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Controversial Social Issues Discussions concerning controversial social issues. Topics include politics, religion, culture, social and economic issues, etc. Respect required at all times.


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Old 12-10-2009, 09:30 AM
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U.S. taxpayers lose $61B on AIG and auto bailouts

What else did you expect?

Audit: Taxpayers lose $61B on AIG, auto bailouts

By DANIEL WAGNER, AP Business Wed Dec 9, 6:19 pm ET

WASHINGTON The Treasury Department is acknowledging for the first time that it lost $61 billion on two key programs designed to stabilize the economy after the largest financial crisis in decades.

The government is losing more than $30 billion on lifelines extended to insurance giant American International Group Inc., according to Treasury data released Wednesday in an audit by the Government Accountability Office. It also is losing more than $30 billion on rescues of struggling automakers Chrysler and General Motors.

Treasury says the losses are offset in part by profits earned from bank bailouts. It says the bank bailouts will net taxpayers $19.5 billion.

Over all, the bailouts are projected to cost taxpayers $41.5 billion.

Full story here.

Hope the government doesn't wonder why Americans are angry and Congress has the lowest approval rating in history, around 21%...
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Old 12-10-2009, 09:33 AM
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I need to figure out how I can run my company at a loss like that and still stay in business.

How can I get people to continually give me money to keep my doors open, even though they never make a profit on their investment in my company?
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Old 12-10-2009, 09:38 AM
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Originally Posted by Allen Farlow View Post
How can I get people to continually give me money to keep my doors open, even though they never make a profit on their investment in my company?
Open a bank.
 
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Old 12-10-2009, 09:43 AM
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Darn it! I'm in the wrong business!

Thanks Zap!
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Old 12-10-2009, 09:55 AM
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Think of all the big fat bonuses you can award yourself for staying in the red! LOL!
 
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Old 12-10-2009, 10:21 AM
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Think of all the big fat bonuses you can award yourself for staying in the red! LOL!
I though that bonuses where just an extra income regarding the performance of people. Now bonuses are just a decade of annual salary payment.

Britain slaps tax on bank bonuses
http://www.theglobeandmail.com/repor...rticle1395005/

Brown Calls On EU Leaders To Discuss Bk Rewards At EU Summit
http://online.wsj.com/article/BT-CO-...10-708823.html

France Looks To Match UK Bank Bonus Tax - Official
http://online.wsj.com/article/BT-CO-...10-708040.html

What about the US?
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