Today, Congressman Elijah Cummings said on CNBC that in a meeting with the CEO of AIG in mid January he was told that AIG planned on beginning to repay the money they had borrowed very soon. Yesterday, the Street began suggesting that AIG would report the world's largest ever quarterly loss, 60 BILLION dollars. How in hell will AIG repay taxpayers when their losses continue to mount at this rate??????? They can't. That's the simple answer.
It seems to me that taxpayers still don't know how AIG has used the funds it has already received and that a lot more money will have to be pumped into that irresponsible company to save it from complete collapse. Are we as taxpayers ready to sink more of our limited resources into AIG?
With CEO's of publicly held corporations misrepresenting the soundness of their businesses' financial health on a daily basis, shouldn't the SEC start looking into these officer's misleading statements? Where is the SEC anyway?? And where is Tim Geithner while these financial institutions continue to implode while they hide the true miserable state of their balance sheets and regularly mislead investors???
I suggest that AIG be forced into bankruptcy and the sooner the better. Why? Simply because a bankruptcy filling will force these deadbeat companies to reveal the true nature of their sad state of affairs. Without a bankruptcy filling, taxpayers and our government representatives are having the wool pulled over their eyes and nothing in the short term will change that.
CEOs of these "banks gone bad" have ZERO vested interest in telling us the truth. Let bankruptcy, the truth serum of failing business, be the medicine that sheds light on the current and real state of these enterprises and let the chips fall where they may. What do you think???
Tuesday, February 24, 2009
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