AIG..... Makes me Madder than @$%^^&%**

[MSDawg870]

Make your own bail out, don't pay taxes.

If everyone were to do that they wouldn't have enough prisons to put us in, and sure as hell wouldn't have the taxpayer money to build any more.

[RDB]

Or better yet start a Ponze Scheme... Bilked billions from unsuspecting investors..... hide the money in a Swiss account...and live happily ever after in a posh apartment on house arrest....

Yeah.... that's the ticket....I could donate millions to anybody's campaign fund then!!!!

Anybody want in???? Get in on this ground floor oppurtunity!!!

[Drakeshead]

Unless the government forced AIG, and any other bank that took government bailout money, to renegotiate their contracts with their CEO, and any other board of supervisors, prior to taking any of the government money, then there is little to nothing the government should be able to do to prevent these individuals from taking their bonus money. If it is in their contract, that it is theirs to have.

I am not saying I think they deserve the bonus money, just saying that there is nothing that can be done.

[timberjack]

....but you can blame Obama and his peeps for this mess. One of the many, many, many unintended consequences you will see at the hands of these idiots.

Dont forget, the first bailout came at the hands of the Bush administration, a joint effort between the Fed and the Treasury dept because they thought AIG was "too big" to fail. It was thought that they are so intertwined in the fabric of the American financial system that failure would cause a catastrophic rippling effect that could sink the country and cause world-wide chaos. I know its not cool to criticize Bush here but let's give credit where credit's due. They're both a couple of F-ups........

Do you want Congress to be able to override existing private contracts?

I have no problem with the govt getting involved and nullifying those contracts, they ceased to be private when they started cashing our checks. When AIG took the money we offered they immediately became accountable to us for the way they spend it. We have a right to ask questions and, if need be, do away with company bonuses. Think about it...what are they gonna do, quit and go find another job, in this market? I dont think so and if they do then that's just fine with me. Take what you get or go to the house.

[farmerc83]

What keeps them from renegotiating the contracts as a sign of good faith? I would guess greed but does anything legally keep this from happening?

[Blackduck]

as pete said in my favorite movie o brother where art thou?

dat don't make no sense!

Pete, its a fool looks for logic in the chambers of the human heart. What the hells that singing?

My fav movie as well.

Isuspect there is more to the bonus story than is told. Contracts can vary greatly and not all bonuses are productivity based. Still burns my ass however.

[MemphisStockBroker]

Email i got today
> Snope this !!!!!!!!!
>
icated.
>
> AIG INSURES THE PENSION TRUST FUND FOR MEMBERS OF THE
> UNITED STATES CONGRESS
>
>

http://www.snopes.com/politics/business/aig.asp

[tunica]

well heck give Me a huge million dollar bonus then fire Me because under My direction the company lost a few billion...You think I would cry long...


pfft, They cut My salary, 401 contribution, and No bonus just because they where not making double digit profits. Where is My bailout.


I tell you where...I can quit/retire. There is My bailout.

[Duck Picker]

Dodd, the Senator who was chairman of the committee that oversaw the creation of the stimulus package, is the one who initiated the salary cap on CEO's of companies who take the TARP money. But he also slipped a clause in there that allowed for the payment of contractual bonuses on contracts that were created before 2/11/09. AIG disclosed to the government LAST YEAR the bonus payout schedule as well as those receiving those bonuses. There were 73 total people who received the bonuses...some of which no longer work for AIG. Don't fall for the smoke screen that this administration is blowing. The very people who are crying about this now are the same ones who knew about AND allowed these bonuses to be paid out. Their BS makes me sick.

[donia]

There were 73 total people who received the bonuses...some of which no longer work for AIG. Their BS makes me sick.

And some that aren't American citizens - they live in England... and "we're from the gov't and we're here to help you" makes me sick as well....

There has been some talk of taxing the bonuses (some have suggested at 100%) and even Barney Franks is saying (with that sweet azzed lisp) that we own the majority of the company (he means we the gov't, but it is actually we the tax payers who paid the taxes for the gov't to have for the freakin bailouts), why can't we renegotiate the contracts - it is done every day.

[Deltamud77]

....but you can blame Obama and his peeps for this mess. One of the many, many, many unintended consequences you will see at the hands of these idiots.

Dont forget, the first bailout came at the hands of the Bush administration, a joint effort between the Fed and the Treasury dept because they thought AIG was "too big" to fail. It was thought that they are so intertwined in the fabric of the American financial system that failure would cause a catastrophic rippling effect that could sink the country and cause world-wide chaos. I know its not cool to criticize Bush here but let's give credit where credit's due. They're both a couple of F-ups........

Do you want Congress to be able to override existing private contracts?

I have no problem with the govt getting involved and nullifying those contracts, they ceased to be private when they started cashing our checks. When AIG took the money we offered they immediately became accountable to us for the way they spend it. We have a right to ask questions and, if need be, do away with company bonuses. Think about it...what are they gonna do, quit and go find another job, in this market? I dont think so and if they do then that's just fine with me. Take what you get or go to the house.

First of all, if you look back on this board you will see my distain for Bush and the bailouts...I am not a Bush fan from a fiscal perspective.

Secondly, once the government had attorneys look at these contracts and they decided that even if they did nullify them, the individuals would likely win law suits in court. The congress is faining shock over what they always knew would happen to draw attention away from the job they are doing.

I am telling you, we are a nation of laws. When you start letting the government just do away with private contracts, you instantly become no different than Russia or Venezuela. Do not be foolish enough to believe that the media is being honest here.

Since the congress (Democrat controlled) knew of these contracts, they could have stipulated that in order to get bailout money, you must amend your retainment contracts. They choose not to do that. THIS IS CONGRESS' FAULT!!! GET USED TO THIS SHELL GAME THEY PLAY WITH THE AMERICAN PUBLIC TO MAKE BUSINESS LOOK BAD AND GOVERNMENT LOOK GOOD!

You are being led around by the collar...http://news.yahoo.com/s/ap/20090318/ap_ ... _they_know

[timberjack]

First of all, if you look back on this board you will see my distain for Bush and the bailouts...I am not a Bush fan from a fiscal perspective.

I think we agree here??

When you start letting the government just do away with private contracts, you instantly become no different than Russia or Venezuela.

My argument is this: AIG is no longer private, it's 80% public. 80% gives the govt the right to nullify the contracts. It takes more than a few bonuses to be taken away to equate us with Russia and Venezuela....the slope isnt quite that slippery just yet. Let them file suit.

[jacksbuddy]

I understand that the bonus was part of the pay. However, it is my understanding that the US Government now owns 80% of AIG. I know everyone is saying lawsuit if execs don't get their money, but what could they actually get?

In this instance, more than likely not a d@mn thing. There is so much anger about this situation, that nobody, and I don't care which side of the isle you sit on, is in favor of these evecutives getting a crying dime in bonuses. Especially since these are the exact same executives who put AIG in this mess in the first place. I think that is why the Attorney General of New York (Cuomo) has already stated that he is going after their bonuses by suit.

How about we offer to let them keep their jobs........that will be this years bonus. Well, maybe for Christmas we can get them enrolled in the jelly-of-the-month club.

Do we really want these criminals to keep their jobs? Here's a better idea. Put these gangsters in prison and sentence them to hard labor for defrauding the American People - call it "Crimes Against the State". They can do those jobs that "Americans don't want or won't do" (isn't that the phrase used by illegal immigrant advocates?) That would free up ICE to do there job without as much trouble because the bleeding hearts won't have their big argument. AND, we could charge these criminal executives for restitution, as well as receive lease payments from the employers we make them work for. Everybody wins.

[bodeen]

The execs at Fannie May are about to get some bonuses too. Nobody is calling them before a congressional committee. Look, the government new full well about these bonus contracts at AIG. I personally feel they should be paid the bonuses that are owed. Is anybody asking Barney Frank or Chris Dodd to refund their salaries? Is Bush sending back any of his salary for letting all this happen on his watch? I dont think so. The AIG Ceo keeps stating that the bonuses were there to retain the talent. I can see that. He flatly stated that many , if not all, the employees would leave if they were not paid. Making the situation far worse than it is now. Talented smart people do not come cheap. Now if some of these people were responsible for the collapse then that is a different story. But, as far as I can tell, all those people are gone from the company.


There are not a bigger bunch of MORONS than the folks on the committee interogating Mr. Libby.

[donia]

The execs at Fannie May are about to get some bonuses too. Nobody is calling them before a congressional committee.Is anybody asking Barney Frank or Chris Dodd to refund their salaries?

Cause Barney's in bed with fannie, er, Freddie, er...... pun intended on fannie..... and I'm sure he has quashed it pretty well if it came up in congress.