On Thu, 23 Oct 2008 15:09:19 -0500, Ignoramus28420
wrote:

On 2008-10-23, F George McDuffee wrote:
I don't believe this can be happening.....

I am not in the least surprised.

i
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I meant in the sense of watching a train wreck occur, as if in
slow motion, from a distant vantage point.

It is long past time to cut the crap, put AIG into
conservatorship along with Freddie and Fannie, bring in the
forensic accounting teams, shut AIG down for two weeks, change
the locks, and start winding things up.

AIG and their stockholders' equity is dead, and the
unsecured/uncollateralized AIG debt obligations are worth little
to nothing. Its time to put the stake in the heart of this
vampire (and spread some garlic around, just to be on the safe
side) before it sucks any more blood from the taxpayers via the
financial system.

Many of the component parts of AIG still remain viable, even
valuable, and many of these are well run insurance operations
under strict state control. One possible "solution" would be to
"de merger" these solvent separate operations back into separate
corporations, domiciled/chartered in their "home" states, and
distribute these shares on a pro rata basic among the secured and
other AIG creditors as a debt for equity swap in these successor
companies, in at least partial (re)payment.

The indictments and criminal/show trials can occur at a later
date.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).