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Tuesday, March 3, 2009

Former AIG Chairman Sues AIG For Securities Fraud

While our government is shelling out more billions to attempt to save a bankgrupt AIG, its' former Chairman of the Board is suing them for securities fraud. In reality he is suing all of us since we already own almost 80% of the company.

Just yesterday, its' current Chairman of the Board and CEO announced that the companies insurance divisions are all healthy and doing well and that all policy holders are safe. Interesting to note in the comments made on CNBC today by Mr. Greenberg that they are not healthy at all.

When are we - the American People - going to say ENOUGH? I for one say, let them all fail as says Mr. Rogers in the following quote also taken from another CNBC interview.
"The U.S. bailing out troubled financial's is not going to remove systemic risk. In fact, it is making the problem worse, says Jim Rogers, author, adventure capitalist and international investor. He tells CNBC's Martin Soong & Sri Jegarajah why it is better to let financials fail.
I have embeded both CNBC interviews. Come to your own conclusions after watching. I for one believe the people of this country need the "cash" in their hands as putting billions upon billions into the coffers of failing institutions serves only to secure their executives salaries and bonuses.

Many of you out there are - or were - in business and your business may be or already has failed. Do not all of us in business deserve the same bailout assistance? Actually, I don't think so. I do believe however, that if the cash were injected into the population our business would survive due to the availability of consumer "cash" spending.

Increasing debt to cure the debt problem is not a concept that can work. If consumers are already in debt and our government is in highly in debt then what form of economics or mathematics dictates that more debt eliminates existing debt? I am not a rocket scientist nor a PhD economist nor a mathematician. But one does not have to be to see that it will not work.

In order to view these CNBC stories, please turn off the Bloomberg TV feed on the left side of this page. Click the square on the lower left side of the embed to turn it off. Thank you.

Greenberg Sues AIG...from CNBC

Rogers: Better to Let Financials Fail...from CNBC

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