Charlie Rose

Neil MacCallister  10/24/2008 08:21 PM Report

So, who are you voting for, George? You know it seems the Dem's complaint is: "Bush just wants to seize other countries resources" (..not true, he just likes free trade, without the nuke threats used as "deal closers") While the GOP complaint is: "Congress just wants to seize THIS countries resources". Meanwhile, it is the bottom-of-the-ninth, and tonight there is a "warmed up" pitcher on the mound, and a veteran stick stepping to the Mississippi plate. (..."Get your peanuts!!" )

J. Ryan  09/27/2008 11:38 PM Report

I really like this amazing interview of a truly accomplished and respected businessman. It is so nice to hear that Mr. Greenberg really tried his darndest best to be there for his former employees and sincerely tried to save the company and the stocks to the best of his abilities without any strings attached. Too bad that all his efforts to help and assist the great Company which he created were completely rebuffed and totally ignored. His successors should be investigated for gross anomalies and as for the republican-led government--shame on you for grabbing/overtaking the company by owning 79.9% of the stocks and putting such a high interest rate for the carrot--11% for the loan.

Neil MacCallister  09/26/2008 06:12 PM Report

George, you say this "downfall is more political than any wrongdoing or Corporate issues or problems in solvency", and many people agree with you. So, where is the politics, who is the motivator here, George Bush? What does he get out of this deal? Who is going to control that $700 billion? Isn't that money asked to be placed under the control of the Democratic Congress? ..Let's hope the Congress and Pres. Obama (Wall St. man Warren Buffet's choice!) deliver more social benefit out of this $700 billion, than Mr. Obama and William Ayers did with that $110 million CAC charity donation money!

George O' Kelley  09/26/2008 05:28 PM Report

you can not deny the fact that all these unprecedented events happen under the republican philosophy-led US administration under Bush. Even Greenberg mention that the trigger to AIG's downfall is more political than any wrongdoing or Corporate issues or problems in solvency... and according to him, it is still the same trigger which resulted to AIG's final takeover.

George O'Kelley  09/26/2008 04:17 PM Report

By Bush I mean that the US government (GOP controlled) is wanting to control the financial institutions not only in the US but in other countries through Wall Street and AIG's takeover.

It is not unusual to think that way, since the US government under Bush has a history of grabbing, seizing, taking over and invading countries like Iraq(for OIL and really not for any WMD found) as well as installing US puppets in Ukraine, Pakistan, India, Iraq, Afghanistan--incidentally they are all the foreign leaders Sarah Palin met this week.

Neil MacCallister  09/26/2008 03:45 PM Report

..and why would President Bush "grab" anything? ..Isn't he leaving? ..Is he grabbing it for Barney Frank? ..Why would he? ..Did he own lots of AIG shares, or something? I think Pres, Bush just wants to exit his service and get back to reading that book, "The Stranger". I think he should also wants to revisit Zane Grey.

Neil MacCallister  09/26/2008 03:39 PM Report

Gee, ..Hitler's "Social Democracy" and "Communism"!! ..How about Scientology too? (sorry, LRH) ..and Astrology??? AIG has freedom of choice, right? For the time being, at least, this is still America, isn't it? (..where we respect our anthem!) You say at AIG, "..ALL the employees (had) excellent work benefits second to none!" Is that the new hallmark of a wise business? (..it is if you are a Democrat!) Do you think that such "perq's" (..and exec perq's, too!) had a hand in their profit loss? I don't know, ..you tell me.

Greg O' kelley  09/26/2008 03:20 PM Report

My heart gooes out to Mr. Greenberg! All the AIG employees has nothing but admiration and praise for his integrity and wisdom. AIG used to be one of the BEST Corportation/BEST Employer to work for, and ALL the employees has excellent work benefits second to none!

The Bush Administration screwed AIG for the simple reason that they want to take control of this global business empire whose influence spans several continents. Now this government has control over Asian, European and Middle Eastern banks whom AIG insures! It is NOT about bail-out, Bush is really after CONTROL and POWER over the financial, manufacturing and whatever business operations AIG used to underwrite all over the world. Remember AIG was in NO way insolvent, it was just a liquidity problem and Bush used 85 billion loan as a carrot to seize, grab, and takeover AIG. Now Bush is after controlling ALL the financial institutions in the US and even in other countries.

Why is this scenario reminds me so much of Hitler's regime and communism.

J. Alexnader Stevens  09/24/2008 03:51 PM Report

Upon a review of the now-released terms of the FED's arrangement with AIG, I believe that it is arguably the case that AIG would be better off--and its shareholders would ultimately be no worse off--were AIG to file for Chapter 11 protection.

That 8-1/2% commitment fee is a killer.

The FED's financing will likely bleed AIG to death;. at least a Chapter 11 bankruptcy would allow AIG time to sort out its holding company problems, seek a private-sector solution that would be reasonably calculated to assure long-term survival, and over time earn monies from the operating subsidiaries.

Bankruptcy administration would appear to be far cheaper for AIG than the FED's offer.

I intend to instruct my custodian to vote against the deal now on offer.

If the rest of planet Earth has trouble with a Chapter 11 filing, let them offer to be part of the solution.

Mr. K.K. Tsoi  09/23/2008 04:47 AM Report

If I have a chance to vote, this Silly old man would have my vote. I don't think he will do something stupid to his company. It make no sense to let FED to destroy AIG.

sock puppet  09/19/2008 04:44 PM Report

Populating current conversations with this comment at risk of irritating some, which for those (types) so inclined my profit will compound. This is another (wildly) vivid case for regulation. Even Kosher meat processing is dishonored. Religions don't temper our baser instincts - from carnage to egregious greed. Corporate greed via their lobbying pimps and Congressional venal whores promote the human debasement depicted in the video cited below. Corporate greed to maximize profits dehumanize employees (they of necessity have to overcompensate with an anger at their dumb victims) abuse, torture the dumbest yet the most innocent amongst us. Other earthlings. All slaughter houses need regulating and oversight - particularly corporate ones. They mock Kosher proceedings, but most of all they mock and dishonor common decency. Please pass it on. Why hell if we would do this to dumb animals we might even justify torture of humans, err I mean water-boarding err sensory deprivation err . . . . I repeat, please pass it on. A kernel of humanity towards the humbler (but nobler?) among us might help transfer similar sentiments to ourselves. (A variation of Pogo's revelation.) The link: (it ain't pretty - largely because our values are refracting (magnified) right back at us.) Thanks for your time. N.B.: It's important! _____________________________________________________________________________________________________ ______________________________________________________________ http://video.google.com/videoplay?docid=-1282796533661048967&hl=en _____________________________________________________________________________________________________ _____________________________________________________________ Attribution and kudos to "Marilyn!"

TABS  09/19/2008 04:08 PM Report

Earlier in the week this author had concluded that adding more analysis of the on going situation would be pointless. As there were so many people describing the situation that have more intimate knowledge of the specfics. Instead this author has tried to calm the waters and present the logic of why it was wise or unwise to take certain actions.

Dennis MacLeach  09/19/2008 11:42 AM Report

This is clearly a way for the government to STEAL AIG from an elderly man. This is absolutely obscene - America should stand up and require the government to return AIG to the shareholders. Shame - seniors are being screwed by the government!

Marilyn  09/19/2008 10:45 AM Report

McCain and Obama dueling in out on Main Street, representing two parties that long ago sold out to lobbyists and stopped representing people, is not appealing to me. Smoking guns, loud outrage, "I'm for you", blah blah blah. It's the same old privatize profits, socialize losses. Greenberg is brilliant, persuasive, and scary at the same time. Companies so big they can topple governments. Ouch.

Bill Parks  09/19/2008 10:41 AM Report

Dear Mr. Rose:

This money crisis is one of the biggest crime in history. I believe America and Americans are victims of a great crime, a massive pyramid or Ponzi Scheme using debt rather than investments, hidden in plain view, but pernicious none-the less.

Our national money supply, with the exception of coins, is created by private corporations, including the Federal Reserve and the member banks that own it. Our money supply is created out of nothing, as interest laden debt and extended into the economy in the form of government bonds and private loans. The banking system creates only the principal of these bonds and loans; they do not create the interest needed to fulfill the loan contracts. Because the interest must be paid from the existing money supply, leaving insufficient funds to repay the principal, the loans existing as impossible contracts when viewed as a collective whole. The inequality of the contracts can be seen in the following expression:

(Where p represents the principal; and i represents the interest).

Banks must originate new and larger loans or issue new government bonds to make up the short fall, using the new money to service old loans, robbing Peter to pay Paul, so to speak, giving the public the illusion of stability and keeping the system from self-destructing. They create an expanding pyramid of un-repayable debt in the process – a pyramid or Ponzi Scheme. Eventually, the system reaches its mathematical limit as the interest requirements exceed the banks’ ability issue new debt money, this failure resulting in a severe shortage of money in the economy, a growing number of mortgage foreclosures the inevitable consequence of the system’s operation.

When financial strain becomes too great for the system; when it debt structure collapses; when our currency becomes worthless; when the economy fails before our eyes; then the nation may be bankrupted and then destroyed from within. These consequences were predicted by Thomas Jefferson when he refused to renew the charter for the first national bank in 1811.

I don’t want to leave you depressed, so I will outline a simple solution: the US Government must issue the nation’s money in all its forms.

In comparing the powers of the private banking system to those of the US Government we find: The private banking system can create and lend money into the economy; the US Government can also create and lend money into the economy. The private banking system cannot create and spend money directly into the economy; the US Government can create and spend money directly into the economy, make up for the interest short fall and providing money for the natural expansion of the population and the economy. The private banking system cannot fine tune the economy with taxation; the US Government can fine tune the economy with taxation, building and maintaining a stable, sustainable currency as an honest basis for American capitalism.

The side benefits are as follows: the national debt would disappear and the federal budget would be balanced; interest payments on private loans received by the government would pay for programs or reduce taxes, direct spending for programs and public works would create good jobs, improve the infrastructure of the nation and stabilize the currency.

With deepest respect,

Bill Parks

jj  09/19/2008 02:14 AM Report

to Carol:

try to see past partisan politics. the chief financial supporter of the DNC for the last 12 years was the Freddie Mac and Fannie Mae Corporations. They were in essence the banking arm of the party. Any talk amongst sane economists that the two companies posed a systemic risk to the nation's economy was met by the claim that anyone who opposed their out-of-control growth was an anti-housing, anti-poor, bigot. That political pressure permitted them to grow their portfolios and take on more risk than was reasonable. It is in part why you and I will be paying down their bad debt for years to come.

republicans of course are also to blame. they were in charge when the OCC fell asleep at the wheel and allowed all the banks to sell the subprimes and alt-'s that inflated housing prices and are now defauling. they also didn't require better disclosure rules for the few borrowers who were actually duped. and they also lobbied to get rid of the uptick rule that is killing the market with short sellers driving stocks into the tank. and finally i have yet to see one of the promised results of the Iraq war which was a supposed significant drop in oil prices as a result of gaining a friendly oil producing trading partner.

in any case at a time like this party politics are a ridiculous distraction.

the fallout from these bailouts is going to hurt the average american.

not permitting the financier welfare that both political parties are supporting is the more important point at this juncture.

jj  09/19/2008 01:52 AM Report

this old crook is looking for anyone he can find to listen to him because hes losing money hand over fist. Unreal that the US gov't has decided to bail him out saving his 100mil. AIG should have gone out of business because they claimed to do something they couldn't- insure against credit defaults. They made millions on premiums and in trading CDS, which started before greenberg left. The brass ones this man has to say he came on Charlie's show to save people's pension funds and jobs. He came on to save the money he made promising to insure that which he couldn't. He received billions in payments in exhcange for the "risk" he was taking. Then when the time comes to pay up, he says he needs a "bridge loan" from taxpayers (and gets it no less). I need a bridge loan too. In fact half of the US is going to need a bridge loan with all the layoffs that the inevitable tax hikes to pay for all these bailouts will cause. Get new friends Charlie this one is a conniving dud. I don't want to see pensioners lose money either, but if their funds wanted no risk they should have bought what used to be "risk free" treasuries. Saving this old crook and his like coupled with fnm and fre and the current account deficit mean that even the treasury is at risk.

bayravin  09/18/2008 09:16 PM Report

Oh! What a great man. Embodiment of greatness in being simple. When I grow up, I want to emulate his qualities. After he is screwed billions of dollars, he is great to say that we are a super country and we will come out of this better than before. Hats off Mr. Greenburg.

bayravin  09/18/2008 09:02 PM Report

If some other country had taken the same set of actions our Government took, we would declare them as 'Socialist'. For about 8 years now, US has acted in this hypocritic manner.

sock puppet  09/18/2008 07:17 PM Report

At what point are we classified as SOCIALISTS, rather than CAPITALISTS?

Cameron L. Stewart  09/18/2008 06:59 PM Report

If every CEO in the large private sector was as ethical, humane, and public service minded as Hank Greenberg, free market capitalism might actually benefit the world rather than exploit and destroy it. Unfortunately, men of this caliber are rare. Our current system of predatory capitalism works to systematically weed them out.

Kevin M. Mac Donnell  09/18/2008 03:49 PM Report

My apologies for poor editing. I changed my mind on whether to focus on two-thirds of Kevin Phillips' book or on the one-third dealing solely with the topic of debt, hence the improper "one-thirds."

Kevin M. Mac Donnell  09/18/2008 03:32 PM Report

Yes, I was also struck by Mr. Greenberg's comment that his stock value was "virtually worthless" at $100 million. Since the company for which I work terminated the pension plan for a portion of its employees through the bankuptcy courts, I know many of my fellow employees who are retired can feel his pain, the PBGC notwithstanding.

However, the issue on which I would like to comment is the current financial crisis. I just finished reading Kevin Phillips' book, "American Theocracy." Written in 2006, Mr. Phillips spends one-thirds of his book focussed on the U.S. debt load, whether it is public, private or personal. The serious concerns that he expressed in that book are coming to the fore in the financial crisis we are currently seeing. I would love to see him on Charlie's program to hear his perspective on the state of our debtor nation and its financial fallout.

Chris Roberts  09/18/2008 02:26 PM Report

Wow, what a throwaway line. So Hank Greenberg's current worth is "virtually nothing, maybe $100,000,000."

Shalom Freedman  09/18/2008 02:09 PM Report

Charlie Rose was at his humane, understanding best in the interview with Hank Greenberg. Greenberg himself was modest, restrained and it seemed to me wise. His last statement expressing his faith in the greatness and resiliency of America was the first real piece of cheer I have heard since this financial crisis began.

Shalom Freedman  09/18/2008 02:09 PM Report

Charlie Rose was at his humane, understanding best in the interview with Hank Greenberg. Greenberg himself was modest, restrained and it seemed to me wise. His last statement expressing his faith in the greatness and resiliency of America was the first real piece of cheer I have heard since this financial crisis began.

Dean Striker  09/18/2008 11:35 AM Report

Gosh, I wish they'd hurry up and get this video up, and the one with Barney Frank. It completes the whole global collapse picture boosted when they took AIG down.

Joe Casey  09/18/2008 07:07 AM Report

Charlie Rose Show is the best program on TV.

My ? re: AIG...What is Pres Bush& The Federal Reserve Board going to do with the One Trillion Dollar Assets of AIG?

Charlie please discuss this ? with your most knowledgeable compatriots

Charlie, Get more rest...You appeared a little haggard on Tuesday nights program with Mr Greenburg.

Carol B.  09/18/2008 06:33 AM Report

The conversations on the economic storm are interesting, informative and add sanity.

I am curious who are the winners and losers (besides 99% of U.S.)in this final(let's hope) Bush Administration mess. Guess I must deeply reexamine the Bear Stearns chaos, which accelerated the subsequent domino collapse effect on the other investment banks. I'm curious to know the names of the players, the people involved, their party, their alliances with political factions, with financial groups, corporate organizations, with other nations deeply involved in Wall Street. Who are the web of players who will prey on our financial weakness and pick off the valuable assets of Lehman Brothers, AIG, etc? Isn't it curious that this Wall Street chaos, the fire sales and the extraction of what's left of our national treasury is timed as the neo-Republican Gang will probably be ousted in November? Obviously Big Oil is a player and manipulator. Before every election oil prices invariably rise. We the People don't really know the battles for control and power that are hidden behind the headlines in this crisis.

But it's obvious that U.S. wealth is being transferred primarily to the Middle East, and that our financial system collapse is timed during a vulnerable election period with a leadership vacuum! Weakening our national strength and sovereignty could benefit certain interests. The 9/15 Attack is more sophisticated and effective than the 9/11 Attack in threatening our national security. Looks like this 9/15 Attack will bring about a New World Order.

Dean Striker  09/18/2008 04:47 AM Report

Charlie's 9/17 interviews was the best I have ever seen, by anyone, completely objective. The nationalization of AIG being the bigger subject for the evening, I'm awaiting the video posts of both Barney Frank and Hank Greenberg. If you don't understand what happened to our nation, you will understand after you see these!

Bob Woodward also excellent, but n/a for me.

Thank you, Charlie Rose!

mayo  09/18/2008 03:27 AM Report

Greenberg,being now the second biggest stock holder for AIG besides the goverment,sort of got screwed. yes,it is too early to tell,but the real question that greenberg is thinking is,what is the real intentions by pouring 85B

whithout analizing 2nd 3rd options in which we now know that by raising the money in diferent modes and places,tax payers would not have had to pay for this problem created by over risk taking of theese corporations.

My question is

UNDER BUSH

Illegal Immigration incresed by MILLIONS

Gas went from 1.65 to 4.65

We are fighting an unjust war in iraq

We are outsourcing our military (black water)

Our dollar is the weakest ever

and bob woodward just told us that bush is in a bubble.

Is there a conspiracy to run this country to the ground if mc cain wins?