A.I.G....unfreakinreal

[ArlJim78]

the hypocrisy is running really deep on this, they all knew, or should have known about the bonuses.

Chris Dodd now wants to tax away the bonuses when he himself put in an ammendment into the stimulus bill that specifically protected those contracts.

i guess actually reading the bill before you sign it might not be such a bad idea after all. Congress has already debated this relatively meager issue much more than the stimulus bill which is roughly a 5,000 times larger blow to the taxpayer.

and then there is the Republican senator who said those guys should take a deep bow and commit suicide. Grassley should be taken away in a straightjacket.


AIG should use the Obama's earmark defense.
"Oh those contracts are last years business, we've got to move forward now. We'll make sure it doesn't happen next year"

[AeWingnut]

I was listening to NPR and they were talking about AIG switching from an insurance company to something else under the watchful eye of x-42.

Originally Posted by ArlJim78

the hypocrisy is running really deep on this, they all knew, or should have known about the bonuses.

Chris Dodd now wants to tax away the bonuses when he himself put in an ammendment into the stimulus bill that specifically protected those contracts.

i guess actually reading the bill before you sign it might not be such a bad idea after all. Congress has already debated this relatively meager issue much more than the stimulus bill which is roughly a 5,000 times larger blow to the taxpayer.

and then there is the Republican senator who said those guys should take a deep bow and commit suicide. Grassley should be taken away in a straightjacket.


AIG should use the Obama's earmark defense.
"Oh those contracts are last years business, we've got to move forward now. We'll make sure it doesn't happen next year"

It does not matter at this point whether the government
knew or not. The fact is we are led to believe this business,
which delved deeply to the edge of illegal derivatives,
was giving performance compensation bonuses BEFORE there was a horrible
performance. This is how big businesses are run that get so
huge and convoluted that no one had any idea how to mind
the store. This company was run as inefficiently as anything
in government. And they cheated. I am sure there are very
competent people in that company that deserve to be paid.
But it is pure folly to take government money while
the rest of the country suffers.
This company was essentially insuring investments without
the funds to back it up. Good luck with that.

[ArlJim78]

Originally Posted by pgardn

It does not matter at this point whether the government
knew or not. The fact is we are led to believe this business,
which delved deeply to the edge of illegal derivatives,
was giving performance compensation bonuses BEFORE there was a horrible
performance. This is how big businesses are run that get so
huge and convoluted that no one had any idea how to mind
the store. This company was run as inefficiently as anything
in government. And they cheated. I am sure there are very
competent people in that company that deserve to be paid.
But it is pure folly to take government money while
the rest of the country suffers.
This company was essentially insuring investments without
the funds to back it up. Good luck with that.

sure it matters because they're all running around saying that they just discovered the bonuses this week. okay maybe some of them aren't lying, like Geithner, just incompetent.

there's plenty of folly, but the majority of it is due to our corrupt and inept elected officials. they're going to save the world by managing all businesses now, good luck with that.

the current bonues as I understand it are primarily retention bonuses, not performance bonuses.

Originally Posted by ArlJim78

sure it matters because they're all running around saying that they just discovered the bonuses this week. okay maybe some of them aren't lying, like Geithner, just incompetent.

there's plenty of folly, but the majority of it is due to our corrupt and inept elected officials. they're going to save the world by managing all businesses now, good luck with that.

the current bonues as I understand it are primarily retention bonuses, not performance bonuses.

Then why have at least ten employees who helped build these derivatives
leftwith bonus checks in hand if retention was supposed to occur?

Where is the outrage when business "leaders" take government money
and walk? I will tell you why I think some of these guys at AIG are
getting the hell out- Because they dont want to be found when
all this false crap they built up is out in the open and they are
subject to jailtime... Retention my arse.

I am sure there are some very good minds at AIG that want to
try and sort all this mess out and do what is best. But there
are clearly a good number of crooks.

I can see the problem the Obama adminstration might have in
trying to sort out who really needs to be retained to help clean
the mess and who made the mess to begin with and have no
desire to fix anything. Some are in full retreat to the Bahamas.
Great patriots that they are. Obama's financial group has made
it clear that some employees at AIG are absolutely essential
to repair and moving on. They know the govt. cannot possibly
repair this without help from company officials.

[ArlJim78]

Originally Posted by pgardn

Then why have at least ten employees who helped build these derivatives
leftwith bonus checks in hand if retention was supposed to occur?

Where is the outrage when business "leaders" take government money
and walk? .

don't know because I don't know how the contracts were written. if there was nothing precluding them from leaving then there is nothing to say. if they violated the contract then by all means, prosecute.

listen, when the government does the buying, they get taken every time.
i'm against the government involvement in the first place because then it becomes a circus like we have now.

they could have addressed this BEFORE the bonuses were paid, but I think they wanted to have the issue, and make Wall street the bad guy again, only it seems to have back-fired.

Originally Posted by cmfhb411

So between the White House, the Treasury Secretary and the likes of Chris Dodd,
they are all outraged !!!!

Because they were all shocked at this late breaking development.

Exactly who among us was stupid enough to believe that ?

Oh that's right. I'm supposed to pay attention to Rush's popularity
although his ratings haven't slipped.

Sorry people ! I've yet to get sucked in to the misdirection play.
I know who's carrying the ball.

It aint late breaking.
It broke before Bush was out of office.

[Riot]

"As the year progressed, a series of life-threatening problems within many of the world’s great financial institutions was unveiled. This led to a dysfunctional credit market that in important respects soon turned non-functional. The watchword throughout the country became the creed I saw on restaurant walls when I was young: “In God we trust; all others pay cash.”

"By the fourth quarter, the credit crisis, coupled with tumbling home and stock prices, had produced a paralyzing fear that engulfed the country. A freefall in business activity ensued, accelerating at a pace that I have never before witnessed. The U.S. – and much of the world – became trapped in a vicious negative-feedback cycle. Fear led to business contraction, and that in turn led to even greater fear."

"This debilitating spiral has spurred our government to take massive action. In poker terms, the Treasury and the Fed have gone “all in.” Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once-unthinkable dosages will almost certainly bring on unwelcome aftereffects. Their precise nature is anyone’s guess, though one likely consequence is an onslaught of inflation. Moreover, major industries have become dependent on Federal assistance, and they will be followed by cities and states bearing mind-boggling requests. Weaning these entities from the public teat will be a political challenge. They won’t leave willingly."

"Whatever the downsides may be, strong and immediate action by government was essential last year if the financial system was to avoid a total breakdown. Had one occurred, the consequences for every area of our economy would have been cataclysmic. Like it or not, the inhabitants of Wall Street, Main Street and the various Side Streets of America were all in the same boat."

- Warren Buffett, excerpt from letter to the shareholders of Berkshire Hathaway Inc., February 27, 2009

Ohh the oracle!! Well then all is forgiven!! It's not like he's ever been to Washington with his hand out.

[Danzig]

aig not the only one paying bonuses:

http://online.wsj.com/article/SB123739512036672809.html

[Smooth Operator]

Can't access u-tube here, dellinger.


What is it? ... some old lady who got burned in the stock market throwing her shoes at Bush? lol

[dellinger63]

Originally Posted by Smooth Operator

Can't access u-tube here, dellinger.


What is it? ... some old lady who got burned in the stock market throwing her shoes at Bush? lol

yep

Yes.
Leave it to business and the free market
and it will all work out.

BS.

Did the govt. invent derivatives?

[TheSpyder]

I heard this morning that they have worked a deal to get the money back and the Government has already earmarked all $165 million for a study of the Cockoo bird (coo-coo, coo-coo) . Whew, glad that worked out! Yea, Government.

Almost makes sense as they are known to just give their eggs away...

"The opinion is held by some observers that Nature has not intended the Cuckoo to build a nest, but influences it to lay its eggs in the nests of other birds, and intrust its young to the care of those species best adapted to bring them to maturity."

[Danzig]

Originally Posted by TheSpyder

I heard this morning that they have worked a deal to get the money back and the Government has already earmarked all $165 million for a study of the Cockoo bird (coo-coo, coo-coo) . Whew, glad that worked out! Yea, Government.

Almost makes sense as they are known to just give their eggs away...

"The opinion is held by some observers that Nature has not intended the Cuckoo to build a nest, but influences it to lay its eggs in the nests of other birds, and intrust its young to the care of those species best adapted to bring them to maturity."

actually, they toss the other birds' eggs out of the nest, and then move their own to the now empty nest. the victim of the crime then unwittingly raises the offspring of the murderer. damn cuckoos.

[Danzig]

back to the subject at hand however...i've been wondering why d.c. has been provoking such outrage over these bonuses-of course they are outrageous, but there's always more to the story. and then i found this.

an excerpt:

Taxpayers have already put up $173 billion, or more than a thousand times the amount of those bonuses, to fund the government's AIG "rescue." This federal takeover, never approved by AIG shareholders, uses the firm as a conduit to bail out other institutions

and this:

Since September 16, AIG has sent $120 billion in cash, collateral and other payouts to banks, municipal governments and other derivative counterparties around the world. This includes at least $20 billion to European banks. The list also includes American charity cases like Goldman Sachs, which received at least $13 billion. This comes after months of claims by Goldman that all of its AIG bets were adequately hedged and that it needed no "bailout."

[dellinger63]

wonder if he'll give his back or Baney Frank will speak out against him and Chris Dodd. LOL NOT.

http://www.examiner.com/x-268-Right-...Bonus-from-AIG

[GBBob]

Originally Posted by dellinger63

wonder if he'll give his back or Baney Frank will speak out against him and Chris Dodd. LOL NOT.

http://www.examiner.com/x-268-Right-...Bonus-from-AIG

Is McCain giving his back?

[gales0678]

steve - maybe everyone on here should be reminded that Sen Dodd got a mortgage on his house, houses from Uncle Angelo that was not availble to you , me , blackthoartwind or anyone else on this board. He was part of a club called friends of angelo

to just blame bush blame bush is not going to solve the countries problems

washington is broken because of BOTH parties and it will be too late before the majority of the people in this country see this , it's not going to end well , everyone should read up on Roman history and Nero

[joeydb]

Don't worry..."Bailout Barack" will fix everything. Yes he can...LOL