Page 107 - Aig News Today

Ce creditors and a partial rescue of the shareholders. they let lehman go, but, yes, aig, obviously an intervention. all the other banks, we have the taxpayer explicitly behind wall street derivatives training at clearing houses. >> but five years later, it feels safe, but maybe its too safe. because over those five years, weve had a growth rate of about 2%. it should be 3%. theres a sense in which the banks, the lending industry are simply supporting the status quo. its very formulative lending...

Pro-market, doesnt tell the financial community they cant do this or that. we do try to say if you take risks, you should be responsible if they go bad. but we banned the bad mortgages. i very much admire senator warren, but shes wrong if she thinks that. heres what the law said, this is bipartisan as this whole thing should have been. secretary paulson suggested the basic approach. some large institutions too big to fail without taking account of the consequences, so have the power in federal o...

Lehman brothers and that was just the beginning. >> wall street landscape is dramatically changed in just a matter of days. lehman brothers filing for chapter 11 bankruptcy. >> the dow plunging 500 points think biggest one day point drop since the market re-opened after 9/11. >> a string of people losing their jobs coming out of lehman, joining the 600,000 that have lost their jobs so far in the last eight months. >> we do not take, i dont take lightly, every putting the taxpayers on the line to...

>> you would you prefer an emergency credit line. the government thought otherwise. >> i think its wrong. >> the financial system sits at the brink but uncle sam standing ready to step in, restore confidence, trying to end the credit crisis with a sweeping intervention, not seen since the great depression. >> we believe that this decisive government action is needed to preserve americas financial system and sustain americas overall economy. >> on your show two years ago i mentioned the world, de...

>> we dont. and if youre interested in looking at one persons journey through this whole thing, look at gary gensler. gary gensler was the chairman of the commodities trading commission through this process and led the crusade, former goldman guy, led the crusade to create transparency in the credit default swaps market, which is the whole thing and really had some success with a small portion of it to his credit, and congratulations are due to gary. im sure it was an incredible fight to get any...

Behind the takers. what do you think about that? >> just about every part of that is wrong. let me back up a second, though, to pick up on one of the points lee made. this is a contractual obligation. i just find it kind of striking here because theres such a selectivity about how we view the contracts. you might remember back when aig was bankrupt. there was a big issue they had these bonuses for their top people. hundreds of thousands of dollars per person. and we ended up paying them because ...

This is a contractual obligation. i just find it kind of striking here because theres such a selectivity about how we view the contracts. you might remember back when aig was bankrupt. there was a big issue they had these bonuses for their top people. hundreds of thousands of dollars per person. and we ended up paying them because we got lectures including from people in the obama administration about the sanctity of contracts. well, here you have contracts with workers guaranteed by the state c...

It sank the value of stock for shareholders like him. aig considered joining the lawsuit but backed out after public backlash. and big story yesterday, the fast food workers in cities across the country walking off the job. they say minimum wage of $7.25 an hour not livable asking for 15 bucks an hour. >> i have a second job and try to catch up on bills and this is -- living in new york city is so expensive you have to think about transportation, high taxes, food, everything is just so expensive...

Yellen has been a strong supporter of the bond buying program. her appointment would mean a continuation of bernankes policy. larry summers, you know him. he had questioned the feds stimulus program and hasnt helped the economy as much as people think and he could cause a shift in policy. the politics around these two is getting so interesting in washington. >> white hot over the last week. >> white hot and the white house not making any indication who theyll pick and exactly when but i promise ...

Clubs, not just the country clubs. they need to communicate why big government and high taxes hurts the guy building the skyscraper, not just the one that owns it. why educational choice gives the children of working single moms the same opportunities as kids going to the finest private schools. they need to explain why failed energy policies of democrats are costing them at the gas pump and in their electric bills. i grew up having a lot more in common with the people working in the kitchen ins...