Word: cash
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...moved up 27% in a very short period of time. There really is not any such thing as a sucker rally. There are only suckers. In the long bull market that stretched over nearly four years, many investors who made five or six times their initial investment did not cash out in 2007. Some did not take even a small part of their gains and put them into CDs or yen futures. They just let the money ride which means that they assumed that the market was due to double again...
...taken government money and made it clear that a great deal of the cash has been wasted. Even with the evidence of that completely uncovered, the Administration has so little power that it cannot let AIG go under, as a punishment for taking taxpayer money and using it for multimillion dollar bonuses...
...According to Reuters, the barely competent Treasury Secretary Timothy Geithner will insist that AIG pay back taxpayers the $165 million in bonuses before the government will send AIG its next $30 billion in bailout cash. The news service reports that Geithner wrote in a letter to Congress, "We will impose on AIG a contractual commitment to pay the Treasury from the operations of the company the amount of the retention awards just paid." (See the 25 people to blame for the financial crisis...
...tell TIME that the New York Federal Reserve informed Treasury staff that the payments were imminent on Feb. 28. That is 10 days before Treasury staffers say they first learned "full details" of the bonus plan, and three days before the Administration launched a new $30 billion infusion of cash...
...Geithner's supporters argue that the AIG bailout was pulled together in less than one business day and that it's understandable that the bonus issue was not central to those negotiations. They also argue that in subsequent negotiations with AIG and others about further infusions of government cash, Geithner has imposed tough conditions limiting bonuses and executive compensation...