On one side there are the Barney Franks and Federal Reserve Bankers trying to control the financial industry while not listening to those that understood what was coming. On the other side are the entrepreneurs who are still going to try to make a buck before the country completely flips over to communist China. In the middle? Why that would be us, the hardworking taxpayer that cannot get the Congress or this administration to stop the stupidity even when they are warned of “unintended consequences”. Remember the $186 Billion that went to save AIG, and how limiting bonuses was going to be a drain on companies that “We The People” now own? Barney Frank has an answer for this too, and we are about to hear about it soon.
Ex-A.I.G. Chief Is Back, Luring Talent From Rescued Firm
Maurice R. Greenberg, who built the American International Group into an insurance behemoth with an impenetrable maze of on- and offshore companies, is at it again.Even as he has been lambasting the government for its handling of A.I.G. after its near collapse, Mr. Greenberg has been quietly building up a family of insurance companies that could compete with A.I.G. To fill the ranks of his venture, C.V. Starr & Company, he has been hiring some people he once employed.
Now, Mr. Greenberg may have received some unintended assistance from the United States Treasury. Just last week, the Treasury severely limited pay at A.I.G. and other companies that were bailed out by taxpayers. That may hasten the exodus of A.I.G.’s talent, sending more refugees into Mr. Greenberg’s arms, since C. V. Starr is free to pay whatever it wants. (emphasis mine)
“Basically, he’s just starting ‘A.I.G. Two’ and raiding people out of ‘A.I.G. One,’ ” said Douglas A. Love, an insurance executive who has also hired A.I.G. talent for his company, Investors Guaranty Fund of Pembroke, Bermuda.
While America generally loves stories of entrepreneurs making a comeback, Mr. Greenberg’s success may be at the expense of taxpayers. People who work in the industry say that if he is already luring A.I.G.’s people, he may soon be siphoning off its business and, therefore, its means to repay its debt to the government.
“To me, it’s just going to be a matter of time before the valuation of what he’s building is greater than the valuation of A.I.G.,” said Andrew J. Barile, an insurance consultant in Rancho Santa Fe, Calif.
Barney Frank and his buddies are either too stupid or too dangerous to serve. It’s time to dethrone the chairman of the banking committee, and abolish The Fed.
I’m feeling a post all about Barney is coming soon; how does a fascist liberal democrat end up in charge of the nation’s banks?