the bailout went through - Page 3

Boss281Mustang · 10-06-2008, 10:51 AM

Ron Paul is the fucking man.

/end forum

**madmatt** · 10-06-2008, 10:53 AM

wonder if they are realizing that it was a bad idea today
dow below 10k ftmfl...

Boss281Mustang · 10-06-2008, 10:55 AM

One of my buddies use to work as an investor for Wachovia and was campaigning hardcore last winter for me to start investing. He's been out of a job for about 3 months now.

**stang_lover69** · 10-06-2008, 11:40 AM

Quote:

Originally Posted by FreeBird

nope. we elected them in there... and we'll be the ones paying for this bailout not them :/ we earned it...

that's where you're wrong...i didn't elect anyone. you did. so its your fault.

**madmatt** · 10-06-2008, 12:03 PM

oh boy...not that again...

**timeless2** · 10-06-2008, 12:10 PM

Quote:

Originally Posted by stang_lover69

that's where you're wrong...i didn't elect anyone. you did. so its your fault.

Nice cop-out.

Flash! · 10-06-2008, 12:16 PM

Quote:

Originally Posted by stang_lover69

i didn't elect anyone.

Of course you didn't, women can't vote!

**stang_lover69** · 10-06-2008, 12:17 PM

Quote:

Originally Posted by madmatt

oh boy...not that again...

Quote:

Originally Posted by timeless2

Nice cop-out.

tis was a joke....sort of

regardless though....i will be really surprised if this "bailout" actually works the way they want it to.

**madmatt** · 10-06-2008, 12:26 PM

it wont
Im starting to get scared that it was nothing more than a tool to get other shit they wanted passed...

we're in bad shape either way, dont think the bailout was what we needed at all...shouldve let that bitch fail...

**menace** · 10-06-2008, 01:14 PM

I was listening to NPR last night on the ride home and a few interesting comments were made on they way this bailout is going to work versus the way it ought to work. Apparently there were two different forms this bailout could take. The first was just buying the bad assets. The second, and the one the vast majority of economists supported, was buying the bad assets and taking the companies over.

They portrayed it like this. The first way they likened it to the government coming in and giving you money to remove all the crap in your basement. You keep the money and the government is left with the garbage you've left down there. The second way, which is the one favored, was the the government gives you the money for the crap in your basement, but there going to move in your house and control what goes on within the house.

Apparently there is a clause in the bill that states that the Secretary of the Treasury has the choice on how to proceed. Doubtful if the later will take place.

I'm a little on the fence about it. I don't agree with the government taking over and controlling financial institutions. It's dabbles dangerously towards that socialism line, but on the other hand, the banks do not need to get off free.

Ron Paul is one of the smartest people I've ever heard talk on economics on both a domestic and international base. I'm going to go along with what he says and suggests.

FreeBird · 10-06-2008, 01:17 PM

Quote:

Originally Posted by stang_lover69

that's where you're wrong...i didn't elect anyone. you did. so its your fault.

well played sista

but WE still is teh ones paying for it...

**menace** · 10-06-2008, 03:14 PM

This is what's BS about this entire situation:

FOXNews.com - Lawmakers Slam Lehman Executives for 'No Accountability for Failure' - Politics | Republican Party | Democratic Party | Political Spectrum

Quote:

WASHINGTON — Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.
As well, executives who feared for their bonuses in the company's last months were told not to worry, according to documents cited at a congressional hearing. One executive said he was embarrassed when employees suggested that Lehman executives forgo bonuses, and cracked: "I'm not sure what's in the water."
The first hearing into what caused the nation's financial markets to collapse last month, precipitating a $700 billion bailout, opened with finger-pointing and glimpses into internal company documents from Lehman's chaotic last hours.
Rep. Henry Waxman, D-Calif., chairman of the House Oversight and Government Reform Committee, said the giant investment bank was "a company in which there was no accountability for failure." Lehman's collapse set off a panic that within days had President Bush and Treasury Secretary Henry Paulson asking Congress to pass the rescue plan for the financial sector.
Richard S. Fuld Jr., chief executive officer of Lehman Brothers, declared to the committee "I take full responsibility for the decisions that I made and for the actions that I took." He defended his actions as "prudent and appropriate" based on information he had at the time.

"I feel horrible about what happened," he said.
Waxman questioned Fuld on whether it was true he took home some $480 million in compensation since 2000, and asked: "Is that fair?"
Fuld took off his glasses, held them, and looked uncomfortable. He said his compensation was not quite that much.
"We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders," he said. Fuld said he took home over $300 million in those years — some $60 million in cash compensation.
Waxman read excerpts from Lehman documents in which a recommendation that top management should forgo bonuses was apparently brushed aside. He also cited a Sept. 11 request to Lehman's compensation board that three executives leaving the company be given $20 million in "special payments."
"In other words, even as Mr. Fuld was pleading with Secretary Paulson for a federal rescue, Lehman continued to squander millions on executive compensation," Waxman said before Fuld appeared as a witness.
The government let Lehman go under Sept. 15, only to bail out insurance giant American International Group the next day, in a cascading series of financial shocks and failures that put Washington on track for the multibillion-dollar rescue starting the end of that week.
Waxman described that plan as a life-support measure. "It may keep our economy from collapsing but it won't make it healthy again," he said.
That sentiment echoed on Wall Street, where the Dow Jones industrials sank below 10,000 on Monday for the first time in four years. Investors fear the crisis will weigh down the global economy and the bailout won't work quickly to loosen credit markets.
The rescue plan, now law, was so rushed that the usual congressional scrutiny is only coming now, after the fact.
"Although it comes too late to help Lehman Brothers, the so-called bailout program will have to make wrenching choices, picking winners and losers from a shattered and fragile economic landscape," said Rep. Tom Davis of Virginia, the committee's senior Republican.
Waxman said that in January, Fuld and his board were warned the company's "liquidity can disappear quite fast."
Despite that warning, he said, "Mr. Fuld depleted Lehman's capital reserves by over $10 billion through year-end bonuses, stock buybacks, and dividend payments."
Waxman quoted Fuld as saying in one document, "Don't worry" to the suggestion that executives go without bonuses.
That suggestion came from Lehman's money management subsidiary, Neuberger Berman. Waxman quoted George H. Walker, President Bush's cousin and a Lehman executive who oversaw some Neuberger Berman employees, as responding with a dismissive tone to the idea of going without bonuses.
"Sorry team," he wrote to the executive committee, according to Waxman. "I'm not sure what's in the water at 605 Third Avenue today.... I'm embarrassed and I apologize."
Rep. Elijah Cummings, D-Md., said: "I wonder how he sleeps at night."
Fuld said in his statement that the company did everything it could to limits its risks and save itself.
"In the end, despite all our efforts, we were overwhelmed, others were overwhelmed, and still other institutions would have been overwhelmed had the government not stepped in to save them," he said.

**timeless2** · 10-06-2008, 03:21 PM

Bought, sold, and paid for.

nEighter · 10-06-2008, 07:51 PM

Quote:

Originally Posted by Boss281Mustang

Ron Paul is the fucking man.

/end forum

Quote:

Originally Posted by menace

I was listening to NPR last night on the ride home and a few interesting comments were made on they way this bailout is going to work versus the way it ought to work. Apparently there were two different forms this bailout could take. The first was just buying the bad assets. The second, and the one the vast majority of economists supported, was buying the bad assets and taking the companies over.

They portrayed it like this. The first way they likened it to the government coming in and giving you money to remove all the crap in your basement. You keep the money and the government is left with the garbage you've left down there. The second way, which is the one favored, was the the government gives you the money for the crap in your basement, but there going to move in your house and control what goes on within the house.

Apparently there is a clause in the bill that states that the Secretary of the Treasury has the choice on how to proceed. Doubtful if the later will take place.

I'm a little on the fence about it. I don't agree with the government taking over and controlling financial institutions. It's dabbles dangerously towards that socialism line, but on the other hand, the banks do not need to get off free.

Ron Paul is one of the smartest people I've ever heard talk on economics on both a domestic and international base. I'm going to go along with what he says and suggests.

Absolutely.. and the thing is, he was taken out of the race.. they TOOK him out of the race.. he should have won it, and he beat John McCain the whole time prior to them just brushing him off to the side. He is very smart and with him in power the US would/could be the nation it once was.

Yamao · 10-07-2008, 01:58 PM

So, what does AIG bailout money go for, trips to a spa! Must be stressful running a company into a ground... just need some time to relax after that:

ABC News: After Bailout, AIG Execs Head to California Resort

"AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges."

Flash! · 10-07-2008, 02:08 PM

Quote:

Originally Posted by Yamao

So, what does AIG bailout money go for, trips to a spa! Must be stressful running a company into a ground... just need some time to relax after that:

ABC News: After Bailout, AIG Execs Head to California Resort

"AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges."

I hope they got a happy ending for $440k.

Boss281Mustang · 10-07-2008, 04:23 PM

So all that gets passed back down to us in taxes right?

**madmatt** · 10-07-2008, 04:29 PM

Quote:

“From two very senior sources – one incredibly senior source – that he went to the gym after … Lehman was announced as going under. He was on a treadmill with a heart monitor on. Someone was in the corner, pumping iron and he walked over and he knocked him out cold. And frankly after having watched this, I’d have done the same too.”

http://www.businessandmedia.org/prin...006150152.aspx

Cliff: Lehman CEO was working out at company gym, guy that obviously lost his job walks up and flattens his nose.

nEighter · 10-07-2008, 04:30 PM

Quote:

Originally Posted by Yamao

So, what does AIG bailout money go for, trips to a spa! Must be stressful running a company into a ground... just need some time to relax after that:

ABC News: After Bailout, AIG Execs Head to California Resort

"AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges."

10 BILLION is what I heard the executives drained from the company through bonus' and incentives and severance packages. CEO alone made 485 Million in the last 5 years.. then he cried to congress saying since the stock price sunk.. that is is only worth 350 million.

and cry me a freaggin river.. they should loose it all and have to live like us.. that is what SHOULD happen.

FreeBird · 10-07-2008, 06:01 PM

Quote:

Originally Posted by madmatt

Knock Out: CNBC Confirms Lehman CEO Punched at Gym

Cliff: Lehman CEO was working out at company gym, guy that obviously lost his job walks up and flattens his nose.

AWESOME!!!!. shoulda been a shot that damn near kill.t the guy...

Rowbarre · 10-07-2008, 07:16 PM

Brch deserved it. Wish I could have seen it.

FreeBird · 10-07-2008, 07:17 PM

that weight room HAD to have cameras DAMMIT!!!

10-06-2008, 10:51 AM	#51 (permalink)
Boss281Mustang Maw Maw McQueen Join Date: Apr 2004 Location: Huntington, WV Posts: 1,132	Ron Paul is the fucking man. /end forum __________________ I wasn't knocked out, BUT my jaw does hurt. Chris

10-06-2008, 10:53 AM	#52 (permalink)
madmatt suffers from cracking due to shrinkage Join Date: Jun 2004 Location: Riding shotgun with Stig Posts: 24,707	wonder if they are realizing that it was a bad idea today dow below 10k ftmfl... __________________ Matt

10-06-2008, 10:55 AM	#53 (permalink)
Boss281Mustang Maw Maw McQueen Join Date: Apr 2004 Location: Huntington, WV Posts: 1,132	One of my buddies use to work as an investor for Wachovia and was campaigning hardcore last winter for me to start investing. He's been out of a job for about 3 months now. __________________ I wasn't knocked out, BUT my jaw does hurt. Chris

10-06-2008, 12:03 PM	#55 (permalink)
madmatt suffers from cracking due to shrinkage Join Date: Jun 2004 Location: Riding shotgun with Stig Posts: 24,707	oh boy...not that again... __________________ Matt

10-06-2008, 12:26 PM	#59 (permalink)
madmatt suffers from cracking due to shrinkage Join Date: Jun 2004 Location: Riding shotgun with Stig Posts: 24,707	it wont Im starting to get scared that it was nothing more than a tool to get other shit they wanted passed... we're in bad shape either way, dont think the bailout was what we needed at all...shouldve let that bitch fail... __________________ Matt

10-06-2008, 01:14 PM	#60 (permalink)
menace Thread Gestapo Join Date: Sep 2004 Location: Birmingham, AL Posts: 3,060	I was listening to NPR last night on the ride home and a few interesting comments were made on they way this bailout is going to work versus the way it ought to work. Apparently there were two different forms this bailout could take. The first was just buying the bad assets. The second, and the one the vast majority of economists supported, was buying the bad assets and taking the companies over. They portrayed it like this. The first way they likened it to the government coming in and giving you money to remove all the crap in your basement. You keep the money and the government is left with the garbage you've left down there. The second way, which is the one favored, was the the government gives you the money for the crap in your basement, but there going to move in your house and control what goes on within the house. Apparently there is a clause in the bill that states that the Secretary of the Treasury has the choice on how to proceed. Doubtful if the later will take place. I'm a little on the fence about it. I don't agree with the government taking over and controlling financial institutions. It's dabbles dangerously towards that socialism line, but on the other hand, the banks do not need to get off free. Ron Paul is one of the smartest people I've ever heard talk on economics on both a domestic and international base. I'm going to go along with what he says and suggests. __________________ - Marc

10-06-2008, 03:21 PM	#63 (permalink)
timeless2 I <3 Asian dishes. Join Date: Sep 2005 Location: Iowa Posts: 30,766	Bought, sold, and paid for. __________________ Tim 2010 Ford Mustang \| MagnaFlow Exhaust \| Toy Reviews & Recalls She's back and she's bad...or is she good?

10-07-2008, 01:58 PM	#65 (permalink)
Yamao Join Date: Aug 2006 Posts: 2,451	So, what does AIG bailout money go for, trips to a spa! Must be stressful running a company into a ground... just need some time to relax after that: ABC News: After Bailout, AIG Execs Head to California Resort "AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges." __________________

10-07-2008, 04:23 PM	#67 (permalink)
Boss281Mustang Maw Maw McQueen Join Date: Apr 2004 Location: Huntington, WV Posts: 1,132	So all that gets passed back down to us in taxes right? __________________ I wasn't knocked out, BUT my jaw does hurt. Chris

10-07-2008, 07:16 PM	#71 (permalink)
Rowbarre Doesn't give blow jobs, and that's a good thing! Join Date: Aug 2005 Location: Lawrence, Kansas Posts: 2,549	Brch deserved it. Wish I could have seen it. __________________ 1998 Navy Blue Metallic Camaro Z28

10-07-2008, 07:17 PM	#72 (permalink)
FreeBird Red Bull gives you wiiiiings!!! Join Date: Aug 2006 Location: Margaritaville Posts: 14,298	that weight room HAD to have cameras DAMMIT!!! __________________