AIG Bailout, what should lawyers do now?

In this wrap up of one of the most dramatic weeks in the history of the United States financial system, Mark Wahlstrom and Jan Schlichtmann discuss whats next for AIG.

The big questions for lawyers are, will AIG property casualty claims still be paid, should we fear not being able to settle claims, are the life company annuity contracts safe and what should the average consumer do.

While it is still a scary time, Mark is preaching calm regarding the safety and solvency of the AIG life insurance and property casualty companies, but caution for lawyers and settlement professionals about opening up new cases and settlement files.

Listen in to one of the best industry insider voices about how to handle your AIG claim, structured settlement or litigation.

Comments

[senior pico]

I absolutely hate the bullshit that Congress is doing. Bailing out the airline pensions, then Fannie and Freddie, then Bear Stearns, finally AIG. I believe people should become violent, and simply terrorize the ones responsible. American patriots of old did this all the time. If this is not your cup of tea, do to a lack of cajones, then allow me to lend you some passive actions you can take.

Like David Letterman, here is my top ten list.

1. Convert your money to another currency. Owning U.S. money is like owning stock. If the U.S. is full of shit, then change toilet paper brands. The massive deflation of printing funny money to AIG is only going to weaken your dollar. A two dollar loaf of bread will become four or more. Change your money to buy bread in the future. Push to remove penalties and charges for changing U.S. dollars into other monies or standards like gold.

2. Write your congressman. Find their damn home number and call them at all hours of the night. Break apart the lobby system. Find out who is lobbying, and screwing up your life and never purchase from them again. Tell all of your friends to do the same.

3. Try to set up a system where the people's vote usurps Congressional power like in state governments. We the people can amend amendments all the time at the state level. How many signatures does it take to undo the Congressional approval of AIG. How about removing the requirment that we have to buy insurances like those for our cars.

4. Remember this day, and engrain it in your mind. Never, ever invest in the stockmarket or America again. Allow the stock market to truly crash so that even the government cannot bail out the bullshit. Last time I checked people learn best through pain and suffering. Nationalize and government control things like energy, health care, and above all insurances. Use your head. You do not need to go overboard, and all we need is cheap basic standardized policies. For example, if people want million dollar transplants that will prolong a short period of life, then let them buy the expensive insurance. You will always be covered for being mangled in a car accident. Trust me, this would be cheap, and not even equal funding like socialized countries like Canada.

5. Act quickly because the world is poised to screw over us American's, and they will soon be flooding us will all of our worthless dollars. Prepare for the Sith invasion.

6. Fix the Glass-Steagall act A.S.A.P. This repeal allowed banks to mix hedge funds with commercial or simply risk markets with solid investments. Banks never go under in any economy if their simply commercial. Of course they don't make great profits either. The great depressions taught us this lesson and set the Glass-Steagall act up. The republicans, and the democrats for that matter overturned this wise approach in 1999.

7. The entire republican party has to be destroyed politically because they are the worst, and you need to watch the democrats and any new formation of parties until you can transition to a truly independent party. Simply choose someone off of the street. These people could not do as much damage as party politics.

8. Do not forget to break apart the monopolistic system. 50 seperate entities should be a good number. Microsoft is the only operating system for P.C. break the sucker up. Boeing and a few other national security and airline groups need to be broken up as well. Auto industries should be cracked to pieces. Banks should really be broken up and not be able to centralize over state boundaries like we had before. The Time Warner media giant that went untouched in its merger needs to fall. Smaller companies like Dentsply that control most tooth implantation are wrong. Do your part and ask where your money is going and support the smaller businesses until we get a congress that breaks up monopolies.

9. Make every aspect of what we pay for in the government open to the public. Finances, time, etc. need to be available at the click of a mouse, and there is always someone bored enough to check their records.

10. If all else fails, leave the country. Many people on these blog sites will tout you to just get the hell out. Leave the ignorant behind, and take your skilled labor elsewhere. When they cart America off to the auction block, you can come back and buy all that you lost.

[mayan]

See the number of which benefit the majority of citizens most. After all the AIG bailout has been wasting tax payers' money for many years. I've read the history of bailouts that they made from an article, and this insurance company hasn't done good enough for the recession.