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OpEdNews Op Eds    H2'ed 9/17/08

Let's add some black to our new portfolios

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Now that we have become shareholders in AIG, as shrewd investors we should act quickly to nationalize oil and gas, too. Mitigating losses are the only rational thing to do.

Our government decided for us that we should bail out financial services, even though we did not mismanage them and even though we did not de-regulate the financial system which has brought us to the precipice of utter collapse. Nonetheless, we are on the hook for these massive failures and betrayals of the public trust.

There is a stronger case for nationalizing energy commodities than financial services, particularly when people around the world are paying for these wars with blood and debt, and particularly when Congress is about to vote to drill “our” resources. Under the current plan, none of us except Big Oil shareholders will benefit from these wars for oil or any new drilling agreements.

Many of us will be hit hard with heating bills this winter. We’ve already been promised huge increases in oil and gas prices, while the value of the dollars we use to pay them are declining. But when we own shares in oil and gas, we can just take it as payment on the interest for the $300 billion in bailouts for Bear Stearns, Fannie Mae, Freddie Mac, AIG and others sure to come along.

Thanks to greed, corruption and incompetence our public debt today stands at $9.6 trillion, and is increasing $1.77 billion per day. 

Below is your first official communication from AIG of which you are now a majority owner. (Click here to watch your AIG stock fall.) So why does it feel like they own us?

AIG issues statement in regard Fed's $85 bln credit line

By Robert Daniel

TEL AVIV (MarketWatch) -- American International Group Inc., (AIG: American International Group, Inc) 9:39am 09/17/2008

AIG, the New York insurance giant, late on Tuesday issued the following statement regarding the Federal Reserve Board's decision that the Federal Reserve Bank of New York would provide a two-year $85 billion revolving-credit line to the company:

"The AIG Board has approved this transaction based on its determination that this is the best alternative for all of AIG's constituencies, including policyholders, customers, creditors, counterparties, employees and shareholders. AIG is a solid company with over $1 trillion in assets and substantial equity, but it has been recently experiencing serious liquidity issues. We believe the loan, which is backed by profitable, well-capitalized operating subsidiaries with substantial value, will protect all AIG policyholders, address rating agency concerns and give AIG the time necessary to conduct asset sales on an orderly basis. We expect that the proceeds of these sales will be sufficient to repay the loan in full and enable AIG's businesses to continue as substantial participants in their respective markets. In return for providing this essential support, American taxpayers will receive a substantial majority ownership interest in AIG. We commend the Federal Reserve and the Treasury Department for taking this decisive action to address AIG's liquidity needs and broader financial market concerns. We thank them for their leadership during this critical time for the global financial markets. We also thank Governor Paterson, Commissioner Dinallo, Commissioner Ario, the other state Commissioners, and the Office of Thrift Supervision for their willingness to assist AIG. Policyholders of AIG companies around the world can rest assured that AIG's commitments will continue to be honored."    

And f*** you very much.


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Kathlyn Stone is a Minnesota-based writer covering science and medicine, health care and related policies.-She publishes, a health and science news site.
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