More 'book cooking' at AIG?
 

AIG Writedowns May Rise $30 Billion on European Swaps (Update1)


By James Sterngold

Dec. 17 (Bloomberg) -- American International Group Inc., which already
has suffered more than $60 billion in writedowns and losses, may have to
absorb almost $30 billion more because of flaws in the way its holdings
are valued.

An examination of AIG’s credit-default swaps guaranteeing more than $300
billion of corporate loans, mortgages and other assets not covered by a
$152.5 billion federal rescue shows the New York-based insurer may value
some of its positions at levels that don’t reflect distress in the
markets, according to an analyst at Gradient Analytics Inc. and a tax
consultant who teaches at Columbia University Business School in New
York. Executives at two firms that have similar investments say they
account for the securities differently than AIG does.

“Every time I look at their statements I find something new,” said Donn
Vickrey, executive vice president of Gradient Analytics in Scottsdale,
Arizona. He estimated that AIG may need to take at least $28 billion in
additional writedowns on swaps covering European corporate loans and
prime residential mortgages, as well as collateralized loan and debt
obligations.

“It looks like they haven’t written down these positions fully yet, and
that could be a real problem,” said Vickrey, who predicted correctly, as
early as February 2008, that the company would have to report increases
in its writedowns on its swaps.

- - -

What a pack of crooks and thieves. There's nothing quite like corporate
welfare. Still has an A rating from A.M. Best, but with a negative rating.

More 'book cooking' at AIG?
 

On Wed, 17 Dec 2008 18:43:22 -0500, Boater wrote:

....nothing. Just another cut'n'paste.
--

John Salmonbait

More 'book cooking' at AIG?
 

"John" wrote in message
...
On Wed, 17 Dec 2008 18:43:22 -0500, Boater wrote:

...nothing. Just another cut'n'paste.
--

John Salmonbait

It is. But I was thinking the other day this bank bailout is a farce.

Why not do it this way. Pass a legislation that a bank MUST pay it's debts
and creditors or face immediate liquifaction. Special chapter 7a if you
will.

Absorb the bank, firing all senior management and board with cause.

Bail out ONLY depositors of insured cash accounts and that is it. Share
holders, bond holders, etc. get zip. Reverse all severance packages,
bonuses and the like for the last 2 years if over $10,000. Re-adjust the
pensions if needed (likely in the toilet).

Wouldn't it be funny to see a CEO's face say that say retired 3 years ago
now get a check for $33K instead of $2M?

Without debt, repackage the bank with a new management and new rules.

Anyone who exibits passive resistance to the bailout Czar can get up to 30
years in jail and fined $100% of their net worth.

Time to get rough with these frauds.

More 'book cooking' at AIG?
 

John wrote:
On Wed, 17 Dec 2008 18:43:22 -0500, Boater wrote:

...nothing. Just another cut'n'paste.
--

John Salmonbait


Well, that's all you are.

More 'book cooking' at AIG?
 

"Canuck57" wrote in message
...

"John" wrote in message
...
On Wed, 17 Dec 2008 18:43:22 -0500, Boater
wrote:

...nothing. Just another cut'n'paste.
--

John Salmonbait

It is. But I was thinking the other day this bank bailout is a farce.

Why not do it this way. Pass a legislation that a bank MUST pay it's
debts and creditors or face immediate liquifaction. Special chapter 7a if
you will.

Absorb the bank, firing all senior management and board with cause.

Bail out ONLY depositors of insured cash accounts and that is it. Share
holders, bond holders, etc. get zip. Reverse all severance packages,
bonuses and the like for the last 2 years if over $10,000. Re-adjust the
pensions if needed (likely in the toilet).

Wouldn't it be funny to see a CEO's face say that say retired 3 years ago
now get a check for $33K instead of $2M?

Without debt, repackage the bank with a new management and new rules.

Anyone who exibits passive resistance to the bailout Czar can get up to 30
years in jail and fined $100% of their net worth.

Time to get rough with these frauds.



I like your style.
Now, please point to a Congress critter with the gonads to propose your
plan.

Eisboch

More 'book cooking' at AIG?
 

Canuck57 wrote:
"John" wrote in message
...
On Wed, 17 Dec 2008 18:43:22 -0500, Boater wrote:

...nothing. Just another cut'n'paste.
--

John Salmonbait

It is. But I was thinking the other day this bank bailout is a farce.

Why not do it this way. Pass a legislation that a bank MUST pay it's debts
and creditors or face immediate liquifaction. Special chapter 7a if you
will.

Absorb the bank, firing all senior management and board with cause.

Jailing all officers of the bank. And I do mean officers of the bank.

Bail out ONLY depositors of insured cash accounts and that is it. Share
holders, bond holders, etc. get zip. Reverse all severance packages,
bonuses and the like for the last 2 years if over $10,000. Re-adjust the
pensions if needed (likely in the toilet).

All BOD, presidents, VPs, and directors stock options and bonuses are
subject to a 5 year review and a truly independent auditor and then they
are paid. Freaking GM used to appoint the same freaking accounting firm
as their independent auditors for the freaking 50th year in a row.

Wouldn't it be funny to see a CEO's face say that say retired 3 years ago
now get a check for $33K instead of $2M?

Give him a limo ride to a to an all inclusive vacation at the nearest
maximum security state facility.

More 'book cooking' at AIG?
 

BAR wrote:
Canuck57 wrote:
"John" wrote in message
...
On Wed, 17 Dec 2008 18:43:22 -0500, Boater
wrote:

...nothing. Just another cut'n'paste.
--

John Salmonbait

It is. But I was thinking the other day this bank bailout is a farce.

Why not do it this way. Pass a legislation that a bank MUST pay it's
debts and creditors or face immediate liquifaction. Special chapter
7a if you will.

Absorb the bank, firing all senior management and board with cause.

Jailing all officers of the bank. And I do mean officers of the bank.

Bail out ONLY depositors of insured cash accounts and that is it.
Share holders, bond holders, etc. get zip. Reverse all severance
packages, bonuses and the like for the last 2 years if over $10,000.
Re-adjust the pensions if needed (likely in the toilet).

All BOD, presidents, VPs, and directors stock options and bonuses are
subject to a 5 year review and a truly independent auditor and then they
are paid. Freaking GM used to appoint the same freaking accounting firm
as their independent auditors for the freaking 50th year in a row.

Wouldn't it be funny to see a CEO's face say that say retired 3 years
ago now get a check for $33K instead of $2M?

Give him a limo ride to a to an all inclusive vacation at the nearest
maximum security state facility.


Isn't it interesting how you and I share many of the same feelings about
corporations and corporate execs. Does that worry you? :)

More 'book cooking' at AIG?
 

Boater wrote:
BAR wrote:
Canuck57 wrote:
"John" wrote in message
...
On Wed, 17 Dec 2008 18:43:22 -0500, Boater
wrote:

...nothing. Just another cut'n'paste.
--

John Salmonbait

It is. But I was thinking the other day this bank bailout is a farce.

Why not do it this way. Pass a legislation that a bank MUST pay it's
debts and creditors or face immediate liquifaction. Special chapter
7a if you will.

Absorb the bank, firing all senior management and board with cause.

Jailing all officers of the bank. And I do mean officers of the bank.

Bail out ONLY depositors of insured cash accounts and that is it.
Share holders, bond holders, etc. get zip. Reverse all severance
packages, bonuses and the like for the last 2 years if over $10,000.
Re-adjust the pensions if needed (likely in the toilet).

All BOD, presidents, VPs, and directors stock options and bonuses are
subject to a 5 year review and a truly independent auditor and then
they are paid. Freaking GM used to appoint the same freaking
accounting firm as their independent auditors for the freaking 50th
year in a row.

Wouldn't it be funny to see a CEO's face say that say retired 3 years
ago now get a check for $33K instead of $2M?

Give him a limo ride to a to an all inclusive vacation at the nearest
maximum security state facility.


Isn't it interesting how you and I share many of the same feelings about
corporations and corporate execs. Does that worry you? :)


I am for personal responsibility at all levels. If you are being paid to
do a job you should do the job to the best of your abilities. If those
abilities are not good enough then you should be replaced. I don't care
if you are a union employee or not, I don't care if you have an
employment contract or not. If you don't perform you don't have a job.

More 'book cooking' at AIG?
 

"Eisboch" wrote in message
...

"Canuck57" wrote in message
...

"John" wrote in message
...
On Wed, 17 Dec 2008 18:43:22 -0500, Boater
wrote:

...nothing. Just another cut'n'paste.
--

John Salmonbait

It is. But I was thinking the other day this bank bailout is a farce.

Why not do it this way. Pass a legislation that a bank MUST pay it's
debts and creditors or face immediate liquifaction. Special chapter 7a
if you will.

Absorb the bank, firing all senior management and board with cause.

Bail out ONLY depositors of insured cash accounts and that is it. Share
holders, bond holders, etc. get zip. Reverse all severance packages,
bonuses and the like for the last 2 years if over $10,000. Re-adjust the
pensions if needed (likely in the toilet).

Wouldn't it be funny to see a CEO's face say that say retired 3 years ago
now get a check for $33K instead of $2M?

Without debt, repackage the bank with a new management and new rules.

Anyone who exibits passive resistance to the bailout Czar can get up to
30 years in jail and fined $100% of their net worth.

Time to get rough with these frauds.



I like your style.
Now, please point to a Congress critter with the gonads to propose your
plan.

Eisboch

Do you know of an honest Congress person? We could forward it to them. But
I fear they are quiety negotiating away tax payers cash. They have gone
closed door with negotiations. The silence is "preperation" of the public
to look like they are hard balling when in fact it was a given all along.

People need to take note of their senator or congress person's possition and
vote accordingly.

More 'book cooking' at AIG?
 

"BAR" wrote in message
...
Canuck57 wrote:
"John" wrote in message
...
On Wed, 17 Dec 2008 18:43:22 -0500, Boater
wrote:

...nothing. Just another cut'n'paste.
--

John Salmonbait

It is. But I was thinking the other day this bank bailout is a farce.

Why not do it this way. Pass a legislation that a bank MUST pay it's
debts and creditors or face immediate liquifaction. Special chapter 7a
if you will.

Absorb the bank, firing all senior management and board with cause.

Jailing all officers of the bank. And I do mean officers of the bank.

Good point. The SEC should be hiring 5000 auditors and prosecutors right
about now. Getting them trained up to go after the fraud that has gone on.
The billions GM Chrsylser want is better spent in prosecuting corruption and
incompetance.

Bail out ONLY depositors of insured cash accounts and that is it. Share
holders, bond holders, etc. get zip. Reverse all severance packages,
bonuses and the like for the last 2 years if over $10,000. Re-adjust the
pensions if needed (likely in the toilet).

All BOD, presidents, VPs, and directors stock options and bonuses are
subject to a 5 year review and a truly independent auditor and then they
are paid. Freaking GM used to appoint the same freaking accounting firm as
their independent auditors for the freaking 50th year in a row.

Agreed. Call it "Pump and bail" adjustments. No other auditor would touch
GM or Chrysler until chapter 11 where I suspect some real ghosts will come
to light.

Wouldn't it be funny to see a CEO's face say that say retired 3 years ago
now get a check for $33K instead of $2M?

Give him a limo ride to a to an all inclusive vacation at the nearest
maximum security state facility.

Agreed. Forget white collar golf clubs. These crooks need some harder
time.