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Cattle Boards
Trucks, Tractors & Machinery
The downfall of International Harvester
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<blockquote data-quote="Caustic Burno" data-source="post: 794345" data-attributes="member: 694"><p>The government had to bail out AIG as it was cheaper. AIG is one of the largest holder of retirement funds in the country many of these are insured by the PBGC. We would have had to pick up that tab with no chance of repayment. This would have brankrupted the PBGC.</p><p>Now you talk about a nightmare let a bunch of elderly lose their income and have to try and reenter the workforce. This would have put millions on the SSI roles. The crime was the mismanagement of funds intrusted to the company. Criminal charges should have been filed with stiff penalities. This mess started with Freddie and Fannie bundling and selling mortage bonds that were junk status for investment grade. That isn't all that was involved. </p><p></p><p>Not argueing for one side or the other, I can see both sides. I can also see the failures of both.</p></blockquote><p></p>
[QUOTE="Caustic Burno, post: 794345, member: 694"] The government had to bail out AIG as it was cheaper. AIG is one of the largest holder of retirement funds in the country many of these are insured by the PBGC. We would have had to pick up that tab with no chance of repayment. This would have brankrupted the PBGC. Now you talk about a nightmare let a bunch of elderly lose their income and have to try and reenter the workforce. This would have put millions on the SSI roles. The crime was the mismanagement of funds intrusted to the company. Criminal charges should have been filed with stiff penalities. This mess started with Freddie and Fannie bundling and selling mortage bonds that were junk status for investment grade. That isn't all that was involved. Not argueing for one side or the other, I can see both sides. I can also see the failures of both. [/QUOTE]
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The downfall of International Harvester
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