Today here in Spain one of the most important bank in Europe announce a capital increase by 7200 mill €.
Because It is having problems for sell his participations in Cepsa and Banco de Venezuela.

Sorry for the english.

You can read more on http://www.invertir-bolsa-info.com/blog/?p=57

It is now apparent that AIG far out-reached their ability to cover the amount of risk they took on. All the way from how the mortgages were given out, to the securitization, to the insurance. The whole thing was one big colluded scam.

If I didn’t know better, it appears to me they wanted all of this to happen for some reason. What rational person would ever wish such a terrible outcome as we have already gotten, let alone what is yet to come?

Or is it too late for that?

This is like a guy going into a pawn shop where he had received 85 dollars on a watch. He now tells the guy he wants another 50 dollars and if he doesn’t get it, he’s going to blow his brains out right there in his shop. The cost of cleaning up the shop plus all the negative feedback from a death in his store is likely to cost more than 50 dollars.
Oh, and he pulled this same stunt last week as well and it worked.

This is moral hazard raised to the power of infinity! Nationalize the bastard!

Might as well go ahead and cross that bridge now and get it out of the way. Fuck those bastards!

November 9th, 2008 at 4:49 pm
Patrick Neid,
Friend, this wasn’t annual budget request manipulation. There never was a “plan”. Kevin Phillips on Bill Moyers explained it fully. It was the culmination of “use a crisis to make MORE money” for the elite. There was NEVER any plan to help the common man. If you think there was, you were fooled.

I’m not going to get in the definition of what a plan is but I will use it as a term to describe what Paulson and Bernanke tossed before us a couple of months ago. Then as now I said that “no plan” was the best plan. While I find people like Moyers/Phillips useless at best I never buy into conspiracies about they did it for the elites. As to Cuomo and Congress sharpening their teeth that’s like acting surprised when hyenas show up at a kill. When large sums of money disappear you can be certain that lawyers will appear.

Perhaps Moyers will get off his sorry ass and do a show on all the payola that went from Fannie/Freddie to all the Ceo’s, directors and politicians for cooking the books yet cooking the books at Enron put people in jail. Now that would be some hope and change.

Just search for “The perfect payday” on the WallStreet Journal online. Make sure you haven’t eat in the last 8 hours preceding the reading of this article.

Conscience? Decency? That won’t get anyone far in making the maximum amount of money/wealth they feel entitled too. However, It’s good for the poor and the insects (a.k.a. working stiffs) that they observe with a detached amusement from their corner offices.

@ AGG: regarding your increasing health insurance piracy, I mean premiums. You are of course correct. these people are thieves. The result of the public outcry against the Clinton health care plans was to allow these fat cats to rape the nation via health premiums in the pay check while the investment bankers were doing likewise via the 401K plan. However, you can take heart – I am quite sure that President Obama is aware of this. I think we are going to see some significant belt tightening in the health services industry. I am not talking so much the providers themselves, who haven’t benefitted a great deal (nurses, office staff, most physicians), but the monetizers (hospital adminstrators, HMOs etc..) are effectively the bond insurers of the health care industry. They have been having a big party, probably at the same resort as the AIG guys. The new government is going to make a lot of these non-productive money-shuffling parts of society bend over. Trench digging for these guys, if they are lucky. I have met them and they are the same scum as the finance and real estate people.