Ex-AIG CEO says government support will have to continue [calls $700B bailout "woefully inadequate"]

Reuters ^ | 2008-11-11 | Lilla Zuill

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NEW YORK (Reuters) - Former American International Group Inc (AIG.N) Chief Executive Maurice "Hank" Greenberg said on Tuesday the U.S. government support for the giant insurer will have to continue until the hobbled company is back on its feet.

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FTA:

The government will likely have to spend much more to fix the overall economy, said Greenberg, who called the $700 billion financial rescue legislation "woefully inadequate."

And so it begins...the long descent to the bottom.

[rabscuttle385]

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*Ping!*

[Comparative Advantage]

Hank go go f#ck himself. Move to Russia if he wants bailouts. Let the market sort this out!

[kbennkc]

"woefully inadequate."

Sounds like a petition to modify alimony award .

[raj bhatia]

The tone is incredible. Basically a beggar is holding the govt. hostage and dictating how many billions is adequate for him. This stuff is beyond insane. Thank you Paulson.

[Boiling Pots]

The gall of this guy to blame the Taxpayers.

These morons can all take their Ivy League “educations” and Daddy’s Business Connections and shove them all up their collectives *sses.

[TigersEye]

Unbelievable! Or it should be.

[Arizona Carolyn]

Not one single Senator or Congressman should have voted FOR this damned bill.. this is like people on welfare, they just keep coming back for more and more...

[Lorianne]

I propose a change. FTA to TAF (Tar and Feathers)

[rabscuttle385]

Unbelievable! Or it should be.

You betcha.

We are now living in

where everyone is

Sad, isn't it?

[pleikumud]

Government spending is skyrocketing. Inflation will soon do the same —— looking for “off the map” inflation rate in 2009, maybe 30% on food and energy. November 2008 will look like the good old days.

Plus, there is general lack of confidence that the National Socialists (aka Demos) will have any idea what to do about it.

[dragnet2]

The gall of this guy to blame the Taxpayers.

The high rollers at AIG spread the Grey Poupon at their tax paid lunches with a smile.

[stubernx98]

Yeah but, what about our next management retreat. We were thinking Paris would be nice, or maybe a skiing trip to the Swiss Alps.

There has been a lot of stress on management lately we need some down time. Why I almost missed my payment on my Yacht.

[CORedneck]

The nerve of these executives. I think a more appropriate place for an executive retreat - Federal Prison in Marion, IL. It would be something for them to remember ! Let's see, gray walls, gray bars, cold metal toilets to sit on and on top of that, no privacy with wiping and everything seen by all. Oh don't forget, their assets get confiscated and given to shareholders. That is spreading the wealth they stole from shareholders.

Stock market really didn't take a massive dump until the bailout was passed. We don't need another one. Let some companies fall who got caught with their pants down and those who survive will be stronger and ready to sort this mess out.

Yeah but, what about our next management retreat. We were thinking Paris would be nice, or maybe a skiing trip to the Swiss Alps.

There has been a lot of stress on management lately we need some down time. Why I almost missed my payment on my Yacht.

[SumProVita]

I plan to send weekly emails to my rep and my 2 senators...and to Pelosi letting them know that I want NO MORE MONEY SPENT.

How about you?

[luv2fish]

Watch and See... AIG Will be giving BIG year end Bonuses

[TigersEye]

More infuriating than sad to me.

[Tench_Coxe]

Shades of ‘Atlas Shrugged’.

[monkeyshine]

Incredible. Congress needs to enact a law that makes Credit Default Swaps on mortgages illegal. People should not be allowed to bet against the performance of mortgages because it is too easy to rig. And AIG is too stupid to stay in business for taking the bets.