Nope, while Nick might have botched some accounting, it was Barney Frank, Bill Clinton and Jimmy Carter who fucked the economy. They essentially forced banks to give these sub-prime loans to the poor. Won't see that in the mainstream news. And I am happy that Fuld sat there and pissed off the committee by explaining everything in uber technical terms, which all the members claimed they did not understand.
I know that it was Clinton that signed that bill telling the banks to give out risky loans. I am still sticking with it was Nick that brought down AIG.
Just wait until his current company goes down the tubes... Then we'll know he was to blame!
In all seriousness though, have you boys in accounting/finance/whatever been feeling the squeeze? I keep hearing that things are tight with companies and that people are getting laid off, but I haven't really heard anything from Boston friends. I am curious to hear how tangible this crisis is or if it is just people going crazy and hanging on to their money. Talk amongst yourselves.
I mean it may not be great press, but being able to bring down one of the worlds largest companies would be a proud achievement in my book.
Trust me AIG was long F'd before I got there. When you have 1 trillion dollar in Assets like they did some of that money tends to be in risky places. Yes you can probably blame some of issues on accounting policies, but hey they got greedy and like everybody else did. If the goverment is smart they can make some money off of AIG they still have some very profitable businesses.
If my current company goes under I will begin to wonder. Seeing as how we are a Australian based firm we have avoided much of these horrible debts that other large companies have. I personally have felt no squeeze at all in my industry. I could actively look for a job and feel ok about the search. Now I would not expect some huge bump in pay, but I feel fine as of now. I would be very careful on where I went though...scary times still.
It is weird, I'm directly involved in the economy and the mortgage business, yet we have stayed relatively untouched. Sure, we have lost a few of our "weaker" patrons, volume is down a bit, and a couple "weak links" got laid-off, but overall we are doing very well. For example, I have already traded about $20 mil worth of loans this week.
Having said that, I am feeling it personally as my 401k is taking it on the chin pretty good and I have already lost $2k this year alone. But obviously a 401k is long term...so I'm not worried. Realistically I'm buying "cheap" right now so when it turns around I'll easily make my money back.
I think this is just the system "purging" itself and cleaning out the bullshit!
Im with Leighton, get rid of the trash and un-needed crap in the market and it will function more efficiently. My IRAs and investments are also taking a crap right now but I just dumped a bunch more money into them now while the market is low. Buy low, sell high!
Nick I really hope you meant sensual MASSAGES, or that could come back to haunt you... otherwise delete them, quick! :)
Anyway, am I the only one here who has the mentality of a college student? I must be, because I'm broke and have certainly yet to invest or plan for the long term... all I've managed to do is rack up a bunch of debt in the name of education and am still paying over $250/month for health insurance through COBRA. All I can say is I'm for anybody who is gonna fight for the middle man, because I'm nowhere near ready to be a grown up.
I was being dramatic about my poorness. I'll be eligible for insurance through Corporate Fitness Works as of the first of the month following 60 days after my hire date... or otherwise November 1st. But I'm still in a lot of debt! :)
11 comments:
Nope, while Nick might have botched some accounting, it was Barney Frank, Bill Clinton and Jimmy Carter who fucked the economy. They essentially forced banks to give these sub-prime loans to the poor. Won't see that in the mainstream news. And I am happy that Fuld sat there and pissed off the committee by explaining everything in uber technical terms, which all the members claimed they did not understand.
I know that it was Clinton that signed that bill telling the banks to give out risky loans. I am still sticking with it was Nick that brought down AIG.
Just wait until his current company goes down the tubes... Then we'll know he was to blame!
In all seriousness though, have you boys in accounting/finance/whatever been feeling the squeeze? I keep hearing that things are tight with companies and that people are getting laid off, but I haven't really heard anything from Boston friends. I am curious to hear how tangible this crisis is or if it is just people going crazy and hanging on to their money. Talk amongst yourselves.
I mean it may not be great press, but being able to bring down one of the worlds largest companies would be a proud achievement in my book.
Trust me AIG was long F'd before I got there. When you have 1 trillion dollar in Assets like they did some of that money tends to be in risky places. Yes you can probably blame some of issues on accounting policies, but hey they got greedy and like everybody else did. If the goverment is smart they can make some money off of AIG they still have some very profitable businesses.
If my current company goes under I will begin to wonder. Seeing as how we are a Australian based firm we have avoided much of these horrible debts that other large companies have. I personally have felt no squeeze at all in my industry. I could actively look for a job and feel ok about the search. Now I would not expect some huge bump in pay, but I feel fine as of now. I would be very careful on where I went though...scary times still.
It is weird, I'm directly involved in the economy and the mortgage business, yet we have stayed relatively untouched. Sure, we have lost a few of our "weaker" patrons, volume is down a bit, and a couple "weak links" got laid-off, but overall we are doing very well. For example, I have already traded about $20 mil worth of loans this week.
Having said that, I am feeling it personally as my 401k is taking it on the chin pretty good and I have already lost $2k this year alone. But obviously a 401k is long term...so I'm not worried. Realistically I'm buying "cheap" right now so when it turns around I'll easily make my money back.
I think this is just the system "purging" itself and cleaning out the bullshit!
Im with Leighton, get rid of the trash and un-needed crap in the market and it will function more efficiently. My IRAs and investments are also taking a crap right now but I just dumped a bunch more money into them now while the market is low. Buy low, sell high!
Before you ask YES I was at the corporate retreat that cost AIG 440K two days after the bailout....
Between drinks/golf and sensual messages I think I easily racked up 15K in those couple days. Enjoying paying for it LOSERS!
Nick I really hope you meant sensual MASSAGES, or that could come back to haunt you... otherwise delete them, quick! :)
Anyway, am I the only one here who has the mentality of a college student? I must be, because I'm broke and have certainly yet to invest or plan for the long term... all I've managed to do is rack up a bunch of debt in the name of education and am still paying over $250/month for health insurance through COBRA. All I can say is I'm for anybody who is gonna fight for the middle man, because I'm nowhere near ready to be a grown up.
Correction MASSAGES. How big is your employer and why do you not get health insurance from them?
I was being dramatic about my poorness. I'll be eligible for insurance through Corporate Fitness Works as of the first of the month following 60 days after my hire date... or otherwise November 1st. But I'm still in a lot of debt! :)
Yea that is good debt though :)
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