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After -- an idea how good to have hundreds of billion bucks -- traders looking to cash out -- that's a stake in the insurer.
All this week -- data sets a big banks of wanna can't -- on the first public offering.
Former edgy generated CI Greenberg says the governor already -- death squads to edge.
And now they're botching it unloading AIG.
On the -- is known to speak his mind now -- Good news I'm happy new year but you're not -- -- So will be one -- year old company went.
But they you know was confiscated essentially.
And given -- onerous provisions than others that were repeatedly.
Given money during the same period yeah.
Some -- gonna say.
-- fed will take you over.
It was very arbitrary so what do you care oh it's unleashed.
I care a great deal and you know a lot of people.
Lot of pension funds.
Lost their network.
I care very much.
The argument is either this -- -- the way it's been a that's probably very -- -- -- themselves -- rescued or others better than us and they alternative of being an indentured servants of the scope.
Well the government is not gonna keep it they don't go in 92% of the stock.
We can't run insurance company.
We right now -- many things have gone on that is.
-- the expense -- By.
Ten to fifteen billion dollars a year ability.
The expense ratios out of control.
Governments can run anything.
Private sectors were -- saying that government because there's that argument for the rescue resources that you guys like you because you have since left.
On -- a worse job.
The whole financial services industry.
A lot of the suffering came about because of government policy.
-- -- there.
The media leverage that was put on by investment banks.
The the regains -- -- and she would not overseen.
On the whole not enough -- -- all this chicanery.
Leading up to this are quite right I did follow closely.
But now thinking ahead aren't we get this behind us with him they get.
The terms that are bigger but they certainly got a degraded by the terms of which the government first can end.
And if this is a way of free AIG.
To BA -- here to its own thing.
Unfettered on encumbered event -- Bolts of the better what let's -- Well several things first -- -- -- go to make.
Close to forty billion dollars -- -- that's -- -- is the government.
Helping companies know it to make a huge profit is that the role of government.
AIG their own words.
And gave the money to the taxpayer.
Is that that the role of government.
Not in this country so would you just -- this idea of government should've gotten a fair return on the investment that made me forty billions more than Eric.
By anybody mention.
Mean that is wrong.
That was confiscating.
Funds from one set of investors.
And taking away from them saying we're gonna socialized what you're doing to edge.
Well if it's not going off in bits and pieces that's a given company it's it's -- -- goes down.
I certainly wouldn't have accept the terms like that today I'm gonna take over again and then there are many things that could've done that -- In other words you wanted to be afforded the same sort of favorable treatment -- -- some of these others got the whole issue really was a liquidity issue.
It wasn't a solvency issue was included.
They -- -- rush for the door Trinidad emulated so there was no -- available so the role of government there was to try and provide liquidity.
Well according he doesn't mean taking over the company.
They huge it was a backdoor bailout.
For several other companies.
Where they've paid a hundred cents on the dollar on on CBO that our strong.
-- -- the velocity setup that's come up a lot but what what happens now this is I think the argument is that.
The wind is -- -- back for the economy.
Old Wall Street may -- tragic.
And that you're you are legitimate based notwithstanding.
Take a chill pill relax because things are gonna look up AIG's gonna benefit from the same trend that's lifted this market in this economy but he -- AIG will be different companies.
It would be a property cash and company.
And -- domestic life company.
It's given up -- from the core assets.
The AI AA which -- -- only insurance cut we life insurance company owned a 100%.
By AIG no other life company got that privilege in China.
Okay that's valuable.
No longer -- of -- they owned 30% compared to -- that and they sold.
Real estate at that at the worst time in in the -- themselves.
When we had a building in Tokyo.
Which is the prime location in all of Japan.
Who sold why I have no idea and he -- -- desperate times you -- about everything -- -- -- you didn't have to do that.
Bottom line it's -- -- you more confident this year though.
2008 and a macro picture and covered in what sense that things are getting back.
In the economy generally yeah I think he's getting better.
Not great but not but we're gonna have high unemployment.
For some time.
It's not going to disappear.
And unemployment is is a major problem people not working obviously could that be a major problem for President Obama or is the trend also -- front.
And that he just sort of writes this.
You know he's got a problem.
You have unemployment high rates of unemployment.
-- the leader has a problem.
No question about it.
And while corporate profits are good we still have huge we got a huge deficit.
We spend too much we have to cut back on the -- government spending.
It's a private sector that -- an economy not government.
You units that you go to China rich here and experts are probably more than any chief executive of course of these years decades -- been.
Armed anyone's afraid that they -- us today owns no.
-- they don't.
It's -- -- and I look we have the we have a say -- trade issue with China.
We have a huge we have a huge deficit but let let me tell you you know if we didn't have the deficit with China.
We -- -- of the country.
We would import the -- country.
If the -- cut -- we would not suddenly not be importing.
It -- different could be different configuration.
But we still have a deficit.
Well fortunately had a chance to catch up with looks -- doing so I Cramer good to see it I think it's improving your coming at you Charlotte seems to be working.
I remember John.
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