Greenberg to sell AIG shares: The rich become poor

Somehow with my retirement investments reduced by half and my daily life no longer even "break-even,", I can't find sympathy here... even for "poor" old Mr. Greenberg.

EVERYONE who works every day and pays their 63%+ taxes (includes pass-thru to consumer), knows that these morally and ethically disgusting people have been sticking it to us for years. Uber-rich vampires and their govermental familiars, in perfect alignment, harvesting the sheep and living by a different set of rules, all without consequence.

WE also know that if WE, in our small little lives were to commit the acts of deceit, fraud and theft that many Fortune 500 CEO's and government officials have knowingly done or been party to, we would have to pay it back with severe penalties, or go to prison, or BOTH.

So wannnhhhhh. Sorry about the thieves getting caught. Give us with bloody knees and broken backs five minutes alone in a room with them.

Veronica

i tend to sympathize with Veronica.
the business of government lately has been to expand
world trade, reduce oversight of financial agencies in the private sector who support this migration, expand the financing of off shore investments and NOW they are in trouble. let them die!
if the government wants to bail anyone out, how about the small banking system? the ones who are still trying to provide capital to main street? how about bailing out the taxpayer?
i own a small business, and again, have to agree with Veronica. if we did anything like these fraudulent operators, we would be on the front page of the local newspapers fined and in jail. they think they should get a pass and walk. i am very angry. we have many many uncounted laws and regulations to live with each day. why should the crooks and cheats be any different?

I find Veronica's and Howard's comments refreshingly astute. As another small business owner, I am but one tiny cog in the hamster wheel that has been a significant reason for staving off a deeper recession.
Picking and choosing which industry sectors we rescue and which ones we let drown seems patently unfair, inherrently subjective and an undemocratic, arbitrary use of our common tax dollars.

Oh my god he's gone from a few billion to a couple hundred million, I suppose he'll have to go begging on the streets now. I have a little exposure to the preferred which is still hanging in there for now, but I don't know if that'll last but if you owned the common you've been destroyed. Greenberg and then that idiot Martin Sullivan, it's just so pathetic the largest insurance company brought to it's knees. Greed, greed, greed and complete carlessness. Why so much involvement in credit default swaps and not even getting enough captial back for holding that insurance, just moronic. I want the shareholders (the gov't) to go after Sullivan's parachute of 68 million, he doesn't deserve a penny. While I don't have any pity for Greenberg, he at least built the company to what it was, Sullivan just destroyed it in a few short years with utter incompetence and lack of oversight. I mean it's greed to the very end too. I think AIG had a chance to sell to Allianz but resisted at least the shareholders/debt holders would have had some hope but nope. Look at Wamu same, could've sold to JPM months ago at 8 bucks or so but nope, now look totally wiped out. Greedy right to the very end trying to squeeze every dollar for themselves while literally not caring about the survival of the company and the shareholder's stake in it. At least John Thain had some brains save something for Merrill's shareholders before it went the way of Lehman. Just pathetic on so many counts, won't see any tears from any of us seeing this billionaires turn to millionaires, oh the horror. Give me a break.

My heart really bleeds for them. I too am having to dispose myself of my art collection .... I had to put my velvet Elvis AND my poker playing dogs in the neighbors yard sale.

I guess Greenberg should have diversified his portfolio...

I find it hard to belive that theyed even consider bailing out private enterprize.While the rest of us are working our butts off thrying to make ends meet they where doing their thing ...Now let the chips fall where they may .If we trully belive in capitalism this is what it means .Where else can gamblers wagerand then lose and get thier money back .Now they want you to belive theyll be no money for home loans and college ..frankly the people i know havnt been able to pay thier bills on time anyway so they wouldnt be able to get credit anyway and no houses are selling ,dont let them scare you ...let the chips fall where they may they dug thier hole let them get out or go bust like the rest of people who might have owned a resturant or deli ...so these guys lose billions they still have a million more then me ,but i can survive where they cant .i wont jump off a building because im broke ,been broke so i know .let them eat cake ....because me and mine have been trying to just EAT BREAD

Ahhhhhhhh! I feel so sorry that two of the biggest crooks on Wall Street are losing some of their ill-gotten wealth. (They will be far from poor.) I applaud the intelligence of Congress for its righteous denial of a bailout to the overpaid manipulators of America's finances. I would agree with the post by Alan that Sullivan destroyed AIG - but, of course, he has profited from his total incompetence.

Wall Street does not deserve any bailout, period! After all, no one will bail out - or even extend credit - to the thousands of small businesses which are the true heart and soul of this country.