Archive for the ‘AIG’ Category

The G-20 Summit: Beware the FreePassers!

Monday, April 13th, 2009

The G-20 summit was a true public relations success. Despite low expectations, the spin at the close of the conference promoted the concept that there was a consensus among the nations that participated.
The FreePasser Issues Still Remain!
However, despite the public claims of success, serious economic problems underlying the current global financial crisis still remain. These [...]

Goldman Gets the Message!

Monday, April 13th, 2009

Last week Lloyd Blankfein, the CEO of Goldman Sachs, gave a speech to a group of institutional investors in which he called for new pay standards and regulation of hedge funds and private equity groups.
Back to the Future
When it comes to Wall Street pay standards, it might be called “Back to the Future.” These pay arrangements [...]

Bankruptcy Before Government Bailouts

Tuesday, March 31st, 2009

There has been tremendous anger over government money being used to pay bonuses to executives in many of the companies receiving government bailouts. We saw this recently in the cases of American International Group (AIG) and Merrill Lynch. The amounts become massively larger when you consider creditors, such as the Credit Default Swap counter-parties in the [...]

The AIG Bonuses: FreePassers Gone Wild!

Tuesday, March 17th, 2009

I have noted before that the FreePasser epidemic has permeated every aspect of our society. However, the recent disclosures of the use of government bailout money for bonuses at American International Group (AIG) astound even me. It turns out that the taxpayer bailout money was used to pay bonuses of about $450 million to a [...]

FreePassers and the Salvation of Capitalism

Friday, December 19th, 2008

I’m not an opportunist by nature. Although the current economic crisis seems the appropriate time to launch my blog, I assure you that my study of this phenomenon has been ongoing, and its contribution to today’s state of affairs was predictable. I can tell you without qualification that the reform of the FreePasser mentality [...]