The American Trial Lawyers Association

In case you've been wondering where all of that bank bailout money has gone, AIG finally decided to disclose their activities. Rather than investing in new hires, or providing affordable loans to new borrowers, the company instead shipped billions of taxpayer dollars to foreign banks. The documents AIG released account for some of the more than $180 billion in aid that AIG has received, and they detailed for the first time which financial firms are benefitting from the federal handout.
In all, AIG disclosed payments of $105.3 billion between September and December 2008, and some of the biggest recipients were European banks. Political pressure is now building on AIG, as House Speaker Nancy Pelosi on Sunday called on AIG executives to “renounce” their bonuses and refuse retention pay, and said that House Financial Services Chairman Barney Frank would “examine options that are legally available to recover taxpayer funds of companies that abuse the privilege of taxpayer assistance.” Edward Liddy, the government-installed CEO of AIG, has been called to testify before Frank's committee on Wednesday.


In other financial news, a new report has been released showing that those who have had the loudest voices in denouncing the bailout and stimulus packages – mostly republicans – are also the ones that have been hit the hardest by the recession. According to the Center for Responsible Lending, who recently issued the new report, nine of the top ten districts with the most foreclosures are Republican and most likely to receive the bulk of any homeowner bailout, and thus, at least according to one On Air editor of a major cable network, fit the definition of "losers". I'm sure we all recall the protests from rank and file members of the GOP, where they would hold signs saying things like “your mortgage is not my problem,” but now it looks like it might be. Only one of these top ten districts leans democratic, which is a location in Michigan. The ones held onto by Republicans include districts in Oklahoma, Florida, Arizona, Delaware, and Georgia. According to Republican Rick Santelli, all of these republicans are irresponsible losers. Those are his words, not mine. You see, not long ago, Santelli appeared on cable news and said that any homeowner bailout would just go to irresponsible people who were losers. Of course, this was probably before he realized that those same losers are the ones who make up his base.


And finally today, according to a new study, a predicted slowdown in Atlantic Ocean currents will cause sea levels along the US northeast coast to rise twice as fast as the global average, exposing New York and other big cities to violent and frequent storm surges. For example, Manhattan's Wall Street, which is barely a three feet above sea level, will find itself underwater more often as the 21st century unfolds. The UN's Intergovernmental Panel on Climate Change concluded in early 2007 that expanding ocean water driven by climate change will drive up sea levels, on average, anywhere from seven to 23 inches by 2100, depending on how successful we are at slashing greenhouse gas emissions. This rising water mark will erase several island nations from the map, and is likely to cause devastation in Asian and African deltas home to tens of millions of people. The weakened currents account for nearly half of a predicted sea rise -- from thermal expansion alone. Rapid sea level increases would put cities such as New York, Boston, Baltimore and Washington D.C. at significantly greater risk of coastal hazards such as hurricanes and intense winter storm surges. Of course, given the fact that a large portion of American citizens still don't believe that global warming is real, it would probably take flooding of this nature just to convince them.

Labels: AIG, Bailout, Bank, Climate Change, Farron Cousins, Foreclosure, Fraud, Global Warming, Manhattan, Protest, Republican, Rick Santelli, Wall Street