I'm Back

Sorry I haven't been around but there is so much new Television on and this season is shaping up to be one of the best. I got hooked into this new show Fringe and that is just messing me up.

Any way, here we go.

Point Number One - McCain has OFFICIALLY LOST MY VOTE.

While I do not agree with everyhting he stands for (his views on abortion particularly bother me), I do believe that he is as honorable a person as a politician can be. I don't quite think he is the maverick that he declares he is but he has bucked his party's leadership and is enough of a pain in the ass that he gets my "Monkey In The Wrench" award.

Where he has lost my vote is in the selection of Sarah Palin as Vice President. To put it bluntly and in true Yoda style:

"She's Hot but Ready She's Not."

The selection at first was a masterstroke. McCain was tapping into (or trying to tap into) the disenfranchised 18 million people who voted for Hillary Clinton during the primary.

Initially, she was placed before large crowds and she engendered the rock star treatment that McCain so decried when Obama received same. But lime an Onion, when you peeled back the layers, you saw the real deal.

The most telling aspect of Sarah Palin's inadequacy was her inability to come across forcefully in an interview with Katie Couric.

Katie Couric!!!!!! The most unchallenging interviewer ever to host the National News. Non-Confrontational is the key to katie.

And yet Palin could not handle it.

Fareed Zakaria, the Newsweek commentator, a conservative by nature in a liberal magazine wrote an opinion piece entitled "Palin Is Ready? Please."

I won't quote at lenght but it is a must read piece and it ends with the line:

Obviously these are very serious challenges and constraints. In these times, for John McCain to have chosen this person to be his running mate is fundamentally irresponsible. McCain says that he always puts country first. In this important case, it is simply not true.

John, you are a hero.

But you've lost my vote.


Point Number 2 - AIG HAS TO NAME NAMES

While Rome was burning, Nero Fiddled.

While AIG was drowning, many executives went to a freaking Resort and spent $24,000 of the rescue money on the SPA.

The St. Regis, located on a bluff overlooking the Pacific Ocean midway between Los Angeles and San Diego, is "devoted to the pursuit of service and elegance," according to its Web site. A "health and wellness" package costs US$600 a night, with a two-night minimum.

Former CEO and Dunderhead Robert Willumstad said:

"I was totally unaware that there was any plan for any conference. Had I been aware of it I would have prevented it from happening."

Was this guy running AIG or Dunder Mifflin? Even the fictional Michael Scott would have known the trip was going on and recognized the impropriety (although one would think that he would have let it still occur).

Pathetic.

I did buy 100 shares of AIG stock at $2.62 a share.

Why, you ask?

So I can become the named plaintiff in a class action case when the time is right.

The AIG Collapse: HANK's Letter to BOB

Sorry for the delay.

Why Willumstad was fired from AIG

Part One - Check out this email to employees.

I referenced this earlier. This is the "Press Ahead" email.

Coming Tomorrow: Hank Greenberg's F*** You letter to Willumstad

AIG: The Strength To Be There.

HEE HEE.

Kinda Funny, huh?

AIG Update: The Update of Updates

AIG has avoided certain death for now.

The Wall Street Journal has a great article that outlines the bailout of AIG.

For $85 billion the government gets an 80% equity stake in the insurer and Robert Willumstad, bozo number 2, has been ousted as CEO and replaced by Robert Liddy who was CEO of Allstate.

This schmuck, Willumstad, sat quietly and fiddled while Rome burned.

As the meltdown continued Monday into Tuesday there was not a word from Willumstad - aside from a weak pansy - ass memo sent to employees which I will get my hands on and post here.

Something like "press ahead" or inspiring words to that effect.

Remember the end of Animal House when Chip Diller cries out "Remain Calm. All is well."

Remember what happened to him?

Picture Willumstad flattened on the sidewalk with only his head above ground, blinking in a stunned manner.

AIG Update 9-11-08

From Reuters:

NEW YORK - Fears that American International Group Inc's large mortgage exposure could trigger another round of losses has rankled investors so much that the insurer has lost its iron grip as the world's industry leader by market value.

AIG's shares have tumbled more than 70 percent over the past year. Including steep declines this week, AIG's valuation has fallen to about $47 billion from roughly $175 billion a year ago, leaving it trailing such companies as AXA SA , with a market value of about $65 billion, according to Reuters data.

AIG started the week with a market value in excess of $60 billion.

The rest of the article is here for free!

AIG Update 9-10-08

Closed at $17.50 down another 4.5%

Down another $0.13 in after hours trading.

Serves them right!

Let's look at the performance chart for the past year. Sort of looks like the approach to Mount Everest.



Warren Buffett - come on in and buy these guys.

AIG Update August 21, 2008

$19.78

That's just 5 cents off the lowest point in the past 15 years.

Woo Hoo.

“We are considering all options” Robert Willumstad

THE NUMBERS SAY IT ALL!!!!!

Close: 23.84
Down: -5.25
% Down: -18.05%

but my favorite number is:

Volume: 152,464,962

Hee hee!

$5.36 BILLION LOSS!!!!!!!!!

Why is this guy not smiling?

AIG REPORTS SECOND QUARTER 2008 RESULTS
NEW YORK, NY, August 6, 2008 – American International Group, Inc. (AIG)
today reported a net loss for the second quarter of 2008 of $5.36 billion or $2.06 per diluted
share compared to 2007 second quarter net income of $4.28 billion or $1.64 per diluted
share. Second quarter 2008 adjusted net loss, as defined below, was $1.32 billion or $0.51
per diluted share, compared to adjusted net income of $4.63 billion or $1.77 per diluted
share for the second quarter of 2007. The continuation of the weak U.S. housing market and
disruption in the credit markets, as well as global equity market volatility, had a substantial
adverse effect on AIG’s results in the second quarter.

Net loss for the first six months of 2008 was $13.16 billion or $5.11 per diluted
share, compared to net income of $8.41 billion or $3.21 per diluted share in the first six
months of 2007. Adjusted net loss for the first six months of 2008 was $4.88 billion or
$1.90 per diluted share, compared to adjusted net income of $9.02 billion or $3.44 per
diluted share in the first six months of 2007.

AIG Update July 15, 2008

Closed at $20.64.

Went as low as $19.73.

$19.73.

wow.

all because of melon head Sullivan

must be a reason he isn't smiling.

AIG Update 7-14-08

Got rid of the old post by request.

Today's update.

AIG closed DOWN at $22.55 per share.

I just bought a crappy Timex watch for running that cost more by $8.00.

AIG Update June 30, 2008

Down $1.29 today to $26.46.

Evil Company in its death throes.

American International Group - An American International Fairy Tale

I used to work at this piece of shit Company.

It was a great Company when this man ran it.


Then this asshole




forced the old guy out and the Company put this helmet head in




The biggest thing this jerkoff did was pay $50,000,000 to Manchester United, the soccer team - like who the fuck watches soccer?????? - before he told the world that AIG was going to have to take a $13.5 billion hit on the subprime debacle.


Then this asshole


got caught with a hooker and became this guy




and this guy


started criticizing this guy



and the Board got rid of him and put in a guy so unknown that there is no picture of him on the internet.

The happy ending: I sold my stock between $69 per share and $78 per share.

Now it trades at $27.75 and will go lower.