Ed Liddy, the man who took over the reins of AIG the failed insurance giant to which the government has made $180 billion available in aid speaks to Steve Kroft about the gargantuan task ahead.
Пікірлер: 186
@marktwine18335 жыл бұрын
Ed Liddy did a great job, stabilized the company and put a plan in place to repay the government and tax payers after his departure. AIG paid the entire 182 billion back with interest in 2012.
@TheBandit76134 жыл бұрын
That doesn't include "stealth" tax breaks AIG got against future tax bills.
@shafiqfazil23574 жыл бұрын
And when is the government gonna pay the tax payers back
@Kyle_Schaff4 жыл бұрын
*Josh Gorman* And I’m sure that, if they had been left to fail, you’d be bitching about how the government sat on their hands as the real economy and the global economy burned. The interest rate for AIG is reported to have been about 15% by the way. And the Fed had control of almost 80% of AIG’s assets, so they were able to change out the management and had absolute veto power during the crisis.
@Kyle_Schaff4 жыл бұрын
*Josh Gorman* We socialized the loan, not the losses. The government profited tens of billions from AIG after they paid back the bailout with interest to Uncle Sam
@Hot_Stank6534 жыл бұрын
Truly great Americans
@blinkyblonk49124 жыл бұрын
People who should have faced huge humiliation , personal bankruptcy and jail time ...... instead walked away with $32 MILLION cash leaving packages !!! It's unbelievable .
@ompens4 жыл бұрын
“It far safer to steal large sums with a pen than small sums with a gun”...- warren freaking Buffett
@ahmadamin38304 жыл бұрын
that thief Buffet & his DemParty cronies should know: google.com/search?q=How-Congress+Obama-failed-economy-bombshell-proof&tbm=vid
I know I'm kind of randomly asking but does anybody know a good site to watch newly released series online?
@Trish-fv7ck4 жыл бұрын
Thank you Mr. Romney for your pledge to vote for witnesses and documents. You are truly living up to your oath. And you are a good man.
@jimhendricks884 жыл бұрын
I there there are a lot more layers to this than surveyed in the 60 Minutes program.
@tibchy1444 жыл бұрын
it's socialism for the rich and capitalism for the poor
@mactastic1444 жыл бұрын
Corporations invest money into providing products and services to consumers, so they should be able to make a profit from it.
@DesertPackrat4 жыл бұрын
Stellarspace they should make profit when they do not defraud consumers with the products and services they provide. Way too many people accept the criminal behavior as part of the Wall Street identity. We glorify it in movies and fawn over hedge fund managers that show us their million dollar houses. They and it is crime no different than the mafia, a drugstore robbery or a hit and run. There should be capital punishment for anyone that steals more than $50k. Bottom dwellers.
@RobertSmurda2 жыл бұрын
The bailout resulting in a profit for the U.S. government
@Trish-fv7ck4 жыл бұрын
Thank you Mr.Bolton for releasing your manuscript to the NYT. Before this I was going to start a BAN THE BOLTON BOOK movement. Now I will be a HUGE advocate for your sales. Yes QUID PRO QUO.
@harshitmadan64494 жыл бұрын
Bailouts are bad. This is NOT capitalism, just the opposite.
@mactastic1444 жыл бұрын
Does this apply to every bailout that has occurred and every bailout that will occur in the near future?
@chasemcallister50554 жыл бұрын
@@mactastic144 yes every bailout is bad in the long-term.
@sarac.35683 жыл бұрын
So what would your answer to this situation be? Fail the economy? I mean it's clear they're crooks, but what is the alternative to a bailout? We're talking hundreds of billions of dollars
@stained62023 жыл бұрын
If they didn’t bail them out the world economy would crash.
@jeffb57854 жыл бұрын
They said AIG was too big to let fail, I say just too damn big and too big to not let fail. Either way the average person gets it in the rear. I would rather take the hit and have nobody get rewarded for the corruption that that caused the mess.
@shafiqfazil23574 жыл бұрын
Where is our dividends if “we” own it
@tkdcow99114 жыл бұрын
We were payed principle back plus interest years ago, and our prefered shares were redeemed as a result.
@KingSlimjeezy4 жыл бұрын
this
@KingSlimjeezy4 жыл бұрын
@@tkdcow9911 I never got a check
@Kyle_Schaff4 жыл бұрын
*KingSlimjeezy* Sorry, do you ever get a money check from the government other than through tax returns? You got that money back through better welfare funding like the housing program that kept millions from losing their homes (HARP).
@weebgrinder-AIArtistPro3 жыл бұрын
You'd have to be a shareholder
@kapetannemo5 жыл бұрын
All this is ridiculous! They have to respond to the public prosecutor for organized financial crime, not то Congres !
@normbograham4 жыл бұрын
The "Bond Market Association" (Now SIFMA), developed marketing materials for CMO's, and nowhere in these was the risk of "default". The days after the collapse, all marketing materials were amended to include the risk of mortgage default. I have an original. The Bond Market Association was so, integrated into the government, that government officials came to the office.
@douglaschavez5324 жыл бұрын
Crooks all of them
@Kyle_Schaff4 жыл бұрын
Like the dude who was appointed to run AIG in order to stabilize the volatile entity that’s failure would result in tens of thousands of businesses collapsing on the salary of $1/yr?
@bobby_greene4 жыл бұрын
@@Kyle_Schaff ✌️not a crook✌️
@waaazupd19486 жыл бұрын
Someone made some serious money off this failure
@Kyle_Schaff4 жыл бұрын
Yeah, the US government. Not only did it stop the economy from collapsing, the government, in selling off their equity over time, has *profited* $23 billion from its massive investment
@Kyle_Schaff4 жыл бұрын
*Josh Gorman* I don’t think the American people are ready for the socialist revolution, my dude
The Credit Default sales are a large area of what goes wrong ina bank tgar size. Tgese foreign customers kmow Americzn insurance companies fund the loss and liabilities.
@mdlclassworker33844 жыл бұрын
The executives that brought this company down should have been fined and had their assets taken, just as many pension plans lost so much of recent and current retirees fund's
@ricktimmons4584 жыл бұрын
how does anyone have the nerve to give bonus after loosing $61billion.
@CookieFACE123 Жыл бұрын
They had to encourage their traders to stay with the firm so they could wind down their business. If they didn't give out bonuses, everyone would have just abandoned the firm and it would have been stuck with no skilled traders to sell their assets.
@jamesparker68764 жыл бұрын
The Bonuses should never been paid. Legal judgments could have prevented these pay outs.
@Michiganian84 жыл бұрын
I wish the Federal Reserve will help bail me (A Law Abiding Citizen) Out of my Student Loan from 2008
@ahmadamin38304 жыл бұрын
Then you're no better than the bankers. You and they (and their DemParty cronies) are parasites who borrow, then expect me and ALL THE REST OF US Americans to PAY FOR your bad decision.
@therealsapdad1942 Жыл бұрын
You took them out, you pay it back.
@lifeisimportantkate5 жыл бұрын
Thieving does it pay. Quick wealth
@pamelahomeyer7485 жыл бұрын
Michael Milken brought down the Aetna. And the Securities and Exchange let him back in
@coachb27665 жыл бұрын
Pamela Homeyer it is a small club and they all look out for one another.
@jkholtgreve3 жыл бұрын
GIGO. Great object lesson for our increasingly algo-driven economy.
@mayhem74554 жыл бұрын
How does 30 or 40 people bring down an entire company? Greed. They were greedy, and the people that were supposed to be watching them were greedy.
@BRuane-pw6xq4 жыл бұрын
No mgmt controls only greed .
@lynnrussell4674 жыл бұрын
Bonuses for those responsible for the mess? Funny way to proceed...more of the same?
@geraldstephens66122 жыл бұрын
And we the taxpayers paid dearly for it; which sends out a very bad signal to other businesses.
@normanspratling83034 жыл бұрын
Never trust a skinny chef and never trust a selfless CEO.
@ruzzelladrian9074 жыл бұрын
They should've let AIG drown like Lehman Brothers.
@bikesnstuff69624 жыл бұрын
The issue with that is that AIG insured many securities in our pension funds. Without AIG's insurance, these instruments wouldn't have been considered "investment grade.". This change in rating would have required all pension funds (by law) to sell those risky instruments and we would have a more massive sell off that would have obliterated the middle class's retirement funds.
@waseemsamdani99654 жыл бұрын
Hopes for the best
@dougmphilly4 жыл бұрын
if anyone should figure out risk, it should be an insurance company.
@lynnrussell4674 жыл бұрын
When can we expect payments? We can certainly use the added finances.... LOL !!!
@georgesingh8264 жыл бұрын
How do they feel when they were spending the public money ? That was call thieving !
@BRuane-pw6xq4 жыл бұрын
Well it is called American Intl Group. This worked out in the long run. Sometimes Govt should intervene.
@DataLog3 жыл бұрын
I just don't understand one thing (someone please explain me). If the government bailed out banks and these securities companies, why did the people lose homes? Were not their debts with the bank effectively written off? (our government recently wrote off some debts by paying the banks what people with blocked account couldn't)
@dondatrader56092 жыл бұрын
People were over leveraged without even knowing and when unemployment started hitting hard people couldn’t even afford car notes / mortgage …. Which caused foreclosure which than caused the banks/ mortgage lenders to want there capital back as home value kept declining…. A lot more happened it like a domino affect
@DataLog2 жыл бұрын
@@dondatrader5609 I know that, but still, there was a government bailout. In my opinion they should've let every irresponsible acter fail.
@dondatrader56092 жыл бұрын
@@DataLog hopefully they let that happen this time around
@DataLog2 жыл бұрын
@@dondatrader5609 Yeah. Still, my point was, if the government already intervened and used taxpayer money to bail out banks, It's not really fair that people still lost homes and banks remained the owners of those homes.
@tommathew76844 жыл бұрын
Allstate + Goldman Sachs. He knew what was under the kimono.
@benz500r5 жыл бұрын
In any other country, AIG would have been out of business. There were other companies in similar positions and that's how we became the biggest socialist country. Businesses could not support themselves, they were financed and owned by the government.
@panographic4 жыл бұрын
Ed Liddy to congressman: "I take offense, sir"
@bgroks14 жыл бұрын
panographic as he probably should if that junk was done prior to him getting there. F*ck that congressman
@johnryan31024 жыл бұрын
This is what happens when rich lawyers on the Supreme Court say money is the same as speech
@heedfulnewt66252 жыл бұрын
Saw this at my local Alcoholics Anonymous. Changed my alcoholic life #savetheturtles
@bellamarley94554 жыл бұрын
The frauster lives in London now.....aaaawww.
@clemnewton99954 жыл бұрын
Lie cheat steal welcome to aig
@atheistangel0074 жыл бұрын
PHEW! I thought CBS was saying it owned Answers in Genesis and I almost threw up my lunch.
@bobby_greene4 жыл бұрын
Oh my... I hadn't even considered...
@matth23e24 жыл бұрын
We need regulation. I've worked with and talked to people betting on subprime mortgages, most of them didn't think they would fail. They rely too much on financial models and also they have so much power that when they make a mistake they cant just learn from it and move on with minimal damage, they wreck the economy.
@mt_gox Жыл бұрын
any relation to G Gordon Liddy?
@victorvictor85874 жыл бұрын
Manipulate, Manipulate, Manipulate Excuse Me I Meant to Say Marketing that's what that Degree is For .
@ronaldwilliams4053 Жыл бұрын
I just don’t get why and how these banks fail Man U would think if the government run anything it would be the money flow
@voranartsirisubsoontorn90105 жыл бұрын
He is so so handsome from his actions.
@WoodedAcres4 жыл бұрын
I dunno who made the decisions regarding who and what they would insure. Most people have no clue. How many people know who insured the Deepwater Horizon? AIG. Not a good record.
@shawn5444 жыл бұрын
Came here in 2020 to see the future of Boeing. Lol
@dennismiller954 жыл бұрын
Thank You Sir. #1FOKUS #GHOSTWRITER
@AdvancedUSA4 жыл бұрын
AIG is a prime example of stupidity and greed or greed and stupidity. They just had to jump onto the sub-prime mortgage wagon with no understanding of where it was going or how it was going to get there.
@m7md4x4 Жыл бұрын
Hank hoocked him up
@mayhem74554 жыл бұрын
So if I'm a shareholder, where's my check?
@dondressel48024 жыл бұрын
chad f me to I’m still waiting
@bgroks14 жыл бұрын
Shareholders don’t always get paid.. the gov made money on your tax money though!
@manino26 жыл бұрын
Some here say that living under a dollar a day is not acceptable to be considered in the group of rich persons in the country. A professional foreign advice can cost $ 100 USD an hour o more depending on the project.
@GC-ps9mn5 жыл бұрын
Those are certainly all words...
@ricktimmons4584 жыл бұрын
SELL IT!
@EvernhamNo93 жыл бұрын
6:47 Um, how does that guy not take any responsibility?
@ask_why000 Жыл бұрын
That's a mystery. I guess he thinks it was AIGs job to do his. Of course companies lie and no one takes responsibility for anything.
@jessicaquick64114 жыл бұрын
should not have bailed them out
@tommathew76844 жыл бұрын
116,000 employees had no role in AIG's collapse? No one went to jail. Charade.
@jwfcp4 жыл бұрын
You want the crooks, look at the banks, not the insurance company that got duped by them.
@mariarahelvarnhagen2729 Жыл бұрын
The Default ?
@dougmphilly4 жыл бұрын
between saving aig or lehman, it had to be aig.
@nathanmoak15154 жыл бұрын
if you have a car crash with an allstate customer--good luck!
@watchthe13694 жыл бұрын
He should have torn a page out of Marvel and Gave them a Tony Stark salute. Congress repealed the savings and loan laws that separated them from commercial banks to make the S&L scandals go away. Then the Real Estate market went corrupt and the vultures came home to roost.
@mactastic1444 жыл бұрын
There's so many anti-corporate sentiments in the comment section. It's almost as if people absolutely believe that they'd be better off without them. Let's try that one day and see what it gets you.
@weebgrinder-AIArtistPro3 жыл бұрын
I don't have any general anti-corporate bias but I think companies who act this irresponsible should be allowed to fail
@ask_why000 Жыл бұрын
Of course they want everyone to think large multinationals monopolies are "needed". Let's actually give capitalism a try.
@crackpipejoe35084 жыл бұрын
HILLARY 2020!!!!!!!!
@iampatoshi45373 жыл бұрын
Oh is this Mr. tRump's Father? dark vader? "i'm your father"
@dondressel48024 жыл бұрын
I’m still waiting for the 30 thousand I lost in their stock from fraud
@r3d5ive874 жыл бұрын
Anonymous he said their stock so I’m assuming AIG
@DrosIntentions4 жыл бұрын
:o wheres my money at hah
@BRuane-pw6xq4 жыл бұрын
Combine black swans with greed and nitwit leadership , Sullivan , and voila you have a Disaster.
@nathanmoak15154 жыл бұрын
i didn't get a damn thing! not a penny.
@Morrocoyx15 жыл бұрын
2 lol xD i own it
@MasterMoose044 жыл бұрын
Can I sell my share please lol
@tenminutetokyo26434 жыл бұрын
Outsourced to India Incs. That’s what really caused it.
@SantaBarbaraDianne15 жыл бұрын
haha FIRST!!
@coachb27665 жыл бұрын
Santa Barbara Dianne but are you still among the. living in 2019 ?
@michaelrichardson18984 жыл бұрын
I'm glad Trump is president!
@weebgrinder-AIArtistPro3 жыл бұрын
Obama's President now
@8bitpothead4 жыл бұрын
*baby voice* it's so haaaaaard running a billion dollar bank. why does the government bully meeeeeeeee? We almost destroyed America but we said we're sorrrrrrry.
@hughsmith40084 жыл бұрын
All Jews
@dwightsmith42264 жыл бұрын
Look, AIG was/is TO BIG TO FAIL...get over it and live your lives.
@UltimateBargains Жыл бұрын
We paid for AIG, but we don't own it. Profits are privatized while losses are socialized. Always have been, always will be. This video is pure propaganda, as always.