Jim Rogers: Better to Bankrupt a Company Than The Country!
CNBC: American International Group should be allowed to go bankrupt because keeping it and other sick financials alive on government support risks ruining the US economy, legendary investor Jim Rogers told CNBC Tuesday.
American International Group should be allowed to go bankrupt because keeping it and other sick financials alive on government support risks ruining the US economy, legendary investor Jim Rogers told CNBC Tuesday.
AIG whose $61.66 billion fourth-quarter loss was the largest ever for a US company, received $30 billion more in government funds Monday. The insurer’s financial health hasn’t improved despite getting as much as $150 billion from the government last year.
- $62 Billion in losses in 92 days!
- $470,000 lost per MINUTE!
- $204 for every single American!
“Suppose AIG goes bankrupt, it is better that AIG goes bankrupt and we have a horrible two or three years than that the whole US goes bankrupt,” Rogers said. “AIG has trillions of dollars of obligations, let them fail, let the courts sort it out and start over. Otherwise we’ll never start over.”
Finally someone is getting through to the “mainstream” media. After months of laughing and snorting at the likes of Jim Rogers and Peter Schiff it seems that more and more Americans are waking up to the sad reality that these companies have to be left to fail and reorganize if they hope to shorten the deep recession and inevitable depression the U.S. and the world are sliding faster and faster towards. No company is too big to fail. That’s just a rich assholes way of trying to frighten the common folk into bailing his greedy ass out!