Wall Street House of Cards Loses Two More Deuces!
DAGNABIT! Can you say crash boys and girls? I knew you could! lehman brothers and merrill lynch & co. Inc. get thrown in. This from ap:
Wall Street awakes to 2 storied firms falling
By JOE BEL BRUNO, CHRISTOPHER S. RUGABER and MARTIN CRUTSINGER, AP Business Writers
NEW YORK – When Wall Street woke up Monday morning, two more of its storied firms had fallen.
Lehman Brothers, burdened by $60 billion in soured real-estate holdings, said it is filing for Chapter 11 bankruptcy after attempts to rescue the 158-year-old firm failed.
Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction.
The demise of the independent Wall Street institutions came as shock waves from the 14-month-old credit crisis roiled the U.S. financial system six months after the collapse of Bear Stearns.
The world’s largest insurance company, American International Group Inc., also was forced into a restructuring.
SONOFABUSH! After decades of waste fraud and abuse at these companies, it shouldn’t shock anyone that they went under. The next round of economic disaster is gonna be the big one though. The whole damn “fire” economy (finance insurance and real estate) is burning to the ground. We’ve had the bank failures in finance, we’ve had the mortgage crisis in real estate, now comes the insurance crisis joker in the tumbling corpoRATe economic house of cards! That will be the gas that will really get the fire going out of control. aig is just the first insurer to fall. As goes the biggest, so will go the smaller insurers! This from ap:
AIG in freefall
CHARLOTTE, N.C. (AP) — Shares of American International Group Inc. declined further Friday over continuing concerns about whether the world’s largest insurer has adequate capital reserves.
Get ready for a rise in your premiums folks, as always, YOU WILL BE EXPECTED TO PAY FOR EXECUTIVE MISMANAGEMENT. YOU don’t think they are gonna charge the companies for their losses do ya? Either the idiots in washingtOOn will do corpoRATe welfare BAILOUTS, and charge YOU via taxes, OR the companies themselves will raise their prices and scalp you that way. Don’t worry folks, the executives at all these failing companies will have zillion dollar golden parachutes just like those board room corpoRATe thieves at fannie and freddie have. That bunch of diCKrectors will continue to live HIGH ON THE HOG WHILE WE FOOT THE BILL!
These out of control companies need be brought under stricter control of REGULATORS. Yes, GOVERNMENT REGULATORS who will enforce REGULATIONS. THE AGE OF DEREGULATION IS OVER! The thieving corpoRATeers have proven themselves unworthy of “self policing” for any idiot out there who believed that they should be allowed to continue to make their rotten, thieving way through our economy without restraint by government, LOOK AT THE DISASTER THAT THE “investor class” HAVE CREATED WHEN THE WERE ALLOWED TO RUN WILD!
The time has come to support and vote for the man who will bring the out of control corpoRATions UNDER CONTROL!
The Telepathic Crickets™ on the ClapSotronics editorial board and I can’t wait to hear the mumbled, neutral, preplanned responses obamessiah and the reverend mcPain will give, should they be asked about this latest corpoRATeer created round of economic disaster. WE WOULD PREFER TO HEAR THOSE ethically challenged co-joined twins of the apocalypse DEBATE NADER ON THE TELEVISED PRESIDENTIAL DEBATES, BUT nobama and mcPain are TOO CHICKENSHIT TO DEBATE NADER!
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~ by ClapSo on September 15, 2008.
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Tags: Activism, AIG, American International Group Inc, Bank Failures, Change, clapso, co-joined twins of the apocalypse, corpoRATe welfare, CorpoRATeer, Crash, Cricketeers, DAGNABIT, debates, democrats, economic disaster, ELECTION, ethically challenged, government bailouts, Lehman Brothers, LEMON SOCIALISM, LET NADER DEBATE!, Living Wage!, mcbama, mccain, mcPain, Merrill Lynch & Co. Inc., military industrial complex, Mortgage Crisis, MSM, Nader!, nobama, obama, obamessiah, open the debates!, OPEN THE PRESIDENTIAL DEBATES!, Politics, Pork barrel spending, progressives, republicans, reverend mcPain, SONOFABUSH, Telepathic Crickets, Thieves, war, washingtOOn, WTF, YOU!