Page 171 - Aig News Today

Get himself re-elected and endorsing a bad bill. people who know mccain are disappointed by him. you understand hes a politician. >> david brooks, the president is talking about taking on immigration reform. i want to talk about the presidents approach to this. his performance to this and how its different from some of the other fights. he went to wall street, talked about the fat cat bankers in the past, had gone after aig bonuses. this is what he said in part on thursday. >> im here today spec...

Call over-the-counter, which means we basically dont know anything about them. we dont know whos buying them or selling them and theyre essentially outside the regulatory umbrella. and the president said, it cant happen. theyve got to get out in the sunlight and be under oversight. nobody would care except for the fact that when aig had hundreds of billions of dollars of these things and they blew up, they threatened to destroy the entire financial system, and so you just cant let those sit ther...

Anti-religious secularists. if you look at obamas policies we currently own most of general motors and own most of chrysler. aig is deeply in debt to the government. the president is proposing to take over wall street with the financial reform, taking over the health system and nationalizing student loans. go down the list. i dont know what word would best describe the administration if it wasnt socialist. anytime you have a czar in the white house who thinks he is smart enough to decide on pay ...

Anti-religious secularists. if you look at obamas policies we currently own most of general motors and own most of chrysler. aig is deeply in debt to the government. the president is proposing to take over wall street with the financial reform, taking over the health system and nationalizing student loans. go down the list. i dont know what word would best describe the administration if it wasnt socialist. anytime you have a czar in the white house who thinks he is smart enough to decide on pay ...

Go down nap would be a tremendous benefit to everyone. >> let me ask you this, peter. you said you think the focus on derivatives is misplace pd. one of the riesens were focusing on derivatives when there are other parts of the legislation the president is focussed on, the others are agreed upon. this is the contentious one, the one folks are objecting to. what should you focus be on, if not derivative, peter? >> requiring to write a derivative that is, aig had very little money available. incre...

Financial regulation -- regulatory reform. they dont want to have this conversation about taxes but it will be -- as soon as the november elections are over which the republicans if theyre smart, of course, will actually make that an issue. >> and the commission is going to come in and theyre going to say -- you know, alan simpson and who is the democrat on that special blue ribbon commission. theyre going to say -- >> thank you. >> the only way we can close the gap is well have to add a nationa...

>> yes. >> that almost brought down the american economy? >> yes. >> will it prevent the into he had for giant bailouts again? >> yes. >> how? >> because just like we have the fdic that can go into banks when they fail, restructure essentially clean out the stockholders and restructure it. were going to create a mechanism that allows us to do it with the biggest banks. that wasnt there in the past. in addition, there are going to be lots offer early warning mechanisms in place. the whole questio...

>> yes. >> will it prevent the into he had for giant bailouts again? >> yes. >> how? >> because just like we have the fdic that can go into banks when they fail, restructure essentially clean out the stockholders and restructure it. were going to create a mechanism that allows us to do it with the biggest banks. that wasnt there in the past. in addition, there are going to be lots offer early warning mechanisms in place. the whole question of derivatives -- >> would you vote to ban derivatives? ...

Cummins, whos been calling on the s.e.c. to cast a wider net and look at dozens more potentially fraudulent transactions. welcome. you and peter fazio wrote a letter last week. what do you want the s.e.c. to do now? >> we want the s.e.c. to do its job. we want them to look at several other deals. there were 24 other deals that came under bacchus set of transactions. we want to look at those, too, because we believe that this thing is widespread. its not just this goldman deal that is the subject...

The -- letting the shareholders have more power. the problem with that is that its only a recommended power. its not binding about -- >> and that particular issue, bob, gets hotter and colder depending on the season. >> right. >> you know, i know people dont like when i say it, but that wasnt really the cause of the collapse of the financial system, the other ones are bigger. >> it would be better if it wasnt even in there in my opinion. we just concentrate on the aspects of getting much firmer ...