AMERICAblog: Credit Crisis claims another elite investor
Older_Wiser
· 10 months ago
Sad, but it's going to happen.
Chris, wish you'd do some research on the credit default swap situation which is the "hidden horror" no one is thinking about. Basically, as you know, it's insurance...not "credit" at all, and AIG is one prime example of Paulson wasting Treasury money in its "bailout." AIG is loaded with CDS, as are banks, even companies like GM.
If Paulson, Bernanke, Geithner were telling the truth about the tens of trillions out there in CDS, people might get a true picture of what the world is about to go through. I'll get the link to an article written about CDS in Nov. which lays everything out in that particular analyst's view, which should scare the shit out of anyone (he's not a conservative, BTW).
Do people think the CDS holders are going to take trillions in losses without it affecting all of us? AIG and Citi (and GM) are just 3 players in all of this and you can bet they're using bailout money to protect their position on CDS when they all should be in bankruptcy. However, there really is no money left in the Treasury for other entities unless the US makes further trillions in debt which is untenable.
Older_Wiser
· 10 months ago
This is the 3rd suicide, BTW, the French guy, a guy in Great Britain (who, ironically, also threw himself under a tram or something), and now, this German. Note no Americans, to our knowledge, have done so. Perhaps Europeans have more of a sense of shame than Americans.
Bostonian_Queer_in_Dallas
· 10 months ago
Oh I think the American upper classes are just sitting around figuring out how to get you and me to bail them out. I mean big government to them meant welfare queens. It's okay to have Washington hand them trillions in bailout money. That's not big government..that's the Republican way.
Indigo
· 10 months ago
Honorable sepuku is a sincere form of apology. Apology accepted. Next?
AngelaChanning
· 10 months ago
I don't think suicide is honorable at all. These wreckless people leave a trail of destruction and then decide to off themselves? That is cowardice. Is the thought of a frugal middle class existence so horrible that one former billionaire needs to commit suicide?
SCLiberal
· 10 months ago
It astounds me that someone would commit suicide rather than live better than I do.
dula
· 10 months ago
Great point! These people who "lost everything" would still have lived a life of luxury but that wasn't enough for them. They had to have the most toys or life wasn't worth living. This is the kind of sick minded people unbridled Capitalism creates.
SCLiberal
· 10 months ago
Dumb question here: I keep hearing about our horrendous national debt but I never hear exactly who we owe money to. Is part of our national debt to any of the banks we just handed ransom money to and if so why aren't the "debts" wiped clean?
nicho
· 10 months ago
The national debt on June 26, 2008 totals $9.4 trillion. You can check the debt to the penny every day at PublicDebt.Treas.Gov/opd The debt is comprised of savings bonds, treasury bills and other bonds offered for sale by the US government at a specific interest rate established at the time the bonds were sold. Recently, these bond and bills offered interest rates ranging from 4.6% to 4.9%.
According to the US Treasury Department website, 57% of the debt is owned by the public and 43% is owned by US government agencies.
Public owners include banks, private investors, pension funds, mutual fund companies, insurance companies, and state, local or foreign governments.
Government agencies holding the debt include the Social Security trust fund, Federal employee retirement funds, and other trust funds (transportation, housing, etc). Like any other investor, these government agencies earn interest on the bonds and treasury bills that they hold.
You can look up the US National Debt for any date or time period at the same website. For instance, at the end of Jimmy Carter's presidency, in 1981, the debt was just under $1 trillion. It was at $4.4 trillion when the first President Bush left office, and at $5.7 trillion when Bill Clinton left office.
One of my favorite pictures, from early in the recession, is a person holding up a sign on Wall Street saying "Jump You F*****s". It captures my feelings about their get rich schemes that have hurt us all. But I'm still saddened by his personal tragedy and feel suicide is "a permanent solution to a temporary problem."
SCLiberal
· 10 months ago
Funny, I've always felt that suicide is a temporary solution to a permanent problem (at least until one faces it). :)
bosdav
· 10 months ago
problem solved!
fromer
· 10 months ago
please stop calling this a "Credit crisis." It is not.
It is a 30 wage crisis coming to it's ugly, inevitable, conclusion.
Calling it a credit crisis is misleading and reinforcing of the mentality that caused this mess.
fromer
· 10 months ago
{edit} It is a 30 year wage crisis coming to it's ugly, inevitable, conclusion.
nicho
· 10 months ago
The "credit crisis" didn't cause this guy's death. It was caused by a supposedly smart businessman putting all his assets in remarkably risky ventures. It would be like me cashing in my 401K to buy lottery tickets and then claiming that the lottery caused me to be poor.
Pete
· 10 months ago
all due respects I feel no remorse for a greedy billionaire who had to push and push for more money. to paraphrase from the movie wall street: how many jets do you need? how much is enough?
if someone is worth millions they shouldn't stay greedy and try to turn it into more and if they lose it; it's their own damn fault. an untimely death is always an unfortunate thing and suicide is never a logical solution but it's hard for me to shed any crocodile tears or have any remorse in this type of situation. as far as I'm concerned another one bites the dust and there are many more to do...
Bruce
· 10 months ago
Not only was he probably a crook but he was a coward as well. If he wanted to end his life he should have done so without the help of the railroad. As it was he probably caused the shutdown of the rail line and a lot of expense in cleaning up his "leftovers". Hopefully his estate will be charged all those costs.
All Comments
Chris, wish you'd do some research on the credit default swap situation which is the "hidden horror" no one is thinking about. Basically, as you know, it's insurance...not "credit" at all, and AIG is one prime example of Paulson wasting Treasury money in its "bailout." AIG is loaded with CDS, as are banks, even companies like GM.
If Paulson, Bernanke, Geithner were telling the truth about the tens of trillions out there in CDS, people might get a true picture of what the world is about to go through. I'll get the link to an article written about CDS in Nov. which lays everything out in that particular analyst's view, which should scare the shit out of anyone (he's not a conservative, BTW).
Try this: http://www.ritholtz.com/blog/2008/11/what-obama...
Do people think the CDS holders are going to take trillions in losses without it affecting all of us? AIG and Citi (and GM) are just 3 players in all of this and you can bet they're using bailout money to protect their position on CDS when they all should be in bankruptcy. However, there really is no money left in the Treasury for other entities unless the US makes further trillions in debt which is untenable.
According to the US Treasury Department website, 57% of the debt is owned by the public and 43% is owned by US government agencies.
Public owners include banks, private investors, pension funds, mutual fund companies, insurance companies, and state, local or foreign governments.
Government agencies holding the debt include the Social Security trust fund, Federal employee retirement funds, and other trust funds (transportation, housing, etc). Like any other investor, these government agencies earn interest on the bonds and treasury bills that they hold.
You can look up the US National Debt for any date or time period at the same website. For instance, at the end of Jimmy Carter's presidency, in 1981, the debt was just under $1 trillion. It was at $4.4 trillion when the first President Bush left office, and at $5.7 trillion when Bill Clinton left office.
http://www.askquestions.org/details.php?id=75&g...
One billionaire down, several more to go.
How many people wouldn't trade one day of his post-billionaire, mere-millionaire life for their whole ass-busting, penny-pinching lives?
Watch for my new cookbook: "Microwaving The Plutocracy"
For now, it's just a ho's homecoming.
.
It is a 30 wage crisis coming to it's ugly, inevitable, conclusion.
Calling it a credit crisis is misleading and reinforcing of the mentality that caused this mess.
if someone is worth millions they shouldn't stay greedy and try to turn it into more and if they lose it; it's their own damn fault. an untimely death is always an unfortunate thing and suicide is never a logical solution but it's hard for me to shed any crocodile tears or have any remorse in this type of situation. as far as I'm concerned another one bites the dust and there are many more to do...