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Flashback time, anybody remember when AIG insured multiple claims on the same pieces of property which were overvalued and unable to be paid for by an individua
by ringaroundthetx 9y ago
Flashback time, anybody remember when AIG insured multiple claims on the same pieces of property which were overvalued and unable to be paid for by an individual plebe's income, and got Congress to use everyone else's money to pay for this business practice by having the Treasury/Fed buy shares of AIG?
And then AIG used the surplus floated capital to give bonuses to the executives and traders, because that quarter happened to be awesome, numerically.
And then AIG was part of a lawsuit that sued the Treasury/Fed under the expropriation clause of the 5th Amendment because the value of the shares was not deemed correct?
Well. ultimately the Fed made like an 80 billion profit, 1/12th of what they make from annual tax collection, so if they keep that up maybe they won't even levy income taxes to fund the Federal Government's general operations anymore.
With that logic, nationalize all the things because I can't stand paying for the general operation of this plunder.
Partial sarcasm.