Misery Index

AIG, THE BLACK HOLE

According to the AFP, under the revised program for AIG announced Monday, the Treasury will replace the entire previous package plan with a larger, longer-term $152.2 billion dollar program, including 60 billion dollar five-year loan and $52.2 billion to buy up distressed securities.  The Treasury will have to use $40 billion to buy preferential shares in the company with money from the Troubled Asset Relief Program (TARP)

In the new program, the previous $85 billion dollar loan is cut to $60 billion, and a lower interest rate is set, but its duration is extended to five year from two.  Another $52.5 billion is provided to purchase distressed assets from the company, including $30 billion for collateralized debt obligations and $22.5 billion for residential mortgage-back securities.  And the government will use $40 billion in TARP funds to buy AIG preferential shares, which will carry a high interest rate of 10 percent.

Treasury Secretary Henry Paulson and Fed chairman Ben Bernanke "have determined that a failure by the firm would cause damage to our financial system, the US economy and the global economy," White House spokeswoman Dana Perino told reporters.

PARTIES CONTINUE

AIG was caught holding another "party" on the taxpayers dime, this one costing approximately $343,000, and they tried to hide it.  "AIG made significant efforts to disguise the conference, making sure there were no AIG logos or signs anywhere on the property," KNXV reported.  A hotel employee told KNXV reporter Josh Bernstein, "We can't even say the word [AIG]" while signs stated "AMC 08" with AMC standing for "Asset Management Conference".

An AIG news release speaks of the event which was hosted by AIG Advisor Group.

AIG Advisor Group will hosts its 2008 Asset Management Conference (AMC) at the Point Hilton Squaw Peak hotel and conference facility in Phoenix, Arizona on November 5 - 7, 2008.  Nearly 150 financial planners, who operate their own independent businesses and are not AIG employees will participate in the event.  Financial planners attending the meeting represent 23% of total AIG Advisor Group revenue as of September 30, 2008.

The goal of the AMC is to provide an educational, training and networking forum for financial planners.  The AMC meeting agenda includes seven general sessions, twenty-two classes, and two working lunches.  Topics range from alternative investment products and advisory services strategies to business-building programs, productivity tools, and portfolio management.

Eighteen participating product sponsor firms are underwriting $320,000 of the total meeting cost of $343,000.  The company's portion of the total meeting costs is under $25,000.  Additionally, financial planner attendees are responsible for their travel-related expenses, registration fee ($199), and guest registration fee ($250).

AIG Advisor Group has conducted a top to bottom review of all AMC meeting expenses to validate that only expenses required to ensure the meeting's success are incurred.  Consistent with that review, the company determined that the appearance of Terry Bradshaw as a guest speaker was not required.  Although costs related to his appearance were to be paid by a product sponsor, his appearance has been canceled.

.....

Conference Sponsors

- AIG SunAmerica Mutual Funds  [AIG]
-  OppenheimerFunds
-  Russell Investments
-  Brinker Capital
-  Investment Advisory Services
-  Curian Capital
-  Dimensional Fund Advisors
-  eMoney Advisors
-  Financial Guidance
-  Genworth Financial
-  Genworth Financial
-  Hanlon Investment Management
-  Invesco AIM
-  Icon Advisers
-  IAS
-  iShares
-  John Hancock
-  Lockwood Advisors
-  Morningstar
-  Rochdale Inestment Management

 

Reporters for ABC 15 (KNXV) caught AIG executives on hidden cameras poolside and leaving a spa at a three-day event at the Pointe Hilton Squaw Peak Resort.  According to the report, the conference at the resort included many senior managers at AIG.

While there, AIG execs were having poolside meetings while drinking coffee and working out at the spa while other attendees were in conference rooms for seminars.  Also seen where half a dozen execs going to dinner at McCormick & Schmick's at the Camelback Esplanade, racking up a bill of more than $400 for drinks, appetizers, and meals and being chauffeured around in a limo.

In addition to the nearly 150 independent financial planners in Phoenix for training and education, the conference attendee list was a 'Who's Who of AIG leaders' according to KNXV.  It included:

■  Larry Roth, President & CEO, AIG Advisor Group;
■  Art Tambaro, President & CEO, Royal Alliance Associates;
■  Mark Schlafy, President & CEO, FSC Securities;
■  Gary Bender, Senior Vice President, Investment Advisory Services;
■  Bruce Levitus, Senior Vice President, Investment Advisory Services;
■  Stuart Rogers, Senior Vice President

The TV station confronted AIG employees before they departed Sky Harbor Airport on Friday morning, and in a video do not seem amused.  When asked if Roth and Tambaro minded being asked a few questions about the conference, Roth replied "We absolutely do [mind].'   Roth and Tambaro referred all questions to AIG's PR department while they walked into First Class boarding, yet John Pluhowski stated that Roth and Tambaro flew round-trip in coach class.

Nick Ashooh, a company spokesperson, confirmed AIG instructed the hotel to make sure there were no AIG signs or mention of the company by staff.  AIG defended themselves by Ashooh stating, "We're trying to avoid confrontation, keep our profile low.  Some of our employees have been harassed."

AIG also told KNXV that AIG was paying for the conference and then would be reimbursed by the sponsors.

CUMMINGS NOT AMUSED, CALLING LIDDY TO RESIGN

Elijah E. Cummings (D-MD) who sits on the Committee on Oversight and Government Reform is calling for AIG's CEO to resign.  "A person  who is drowning then doesn't jump up and start partying.  And that's the problem.  I think that we made it very clear to them that we do not want one dime of taxpayer money being spent on these junkets."

Cummings wrote a letter to Liddy stating:

"Having received this assistance, which has been nothing less than a  lifeline for AIG, you decided to continue to hold corporate parties as if nothing has fundamentally changed with your business."  ... "That a firm already reliant on taxpayers' funding would organize such an event is outrageous. Even more shocking, however, is that this event was apparently also concomitant with AIG's request for billions of dollars in additional bailout funding from the U.S. taxpayers."

"... then the United States Congress - and the American taxpayers who have funded the rescue of your company - have the right to receive from you clear answers to the following questions:

1.  Did AIG organize and/or allow any employees to participate in a corporate retreat in Phoenix, Arizona, in early November 2008?  If so, what was the purpose of the event and how many AIG employees attended?  Please also provide the schedule of continuing education classes provided to executives and indicate how many executives attended each session.

2.  Were any product sponsors underwriting the costs of the event?  If so, please identify these sponsors and the funding they provided.

3.  What expenses did AIG incur in conjunction with the Phoenix event?  Please itemize each expense.

4.  Also, please identify each of the 160 planned events canceled on or after October 30.

AIG ISSUES STATEMENT IN LIGHT OF EVENTS

Dated Nov 11, 2008 [PDF]

"Recent news reports have grossly mischaracterized an American International Group seminar for 150 independent financial planners held in Phoenix last week.

The financial planners are not AIG employees.  In addition, the cost to AIG for this event was minimal.  More than 90 percent of the costs were paid either by sponsors or by the independent financial planners themselves.

It is essential for AIG to conduct seminars of this kind to keep independent financial planners abreast of investment products and services including those offered by AIG.  The financial planners are responsible for generating almost $200 million in revenue this year for AIG as of September 30th.

On October 10, I issued a directive to all AIG employees and subsidiaries to reduce expenses and conserve cash, including canceling all nonessential conferences or meetings, unnecessary travel and excessive overhead.  Since then, we have canceled more than 160 events.  We conducted a top-to-bottom review of all expenses of the Phoenix meeting in advance and found that it was consistent with my October 10th directive.  This conference was approved because it provides the kind of communication we must conduct with the people who sell our products if we are to be successful and repay the U.S. taxpayer."

RELATED ARTICLES:

• KNXV - AIG execs at posh Phoenix resort after $85 billion bailout.
• KNXV - Congressman wants AIG CEO to resign after Phoenix meeting.

ADDITIONAL SOURCES:

• Financial Post

Congress has already passed legislation providing for $25 billion in government-backed loans to the automakers to prod them to retool their factories to make more efficient vehicles.  The more efficient vehicles are not necessarily vehicles that will get more gas mileage, but vehicles that will conform with new, and extremely stringent air quality standards, basically those that will pass California's extremely strict CARB emissions policy by the year 2010.

But like AIG, the auto makers said that wasn't enough, we want more.  Auto execs and officials in the United Autoworkers union have called for more than the $25 billion to avert a collapse of the auto maker industry, including $50 million more to help cover future health care payments for about 780,000 retirees and their dependents.  My opinion is too bad.  That's a contract between the auto makers and the union.  If the auto makers can't pay up, that's their bad business, not mine.    Make sure that 780,000 union retirees have health care insurance when over 1 million people have lost their jobs this year... yea.......

So, one small question for Pelosi; you bail out the banks and investment companies, now you bail out the auto makers.  And now you are going to bow down and give the auto makers money just so that they can cover their commitments to retirees on health care while the rest of the nation has no health care?  Lets give the automakers money that has nothing to do with stimulating the economy.  And this is while states are running out of money for health care?  And why people like me, who have no health care are going deeper and deeper into debt that I will probably never be able to pay, and can not get the health care I need to become a productive citizen of society again to pay off those bills.  And as for banks, umm.. if no one has any money, then where are the banks going to get money for capital?  There's going to be a million nationalized banks, but their deposits are going to be nill.

As what is starting to be usual Pelosi, bail out businesses, leave the taxpayers paying for the next 50 years, and leave taxpayers homeless and broke isn't going to work.

And for once, Im going to agree with a statement that Obama has said *GASP*.  Currently Congress is looking to "fix" things from the top down by giving all these banks and corporations loans to carry them over until the economy stabilizes.  The only way the economy is going to stabilize is when we, the consumers, have money to spend, thus staring at the bottom.  If we have no money to spend, then there isn't going to be any money in the banks, and there isn't going to be any consumer spending.  It gets us nowhere except for us, the taxpayers left holding the bill to pay for something that isn't working.  And if we have no jobs, then we pay no taxes, and thus all these bailout bills won't get paid off.  And if we have no jobs, then we don't buy anything, and companies and banks make no money, how are they going to pay off their loans?

Round and round we go, on the merry-go-round to poverty.  "Jane, stop this crazy thing..... "

Frank Woodruff Buckles is 107 years old, and currently makes his home in Charles Town, West Virginia.  He was born in Bethany, Missouri in 1901 and  join the Army when he was 16. 

Buckles had first tried to join the Marines.  He walked into a Marine Corps recruiting office in Wichita and said he was 18.  The recruiter didn't believe him and sent him away.  The Navy rejected him as flat-footed.  Finally, an Army recruiter in Oklahoma City accepted. 

When Buckles was asked by the Army recruiter for his birth certificate, he replied "When I was born in Missouri, they didn't give out birth certificates and the only record we kept was in the family Bible and I am not bringing that down here, so.. they took me."

In December 1917, Buckles was sent to France from Hoboken, N.J. on the RMS Carpathia, the same ship that had rescued the survivors of the Titanic sinking five years before. 

During the war, Buckles drove ambulances and motorcycles for the 1st Fort Riley Casual Detachment section of the U.S. Army.  After the Armistice in 1918, Buckles escorted prisoners of war back to Germany. 

Following his discharge in 1919, he attended a memorial service in Kansas for those who died in World War I and there he met General Jack "Blackjack" Pershing.  The picture to the right was taken on his way to that reception.

Buckles returned to Germany in 1936 and would stay there until 1938, where he met Adolf Hitler. 

Before WWII, in the 1920s, he worked for the White Star Line in Canada. 

During WWII, Buckles was a civilian working for an American shipping line or company in the Philippines when the Japanese invaded.  He was captured by the Japanese in 1942 and spent three years in a prison camp Los Banos and was rescued on Feb 23, 1945.  In 1953, Buckles finally married and bought a 330 acre farm in West Virginia.  Unfortunately his wife died in 1999.

Today, Buckles still lives in West Virginia.  The U.S. Library of Congress included him in its Veterans Day Project and has audio, video and pictorial information on Buckles' experiences in both world wars, including a full 148-minute interview.  His life was featured on the Memorial Day 2007 episode of NBC Nightly News.

On March 6, 2008, Buckles met with President Bush at the White House.  The same day, he attended the opening of a Pentagon exhibit featuring photos of the nine surviving World War I veterans in the world.  Of the group, only Buckles and Canadian veteran John Babcock are left.  Babcock was unable to attend.

Buckles has said he will be buried at Arlington National Cemetery.   He was eligible for cremation and placement in a columbarium at Arlington, but expressed a desire for burial there, which he was not eligible for under current Arlington policy.  Friends and family members took up his cause, but made no headway until a family member, Ken Buckles, contacted Ross Perot, whom Frank had met at a history seminar in 2001.  Within two weeks, Perot had successfully intervened with the White House, and Buckles received special approval for underground burial at Arlington.

On the subject about the war on terror and the war in Iraq his only comment was:

"I'm no authority, but I'm not in favor of war unless it's an emergency."

Buckles is still around and still quite active.  He will be observing this Veterans Day at his farm in West Virginia and can be seen in the news report below.

Two part video about Frank Buckles

PART ONE

PART TWO

When making posts, I do try to stick to straight research, giving sources so that nothing can be interpreted as not being factual as on some issues I learn right along with writing the article, and I don't like to be uninformed on certain issues.  But I put it out there so that people can have the information in front of them, if they want, if they want to learn, if they are undecided or confused, and want to make an educated and informed decision on a matter, and yes I know it comes from my feelings and my point of view on the matter what I decided to put in a post.  I do at time throw in my opinions, but only when I strongly feel them on certain matters.

From my blog it is brutally obvious that I am right-wing, well past center however I do not consider myself Republican.  As I tell people, I like to think independent without following a party simply because they are red or blue, as I am red, white and blue so I'm a equal-opportunity fraud hater.  I hate it when people act stupid, or try to treat someone stupid, I hate liars or those who tell half truths to intentionally deceive, I hate those who pick on the defenseless and I hate it when people try to be something they are not.  But most of all, I hate conspiracy theories and those who profess that that the NWO, or the Illuminati, or whatever ultra-secret underground society of the week is trying to control our whole world by communicating with aliens or maybe even Elvis, using alien technology, so that we watch more sitcom TV, thus we watch more commercials, and the subliminal ads force us to purchase certain goods made by companies that are owned by the NWO turning them into the ultra rich and us mindless consumers.  (How's that for a conspiracy plot on the fly?)  Okay, back to reality....

TO make a long story short... I've noticed a trend, about the United States, or rather what other countries are saying about the United States, or more importantly, trying to warn us about.  In the past I'd say starting about four days ago, and with increasing frequency, world political leaders have been making some pretty serious predictions of doom about the United States.  One country making a strange claim is one thing, but all of them basically saying the same thing within a few days of each other, and along the same lines of warning of something happening to us, gave me reason to start reading a few more news articles on a few more different issues. 

Have you ever read something, and felt a nagging in the back of your mind that something just doesn't seem to add up, or make sense?  Then as you dig further into trying to figure out what it is and answer questions of what you have, it begins to become clearer, the big picture?  Well, I'm not sure myself of what I am learning about what may or may not happen to us, the United States, in a few months, but I know this.  For the first time in my life, I am afraid of being persecuted for who I am, for what I am, for my beliefs, and everything I have known in my life for the past 40 plus years is going to change.

And its not about race, its not about us versus them, its not about Democrats versus Republicans, its not about abandoning a Democratic society and changing over to a Socialist society, its not about the anti-Christ or Revelations.. it's nothing like that.  What it is, is that something terrible is about to happen in this country, something that will change the face of the nation of who we are and what we are.  That this land of ours, the land that my ancestors fought for in the Revolutionary War, the freedoms they fought for, the freedoms that we all enjoy today, will be gone forever. 

Unfortunately to adequately tell the story of what I think will happen to us in the next six months, will take much more space than one or two posts.  Now, hey, if you are still reading along with me at this point, YAY! and also thanks.  But I'm sure your growing rather tired at this point... so here's what I will be posting about, in addition to the normal misery, in the upcoming days. 

What I wish to get out of all this, is some feedback from anyone who reads the different parts, and tell me what you think it all means?  Because what I think is well... just crazy.   And I seriously hope that I'm WRONG. But I'm probably just a crazy old woman  (Ya never saw that one coming did ya!) who is just seeing too many red flags.

And go ahead and tell me I'm crazy, based upon the topics below, please do tell me I'm crazy however, please wait until after I'm done with ALL the topics.  Okie dokie?  See ya in the sanitarium!

What is Martial Law, the Insurrection Act , and the Possee Comitatus Act and how do they related to each other versus the Constitution.
Statements of Barack Obama, Joe Biden, Colin Powell
Obama's Civilian Army
270 Day "Crisis"
Recent "rumors" among the al Qaeda about the US
Recent "threats" from al Qaeda (within the past 3 months) about the US
Consequence Management Response Force, or CCMRF
Vigilant Shield 08
Statements from world wide leaders in the past few days
Statements from Rumsfeld, Pentagon, and anything and anyone else that seems to pop up over the next few days.

In 2004 she was the finance chairman for Obama in his 2004 Senate campaign.  Jarrett was married to William Robert Jarrett from 1983 to 1988.  Currently Jarrett is a single mother of a daughter who is currently attending Harvard Law School.  Jarrett was a Member of the Board of Chicago Stock Exchange (2000-2007, as Chairman, 2004-2007). 

Jarrett is also currently the CEO of The Habitat Company, a real estate development and management company which handles public housing to luxury condos.  The company, The Habitat Company, has been accused of mismanaging some of those project, allowing them to deteriorate even more than they had under government supervision, according to a New York Times article.

"I am a sounding board.  I know him [Barack Obama] well.  I know them both well.  So I know of know what makes they who they are.  And I don't have a portfolio, so I can come in really only looking at it from their perspective.  I have never been through a campaign before on a national level.  I'm not a pollster, I'm not a strategist.  I'm freed up from all of that." - Vogue

Quotes About Valerie Jarrett

"I trust her completely." - Barack Obama, Chicago Tribune, JUL 27, 08

"She's so calm herself that you find yourself fighting to stay calm as well, trying to even out your tone." - Rev. Al Sharpton, The New Republic, AUG 27, 08

"I've come to love me some Valerie Jarrett." - Dr. Eric Whitaker, vice president at the University of Chicago Medical Center and one of Obama's basketball buddies, Chicago Tribune, JUL 27, 08

What Did She Say?

Jarret told Brokaw that "given the daunting challenges that we face, it's important that president elect Obama is prepared to really take power and begin to rule day one."  The entire transcript can be found on CQ Politics.

Jarrett has long been one of Obama's closest advisors.  CNN reported on Nov. 9 that she will be Obama's choice to replace him when he vacates the U.S. Senate to begin his presidency.  However, on Nov. 8th, Obama said he'll not dictate his Senate replacement according to Politico.  "There are going to be a lot of good choices out there, but it is the governor's choice to make, not mine," Obama told reporters Friday in Chicago.  Typical Obama style.  He said, they said, he didn't say so thus they will be branded liars.

RANT ON

So Jarrett, who has a degree in psychology, decided to use the word "rule" as a verb.....Yes...... I see.. .how interesting....  So I guess all the Obama followers are right, Obama isn't about socialism.. he's about a monarchy, and Jedi Mind Tricks.  And how can one choose Jarrett for the Senate, when she doesn't have any Washington experience, much less ANY public office experience.  Oh wait.. she's friends with Obama, that's right, his whole staff are his friends.  Let's just spread the wealth via employing inexperienced liberal longtime friends to help "rule" our Nation in this time of "Change".....

• Time Magazine
• The New Republic