Stocks are tumbling around the world and Mainstreet is feeling the crunch, but at the Institute of International Finance (IIF) luncheon it was hard to see the dark side past the luxurious chocolate mousse cake and keynote comedy.
Jacob Frenkel, the vice-chairman of American Internal Group (AIG) — yes, that insurer on the receiving end of an $85 billion government bailout a few weeks ago (and now an extra $37.8 billion loan ), gave a light-hearted address on the G7’s plan of action to combat the credit crisis.
Frenkel was quick to take issue with the lack of details in the G7 plan and urged the importance of concrete dates.
Jacob Frenkel needs a date
But all jokes aside, Frenkel suggested the current financial crisis could be seen in a different light.
Jacob Frenkel thinks Chinese
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5 comments so far
How on earth all this companies are not asked to put their own money in their Bankruptcy or lets call it the bailout.????!!!!!!
I’ m sure the legality of that “” let’s call it “___legal protection____ can be revoked and he should be clearing WHERE all the money went and WHEN and WHY did he get out of it!!!!! Maybe he spoke with Mr.EX treasurer chief at the time he all so wanted out!!!!
What do you think about my thought?? Out there or who knows.
Lena
- Posted by To be determineThese people are really very sick
Better said they are evil.
These people failed totally because of their incompetence
and arrogance.
They should be in jail, like Berni Ebbers of worldcom.
- Posted by chris Boson USA* Knock, Knock *
Who’s there?
Government Bailout
Government Bailout Who?
Government Bailout Who ever started this fast before the United States People find out they’ve been Looted!
- Posted by bonaeMost of you are missing the point. Blame is easy after the fact.
- Posted by HCOWe should hold congress to the fire. Both Democrats and republican follow the $ of gifts from lobby groups and special interest. Laws for control were rejected only in the past few years- they tried to address the present problems- but were lobbied against- and the lobbying $ won
IN A DEMOCRACY YOU NEED TERM LIMITS. THAT WILL REDUCE THE IOU’S THAT LONG TERM CONGRESSMEN PRESENTLY OWE TO MANY “OLD FRIENDS”
THINK TERM LIMITS AND THEN YOU REALIZE HOW MANY GOOD PEOPLE WE CAN GET INTO POLITICS & YOUNG NEW BLOOD.
The fact that these people smile and laugh is insult to the working class people. The only people that have a right to laugh or make lite of this situation are the working class who continue to get screwed and lied to, not these arrogant crooks. And please, stop making this a party issue. Bush is an arrogant idiot, and played a big role in allowing the national dept to become so massive, but he didn’t do this by himself. Congress is just as guilty. In addition, Democratic leaders like Chis Dodd, Byrney Franks and the whole group of Democrats that have supported the CEO’s and board members of institutions like Fannie and Freedie Mac have contributed even more to the massive problems we face today. Everyone thinks Bush has a low IQ, but look across the isle and you will see that the majority of people running our country and the world are all a bunch of arrogant greedy people that all lack the intelligence and wisdom to be great leaders. As far as I can see, they have all reserved their places in hell.
- Posted by Diogenes