Tag: Wall Street; AIG

A bit more on $enator Chri$ Dodd’$ ties to offshore reinsurers as we follow the $$$$$$$$

(H/T Steve)

This courtesy of Real Clear Politics as we gain much greater clarity why $enator Dodd is so against the ordinary people on the Gulf Coast that struggle to make ends meet because of outragious wind insurance. Simply put he and his family are pigs at the trough:

No wonder Senator Christopher Dodd (D-Conn) went wobbly last week when asked about his February amendment ratifying hundreds of millions of dollars in bonuses to executives at insurance giant AIG. Dodd has been one of the company’s favorite recipients of campaign contributions. But it turns out that Senator Dodd’s wife has also benefited from past connections to AIG as well.

From 2001-2004, Jackie Clegg Dodd served as an “outside” director of IPC Holdings, Ltd., a Bermuda-based company controlled by AIG. IPC, which provides property casualty catastrophe insurance coverage, was formed in 1993 and currently has a market cap of $1.4 billion and trades on the NASDAQ under the ticker symbol IPCR. In 2001, in addition to a public offering of 15 million shares of stock that raised $380 million, IPC raised more than $109 million through a simultaneous private placement sale of 5.6 million shares of stock to AIG – giving AIG a 20% stake in IPC. (AIG sold its 13.397 million shares in IPC in August, 2006.) Continue reading “A bit more on $enator Chri$ Dodd’$ ties to offshore reinsurers as we follow the $$$$$$$$”

Making ends meet as Wall Street goes Main Street

Making ends meet – the paycheck to paycheck life of those who live on Main Street, USA – is also descriptive of what’s taking place on Wall Street today and described in this nowdy/sop tag team post.

Draw courage from the slabbed and their faith that things will be better even if never the same.

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, filed a Chapter 11 bankruptcy petition in U.S. Bankruptcy Court 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.

Like the woman in NOLA who used her car payment to cover the cost of Gustav evacuation and had no money to leave when Ike threatened, these companies were challenged to make ends meet when time ran out.  Insurance giant AIG is running the clock now – take it from there, Sop. Continue reading “Making ends meet as Wall Street goes Main Street”