Word: congressed
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...time when Congress is looking to scalp those responsible for corporate misdeeds, the fact that Greenberg was invited as an expert - not a corporate villain - is a measure of his redemption...
Former AIG chief executive Maurice (Hank) Greenberg told Congress on Thursday morning that as much as $50 billion in payments that AIG has made in the past few months to banks and other financial firms, including Goldman Sachs and Deutsche Bank, should not have been made. Greenberg believes the banks should be forced to reinvest some of those trading profits in AIG by buying the company's shares...
...current bleakness, that car sales will return to an upward trend this year. The prices of some used cars are beginning to rise as supplies tighten, which makes new cars a more attractive deal. Any improvement in the homebuilding industry bodes well for light-truck sales. And if Congress passes a proposed cash-for-clunker bill that would give car owners a $3,000-to-$5,000 voucher to trash their old vehicles and buy something new and shiny, dealers will move the metal, as they have done already in Europe...
...reality may not match the talk. The US government, although it is considered more liberal on trade than almost any country in the world, may be pushed in the direction of restricting commerce with other nations if the other nations act first. Obama faces the problem of having a Congress which will generally support him. But, when a Representative's district is losing jobs because of the dumping of Japanese steel or Swiss watches, the tenor of the conversation will change. Trade won't work out the way the G-20 summit says it will. National interests to protect local...
...plan to [liquidate AIG] has also been highly controversial and in some cases puzzling," Greenberg told Congress. "It would have been more beneficial for the American taxpayer if the Federal Government had ... provided guarantees to [AIG's] counterparties rather than putting up billions of dollars in cash collateral to those counterparties...