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Nov
17
Companies fail and we’re here to bail them out. But when do we say, enough!” AIG failed due to shitty management and people running around scooping money into garbage bags and stashing it in under their beds. Bush got on TV and announced that without a bailout from taxpayers civilization would end and babies would die.
Within days of receiving $85 billion, AIG’s top dickheads went on 1/2 million dollar vacation.
A month later they misplaced $54 billion and accounting chalked it up to, “daily operating expenses.” No wonder they failed.
Now they took 500, 000, 000 (half a billion) to pay out employees with what’s called “deferred compensation.” A nice way of saying, “tax-free.”
“This is not taxpayers’ money they are going to run away with,” AIG spokesman, Nicholas Ashooh, said. “We are trying to take the incentive away for people to leave now, until we have time to get the company running right again.
Right. They’re just going to walk away with it. So, they’re being held hostage and blackmailed by the same high priced executives that got them into this mess with a promise of doing a better a job if they get more money up front?
How about, “Get us out of this mess you got us into first, then we’ll talk about giving you money?”
Oct
13
Aren’t Nobel prizes given to the best and brightest?
Filed Under Political Shitheadery, WTF? Shitheadery | 2 Comments
Paul Krugman won the Nobel Prize for economics. He’s an American, I’m assuming he’s pretty bright, I’m going take a guess that he knows a lot about the economy. Probably more than Neel Kashkari, Paulson’s buddy and newly appointed $700 billion bailout Czar at the Treasury department.
Yeah, but maybe Neel’s Mavericky. I mean he has a dog called, “Winslow,” (isn’t that one of Palin’s kids) he worked on really big telescopes at NASA, he specialized in IT security for Goldman Sachs, he’s an AC/DC fan, and according to Time magazine:
He followed former Goldman Sachs CEO Henry Paulson to the Treasury Department, where he was hired as a senior adviser in 2006. In short order, he was assigned to work on the department’s response to the housing crisis, during which time he grew close to Paulson.
Which loosely translates into, he’s been kissing Paulson’s ass for several years.
It’s not like he studied economics, taught economics, eats, sleeps, and shits economics … like Paul Krugman.
We have the best and brightest in this country and we continue to go with mediocre ass kissers to make some of the most important decisions for our country. I’m sure Neel’s a great guy and Winslow’s a great dog, but this guy’s been working for less than 15 years and hardly any of it has been in finances.
Krugman wrote five books on economics before Kashkari had his first wet dream, and, oh yeah … Has a Nobel friggin’ Prize.
“I know the guy and we worked together at a failing company,” isn’t a job reference I’m totally comfortable with when you’re gambling with my money.
Oct
12
$700 Billion scam
Filed Under Political Shitheadery, WTF? Shitheadery | 1 Comment
I’m not suggesting any conspiracy theories or any theories at all for that matter, but having listened to all this shit about the economy over the last couple of weeks, I started thinking about this:
- Historically when the market takes a turn for worse, people panic and pull their money out.
- The main place (most) people think it’s safe to put their money is the treasury. In treasury bills.
- Henry Paulson is the big cheese over there.
- Henry Paulson appointed a 35-year-old engineer as Czar of the bailout.
- Get this, his name is Kashkari. Cash-n-carry, the 35-year-old engineer is in charge of our financial future? Yeah, yeah I know it’s a reach, but c’mon … what are the odds?
- The Bush administration has mastered instilling fear in the American people.
- A lot of people think Bush is going to leave with the silverware and this is his last “screw you.”
I don’t know enough about the economy and how the flow of money on this scale works, but this is the kind of shit I think about.
Oct
1
We’re taking the day off
Filed Under Political Shitheadery | Leave a Comment
On Monday …. Oh my God, we’re going down the shitter! The economy is collapsing and every day we wait we get closer to disaster, ruin, and babies dieing. We need to figure this out now and can’t waste any time. Oh,and by the way we’re taking tomorrow off.
Did Hollywood and Wall Street close too?
Jon Stewart says it better than I ever could without sounding like a biggot (the whole thing is good, but what I’m referring to starts around 6:00 on the slider) …
Sep
30
More questions
Filed Under Political Shitheadery | Leave a Comment
From what I’ve been able to understand, banks and mortgages companies are holding loans that are nearing foreclosure, which will supposedly lead to the demise of the American economy. In his speech last week, Bush made it pretty clear that this mess was a direct result of being buying homes they couldn’t afford
I understand that people were approved loans they couldn’t afford, loans were given to people without verifying income, and that sub-prime lending was a risky proposition. Those poor bastards probably deserve to loose their homes.
I also understand that there were people who wanted to buy a home, proved they could buy a home, showed income statements, and maybe didn’t have the best credit score and bought with the hope of refinancing. These people are facing a substantial increase on their current mortgage payments and at the highest risk of foreclosure.
Why aren’t banks and lenders being proactive and renegotiating those loans? Wouldn’t it work to their advantage to offer an interest rate that a homeowner can afford over the next 30 years, rather than risk not getting payed at all?
The party’s over damnit, it’s time to do the right thing.
Sep
29
I have some questions
Filed Under Political Shitheadery | Leave a Comment
So, the house voted a resounding ‘Nay’ this afternoon and denied the bail out. What was supposed to bail out Wall Street and banks wasn’t as important as hurt feelings. At least that’s the way Barney Frank put it. Is that true? Is it because Pelosi made some poorly timed, idiotic, partisan speech blaming Republicans for this mess? And that Republicans care so little about the country that they would allow their fragile egos to be bruised?
Is this bailout necessary and why is it that once the bailout occurred we started seeing more and more banks jump ship and fail? Now there are rumblings of GE wanting a piece of this too? Does the largest capitalist country in the world have this many shitty business people that they’re failing at this rate?
Are all the CEOs in this country so consumed with greed and incompetence that they can’t fight their way back to the top? How did these morons get to a point in their careers that they could demand multi-million dollar salaries without proving their ability? Who hired them?
Then there’s this: If these banks are failing because, as Bush made clear, people were irresponsible when buying homes, wouldn’t it be a logical step for banks holding these mortgages with unreasonable interest rates to start calling people? Call people with 8, 9, 10, 11, 12 percent interest rates and see if they can pay 6 percent. Rather than take homes that are going to cost (what the mortgages companies are saying) $250,000 just for the paperwork.
I may be naive, but it seems to me that the more help that’s offered the more companies are going to want to a piece, rather than actually run a business responsibly. That may take work.
And wouldn’t it be logical for banks to get 6% for the next 30 years, rather than take on a house that in this market is depreciating in value?
Or does that make too much sense?
Sep
24
New e-mail hoax
Filed Under Political Shitheadery | Leave a Comment
Forget Nigeria, this one’s even better.
Dear American:
I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.
The new e-mail hoax:
I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.
I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s.
This transaction is 100% safe.
This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.
Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.
Yours Faithfully Minister of Treasury Paulson
Thanks Alan
