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

Reuters ^ | 2008-11-11 | Lilla Zuill

[rabscuttle385]

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.

[monkeyshine]

You got it. They will raise our taxes ON TOP OF the hidden tax we will all pay in the form of inflation. I also expect the dollar to continue a long-term decline... even if it has rallied in the past few months you just can’t put trillions of new dollars out there and expect its relative value to rise (unless, of course, every other ‘stable’ currency is inflating at a faster relative rate).

[AnglePark]

Won’t do a bit of good, trust me.

I sent TONS of emails and faxes to my reps before, and the week after, the first bailout - all expressing my outrage. So much so that I was receiving multiple “responses” (the same form letters) from my reps every day. In fact, Jim Webb’s letter kept touting the fact he wouldn’t sign anything until it contained oversight and transparency. So much for that, eh?

They don’t listen, and don’t care what we say. They’ll do what they want, no matter what.

Trust me, folks - they will ONLY understand when we start dragging them out of their offices - literally.

[virgil]

If AIG has global impact, then why isn’t this bailout being paid globally? And these multi-national corporations that want to be bailed out by US tax payer when they have sent millions of US jobs overseas? They can take a hike.

[SumProVita]

Actually, I have learned from experience that they DO pay attention. And the more mail they get....the better.

(Notice that I said *weekly.* I realize that this will take some constant pressure from all of us.)

[org.whodat]

The dirt bag should be in jail and his worthless company auctioned off to the highest bidder.

[org.whodat]

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

[DemonDeac]

Amazing how many CEOs of our most important corporations are now our biggest proponents of socialism.

[Deo volente]

looking for “off the map” inflation rate in 2009, maybe 30% on food and energy

Stocking up on canned goods, cereal, other dry goods while they're still relatively cheap. Filling the pantry and getting ready to hunker down.

[JrsyJack]

I don't see where he blames taxpayers for anything. By the way, Greenberg was ousted as Chairman at AIG back in 2005. He personally held a 13% stake in the company and probably lost billions in the last year.

[Sarajevo]

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...

How many of the incumbents that voted for the bill were voted back in to office?

[Deo volente]

I don’t understand one thing. The other day, White House press secretary Dana Perino was saying that they couldn’t afford to let AIG fail because, basically, the entire economy would collapse.

How can that be? Something doesn’t sound right here! I don’t think we’re getting the truth. I think they’re all lying to us, starting at the top.

[mysterio]

Not enough? Maybe we should start be seizing his personal fortune and using it as part of the continuing bailout of AIG.

These executives are responsible for destroying free market capitalism. Never forget that.

[mysterio]

Amazing how many CEOs of our most important corporations are now our biggest proponents of socialism.

They always have been. There are even a couple on this site like that. As long as they can make a buck off it, they are behind it 100 percent.

Corporate America will be pushing universal health care so they can drop that benefit to their workers as well.

[pointsal]

Hank should be checking with his lawyers about things he says....sent the sucker to jail ....even for a parking ticket!

[Arizona Carolyn]

Actually what I heard is every incumbent who voted against it was easily re-elected, every one who voted for had and is having a hard time in their elections. Saxby Chambliss and Norm Coleman both voted FOR the bill; Cornyn only won re-election by single digits vs a normal double-digit win, McConnell and Wicker each had a very difficult re-election... both voted yes...

Of the 3 more Republicans actually losing: Smith and Sununu voted yes. Dole is the only loss who voted against the bailout, but she ran a very poor campaign.

[Sarajevo]

Hmph! They should have all lost their seats for that abortion!

[Arizona Carolyn]

If it did not punish us all, I would agree. Therein lies the rub. I made my opinion loud and clear to my congressman, my one senator, Kyl (who had a difficult re-election in 2004, but has been very unresponsive since he was re-elected) and in addition I faxed Boehner and McConnell... they bent over for Bush instead of their voters

[count-your-change]

Only lower managers have make payments on their yachts.

[Mad_Tom_Rackham]

["calls $700B bailout "woefully inadequate"]

Memo from me to a**hole CEO: "Then go bankrupt!"

[ken21]

liberal fascism—the state owns the corporations, in part, and by regulation, to control business and employees.