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alulu 10/05/2008 10:43 AM Report
To Marilyn
I watched Bill Moyers's Kevin Philips Interview.
I think it is a great stuff and Kevin is a kind of prophet or fortune teller.
GEORGE O'MALLEY 09/27/2008 11:57 AM Report
To Mark, Brent Schneider etal,
It is obvious you do not have any inkling about who Mr. Greenberg really is. Your are extremely clueless to the tremendous accomplishments and philanthropic acts he has done in his life, that will put to shame your insignificant ones! If you have nothing substantial to say, don't post it, since it just reveals your complete ignorance! Shame on you, ignoramuses!
Marilyn 09/20/2008 04:16 PM Report
Recommend www.billmoyers.com Watch interview with Kevin Phillips, author of Bad Money. Buckle up, it's gonna be a bumpy ride. Hm, why is it that the gov't never bails out manufacturing sector, just financial. Watch it.
Mark 09/20/2008 03:16 PM Report
Hank Greenberg is a criminal. PERIOD.
TABS 09/19/2008 05:05 PM Report
Mr Greenburg at 83 remembers the Great Depression very well and that has tempered his steps. That is why he is believable as to not being lulled into complacency as the generation that now commands the ship.
sock puppet 09/19/2008 04:49 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!"
sDao 09/19/2008 02:03 PM Report
informative and educational.
my admiration and sympathy for mr. greenberg.
i hope he succeeds in helping AIG recover.
dan 09/19/2008 12:47 AM Report
I say let it sink like the bad ship it is.Simple mentality I know but all debts must be paid and lessons learned no matter how hard it will be.
genevieve 09/19/2008 12:00 AM Report
Here is a most perspicacious analysis of the situation, by Viggo Mortensen:
"Unsurprising economic meltdown, and hope for the future...
Steal from the poor and give to the rich: this is the policy that we have in recent days seen the U.S. Government unhesitatingly and irresponsibly sanction by bailing out the big gamblers and law-breakers with tax-payer money. At least now this short-sighted and destructive approach to governance is undeniably out in the open. We saw this happen in the 1980s with the savings and loan scandal and bail-outs, and we are seeing now, as we saw then, people like John McCain, Phil Gramm and the usual assortment of corporate pirates get off scot-free and continue on their paths of self-advancement and cronyism. The mismanagement and plundering of our nation's wealth and the cavalier drive to burden future generations of its citizens with crushing debt have been hallmarks of U.S. government practice for quite some time, but never to the unprecedented degree that we have experienced during the eight years that the Bush Administration has plundered the treasury for the benefit of a tiny, very wealthy minority. Hopefully voters will keep this in mind when deciding whether they wish to continue in the same vein with McCain, or give change a chance to happen with an Obama administration. Perhaps, too, the mainstream media outlets, in response to the now undeniable financial and moral crises we face, will get back to allowing issues more pressing and significant than the personal and ethical foibles of Ms Palin to take precedence in their daily election "coverage". I have my doubts about their willingness to do so, but there is always hope."
Preston 09/18/2008 10:03 PM Report
TABS, as usual I believe I agree with you. But not bailouts for all of them, just the ones that made it the furthest and have grown themselves into sort of mini-governments, financial-assets and obligations wise. But individuals within those organizations should be looked into for fraud and not be rewarded for bad decisions, and just plain taking advantage of the system.--------- It's all a big game. But not a bad game when it's "working" right.
TABS 09/18/2008 08:22 PM Report
BAILS OUTS--------------------------------------------------------------------------Very simply if you have a situation where your action will stop a situation from the POSSIBILITY or PROBABILITY of deteriorating into chaos one should take it. As why would anyone even want to take the slightest of risk of that kind of situation from occurring. It would be far more costly and time consuming if one does nothing and lets the chips fall where they may. If only the captain of the Titanic had slowed his speed down that night and not tried to set a record.............
B 09/18/2008 06:07 PM Report
WOE To them, ---->>> Wall St.
The sins (PRIDE & GREED)
of the fathers,
Visited Upon the children (Us)
Coupled with a Lot of 'SELF' Exalting
& DECEPTIVE practices
= our Present financial, RED/Black HOLE...
Preston 09/18/2008 12:34 PM Report
The most important thing above all else is to preserve the usage of paper currency as the best medium of exchange (the value of money). Now how do we do that? When the answer could feel so right yet be SO WRONG.
shaft 09/18/2008 12:14 PM Report
Additional:
Isn't it American way, big fish eat small fish theory. These corporations being bailed out have been created by survival of the fittest philosophy where by they manage to knock many small businesses to get to where they are, why would the same taxpayer they victimize bail the out??? I am sickened, really sickened by the idea of bailing the rich guy out for making bad and greedy decisions. Thats what happens when one bites more than they can chew, and as far as I am concered they should be allowed to hi the ground and slowly rise back up again. Then they will learn to make sound decision, but bailing them out will send the wrong message.
Shaft 09/18/2008 12:06 PM Report
I never thought I would see America retreat back from her core beliefs that distinguishes her from all other nations, the capitalism economic philosophy or as we say it this days to make it sound better –Market Economy. Don't get me wrong, nations are expected to step in every now and then to save their economic well-being, but no one expect for America to take it as far as she is doing at the moment, which is a reverse economic drive. It seems we are competing with China and Russia in a bid to control all forms of the citizen's lives, including economic decision-making to state ownership, which by the way the first thing Castro and his rag-a-tag group did when they overtook power in Cuba. What do concerned Americans have to say to that? keep quiet we are doing what's necessary for the people (I mean for THE RICH PEOPLE???).
===>Its funny how one can have second life line, here in America people can take risk of making UNSOUND money decision-making and if they pass all the corridors and hit it big, then they are to keep their rewards, and if the fail there is someone that will bail them out by sharing their reckless decision making. Who is better qualified in bailing reckless money decision makers other than a reckless administration we have currently. I thought as a theory capitalism is by far the most sound theory, may be we ought to look closely and start following other modes operandi governing styles, say China or Russia, or even Venezuela? For the first time I have to believe that we are not in first place. It sure is an interesting to be born in.
James 09/18/2008 11:49 AM Report
http://blackandwhiteprogram.com/essay/letter-to-hank-paulson-jr
A funny take on this situation.
Richard 09/18/2008 10:05 AM Report
Marilyn ...... you are right ...... not many ethical investments out there .......... if you invest in a company whose products cause disease or harm people ....... Buffett likes to call himself an ethical investor ....... what a joke ....... sugar water is responsible for the epidemic of diabetes we see in this country (which now includes teenagers) ......... the practices of a company that are unethical = blood on your hands ........ denial won't save your soul ...
Ron Johnson 09/18/2008 08:10 AM Report
My memory - and the public memory is short. Here, from "Corporate Narc" is a summary of the AIG scandal of 2004 - it does NOT look like over-zealous prosecution:
"In November of 2004 the AIG scandal cost AIG a $US 126 million settlement with the SEC and the Justice Department that resolved the matter in part, but the insurer must still co-operate with investigators who are continuing their probe into the sale of a "non-traditional insurance product".
The settlement was related to a so called "finite insurance" product.
In 2005, after an AIG scandal on insurance and mutual funds the year before, AIG is under investigation for accounting fraud. The company already lost over $58 billion worth of market compensation because of the AIG scandal.
AIG has the fastest decrease in market value since the WorldCom and Enron scandals. Investigations also discovered over a billion US dollars worth of errors in accounting transactions.
One such error involves a supposedly $500 million transaction with Berkshire Hathaway that drastically inflated AIG's revenues. This error involved reinsurance transactions.
Reinsurance supposedly is used only for spreading out risk, but it may also be used for the questionable purpose of polishing a company's financial statements, in the same way the manner of accounting for revenue did for Enron.
In early May 2005, AIG restates financial statements, and issues a reduction in book value of USD $2.7 billion, a 3.3 percent reduction in net worth. AIG's share price falls due to conservative investors selling shares.
Future outcome for the company is still pending. The company has aggressively tried to increase shareholder confidence, replacing a significant part of the board of directors with more independent members."
Charlie, it appears, rather glossed over this feature of Greenberg's credibility.
Hugh Jones 09/18/2008 03:31 AM Report
A very fascinating interview with Mr. Greenberg. I truly admire this man for his wisdom, intellect, and passion. If management at AIG were smart, they would consider talking to him and getting his advise on how to re-build the company that he helped built from scratch and made it the biggest company in this country. He is a man with great credibility and understands the current situation which is valuable in itself. Management at AIG needs to stop being ignorant and give Mr. Greenberg a chance to help better the company that is struggling. It's time to come together and work as one.
Robert Syputa 09/18/2008 03:05 AM Report
The problem is deep rooted and extends to dependence on monetary and financial expansion to keep the engine of the U.S. economy in motion. We have witnessed the rolling over of one bubble expansion to the next, built on the foundation expansion of international markets following the collapse of the iron and bamboo curtains and opening up of Asia, Russia, and South America economies. The puzzle palace credit expansion, including the mortgage derivatives, the spending on discretionary wars/military industrial complex, and tax cuts without corresponding government cutbacks or redeeming investment in commerce generating research and infrastructure.
Without the expansion of capital markets, including the string-theory like mental masturbation of derivatives, (if something is 'too complex for politicians/regulators to understand' as has been said of derivatives, then why allow it to go unregulated to begin with?), the American economy would have had to channel resources more efficiently including debunking of the inefficient medical and military-industrial bureaucratic monopolies.
The financial industry crisis is not isolated and fixing it will not fix deeper rooted problems. The American economic engine is running on foreign oil and other inefficiencies. The result will be a protracted period of I-stagflation, internationally modified stagflation: domestic recession while BRIC countries continue to grow, if at a slower pace, thus keeping prices relatively high.
Our way out is adjustment in standard of living and increased exports.
angeluli 09/18/2008 01:55 AM Report
Maurice Greenberg is still keen and sharp for his age. HE helped several ASIAN countries build a career & livelihood in the life insurance industry. The Philippines is one of the beneficiaries of his legacy. The Philippine American Life and General Insurance Company is a testimony of what he built. It inspired most of us at Philamlife to strive harder year after year after year ---by his great leadership, management and inspiration.
I used to work for the Philamlife as a career agent. I am now based in the USA. Thank you for your fair interview of him. WE should treat him with great respect---not only for his age but for what he has done to AIG. I think he should be given a voice to help out the embattled company. Missing out on what he has to say would be detrimental to the future of AIG.
angeluli 09/18/2008 01:45 AM Report
Maurice Greenberg is still keen and sharp for his age. Indeed he built helped countless of people in ASIA build a career , livelihood in the life insurance industry in 130 different countries of the world. The Philippines is one of the beneficiaries of his legacy. The Philippine American Life and General Insurance Company is a testimony of what he built. It inspired most of us at Philamlife to strive harder year after year after year ---by his great leadership, management and inspiration.
I used to work for the Philamlife as a career agent. I am now based in the USA. Thank you for your fair interview of him. WE should treat him with great respect---not only for his age but for what he has done to AIG. I think he should be given a voice to help out the embattled company. Missing out on what he has to say would be detrimental to the future of AIG.
Michael Lang 09/18/2008 01:15 AM Report
Anybody,
Will someone please explain to me how the financial service section, a small part of a much larger viable insurance company,can make the rest of the company illiquid ie produces so much negative cash flow so fast it offsets all the positive cash flow so fast that the company does not even have time to react.
Douglass Montrose-Graem 09/18/2008 01:14 AM Report
Cavuto on Fox concluded his talk with Greenberg earlier to-day:
"YOU ARE COY WITH ME."
So was Greenberg coy with you.
Greenberg is in denial: AIG did become INSOLVENT - playing fast and loose with financial terms a la Greenberg wont change that FACT.
Kevin H. 09/18/2008 12:52 AM Report
After reading Bob Woodward’s last three books, I am truly impressed with this level of access to confidential/national security information. I am also amazed at the detailed information given to Mr. Woodward by folks obligated to protect information deemed to be proprietary in nature. In Mr. Woodward’s passionate search for truth in understanding the war in Iraq + inner workings of the Bush administration, safeguarding sensitive information was obviously not a priority.
Joel 09/18/2008 12:44 AM Report
Charlie,
I also thought the guest was unsympathetic in his pleading for more favorable terms on the bailout. He kept saying that it was excessively onerous for a mere bridge loan.
Greenberg, ever the opportunist when he was running his company, should know that when you get yourself into a jam and there is only one source of financing, you don't get the most favorable price.
On what planet is $100 million "practically nothing"? Please.
Duane D. 09/18/2008 12:30 AM Report
Dear Charlie, I truely enjoyed you interview with Mr. Greenberg. My Father-in-law who worked for New Hamp. Life Insurance for over 40 yrs. talked very highly of Mr. Greenberg, and I can see why. My father-in-law passed in death in June 2008 and is rolling in the grave as we speak over the trouble with AIG.The board of AIG, FEDs,Should beg Mr. Greenberg to come back and help out no matter what people think his motive is. At his age,his money,what other reason would he come back to help??
C T 09/17/2008 11:44 PM Report
When charlie invite someone to his show is because he believe in that person integrity/honesty. Those people are as humble as he is.
Brent Schneider 09/17/2008 10:45 PM Report
Charlie, I love your show. However, this show seemed more like a "Help a Friend In Need" kind of show, than good reporting. It's apparent that Hank has lost alot of money in this AIG debacle. Your interview with Hank seemed more like a man desperate to save his billions as opposed to save his company.
I don't know Hank Greenburg, so I cannot comment on his character as an individual. But it seems that he probably should have been better to those he met on the way up, because he's definitely on the way down right now. Perhaps then, AIG would have included him in on the talks to solve this crisis for their company.
GerryS 09/17/2008 10:44 PM Report
Hank's comments, especially "I'm practically broke. My stock was worth about 2 billion but now it's only worth about 100 million, disturbing and offensive". Especially in light of Starr Intnl and CV Starr selling over $4 BILLION US worth of stock in the last 24 months. That is public record, "insider trading". I do not feel sorry for him one bit!
Johne 09/17/2008 10:35 PM Report
The interview was so fawning I thought I was watching Larry King Live. Charlie, you have reached a new low. Were you afraid to ask your friend any tough questions? Were all these credit swaps that went bad really on Martin Sullivan's watch? Didn't Greenberg buy credit swaps too? If Martin Sullivan was such a bad CEO, why was he Greenberg's choice to succeed him? Come on Charlie, if you are going to have guests on do some homework and ask them substantive questions. Don't just let Greenberg come on and do a song and dance and a "woe is me" story.
Ramesh 09/17/2008 08:09 PM Report
Sock Puppet, What is the significance of the foreign exchange reserves data presented. Based on this information, not only has a country like India have higher foreign exchanges on an absolute value, it also has it on a per capita basis. This is really puzzling since India is still a very poor country. What is the data showing? Singapore in contrast has huge foreign exchange reserves on a per capita basis.
Preston 09/17/2008 07:41 PM Report
TABS, so we should be taking our investment advice from Al Qaedea?... When Al Qaedea talks... People listen.
TABS 09/17/2008 07:24 PM Report
Since 911 TABS has been saying over and over again on another Board that with another Terrorist attack a CRISIS OF LIQUIDY could bring the world economy down. As it is in reality is a house of cards, that was the weakness that was exposed by 911. Well today we have done it to ourselves. Maybe 911 and the low interest rate environment that it caused, set off the Greed that will bring the system down and Al Qaedea wins. In other words 911 cracked the system and it just has taken some time for the cracks to spread and the system to crumble?
TABS 09/17/2008 07:20 PM Report
Doesn't the little guy out in Charlie Rose TV land get it. When the Democratic Govenator Paterson of New York pleads with the FED to bail out AIG ya know the PENSION PLANS are in serious trouble if AIG goes under.That means you the elittle guy will have nothing except the shirt on your back. ---------------The minute that Govenator Paterson called the FED and pleaded with them to bail out AIG the DEMCRATIC PARTY signed off on the FED doing anything they need to do to rectify the situation. Start listening to what the Dems are going to be saying. They will probably be turning down the doom and gloom rhetoric in the coming days. They finally have gotten the message to not throw anymore gasoline on the fire.
M. Loeffler 09/17/2008 07:12 PM Report
On a human level, I certainly feel sympathetic for a man watching his "brain child" falter in such a way. He cannot dive in in the present and use his wisdom—a wisdom that once helped lead to the success of this business—to possibly, at least as he hopes, save AIG. I am unaware of whether or not the charges that lead to his leaving AIG are true? Just trying to balance out the negativity.
Kenney Hayes 09/17/2008 05:36 PM Report
Charlie, You continue to present the real, hard hitting (and sometime hard to believe) facts to your audience. Hank Greenburg is an amazing man. It was heart wrenching to watch a man who had built such a global company tell how AIG’s Board of Directors had made the decision not to seek advice from the one who knew the most because of obvious jealousy. Had the mortgage banking (especially the “all knowing all seeing” Fannie and Freddie) industry and Wall Street used Hank's type of risk management analysis, and stop to consider the risk they were putting the economy in for short term gains, you wouldn't be having this conversation. As for AIG's management team for not responding to Hank's offer, they are as guilty as the mortgage broker giving a loan to someone who can't afford it and has no money and no job. Equally as guilty as the mortgage entity that purchased the paper and sold to Wall Street….and so on. Yes, because of AIG's prideful posture, they are reaching into every American's pocket. Thanks Charlie for being bold enough and dig deep enough to disclose the truth.
Ron Crowley 09/17/2008 05:24 PM Report
When did I, an American taxpayer, sign up to insure an insurance company? And how many of these mis-managers will be fired? Give us a break, Charlie. You're "poor little rich boy" approach was highly insulting.
oleander 09/17/2008 05:19 PM Report
Did Greenberg's Starr International misappropriate $20 billion of AIG's
shares?
http://www.iht.com/articles/2008/03/27/business/aig.php
Marilyn 09/17/2008 04:05 PM Report
As one T-rex monolith falls, to be devoured by the others in its pack, and more and more face the same demise, it leads me to believe that this structure of business in inherently doomed. It creates greed and short-sighted perceptions on all markets, and stock-holders are not innocent either. Stockholders, right down to the common man, look to grow a portfolio of wealth and security, and are not interested in how that will happen. Case in point, your advertiser is Coca-Cola. To the person who drinks Coke, and the stockholder, what the company does matters not, so long as the product can sell and shareholders see stock value rise, or dividends on their investment. The fact that it takes 3 liters of water to make 1 liter of Coca Cola doesn't mean a thing to them. But it certainly does to the farmer in India who no longer has access to water due to Coke's draining of their aquifers. So passive greed and ignorance makes both user and participant in this business model complicite in the harm done. We no longer have the right to ignore these consequences, we have the responsiblity to share in the burdens they have wrought.
steve 09/17/2008 03:35 PM Report
Charlie,
I think your journalism is becoming rather week. You aren't exactly "keeping 'em honest" and often times you talk over your guests.
Example: Robert Rubin was one the Treasury secretary who convince Clinton to sign the banking deregulation act of 1999. Rubin has already accepted his next job as CEO under Prince at Citigroup - and here you are asking him how we solve this credit and mortgage mess.
Rubin is one of the NYC brothers who led our financial system down the deregulatory path to greed, corruption, and ruin.
Instead asking Rubn what the hell was he thinking - you asked him how we need to solve the mess he created....... blah, blah, blah.
I think it's time to replace Charlie with a real journalist. Greenberg - another crook and you let him sail away wearing a white hat.
Scott Douglas 09/17/2008 03:04 PM Report
Hi Charlie!!!
I'm back!
Just wanted to say that after reading through the other posts here I'm coming to the conclusion that people are tending to lump both the "good guys" and the "bad guys" together in one barrel. Hank Greenberg is definetly one of the good guys. I put him in the same barrel with Warren Buffet and T.Boone Pickens. They are what makes this system work right. It's the unqualified CEO's that screw up the works and make everybody look bad.
Wounded Citizen 09/17/2008 02:41 PM Report
Charlie,
I saw your interview with at 12am in Los Angeles last night, and although I support my local PBS station, I'm very disappointed in your Mr. Greenberg interview. Where was the depth of questions that are required for such a man and company??
We basically have socialism for the wealthy, and a taxpayer insurance plan for this "predator class" of U.S. and multi-national finance experts. The poor and middle class provide the men and women to fight endless wars to protect corporate assets, and then the funds to bail them out.
The real failure in your too buddy-buddy treatment of this mega-tycoon, is in pointing out that Mr. Greenberg sits on the Council on Foreign Relations, along with seats and inter-connections with multiple other mega corporations, and through these stratospheric connections and influence, he and others like him, help perpetuate this American Empire which basically does little for the average U.S. Citizen or citizen of the world.
scott01 09/17/2008 02:23 PM Report
Earl,
You are way off base on this one. I think you are confusing Hank Greenberg with Alan Greenspan. It was Alan Greenspan who kept money too cheap for too long and encouraged undisciplined borrowing and irrational risk taking in the American markets. Hank Greenberg was the "brains" behind building AIG into the powerhouse it is. In my mind Hank Greenberg was unfairly railroaded out of office by the board of directors at AIG. When he left AIG was clean and strong. Eliot Spitzer (the dirty dog) targeted Mr. Greenberg in order to boost his chances of becoming elected governor of NY state. What a mess. Bravo Mr. Greenberg! You are my idol.
Signed: The nephew of Dick McCormack. Former Medical director of AIG.
Scott Douglas
Joe 09/17/2008 02:10 PM Report
I am appalled by the drivel of the comments listed above. He was the pentultimate hero to the employees and stockholders. Its all about money and anyone who is dumb enough to deny that should pull their pointed head out of the sand or wherever else the sun doesn't shine. When AIG was growing and paying, most people couldn't wait to get in on it. Vultures be damned now that the company is on its heels. It didn't get where it was because MR. Greenberg is stupid as stupid as these comments. You HAVE to agree with Cramer: Martin Sullivan is the DUMBEST CEO he ever saw (to prarphrase). Regards...Joe
klm 09/17/2008 02:09 PM Report
I was extremely disappointed with the Greenberg interview. He lost my support when whining about "no seat at the table" when he had been ejected from executive position for wrongdoing. And then, his value shrunk from 2B to 100m? So sorry.
Charlie, I know he's your friend but he deserved :15min and Woodward the :45min.
Please get back on track and leave the self-important interviewees in the back room where they belong.
K 09/17/2008 02:04 PM Report
Sorry Mr. Rose, but there was not much valuable information and a bit too much complaining in this interview. Greenberg admits that he is not privvy to the decisions at AIG. He complains that he has not been consulted for his opinion but admits that the company has changed its direction drastically since he left 3 years ago. I'm sure he would be able to tell AIG what went wrong but does he have experience leading companies out of these kinds of financial problems? If he was so unhappy with the direction that AIG had been taking recently, why did he not sell his interests in the firm? Thanks to Mr. Rose's professionalism for informing us of his relationship with Greenberg at the outset of the interview. Unfortunately, it seems that this interview was just a favor for an old friend.
RE Mant 09/17/2008 01:48 PM Report
BTW, I've always thought Bush ran the war the way Dan Snyder runs the Redskins. I must say that Rice has in some measure redeemed herself and it may turn out some day that she was caught in the middle of things beyond her control.
crayger 09/17/2008 01:11 PM Report
When a company won't even talk the man that created company, their God. Won't except his help or his money,and looking to the tax payer to bail them out they really must have some real skeletons in their closet that they don't want God to see. I think that the Tax Payers are getting skrewed.
Alan 09/17/2008 12:59 PM Report
Maurice Greenberg was interesting. I, however am convinced that the economic problems probably can simply be traced back to the whole idea of putting "political correctness" ahead of simple "correctness." We, as a government, were so concerned that someones feelings might get hurt that we put quotas on lenders based on race, religion, gender or whatever regardless of whether a person could pay a loan back. The government should never be in the business of forcing its citizens to love on another. Let the free market take care of the racists, etc.
If we want to get out of this mess, adopt the FairTax. It has rightly been determined that at least 12 TRILLION overseas investment dollars would come back into the good ole U.S. of A! That makes the 35 billion or so from AIG seem like pocket change.