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Robert Ben Moshe but took over as CEO love AIG
after they collapsed in 2008 and of course they collapsed in 08 from their
horrible business decisions
that preceded so for example there this
want incall Shiro deregulation
going all the way back to reagan and every president persons including yes
bill clinton glass steagle was repealed under bill clinton
Bush only put the deregulation into hyperdrive and it even more bit
so we have a tax cuts for the rich and tremendous deregulation
Wall Street got drunk on power they were able to do whatever they wanted to do
and what they would do is focus on making short term profits
%uh and value that over the long-term viability of the company
so what you do you sell adjustable-rate mortgages for example
you go to somebody who is unqualified to get
a loan or mortgage you say others are doing out here
sign on the dotted line you can adjust for a mortgage it your interest rate
will start at three per cent a minute changes with the market
eventually will balloon up like 30 percent they can afford it would all go
bankrupt
robust but what would happen is they sell a mortgage
they don't even necessarily need to take a down payment they can even do in any
down payment so
the bank put some money for the person as a down payment
to negative down payment also there were no standards no regulation
what happened is you sell the subprime mortgage and then you turn around and
package them all together and sold off to another financial institution
so you don't take any the rescue movement you shift the rest to somebody
else
any report big profits on paper because you say hey look at all the just for a
mortgage
that's gonna make it about 10 percent up overtime
right so was all a giant game apart but a deal with toxic assets on wall street.
AIG
%uh was from center in this as well right so
up while talking to The Wall Street Journal know it now you know the contact
you know exactly what happened on wall street right
Robert Benmosche are thought to be a good idea
to compare the anger over
AIG bonuses remember when they were paying a massive bonuses
after the collapse he compared the anger over the bonuses
to the lynchings of african-americans in the south
by white supremacists let that sink in
fact let me give you his quote quote
the upper or over bonuses was intended to stir public anger to get everybody
out there with their pitchforks
and their hangman's nooses and all all that
was sorta like what we did in the deep south decades ago
now let's remember
exactly what happened hey I G
and all these other financial institutions because and the decisions
that baby made
we force them to they made these decisions take massive risk in a
sell it somewhere else real quick so they can report their house of cards
profits that were fake because
the people they saw the lawn so when people pay it back right they got
themselves in this
tremendous whole and then the
taxpayers Russian engage AIG in particular 173
billion dollar bailout and although 173 billion
AIG takes $450 million of it
and pays out bonuses to all the CEOs in the sea oppose
who made the horrible decisions that crashed their company in bankrupted
their company
and then when the american people say
hey you shoots why did you take
or money which we need desperately because we're feeling the affects the
financial crisis as well
why do you take our money that we worked our four
and given to people who are are failures
whoever free market society in a true capitalist society
will be out on the street because they suck at their jobs when we getting
really goes all
god you're like lynching I went in by people in the South in the 1960s
not only is that offensive
not only does that show a tremendous sense of entitlement
that he has right owner know no matter what it does our performance doesn't
matter
we are special by definitions we have all the CEOs and CFOs made bad decisions
that they come to the company's we still lives are all your money
right not only is it all those things
this guy Robert Benmosche is a ***
I I think you should take an IQ test
he's gotta have a low IQ because anyone who wonders
you only need a well a very verrrrry
loose and basic understanding of what happened
in the Great Recession to understand
that victims here are the american people
it's not the CEOs in the CEO post whose son get their jobs
and then no more money anyway
if the american people who deserve sympathy the american people who are the
victims