If you draw a pension or have a 401K, thank your lucky stars we are bailing out AIG [View All]

[Mike 03]

As despicable as they are, it is what it is.

Some of the bloviating posts about how awful we are for saving the banks, insurance agencies, or worrying about the stock markets are turning my stomach for their incredible ignorance.



"News of the AIG federal bail out only scratches the surface of what is going on. Millions of schoolteachers, firefighters, and other government employees have 403bs managed by AIG.


The Jacksonville Police and Fire Pension Fund inaugurated a lawsuit against AIG in May of lying. According to Reuters, the fund “accuses New York-based AIG of repeatedly but falsely assuring investors that its risk management and diversification insulated it from credit market turmoil in 2007. Credit market problems led AIG to suffer a $7.8 billion first-quarter loss.”


Google links suggest that the California Public Employees Pension Fund, the largest in the country, was considering suing AIG for similar reasons.

MSNBC reporters and online sources are assuring people that FDIC savings and checking accounts are safe. Retirement funds typically are stock funds that are not insured by the FDIC. This misdirection by newscasters is not helpful; it does not answer the questions that people are asking: Are my AIG retirement funds safe?"


http://ordinaryordinary.blogspot.com/2008/09/aig-holds-pension-funds-for-milliions.html