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desertorchid

Aig Boss Defends Holiday And Lifestyle

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WARNING: Only read after ingestion of strong sedatives.

I just cant get my head around the size of this guys ego. It is a disgrace that all invoved have failed to enforce any sense of responsibiltiy or humility upon the clowns who effectively work in a role no better than any other public servant.

AIG boss defends holidays and attacks lynch mobs

I especially like this bit:

"My children worry about how do they reach my level," he said in a wide-ranging conversation over three hours. "I suspect my son has a better chance because he is in real estate. My daughter is going to be a rabbi, so as a rabbi I don't think she will ever make the kind of money CEOs make. But they were worried about how do they afford this"

Edited by desertorchid

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I hate to say this, but I think that income taxes are going to have to rise.

If I was running the show, I'd put a hefty surcharge on the profits of banks, and bankers

(and also financial co's like AIG) until the all the government monies have been recovered

In a way this appears the most obvious outcome in future tax hikes. In this long drawn out affair, when we come out the other side you can be sure of a more progressive structure. Of the options open to government, higher taxes for the rich are one of the least politically sensitive areas to focus on. The 50% tax band (of which the backlash was small) was likely testing the water for things to come.

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Back to my particular bugbear - in this last decade, people have profited from their ego - but it has a tipping point, which has been reached. Now, you will suffer for your ego.

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I hate to say this, but I think that income taxes are going to have to rise.

If I was running the show, I'd put a hefty surcharge on the profits of banks, and bankers

(and also financial co's like AIG) until the all the government monies have been recovered

I don't support super taxes on individuals. But I do support not allowing the banks the free reign they have to game the financial/economic system.

The banks don't make anything, and they don't allocate capital efficiently in the real economy either. All they have done is corrupted the signalling mechanisms in the real economy - and for some reason the Government/BoE seems happy to lend them cheap money which they are storing up in what is effectively their own parallel universe economy.

Yes it is a parallel economy. It produces nothing real, but is allowed by the Government to use ever increasingly large monopoly sized quantities of money. This banking monopoly money seeps into the real economy rather reluctantly, but when it does it corrupts the free market by distorting price signals - this is because although the bank's activities are worthless economically, they are allowed to use the same money as the real economy. They get to pretend they are building up economic capital, when actually they are doing nothing of the sort. Its a bit like a 5 year old running a pretend shop - mummy and daddy (Central Banks) come in an buy some pretend goods, and the 5 year old gets some money, but mummy and daddy haven't actually taken any real goods.

As a thought experiment, suppose the money the banks used was suddenly separated from "real" capital backed money in the "real economy" - lets say we forced all the banks in the world to use a special currency for banks, lets call it it the "Bancor", and then let's say we banned them from touching the money used by the real economy (your £, $, Yen etc). What do you think the value of the "Bancor" would be? I reckon it would plunge faster than Zim$. Because in essence it would be the currency of an economy that doesn't produce anything useful.

So I ask what is the point of banks? - they are quite literally "socially useless".

Edited by mikelivingstone

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Guest Parry aka GOD
WARNING: Only read after ingestion of strong sedatives.

I just cant get my head around the size of this guys ego. It is a disgrace that all invoved have failed to enforce any sense of responsibiltiy or humility upon the clowns who effectively work in a role no better than any other public servant.

AIG boss defends holidays and attacks lynch mobs

I especially like this bit:

"My children worry about how do they reach my level," he said in a wide-ranging conversation over three hours. "I suspect my son has a better chance because he is in real estate. My daughter is going to be a rabbi, so as a rabbi I don't think she will ever make the kind of money CEOs make. But they were worried about how do they afford this"

Read the article. Pathetic. So what?

One of my associates has a $6m house over looking the Great Sound of Bermuda and moors a 65ft Donzi sportfisher in front of his 70ft infinity pool. He's a general manager and part owner of medium sized construction firm.

I fail to see where the problem is with this guy having a house in Croatia and doing some of his work from there. He's 65 anyway and likely got, what, 10-15 years left?

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