Wednesday, March 18, 2009

Edward M. Liddy: "I have also seen instances of the bad side of capitalism." What a BS statement!

There is not a 'bad side' of capitalism. There are bad people who use the freedom that a capitalistic society provides to financially rape their innocent victims. (401k accounts secured in stocks).

Liddy has jumped on the Obama 'Captialism Bashing Bandwagon' which is trying to convince the American Public that Capitalism is bad and that they need government controls (socialism) to protect them. No, they need to start prosecuting the corrupt people that perpetrate the crimes. They need to begin by investigating the hypocrites in Congress like Dodd, Frank, Pelosi, etc.

Our Mission at AIG: Repairs, and Repayment
By Edward M. Liddy
Wednesday, March 18
from The Washington Post

The government rescue of American International Group (AIG) and other financial firms has produced a palpable wave of anger on the part of Americans and a rising public demand for accountability from corporate and government leaders.

The anger is understandable, and I share it. I have been fortunate in more than three decades in business to see firsthand the wealth creation that well-managed American companies bring to their employees and their communities. I have seen the good side of capitalism. But over the past six months, since agreeing to take the reins of AIG and reviewing how it was run in prior years, I have also seen instances of the bad side of capitalism.

Mistakes were made at AIG, and on a scale that few could have imagined possible. The most egregious of those began in 1987, when the company strayed from its core insurance competencies to launch a credit-default-swaps portfolio, which eventually became subject to massive collateral calls that created a liquidity crisis for AIG. Its missteps have exacted a high price, not only for the company and its employees but for the American taxpayer, the federal government's finances and the global economy. These missteps brought AIG to the brink of collapse and to the government for help.
Click to read the rest of the article

No comments:

Post a Comment