Well of the that would be a little bit more than 4 trillion yuan or 4,000,000,000,000.00 or $600,000,000,000.00 kinda the same thing. Big is not really the verb to use here... almost comprehensible amount of money moving around.
What is so interesting about this is ... just recently China just completed a bridge.
I will just cut out the meat of this article China opens longest sea bridge by Riazat Butt, religious affairs correspondent The Guardian, Friday May 2 2008
The world's longest sea bridge was formally opened yesterday linking Shanghai to the industrial city of Ningbo across Hangzhou Bay in China.
The 22-mile bridge
The bridge is a cable-stayed structure built at a cost of 11.8bn yuan (£500m),
Construction started in November 2003.
The bridge is designed to last 100 years.
Now...4000/11 is 363.636 $1.65 billion dollar projects.
What is most interesting is this...
Daily Journal of Commerce (Portland, OR), Nov 29, 2007 by Alison Ryan
I-5 bridge fix in Oregon could cost at least $3.1B
Estimated construction costs for alternatives for the Columbia River Crossing bridge, transit and highway improvement project range between $3.1 and $4.2 billion. Estimates include components like I- 5 related costs: interchanges, adding high capacity transit or new bridges.
I stopped reading ...because I immediately recalled my Sea Bridge in China that is 22 miles long was $1.6bn going to last 100 years.
The Interstate bridge is not measured in miles like the one in China. It is measured in feet 3538 feet or 2/3 of a mile. It does not cross the ocean it crosses the river.
Estimated to cost at least twice as much to get 1/33 the length hummm...
Now of course Oregon Washington has special needs unique to the function of the bridge, but the money and the numbers make this look ... funny.
Wednesday, November 19, 2008
Monday, November 10, 2008
Hundred-Fiddy Billion.
Oh my!
Uncle Sam has committed $150,000,000,000.01 to AIG. When I say Uncle Sam I mean every American Tax payer.
put very plainly by
By MARY WILLIAMS WALSH
Published: November 10, 2008
NY Times.
"At the heart of A.I.G.’s troubles are a type of derivative called credit-default swaps. They are essentially a kind of insurance that A.I.G. wrote on complex securities, known as collateralized debt obligations, sold in recent years to financial institutions. By issuing the swaps, A.I.G. was promising to pay these institutions — A.I.G.’s counterparties — if the debt securities defaulted.
A.I.G. wrote a large book of business on the thinking that such defaults were unlikely. As the economy has soured, though, some of the securities have weakened and shown signs of failure.
The insurance contracts have also proved crushingly expensive for A.I.G. because they included provisions requiring it to post collateral under certain circumstances, showing that it could afford to keep its promises."
Well, apparently AIG can really keep it promises now. It is just really ...
unfair that my rich Uncle Sam has to back the deal. There should be a fiduciary law about binds management to be personally financially liable for such losses. RICO act thing ... frequently, management gives out stock bonuses and incentives in addition to salaries to themselves for these "profits" that happen in one quarter and turn out to be a big loss a couple of quarters later, but by then that commission voucher has been paid and spent a long time ago.
Drive the stock up with artificial reports of success, sell your "bonuses" as the price goes up. You know the game.
Update
03/16/09
Just when you thought OK ...You MF'er's one hundred fifty (F#ck F#ck F#ck) Billion Dollars... that would take care of the mess. NOOOOOOO!!! These people believe they are entitled to bonuses to the tune of almost $200 million dollars and they are contractually guaranteed blah blah blah and the checks are going to be signed and sent soon or if it has not already been put in the mail.
I'll say it again. Let this firm fail. Just for the principle of it. Government can come in after the collapse and operate the salvage and disposal mission.
Update 03/25/09
Oh man, let me get a towel and wipe this spit off me. You better a towel too cause this was in the WSJ... you know how i roll.
"Wednesday, EMPLOYEES (or should it say OUR employees?)at the insurer (GAVE A STANDING OVATION) for Jake DeSantis, an executive in AIG's financial-products division, who was the first to publicly refuse to return his retention bonus despite an outcry over the payments."
you wanna know what this (add your own adjective) said..."Mr. DeSantis said he would donate his after-tax proceeds of $742,000 to charity."
oh and of course...
"Mr. DeSantis resigned Tuesday(3/24/09), arguing in a New York Times op-ed piece Wednesday that AIG employees are being "unfairly persecuted.""
Mr. DeSantis what did AIG retain in that bonus that you received by quitting? Is this a unearned bonus? Oh and the part about giving to charity...What?... Yeah. and OJ looked for the real killers. You want to spit on me again and use your (US Taxpayer) contribution to off-set your taxes right?
Add another name to the wall of shame. DeSantis, Milken, Boski, Lay, Madoff, Baker, this list will go on and on... you get my drift?
Uncle Sam has committed $150,000,000,000.01 to AIG. When I say Uncle Sam I mean every American Tax payer.
put very plainly by
By MARY WILLIAMS WALSH
Published: November 10, 2008
NY Times.
"At the heart of A.I.G.’s troubles are a type of derivative called credit-default swaps. They are essentially a kind of insurance that A.I.G. wrote on complex securities, known as collateralized debt obligations, sold in recent years to financial institutions. By issuing the swaps, A.I.G. was promising to pay these institutions — A.I.G.’s counterparties — if the debt securities defaulted.
A.I.G. wrote a large book of business on the thinking that such defaults were unlikely. As the economy has soured, though, some of the securities have weakened and shown signs of failure.
The insurance contracts have also proved crushingly expensive for A.I.G. because they included provisions requiring it to post collateral under certain circumstances, showing that it could afford to keep its promises."
Well, apparently AIG can really keep it promises now. It is just really ...
unfair that my rich Uncle Sam has to back the deal. There should be a fiduciary law about binds management to be personally financially liable for such losses. RICO act thing ... frequently, management gives out stock bonuses and incentives in addition to salaries to themselves for these "profits" that happen in one quarter and turn out to be a big loss a couple of quarters later, but by then that commission voucher has been paid and spent a long time ago.
Drive the stock up with artificial reports of success, sell your "bonuses" as the price goes up. You know the game.
Update
03/16/09
Just when you thought OK ...You MF'er's one hundred fifty (F#ck F#ck F#ck) Billion Dollars... that would take care of the mess. NOOOOOOO!!! These people believe they are entitled to bonuses to the tune of almost $200 million dollars and they are contractually guaranteed blah blah blah and the checks are going to be signed and sent soon or if it has not already been put in the mail.
I'll say it again. Let this firm fail. Just for the principle of it. Government can come in after the collapse and operate the salvage and disposal mission.
Update 03/25/09
Oh man, let me get a towel and wipe this spit off me. You better a towel too cause this was in the WSJ... you know how i roll.
"Wednesday, EMPLOYEES (or should it say OUR employees?)at the insurer (GAVE A STANDING OVATION) for Jake DeSantis, an executive in AIG's financial-products division, who was the first to publicly refuse to return his retention bonus despite an outcry over the payments."
you wanna know what this (add your own adjective) said..."Mr. DeSantis said he would donate his after-tax proceeds of $742,000 to charity."
oh and of course...
"Mr. DeSantis resigned Tuesday(3/24/09), arguing in a New York Times op-ed piece Wednesday that AIG employees are being "unfairly persecuted.""
Mr. DeSantis what did AIG retain in that bonus that you received by quitting? Is this a unearned bonus? Oh and the part about giving to charity...What?... Yeah. and OJ looked for the real killers. You want to spit on me again and use your (US Taxpayer) contribution to off-set your taxes right?
Add another name to the wall of shame. DeSantis, Milken, Boski, Lay, Madoff, Baker, this list will go on and on... you get my drift?
Subscribe to:
Posts (Atom)
Posts
