(a collage of a few of the recent financial healines.)The markets tanked again today. Globally. AIG is said poised to report a $60 BILLION dollar loss. So... well I don't really know what to say? Oil, in the $30's per barrel, gold; down a tad. Financials... don't even ask.
I never blogged about this back when it happened but I will now. On September 30th, 2008, I was invited to participate in a conference call with AIG executives including, Rob Schimek, John Doyle, Kristian P. Moor, Mark Willis and John Q. Doyle from the USA. I don't know how many others were on the call with me, but I do know I was the only Canadian. (I was also the only one not from a bank, huge company or Insurance brokerage.) It was very interesting, it was like being a part of history and I left that call feeling positive about AIG. I'm sure that call is on-line somewhere if you take the time to look. I'm not terribly worried about the insurance side of AIG though they could get pulled down with the financial side. Their assets though, are protected and it is very unusual for an Insurance Company to go bankrupt.
AIG aside though, what this entire melt down is doing to people's life savings, their pensions and their hopes and dreams is criminal. The problem... it was actually our own greed that brought us here.
When I see the commercials that "financial firms" are running now, the ones about..."hey we have a new product that guarantees your initial investment, come talk to us," I want to reach through the tv screen and choke them! Funny how they've changed their whole propaganda now isn't it?
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