How'd All This AIG Mess HappenSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

How'd All This AIG Mess Happen
 


20 March 2009 at 10:03:28 PM
salon

The Big Takeover, from Rolling Stone

 the lion's share of the bailout money has gone to the larger, so-called "systemically important" banks. "It's like Treasury is picking winners and losers," says one state banking official who asked not to be identified.

This itself is a hugely important political development. In essence, the bailout accelerated the decline of regional community lenders by boosting the political power of their giant national competitors.

Which, when you think about it, is insane: What had brought us to the brink of collapse in the first place was this relentless instinct for building ever-larger megacompanies, passing deregulatory measures to gradually feed all the little fish in the sea to an ever-shrinking pool of Bigger Fish. To fix this problem, the government should have slowly liquidated these monster, too-big-to-fail firms and broken them down to smaller, more manageable companies. Instead, federal regulators closed ranks and used an almost completely secret bailout process to double down on the same faulty, merger-happy thinking that got us here in the first place, creating a constellation of megafirms under government control that are even bigger, more unwieldy and more crammed to the gills with systemic risk.


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1 - pstern   20 Mar 2009 @ 11:33:24 PM 

Another issue is lax laws governing financial institutions and the corporate sector, e.g., it is outrageous that the laws permit credit card companies to overnight raise your APR [interest rate] up to 30%.  You can get that percentage on the street from a few tough guys who will break your legs if you don't pay them back. 

Lax legislation also provided home lenders to quallify prospective homeowners who may have been deemed risky under another administration or with stricter prerequisites, rules and guidelines.  While many Americans, financial markets and legislators point directly to the homeowners for buying homes they couldn't afford, the lending institutions really are the ones who approved the loans based on their review of clients; incomes and expenditures.

In addition, no common-sense rules of business when hiring CEO's, some mentality that you must promise top dogs the moon in order to get the best of the best.  Not true.  If all companies slashed their hiring bonuses, then CEO's would have to do their jobs well and get paid for that just like the rest of us do every day.

There are a lot of other issues too.


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Comments

salon > Quick update on this, via Pacer-Click on pic to see larger (Turk Case Update- Telephone Conference Hearing Set for March 8 2019 )

salon > Lance Been awhile. Send me an email at salon@glenrose.net with the names of who you're talking about, above. Also, the newspaper editor is no longer local, ie officed here, but the paper is run.... (What Happened to Jerry Jacene? )

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LanceHall > I see the land or that part of it is now in the hands of Glen Rose's own Corky Underwood. Is Jacene still involved?   I had already informed the Visitor Bureau manager (who's.... (What Happened to Jerry Jacene? )








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