recentpopularlog in

robertogreco : aig   11

AIGA | Video: Terry Irwin
"It has been argued that the transition to a sustainable society is essentially a design problem, one of the most important of the 21st century. Making this transition will require nothing less than a reconstitution of our collective cultural image. Communication designers have an important role to play in this process. Our individual and collective worldviews are the result of our beliefs, values and cultural norms that often go unnoticed and therefore unchallenged, but which utterly direct the way we see the world and interact in it. Designers’ individual and collective worldviews direct whether or not they see problems, how they frame them in context and how they set about designing solutions. In short, our worldview controls how and what we design."
terryirwin  aig  aigapivot  2011  towatch  design  society  sustainability  culture 
december 2011 by robertogreco
Wall Street's Bailout Hustle : Rolling Stone
"the biggest gift the bankers got in the bailout was not fiscal but psychological. "The most valuable part of bailout was implicit guarantee that they're Too Big to Fail." Instead of liquidating & prosecuting insolvent institutions that took us all down with them in giant Ponzi scheme, we have showered them with money & guarantees and all sorts of other enabling gestures. & what should really freak everyone out is the fact that Wall Street immediately started skimming off its own rescue money. If the bailouts validated anew the crooked psychology of the bubble, the recent profit & bonus numbers show that the same psychology is back, thriving, & looking for new disasters to create. "It's evidence that they still don't get it."
matttaibbi  banking  goldmansachs  corruption  finance  business  policy  wallstreet  fraud  bailout  economics  politics  economy  crisis  aig  2010 
february 2010 by robertogreco
Op-Ed Contributors - Show Us the E-Mail - NYTimes.com
"The three of us, as experienced investigators and prosecutors of financial fraud, cannot answer these questions now. But we know where the answers are. They are in the trove of e-mail messages still backed up on A.I.G. servers, as well as in the key internal accounting documents and financial models generated by A.I.G. during the past decade. Before releasing its regulatory clutches, the government should insist that the company immediately make these materials public. By putting the evidence online, the government could establish a new form of “open source” investigation."
finance  law  recession  crime  corruption  bailout  aig  banks  subprime  economics  2009  eliotspitzer 
december 2009 by robertogreco
Op-Ed Columnist - In Defense of the ‘Balloon Boy’ Dad - NYTimes.com
"If Heene’s balloon was empty, so were the toxic financial instruments, inflated by the thin air of unsupported debt, that cratered the economy he inhabits. The press hyped both scams, and the public eagerly bought both. But between the bogus balloon and the banks’ bubble, there’s no contest as to which did the most damage to the country. The ultimate joke is that Heene, unlike the reckless gamblers at the top of Citigroup and A.I.G., may be the one with a serious shot at ending up behind bars."
via:javierarbona  celebrity  economics  recession  greatrecession  2009  hoax  fraud  inconsistency  finance  justice  frankrich  doublestandards  banking  citigroup  aig 
october 2009 by robertogreco
TimesOnline - Joseph Cassano: the man with the trillion-dollar price on his head
"Starting in 1952, two generations of economists worked to show that people are like molecules, whose behaviour can be predicted in ways that are stable over time. Science then infected everything, from how much capital banks need to protect themselves against insolvency, to the risk in credit-default swaps. But there was a flaw: the City’s faux physicists never go back far enough in their analysis, because the data on the Bloomberg terminal cover a tiny period of history. “Real scientists tend to be much more sceptical about their data and their models,” says William Janeway, an MD of the private-equity firm Warburg Pincus and a Cambridge University lecturer. “They had all of the maths, but none of the instincts of good scientists.” There is also the 4x4 effect: if you give people a safer car (read, a safer world through financial innovation), they tend to drive faster. But we are getting ahead of ourselves."
aig  finance  capitalism  banking  business  collapse  2009  crisis  economics  analysis  history  math  science  research  modeling 
may 2009 by robertogreco
Bill Moyers Journal . Watch & Listen | PBS - Interview with William K. Black, April 3, 2009
"The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout."
billmoyers  williamblack  via:javierarbona  regulation  corruption  bailout  recession  meltdown  aig  banking  economics  politics  finance  crisis  2009  fraud  crime  law  timgeithner 
april 2009 by robertogreco
Idle Words - Andrew Ross Sorkin Explains
"When a small company does what AIG did, it is called 'fraud' and people are sent to jail. However, since AIG had signed contracts with most of the biggest financial institutions in the world, it instead received a very large sum of money ($170 billion so far). This also makes sense. When a teenage kid breaks your storefront window, you chase him down and give him a pounding. But when the local mafia breaks your window, you sweep up the glass and make sure to increase the heft of your next monthly envelope."
politics  economics  aig  bailout  credit  insurance  money  us  2009  law  compensation  maciejceglowski  maciejcegłowski 
april 2009 by robertogreco
The Big Takeover : Rolling Stone
"As complex as all the finances are, the politics aren't hard to follow. By creating an urgent crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future. There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power. In the age of the CDS and CDO, most of us are financial illiterates. By making an already too-complex economy even more complex, Wall Street has used the crisis to effect a historic, revolutionary change in our political system — transforming a democracy into a two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below."
2009  crisis  banking  wallstreet  politics  economics  recession  corruption  aig  us  matttaibbi  money  finance  business  bailout  investing 
march 2009 by robertogreco
Welcome to double-standard America: The AIG scandal has made it apparent that we are ruled by a government of men, not laws. | Salon
"Congressional Republicans have long supported laws letting bankruptcy courts annul mortgage contracts for vacation homes. Those statutes help shower-before-work clique at least retain beachside villas, no matter how many of their speculative Ponzi schemes go bad. But for those who shower after work, it's Adams-esque bromides against "absolving borrowers of their personal responsibility," as GOP announced it will oppose legislation permitting bankruptcy judges to revise mortgage contracts for primary residences. Certainly, for all the connotations of fairness inherent in American politics' "country of law" catchphrases, most of us know that the selective application of legal principles is as old as the Republic...lots of us are only now discovering that inequality is so pronounced that time of day we bathe determines enforcement & reliability of even most basic contracts...just realizing that for all parroting of America's 2nd president, we are ruled by a government of men, not laws."
economics  government  equity  justice  class  bailouts  aig  us  politics  laws 
march 2009 by robertogreco
Taking Note: The Real Scandal
"If AIG spent $160 million on bonuses ...out of $30 billion bailout it received...from American taxpayer, what proportion...did not go to bonuses?... 99.5%...AIG is as pure as Ivory soap...bonuses are smaller than small change. What is shocking about the bailouts begun by Bush & continuing under Obama is how huge they are...impossible to imagine numbers involved except when they are set against one another...country that uses mind-boggling masses of resources to produce mind-boggling masses of output...economic crisis is showing us that policy battles of most years are concerned with nickles & dimes. Earmarks worth $8 billion – pennies...cost of healthcare for children – nickels...Social Security shortfall after 2041 – dimes. The really big money in the economy is as hard to grasp as distance to nearest star. We need to think not in miles but in light years of spending...2002-06...73% of additional income went to top 1% of households...system has failed...over last several decades"
crisis  aig  bailouts  money  numbers  economics  via:cburell  wealth  society  rich  poor  us  capitalism  georgewbush  barackobama  billclinton  bonuses  policy  politics  healthcare  socialsecurity  earmarks 
march 2009 by robertogreco

Copy this bookmark:





to read