Rep. Frank: We Own AIG, Now Let's Act Like It

[DONEwCA]

I have a question to EVERYONE on YouTube - What are we going to do about all this ? Besides just post our brains out. -We can't get the truth from the media -We are low balled on wadges more then ever -50 yr olds are told 'over qualified' for work -More immigrants on Welfare -LA City Council makes 187,000 -LA City Council get 200K ea. pensions -LA laying off teacher -Obama fighting law suites not to provide birth records. -Taxed to death -Laying off poor Gov workers - Socialism

[DONEwCA]

If the buck stops with Obama (the spend thrift man) does this mean he will PERSONALLY pay back the deficit - out of his own personal retirement savings - when his change does not work ?

[joeasmythe]

miss fwank, stick it up your arse, it will have lots of company there.

[DONEwCA]

Obama's out of control. Like a lottery winning sex addict in a whore house

[nomorehit]

Personnally, both Dodd and Frank should be locked up and throw away the key. Both of these dopes have played major roles in the colapse of our financial system. Each time they get interviewed, they tell us another lie! And Obama... this guy is clueless! If he does not have a tellapromptar in front of him, he's lost.

[DONEwCA]

Why do the low class people who follow Obama always use such hateful and four letter words to describe their opinions.

Most Obama's followers are children on drugs.

[charles54l]

DonewCA: Your right... blame it on the young kids on drugs.... not the parents that misinformed the kids (or weren't there at all), or the media which shows them limited and always filtered bs over and over and over and over.... how can u blame them?? these children on "drugs" are no more responsible than the oder generation which are in fact taking many, many more "drugs" than those horrible kids..... just because they are prescribed doesn't mean they are not "drugs"... it's really a joke IMO

[mumzdcp]

Yeah, just like the govt "owns" Freddie/Fannie - - - they did a BANG up job with THAT!

[thnku4myshit]

There is not one elected official who is on the take on these companies. Every single one of these guys to include McCain the "I will not take lobbyist money"

You all are so blind it is all the big companies fault and the Government will make it all right. If any names are released and anything happens to the these executives or their families, there will be hell to pay. Mark those words.

[12235117657598502586]

I understand from global news reports that Obama got the most Direct Donations from individual American citizens...since Kennedy!

ALL political parties (not just in the USA, but worldwide get paid by commercial lobbyists...The Real Question is: Can the USA uphold your founding fathers democratic pledge to the people and protect their system from further exloitation?

Can Obama undo / mitigate some of the damage caused by the banking elites - without support from the majority population?

[thnku4myshit]

cont...(sorry for the spelling a few drinks and its late)

No one here knows how deep these fingers run into our fabric of society. You know why these companies give such high contributions, its because its a staple. They know who weilds the most power. Why do you think all these elected officials do not pay taxes unless brought to the light, and then they still do not write shit to the IRS. The IRS puts out a statement saying they did but they did not....

[thnku4myshit]

We are in the middle of a world turmoil and now everyone is cashing in because they are scared. How is this done, on top of the American Tax Payer. You the "common folk" are left to pay all this shit why because no one else does. People with money know how not to pay on their money. There are 2 types of tax laws. The ones you all know about and the ones you do not know about. I live by the ones you all do not know about and also all your elected officials.

[thnku4myshit]

of this man I know that I will disappear like I never existed. I am just doing what I can how I can. Some one sent me an email saying why do I not go to the media with this info. YOU ALL have no idea how deep this runs and who is involved. I have personally seen elected official leaving offices at 2 3 in the morning doing their back room shit. You are in for a huge eye opener. None of you have any idea

[12235117657598502586]

thnku4myshit,

What are people most afraid of?...The UNKNOWN!

What is the basis of the unknown?..IGNORANCE!

What is the best protection against ignorance?..EDUCATION!

You should only fear what you do not truly understand!

Now people are slowly starting to research & educate themselves about the very 'system' that has up till now invisibly 'controlled our lives'.

The super, rich, elite are not afraid of this system.. Why? Because they created, control & manipulate the 'system' !

[12235117657598502586]

WTF! Let me understand this...The new government (with good intentions to save jobs) can BAILOUT a large failing PRIVATE COMPANY WITH the people's TAX MONEY...but they can't change the contracts of that company (which the American People now effectively own)?

Naturally nobody can change contracts which you don't own....

But if YOU OWN THAT COMPANY, then dont you OWN THE CONTRACTS TOO?

Therefore, you can renegotiate / change those contracts??

[thnku4myshit]

Let me give you a little inside into Business Law.

Even if a new owner came in and bought a company he has to uphold the old contracts if the company never went into Bankruptcy which AIG never did. The only way that the new Owner can re negotiate the Contracts is if the owner and contracted go into mitigation and both parties agree to do so. If the new owner wants to just do it, then they go into court for years on end and it comes out a little more expensive than just paying out.

[thnku4myshit]

I mean it is the Government you are talking about, let me re post some questions that no one can answer.

1. Why has no Government official has talked about how this resection has affected their bottom line.

2. How many elected officials have lost a home in this resection

3. How many 401K's or Government Savings Thrift Plans have lost money for our elected officials ?

Lets see how they answer that and if you all still believe that these people do not have the inside I feel 4 U all

[12235117657598502586]

thnku4myshit , these are all good questions...

1. Why has no Government official has talked about how this resection has affected their bottom line.

2. How many elected officials have lost a home in this resection

3. How many 401K's or Government Savings Thrift Plans have lost money for our elected officials ?

..But shouldn't they be aimed mostly at Bush's government...after all, Obama has only officially been in government a couple of months & he inherited this recession after all

[thnku4myshit]

12235...

My friend I do investments for a living and i will not disclose who I work for, but this has been going on going back to Bush 1. The actual lgislature that opened the flood gates was signed during the end of the Clinot era. Now what you have to see is that elected officials, when they come to the end of their careers (ie lose an election) how do they make money. These guys have closed door meetings with your elected officials...

[thnku4myshit]

cont...

After 9-11 the U.S. should have been on a hard ass recession for about 4 to 6 years, and all the dirregulation took hold. The government did not want for the world to fore see us as week and that we where better than that. Well they where the ones saying hey lets do this. The U.S. can not be crippled. Guys you all have no idea. I do not sleep, I do not eat, I am afraid for my families life, and not because some dumb ass is going to try to hurt me, because once the Government gets a wif

[12235117657598502586]

thnku4myshit,

As you are not ignorant about what & perhaps even who has led us to this economic catastrophy, then perhaps you are better placed than most of us to mitigate some of the harmful effects of this crisis for yourself.

Good luck to you (and the rest of us too)!

[DONEwCA]

grumpherys: Obama did not turn over his 'certified' true birth certificate. 100 military personnel filed suit in March, they don't believe Obama is eligible to be their commanding officer. He avoids turning over the real certificate because the constitution protects his right to privacy. WE HAVE NO IDEA WHERE IN THE HELL THIS SO CALL PRESIDENT WAS EVEN BORN AND WHAT TRUE NATIONALITY HE IS. And, he left IL with a 11.5B$ deficit. He's spending trillions !!!

[thnku4myshit]

DONEwCA

Hey great point yet this is not the forum for that type of discussion. Please lets keep this for what it is. All politicians are dirty and I will leave it at that.

[12235117657598502586]

DONEwCA,

You said: Stupid American's fell for a - smooth talker with NO substance.

I say: anything's better than the inarticulate, uncaring, selfish puppet with NO BRAINS or HEART that allowed the greedy, financial f*****s to exploit the economy to the brink of destruction!

But hey, you can support who ever you want...Do you want the Bush baby back?

Can he make he clean up this mess?

[thnku4myshit]

Oh and typing in caps lets the world know that you caps lock got stuck so I do not think it will bring any more attention than if you just hit the caps lock off and type like every other human does, when they have a valid point to prove.

[voyeurdug]

Waiting for Treasury (Federal & states), to put out tax-free, or SUBSTANTIALLY tax advantaged, bonds, notes, and/or certificates to get (more) DIRECT investment by taxpayers. If we're waiting for taxpayers to be reimbursed by future performance by the current bailout-and-hope concept, our grandchildren's grandchildren will STILL be waiting.

If we're investing directly, that's a different matter altogether.

Waiting.

Waiting.

Waiting.

[Chick6517]

yeah yeah thats what i am talking about this is the type of video people out there should be making not like other videos i have seen

[thnku4myshit]

Some one said this on another thread and it is so true. On an bonus based industry there is nothing you or any fucking lawyer or judge can do. Do you think that these eleted officials are really going to change the tax law in the middle of the season. Come on. I have received my bonus and I am not giving one red penny back. I hope you all learn that your Government is screwing ya not us. We reap the benefits for letting all those guys know what hedge fund to buy which one to steer clear from LOL

[CliveSinclairZX]

saving babies from multiple fires

[UrDoinItWrong]

Frank rules.

[PersonalJesus348]

watch him leap tall buildings, legalize marijuana, and cut the defense budget!

[xianglee1]

this bonus is nothing compared to the bilking of billions that were given to AIG. They GAVE over 54 billion dollars to banks outside of the US. Majority of it went to Banks in England, Germany & France...The taxpayers have been so screwed & are disttracted instead by this bonus. The politico's won't mention the bilked billions tho. No more bail outs!

[coolmom9]

Neither will they mention that congress knew about these bonuses when they sign this stupid bailout. Chris Dodd put the exemption clause in the bailout for these companies.

Once again, the dems screw the taxpayers--I have MAJOR buyer's remorse!!!!

[thnku4myshit]

Every one is blaming the Dems, the Republicans, Independent, guys you all are so blind. How many of you have asked for full disclosure of your elected officials 401K's or their Government Thrift Savings Plan. Why have non of you heard of any elected official complaining what this has done to their bottom line. These guys all fo them know more then they led on and every single one of them have the inside track on everything good and bad. Every one of you are so gullible. Bottom feeders.

[omego11]

i like this guy

[lamouchemorte]

Yeah right. Phony outrage. All those fuckers are complacent in the looting of the American taxpayer. I am really starting to believe the media is one big mind control tool used to keep us cows in the herd while these crooks do whatever the fuck they want.

[rationalskeptic7718]

Yep, just like pro wrestling these guys are running promos on eachother and then sitting in the back having a beer and yucking it up...at our expense. They are the carnys and we are the rubes.

[lamouchemorte]

Glad I'm not the only one who sees through their smoke and mirrors.

[fishhead06]

Frank is one of the few legislators on Capitol Hill with balls.

[coolmom9]

Barney Frank is an idiot! He is partly to blame for the housing mess, now he wants to get his paws on AIG? Please!

His buddy, Chris Dodd, wrote into the bill the exclusion clause that allowed all those employees to get these bonuses.

The dems ruin everything they touch......so glad Congress will get back to normal in 2 years, and the WH will be run by adults again in four years.

[dion1tj]

AHAHAHAHAHAHA!!! We're you asleep the last 8 years?!

[xianglee1]

very true, FRANK is another liar..he supported this mess right from the beginning & now he's trying to make it seem like he's outraged..the hypocrisy from these politicions is astounding!..get rid of them all, they're robbing everyone blind then act like they've been taken advantage of..

[WKaliberr]

Barney Frank is a God

[patitofeo76]

Barney Frank has been saying this for a while now. That our current system allowed these folks to take such high-risk gambles was bound to happen, because it is a system where if the company gains they get fat bonuses, but if their companies loose nothing bad happens to them. So basically they got nothing to lose and could take any risks knowing that is a win/win situation for them. Now many of these folks just picked up their last checks and left the building for good.

[route99]

What all people need to realize is that this recession is bigger than petty party politics. This is about people's jobs, homes, lives and futures.

I've been supportive of Obama, but Barney Frank, you're a little late to the party. When you sat silently as finance chairman for the past two years, and turned your back when the worst of this crisis was going down. You lost my respect.

Both parties catered to their donors and let the economy tank.

[route99]

That being said, I like Obama's notion of going after the bonus money in the next round of bailout money, but he HAS to follow through.

If he doesn't it's just lip service, while the scum who did this to market walk away filthy rich. It's time to get tough and get after the monied interests.

We own AIG, it would have been bankrupt if we didn't bail it out. The scum on Wall St. who did this need to lose their sense of entitlement fast.

[SquallCloud]

I agree with you route99. I like Frank as an entity. I like how in your face he is and bawdy and all that but in terms of what he did (or didn't do) with his position... and then to try to catch the horses that escaped the barn after he was one of the people who left the barn door open just digs in my craw.

[coolmom9]

Frank, all you own is the male prostitute ring your lover ran out of your home. Please leave our country alone--you've done enought damage.

[oldtownkid]

Besides being openly gay, what exactly is it that Barney Frank has done that you right wingers keep calling the guy corrupt? What exactly is the damage that this man has really done?

[avalsonline]

what has he done?

[CarryANation]

This bonus stuff is nothing but a DISTRACTION.

AIG is paying out on derivatives to the banks (Citi, BofA, Goldman Sachs) and they are in turn covering their losses on bets with HEDGE FUNDS.

Taxpayer money is being used to bail out HEDGE FUNDS.

These derivatives/Credit Default Swaps should be declared unenforcable fraudulent contracts.

Obama is WORSE than Bush, he should fire Geithner and Summers, what an idiot.

[d3v07]

this guy is a genius

5/5 for him..

[TheRabbitHoleIsDeep]

The Obama administration is nothing but a joke. How many more surprises are we going to get? This AIG mess is appalling.

[oldtownkid]

This is actually a little suprise brought to us by your jesus-appointed dubya. AIG can't actually get away with this under current agreements made with Obama, but these bonuses are not attached to contracts made during the few days Obama has been President, this is happening because of the way in which Bush did business with AIG.

[coolmom9]

Bush AND CONGRESS--wasn't Obama still in the congress that voted for all this mess?

[oldtownkid]

yep, Obama, McCain, both voted to support Bush's bailout, but Bush and Paulson did not disclose until it was too late that there was no oversight/follow up on how the money was going to be managed. Again, more on Bush's legacy of stupid mistakes.

[KataVideo]

damn right Barney!!

[MooseOfReason]

The government didn't buy AIG; it lent it money.

[tsfreh]

No, it actually received a 80% stake in the company.

[coattail2]

I agree with Frank, but I'd take it a step further and fire the CEOs.

Why didn't they add some kind of clause in with the bailout handout? This shouldn't even be a problem.

[oldtownkid]

a contract is a contract, they can't do nothing really. This bonuses are coming out of Bush's deal with AIG. And all this outcry is fake. AIG said it was going to do just this back in January. $165 millions in bonuses when we've been talking about billions and trillions. Give me a break.

[coattail2]

Only one piece of my Kit Kat Bar!

I dunno, the outcry is real (from the public- the Dems should not be fussing though)but the whole situation should have been avoided at the 2nd bailout.

[oldtownkid]

it was avoided on the 2nd bailout. These $165 millions came out of Bush's bailout, it was a contract with the gov't then, and this new admin cannot break that contract bc if they do so AIG has the right to file a law suit and that's a whole new unwanted episoded right now. Now we have to keep dealing with Bush's legacy and try to correct the mistakes that Jesus-appointee GW Bush has made.

[coattail2]

They couldn't have just said" No more bailout money until this contract is revoked?" or something to that effect? Leave it up to AIG and it's exec to make the hard choices like the big 3 had too?

[voyeurdug]

Gold Standard is good as long as the supply is finite. However, it's a commodity with industrial uses competing with store-of-value uses, AND, prospectors with pans and prospectors with steam shovels are out, 24/7, looking for more.

It's SIMILAR (not the same) with dollars. As a finite resource, you get deflation. You print more as needed, you get inflation. You treat it as a commodity, with industrial and store-of-value (including debt) uses, competing, it acts like a commodity. Sort of.

[gangreneday]

that's why you need competing currencies with competing commodities.

[jjrglobal]

Why not several commodities and a single currency?Why would we need competing currencies? I've heard RP say that before but I think he was talking about just for the time being until the Fed could be dismantled.

[zidmt]

I agree with Mr. Frank, it the CEOs of a company screw it up they should not be rewarded. Using that analogy, I wonder if the Senators and Congressmen that helped get our country in this situation will take a pay cut.

[archaedemos]

so its socialized capitalism.. nice SOCAP our new form of Government. Ha!

[gisforgary]

oucr government doesn't remotely resemble capitalism at all. we spent the last 28 years rewarding corporations and they obviously still expect rewards. corpratism isn't capitalism. its a lot more like fascism. an astute economist called the government in the united states communism, but for the rich. i think aig bonuses prove his point.

[biggerflexible]

Why do I hear a badass version of the Old Soviet Union Anthem playing the background???

[pakratmak]

That's called being a shareholder-it's not new.

[boots920]

Its just a big show to prove to the sheople that the government cares. If the government cared.

1) The trillion dollar empire would end

2) Gold and Silver would be money

3) Proper investigations would begin about all the bull crap that's been going on since the Federal Reserve's creation.

1913. Paper money is worthless this theory will be proved as soon as this year. Counterfeiting money is no way to run a free and prosperous country.

[flang]

"2) Gold and Silver would be money"

Do you live in the 5th century?

[boots920]

No but you're about to be living in the 5th century when the US dollar goes to 0 value.  Nothings backing it and the hamster government counterfeiters are creating trillions of US Fed notes out of thin air. Its called hyper-inflation, all fiat money ends because the government turns into "wealth creators" instead of wealth maintainers. The example of a country imploding will shortly be demonstrated. See ya in the food lines.

[Makron5]

** HORRIBLE truth about the food lines  **

The closer it gets to the slaughter the more important it is to keep the "fattened cattle" picture alive.

But now it is no more because the picture is required while the human cattle is transported to the slaughterhouse.

The reason now is to distract the human cattle from the fact that, while waiting INSIDE the slaughterhouse, they are fed BEYOND what was originally planned.

[flang]

So you're for the gold standard?

Congratulations on being an idiot.

[Pleblian]

Ya, I agree flang

I never understood the Gold standard thing.

Gold and silver can easily saturate the markets.

[boots920]

The only fckin reason for a gold standard is so when the hamster government turns on the printing presses a citizen can turn in the paper for gold. The government gets caught counterfeiting money. Nixon got caught in 1971, gold window closed. Now the the market tells us that the hamster government is counterfeiting money again.

Gold 1971 $35

Gold 2009 $900 and climbing. Means the US dollars is worthless.

[notscooter952]

And that inflation is a bitch.

[GlobalSufi]

It was precisely the saturation of gold & silver into the money supply that brought the Spanish empire to it's knees in the 16th century. That is not my opinion - watch "The Ascent of Money". (Google video)

Speaking as an economist, the one thing we have to watch out for, which no one is talking about, is the effect of printing too much money - that will make each dollar worth less, and could lead to rampant inflation - a la Zimbabwe, a la Germany in the 1930's.

[thid1]

nobody it talking about this, except congressman Ron Paul, who's been talking about it for years.

[boots920]

All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation.

John Adams

Was this dude an idiot as well ?

I think this dude describes you .

The educated differ from the uneducated as much as the living from the dead.

Aristotle

You will be dead, cause of death starvation.

[OlivierdeAthos]

Adams wasn't so much an idiot as an a-hole.

1. He also believed only white men who owned property should be allowed to vote. Are we following that advice, too?

2. The quote from Adams has nothing to do using a gold standard vs. fiat currency, and

3. You're proving Aristotle's point, though I don't know why you'd want to.

[boots920]

So what's your take on:

1971 Gold $35 per oz

2009 Gold $900 per oz and climbing

Keep your wealth in paper, I'm sure you won't run out of ass wipe.

[OlivierdeAthos]

You only get hyper inflation when the government prints masses of fiat currency in the face of a supply shortage. (Zimbabwe and Weimar republican Germany were both examples of that.) There is no supply shortage now, and inflation is less than 1%. Zimbabwe: did you notice that they've switched to GOLD now? People are paying 0.1 oz gold for a loaf of bread (about $92 U.S.). So...how did switching to gold solve Zimbabwe's inflation problem?

[boots920]

It didn't gold is money looks like the scum that gouge the starving masses only take payment in gold.

Plenty of asswipe available, you get to wipe your ass with trillion dollar bills.

They switched to gold because the people doing transactions don't trust the paper.

[machaeroguy]

Yeah but maybe bread is that valuable in Zimbabwe. I don't know much about their economy, but I'd wager there ain't too many wheat farms there. No domestic capital = high priced imports

[zeroepyon]

Money needs to be backed by something. In almost every case it's gold and silver. Our money is coming out of thin air from the federal reserve. He is right. Paper money is worth the same as monopoly money unless it's backed by something of value.

[flang]

Guess that's why no country uses the Gold Standard anymore.

[Makron5]

The Gold Standard is a side delay Ron Paul was obviously a setup to stir the herd as some are lead out of pasture to think they know it all but they don't because Ron Paul is a con man who will pull together by invoking a third view as the second view.

[daderone]

holy crap, not everybody here is stupid. Thats amazing.

[boots920]

Yep ALL governments , ALL CENTRAL BANKS are co-operating in the slaughter of the sheople.

Thus, the use of fiat money is more justifiable in financing a depression than in financing a war.

Carroll Quigley

[mgoldberg333]

sheople? How do you even pake that mistake...the s and h are miles away from the p.

[xianglee1]

screw the bonus, we'll never get it back ..NO MORE TAXPAYERS MONEY FOR AIG!!

[jlobsien]

for those who haven't heard, 11 AIG execs took their 'retention' bonuses of more than $1 million apiece... and today they ran with em. literally took the money and ran.

we DO own that company. i dont care about preexisting contracts, the company that made those contracts no longer exists.

[Makron5]

This is part of the plan do not be fooled.

[luchamini]

Who the fuck is Steve X?

[Makron5]

Barry Soetoro aka Steve Soetoro is an illuminati suicide bomber like Richard F Nixon.

[luchamini]

So you are implying that Barack Obama's name is Steve something or other? That makes sense!

Illuminati idiot #1 "We need a new puppet! One the public will love... one that can get away with whatever we want! And I know just who to use... Steve Soetoro!!!" Idiot #2 "Steve Soetoro? With a name like that, who would follow him much less vote for him?"

Idiot #1 "Then we shall make him take on a new name. A more likeable name. Barack HUSSEIN Obama!!"

Idiot #2 "YES!!! THE WORLD WILL BE OURS!!!"

[Mychaels]

LOL. These guys need medical attention. At least now they came up with something new. That birth certificate they use has never been proven to be legit.

[Makron5]

The ONE basic reason why the script was modified so that suicide Obomber did not detonate the bomb 1. Systemic collapse arrived weeks earlier than expected in script. Selling president Hillary Clinton while being able to control the riots became an impossible task.

[flang]

It must suck to be bat-shit insane.

[able1039]

do it!

[Richardgwm]

Break the company up into a thousand pieces.