Jim Rogers: Let AIG Go Bankrupt or USA Finished

http://www.patriotinternet.com American International Group should be allowed to go bankrupt because keeping it and other sick financials alive on government support risks ruining the US economy, legendary investor Jim Rogers told CNBC Tuesday.

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Current DateTime: 08:11:20 03 Mar 2009
LinksList Documentid: 29476352 * A Remake of AIG Is the Goal of Rescue * AIG Is Dead: Hendry * Hendry: Debt Is too High * Special Report: Predictions '09

AIG [AIG 0.443 0.023 (+5.48%) ], whose $61.66 billion fourth-quarter loss was the largest ever for a US company, received $30 billion more in government funds Monday. The insurer's financial health hasn't improved despite getting as much as $150 billion from the government last year.

"Suppose AIG goes bankrupt, it is better that AIG goes bankrupt and we have a horrible two or three years than that the whole US goes bankrupt," Rogers said. "AIG has trillions of dollars of obligations, let them fail, let the courts sort it out and start over. Otherwise we'll never start over."

On Monday, CEO Edward Liddy told CNBC that the insurer is far more stable and secure than it was last fall but acknowledged that it was "difficult to say" if AIG will need even more money from the government in the future.

Bailing out the banks is going to increase the debt spiral and finally cause the destruction of the world's biggest economy, Rogers said.

"I think it's astonishing, they're ruining the US economy, they're ruining the US government, they're ruining the US central bank and they're ruining the US dollar," he said.

http://www.patriotinternet.com

Category:

News & Politics

Tags:

• jim
• rogers
• cnbc
• financial
• crisis
• bankruptcy
• aig
• insurance
• wall
• street
• bank
• failures
• stocks
• foreclosures

[peacerebelgirl]

Thanks for a sane voice Jim Rogers.

[4clearsky]

"people like mr Rogers"??? Jim Rogers is a commodity investor not a derivative trader, you can hardly blame the likes of Jim for current debacle.

[clearasvodka]

During the year of 1930 the U.S., Great Britain, France, Germany, Italy, Spain, Portugal etc. all declared bankruptcy. If you try to look up the 1930 minutes, you will not find them because they don't publish this particular volume. If you try to find the 1930 volume which contains the minutes of what happened, you will probably not find it. This volume has been pulled out of circulation or is hidden in the library and is very hard to find. This volume contains the evidence of the bankruptcy.

[AntiPsychopath]

@alienmoonbase you dont understand natural forces. if i open my umbrella and lift up with the wind it doesnt mean i created the wind.

[alienmoonbase]

Anyone who lives by gambling doesn't really help society.

Don't you think that there is a common good in society?

Why is it ok for parasites like this fuck to horn in between a man trying to make a living and the essential goods and services that he needs to survive?

Would you allow douchebags like Rogers to speculate on your mother's heart medication? Where do you draw the line?

How much money does these parasite thieves need?

[Invirtuo]

GS isn't a hedge fund, it's an investment bank.

Well, actually they do although you may not understand (and neither do I tbh) the role they have in price-discovery. A modern economy needs investment banks to effectively direct capital flows.

If you want to blame someone for the oil price fluctuations it is the OPEC cartel

[alienmoonbase]

Of couse they play a "valuable role"

But that does NOT justify "hedge funds" which drive the price of oil to 150 / barrel then it collapses to 30, then doubles again....

How does this serve the common good?

Why can a bunch of jewish lunatics like Goldman Sachs work against our middle american military class which is trying to stabilize the price of oil?

Can't you see how sinister this is? GS is NOT a fleet trucking firm....Not United airlines. What common good does GS serve?

[Invirtuo]

Exactly, you proved my point. We are a former socialized theocracy. Ya know Socialism didn't work out too well with corruption running rampant, unemployment at 20% and 50000 emigrating every year.

Thankfully we have come a long way. We have the best labour flexibility in Europe, lowest corporate tax and the second highest per capita income. The smoking ban was a brilliant idea. Second-hand smoke is a neighbourhood effect.

[justicenow999]

Ah, Ireland, that hotbed of liberalism. legalized birth control In 1993. Divorce? 1995. And smoking is now illegal in the pubs. Damn those liberals.

[Invirtuo]

Oh Ireland!! You know the country of origin is visible on every profile!! lol

[justicenow999]

I'm wondering when you say "my country", what country that would be?

[Invirtuo]

Sorry I can't find the comment you were referring to