really valuable enough. Their job is to make sure they don’t take on too much risk that I actually can’t pay or that my collateral is really worthless.

Responsibility and accountability, in the loan world, come in the very concrete form of default terms. You should pay as agreed. If you don’t pay as agreed, this is what happens: you lose your collateral and your credit rating. This isn’t an honor system and never has been. In fact, it would be really, really dumb if it were.

When a bank has done its job, the loan-to-value ratio and the actual value of the collateral ensure that when any individual consumer defaults, it’s either good for the bank, neutral for the bank, or only slightly bad for the bank. When a bank has done its job consistently, the total amount of risk they’ve taken on ensures that a) everyone they’ve loaned to is not going to default on their loans at once and b) even if they did, the bank wouldn’t fail.

Watch this math:

I take out a loan at 6% interest for $250,000 to buy a house. I buy the house for $300,000 (using $50,000 of my own money - an 83% loan-to-value.)

3 years later, something happens - I lose my job or something. Anyway, I can’t pay my mortgage payment anymore. The bank can come in, take my house, kick me out, and sell it to cover their outlay. Who wins?

Well, assuming the my house is still worth about $300,000, the bank does - by a lot. I lose my $50,000 + 3 years of interest at 6% + 3 years of the principal I have been paying. This is why people usually don’t default - it’s better for them to sell the house themselves and recoup their investment.

And even if the housing market has crashed and the bank can’t sell the house for more than $250,000, they still come out about even, a little ahead. They’re not going to go broke giving out this kind of loan, no matter how many people are so very much more irresponsible than you and have the nerve to lose their jobs and stop being able to pay their mortgage.

But look at another scenario:

I want to buy the same house. I don’t have a lot of cash saved up, so I take out a loan for 100% of the value: $300,000. Let’s keep it simple and say it’s still a flat interest rate of 6%. My plan is to keep the house a few years, maybe make a few improvements, and then sell it for a profit. Unfortunately, again, after 3 years I lose my job and can’t make the payments anymore. What’s more, the housing market has crashed.

Now, I can’t sell my house for more than $250,000. I still owe almost $300,000. I will default. The bank can come in and sell the house, but they’ll still be out $50,000 less whatever interest I’ve paid thus far. They very much CAN go broke making these sorts of loans. The bank bet on the housing market, and it was a bad bet. An 80% loan-to-value ratio cut off, or a more level-headed appraisal of the property’s value - either one would have protected the bank from this loss. It’s not a matter of my morals - although it wasn’t very prudent of me to take on such a risky loan myself. It’s a matter of the bank assuming a bad, bad risk and then getting bitten by it.

And that’s not even considering the fancy-pants loans - the ARMs and balloon payments and such that banks were handing out like candy.

Believe me, I’m all about personal responsibility, but to blame this on the consumer is to turn a blind eye to the bank’s responsibility, taken on when they entered the lending business, to evaluate risk and make sure their balance sheet adds up.

Nothing cuts to the quick like the views of the public that is effected by this crisis - you don’t get this insight from CNBC or the “Big 3″ networks nightly news - WELL DONE!

I half expected to hear thuds and see brokers going SPLAT on the pavement but I TOTALLY agree the woman who said now is the time to buy during the clearance sale and I think yesterday showed that SEVERAL agree as well - now if I just had MONEY to spend on investing instead of gas, food, mortgage (mine is SOLID!) and COLA (not Coke or Pepsi)!