Gross abuse of corporate and government powers should be punishible by death. I’m sure this punishment would quickly return ethics to the equation.
i voted for Obama and Biden. i voted for “change”. i wanted to see “change” in the way Washington operates. i know it’s less than 100 days since Obama was sworn into office but somehow, i am losing “hope” that Obama can change the way Washington operates. i know one man cannot make immediate changes with practices, habits and traditions that are centuries old, but, i was at least hoping that Obama can start the change; at least a small dent. but, i realize now that “we the people” must make this happen locally. we must vote in the next Congressional elections, both the House and Senate, and make sure that the incumbants do not get re-elected. we must all send a very strong message to our fellow countrymen and others in the next Congressional election. Please vote.
Game over !! Yelling and screaming will produce yelling & screaming, I still believe there is more to this than meets the eye. Too much inside information, you can’t tell me no one looked at where this company stood financially before they poured $$ down the tubes. A receiver needs to be appointed, to manage whats left and sell the assets/or straight bankruptcy
AIG Rage?
How about the last six administrations. The problems started under Johnson and progressivly increased under each successive congress. How about we cut off their lifetime pensions, benefits, cost of living increases etc. Just as they prepose to have Detroit do to “trim costs”. Lets make them repay their “illgotten gains” as partial payment for their missmanagement?
Our Congressional leaders look like the keystone cops. So when are will we all marching on Washington to let them know we are SICK of them.
Look Back – GREAT idea. But that is much, much to simple and common sensical.
The AIG bonus thing is bad; but, what is even worse by a more horrible magnitude is where the rest of our money is going.
These b******* have been using the bailout money to pay the credit-default-swaps for these companies that have toxic CDO’s.
What does that mean? It means that AIG has been paying real money in the way of “insurance” for bogus valued derivatives. To me, this is “insurance fraud” and should be punished as such. AIG has been spending billions of your dollars paying ofF the “insurance policies” for all of those “smoke and mirrors” derivatives that have tanked.
Step and and remember 9/11. The lease holder of the World Trade Center had to sue to get his money to rebuild the World Trade Center, some thing that had a real and tangible value. AIG is paying off insurance policies on products that exist only in the “fuzzy math” of Wall Street.
There is much more fuss over someone ditching a car and saying it was stolen, than these Wall Street companies are getting for reporting these CDO’s. Who is getting arrested for FRAUD? These CDO’s were being sold and insured by the swaps as AAA bonds when they were BBB or junk bonds. ISN’T THAT FRAUD?
At least Madoff confessed to his fraud. Not only are these guys not admitting to fraud, AIG is still paying LIKE THEY WERE NOT FRAUD.
THIS IS FAR WORSE THAN THE BONUSES
WE NEED TO GET ON THIS NOW. CONGRESS AND OBAMA AND THE JUSTICE DEPARTMENT NEED TO GET DOWN AND UGLY WITH THIS.
Those that caused the collapse of AIG and robbed the American public are gone with our money.We should be outraged at those who have fled dying companies with our money. More outrageous than AIG, are the top executives from Countywide, the poster bank for preditory lending, who have now opened PennyMac to profit on the forclosure crisis.
It’s time to “Throw ALL of the RASCALS” out.
Don’t give the elected officals any slack. They’re all the root of the problem.
The comments are starting to appear. No longer is “To big to Fail” acceptable. The justice department needs to step in enforcing the anti trust laws. Banks should be banks, insurance companies should be insurance companies etc. No ties. So when an industry gets hit hard it doesn’t drag down the whole economy. JP Morgan just keeps getting bigger, BOA and CITI going down the tubes and dragging the rest of the economy down. Break them all up. Never say to big to fail.
I think the money went in the front door and out the back door – because Obama, Frank, Pelosi and tax cheat Geitner approved itin this ridiculour scam of a Bill to supposedly stimulate the economy. This was also a pay back to the supporters of Obama for driving him into the White House. The American people are foolish to think that the Government – especially these greedy gangsters – are going to help us. Socialism and Nationallsm are for the Government – NOT THE PEOPLE – Remember We the People……..
In the spirit of fairness (their duplicity being equal), Congress should give back its bonus (their pay raise). Further, until they deal (in real time) with the credit card industry’s rapidly accelerating exploitation of the current financial crisis, their pay should be cut in direct proportion to the extortionate interest rate increases Congress has enabled.
Mr. LaMonica:
Never mind the Congress’s culpability over the bailout, that’s not the real irony. If you want to do a really revealing article, go back over the last several years and identify those legislators who actually contributed to the initial problem that resulted in the NEED to bail out AIG and the others.
For example, Barney Frank ,the current “Mr. Outrage”. For years he was encouraging legislation that allowed Fannie and Freddie to throw money at people who really couldn’t afford to pay it back.
Do the research on all aspects of the crisis and identify those who are really responsible. Then identify them and tell us their roles in creating this mess.
People all over America are outraged at the series of events involving AIG, Citigroup, Lehman Brothers, Bear Sterns. For the past 8 years we had a very laxed government who had no clue about the Credit Derivatives and they let Wall Street Companies govern themselves with no regulatory check points. Not to mention the Iraq war we are still paying for without having true justice for all those lives that were lost in the 911 disaster and soldiers who fought to have no true victory. This was a bad move and truly fiscally irresponsible of the last administration. Wide spread corruption is just an understatement for what’s being unveiled to the public. Frankly, we’re experiencing the fruits of a series of bad decisions over the course of 8+ years.
Just an idea for President Obama – It probably would be more cost effective just to give taxpayers a million dollars each to jumpstart this economy. There is an estimated 300 million people/taxpayers in America? Just do the math. 300 million spent Verses 1 trillion plus spent to date and we’re still at square one.
Ultmiately, all of the markect sectors would have benefited from the taxpayers/average consumer having $1 million dollars or even $100,000 in their pockets. Not too mention resolve the unemployment situation. Overall, this approach certainly would have a positive impact on our economy.
Just a thought….
The fact they are using the IRS to do their dirty work indicates they don’t know how to get it done “legally”. It’s all just a show. If things go as planned, the 165M will be paid back to the government. If it isn’t, the 165M will be lost in the noise. The govt is just more proof that PT Barnum was right. “There’s a sucker born every minute.”
How about the Congress move as quickly to pass legislation that taxes (at a rate of 90% or better) their own ill – gotten benefits? These incompetent legislators are the real reason that we are in this mess and yet somehow they believe themselves to be deserving of a hefty raise… what a joke!!
If President Obama had allowed the House Members and Senators time to read the Bill as he had promised during the campaign, possibly someone would have noticed what Senator Cox secretively slipped into the bill. What else is in there???
Only question I have is: When do we march on Washington to change the current elected officials? It seems all will complain about these nitwits and when it comes to the next election, the dumb people will vote them right back in. It time for a real change – ala 1776.
AIG..whats a crook In usa.
we are going to have “change” in government!!Right!!! Look who is on the list of money received from AIG. Dodd-Obama. Number 1 and 2. People of America don’t stand for it anymore
I m sure my commnent not publish
Leave these AIG people alone. Cancel next years scheduled bonus. Fire any AIG employee who complains.
The real point, this was discussed on March 3. So it is clear that turbo tax Geithner knew before the official lie of March 10. Obviously he knew about it before the Obama took office.
The real concern is that congress violated the constitution. Art 1 Sec 9 expressely prohibits bills of attainder and ex post facto legislation. The tax bill is both. Congress whipping up mob rule is very disturbing. Every congressman who voted for this bill needs to be run off.
No Honesty And Integrity , Honors In USA anymore 1 Term Limits for politicans pls… thats why this country FAILS
Congress enables AIG to carry on like criminals with a ‘get out of jail free’ card. Just read this in the Baltimore Sun: 13 firms (who I call the Financial Terrorists) receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes-DISGUSTING!
Where is the outrage over the $850 BILLION bill signed by G. Bush or the $800 BILLION bill signed by Obama with no oversight; isn’t the first $350 Billion unaccounted for??
$165 million causes the outrage?
What about the over $8 TRILLION the Fed has pumped into the economy without a whimper from Congress?
I am sure you will not print this comment,but frustrated in TN is an idiot. If this is his attitude as a “business person” I guess we’ll be bailing him out soon as well. The travesty at AIG was committed by a handful of people in a division that represented lsee tha one half of one percent of the comany. Most of the people who work there were just trying to make a living. Idiotic comments such as TN’s make me frustrated!!!!
Geithner and ALL senators and reps who voted in favor of the bailout are at fault in this mess. this isn’t something that happened in just the past 2-8 years, it has been a growing problem for many, many years. where was the governance as the company began to take on its enormous size? the good old USA government didn’t do a thing, as they did with the breakup of the Bell phone system over the issue of preventing a monopoly.
If the senate and congress would read what they sign we wouldn’t have this problem. are goverment is a plain ### joke. Give them the stupied bonus a contrac is a contrac PERIOD
re: ‘AIG Rage…’
I think we are expecting more from our politicians than we should. When things were going great and our 401(k)s were fat no one was in a mood to question whether this house of cards would come crashing down – not our representatives and, more to the point, not us.
Our politicians listen to what we say, and what we DON’T say. Let’s be honest here – when things were great no one knew or cared about ‘credit default swaps’. We (and our politicians) were happy to let the good times roll.
If we want someone to be enraged at, we should be looking in the mirror.
I hear a lot being said about President Obama and the new administration’s part in the economy. Also, what the Busch administration is responsible for, but how about all these loudmouth’s in Congress. Particulary the ones that have been there for 20, 30, and 40 + years. That is where the bulk of the responsibility lies! That is where the pork comes from. How about a 10 percent pay cut from these people. I for one will not vote for any incumbent in congress in the next election. They all need to get a real job so they can experience what the voters are going through. That is if they can quality for real employment.
Claw back the bonuses so, that the employees will sue. In court the truth will come — who is responsible and where the money went.
It is essential to break the legal contracts.
Bonus money for doing what they were told.
To all you cheerleaders of Bailouts,
WELL, WELL, WELL… I TOLD YOU SO…
What have the BAILOUTS accomplished? Nothing! Surprise, Surprize
They’re all CROOKS! Drunk with visions of wealth and power. That includes the homeowners, too. Same, for the politicians.
Except, there was NO Wealth! You had nothing before, you deserve even less now. Have some pride and stop begging. I don’t own a home and guess what I’m surviving. So, shall you.
It is not fair to give those who cause this mess a vast fortune. And, only offer those who acted prudently, a lousy $8000.
FAIR IS FAIR, give the same to all or nothing at all.
Here we go again, politicians putting on the show for the public. AIG bonuses, 165 million to losers that helped cause the recession. OK big shot politicians, where the hell is the other 99.9 percent of the 170 billion you gave AIG. One tenth of one percent isn’t cutting it. That just gets you on the news, so you can pump yourself up and act like you know what your doing. A eight year old knows you don’t reward failure. What scares me is all are focus is now on less than one hundredth of one percent of the two great stimulus packages. Something tells me if the politicians miss spent 165 million we can at least times that by a thousand now and probably much more.
It is hard for me to argue against corruption in a system where it pays. I also cannot argue against how people should be doing their jobs because I don’t have the understanding of what they do. I only hope that down the line I can say that things turned out well. And in regard to that sentiment, I have the feeling that the 160mil in bonuses will be background noise compared to everything else which is going on.
The subcommittee members didn’t seem to understand, or want to understand, that the retention bonus payments were to keep this experts on the staff until they worked themselves out of there own job. That is, they are paid to stay until their part of the AIG FP division is gone due to their efforts to clear the holdings.
So Congress has the temerity to pretend to be outraged over the PUBLISHED contractual obligations of a company that it acquired with taxpayer money after passing a boondoggle bill with nearly 9000 earmarks in it even after the head of their party said that those days were OVER????
Give me a break. We have a government made up of mendacious hypocrites!! We should recall the lot and replace them with virtually anyone who will run for the job. We certainly couldn’t do WORSE.
Haven’t they already done enough? Seems that everything they do just runs the cost even higher. All we need is for the legislature to pass yet another law fraught with earmarks. As hot as this issue has become, they will all have an opportunity to fund their next pet project and it will cost us much more than a measly $165m.
Drawing a line in the sand on the bonuses is only important if it signals a beginning of a roolback of the entitlement mentality in the finance gangsters and corporate boardrooms. Sorry none of these guys are worth paying even one hundred thousand a year let alone several million. Too much is being siphoned into these excessive salaries and benefits. There has been outrage and foaming at the mouth from so called conservatives at the mere idea that any working person should receive a small fraction of whjat these losers are handed. It’s time to get salaries at the top rolled back to a more reasonable level. This has nothing to do with performance, value or productivity. It is just cronyism.
The government can fold its arms and, despite all the white knuckles, proceed to dismantle AIG. Its continued existence is reaching the point of diminishing returns. It should be put to death in as orderly and efficient a manner as possible. The bonuses are not the real problem, as the author correctly points out.
It’s NOT about $170B stupid!!! It’s not entirely about AIG either. It’s about Wall Street self-Fulfilling mentality!!! We need to “kill a chicken to scare a bunch monkeys on Wall Street”. This is a clear signal that the arrogance, greed, no accountability wall street “golden years” ARE OVER!!!
There should be a moratorium on new bailout money for all industries until accountability and responsilbility is established. Do tax payers ever get a break or lumps of cash like these “titans of industry or wall street do.”
“We’re all in this together” Yeah, right. The thieves at AIG are greedy as ever. Congress has a right to know who they are and to bring them forward to take the grilling that the “good guy” Liddy is getting.
This is almost too funny. The government is like any good magician, show them in one hand what you don’t want them to see with the other. The bonuses are being hyped in order to draw attention away from the more important travesty which is making foreigners whole with our tax dollars while at home Americans are losing their jobs and suffering. Let AIG go bankrupt, if they are “too big to fail”, then that imply’s no one (not even the government) can save them. Let the hege funds, foreign banks and investors feel the pain, it’s called capitalism with risk and reward or failure. Everyone that’s been in congress for more than three years should immediately resign for having allowed this nation to reach this sorry state. Wake up people and don’t let them manipulate you with little fish while the sharks eat you up.
Anyone in that company from the top level executives all the way down the line to the janitorial staff who accepted a bonus knowing that AIG had received bailout funds should be held accountable. This is the type of unethical behavior that cannot be tolerated. AIG should be shut down before they cost us anymore money. For those of you who are employed by AIG. Good luck finding another job. As a business person, I will have to think long and hard before I employ anyone with an AIG reference.
If the AIG Retention Bonuses Contract was caped at 69 million why was 165 million payed out. Is it a coincidence that Liddy is asking that 50% (82.5 million)is returned?
Bottom line is the bailout’s never should have been given in the first place. I don’t care how big AIG is, if you fail to run your business the right way it goes under. That is life, I don’t see the government trying to help those small business owners who are having to close their shops due to the economy. AIG is no different. I don’t believe the financial industry would plummet if AIG went under, those banks in trouble would merge or get gobbled up by a competitor, happens all the time. We need to focus on the real problem, a government that approves bailing these industries out.
AIG has acted badly but Liddy is not the problem. The real problem is Barney Frank and every other congressman and senator who passed the TARP bail out package without reading the bill or knowing what was in it.
There is no restriction in the bill on how the money is to be spent. Shame on congress for scapegoating the new executive of AIG
For one, don’t give them anymore money. And then figure out a way to dismantle AIG and sell the parts to other insurance companies, which there a lot of. Money made on sales can go toward repayment of the monies lent. If AIG fails, tough.
AIG had already forecast in early 2008 that the year would be a disaster, that is why they signed the retention contracts earlier, based on 2007 figures. They smelled something like this coming. They’re smart all right. Smart corporate thieves.
What’s the difference between these
stupid bonuses and the stupid loans that were made?
The government gives billions to these company and then are shocked and outraged when they fulfill their idiotic obligations?
“I gave my druggie brother $100, and he spent it on drugs! I am furious!
good question with no real answer. the taxpayers got scammed. live with it and learn from it (i wish!)
i love the latest from TurboTax Tim though:
Tim: AIG must return 175mil to the government.
AIG: no problem just give us only 29.8 billion today instead of 30 and we’re even.
First of all the Government has no right to say anything. It’s the pot calling the kettle black. Not that I condone AIG’s behavior but our elected officials have been asleep at the wheel for years and years. In the middle of all this they recently took a pay raise. I must have missed all the outrage about that. Turns out the media’s been bought as well.
Government does not perform to an acceptable standard but they reward themselves on the back of the tax payer annually. We seem to see no issue there!
Government just doesn’t want anyone else playing the same shenanigans they play. Obama had no problem accepting money from AIG along with Clinton and McCain. So I guess that’s ok. Millionaires making laws for other millionaires, right? It’s all good.
Let’s keep in mind the Clinton administration were the ding dongs who allowed all this to happen in the first place. This whole disaster can be blamed directly on the Government for relaxing the controls ALLOWING it to happen. If they didn’t see it coming more reason why they should be replaced as well. Now they provide Billions of tax dollars to basically criminals with absolutely no controls in place. In a word “IDIOTS”
They also were informed about the AIG raises that were going to happen months ago, but now no one can remember or was never told. (Just like the stimulus package). Nobody is doing their job IMHO. Stop blaming the corporate crooks and start looking at the real ones!
Like all good things it is time for AIG to come to an end. They either need to repay in full or provide a full disclosure as to why these people deserved the money. It is time to play hard ball with Wall Steet. I think in recent days as thing were alluded too, that change was around the cornor, the market rebounded. We need to bring back confidence to investors and if the mean time to change out the people who invest it, I am all for change.
The real obscenity here is the populist backlash against AIG. Most of you are so ill informed that you don’t realize just how lucky you are that the US government bailed out AIG to begin with. DO SOME RESEARCH!!! You might just discover that it was Chris Dodd, Democrat from wherever, who specifically amended the Porkulus spending bill that it was so important to rush through Congress that they couldn’t take the time to read it, to GUARANTEE that the bonuses would be paid out to AIG employees. If CNN were a real news agency intent on holding all government officials accountable for their behavior, instead of the lapdogs of the Democratic Party, which they are, you would already know this.
This whole debacle is the responsibility of the Democratic Party and their populist, anti-Capitalist, anti-constitutionalist policies. Wake up frogs, you’re being boiled.
What about the fact that the bonuses are a result of legal contracts entered into between an employer and employee long before the company received any bail out capital??
The govt saved AIG from bankruptcy – now it has to deal with the unintended consequences of that action, and that includes all liabilities. Maybe next time, the govt will think before acting.
Take the bonuses back and have and site AIG for contempt of Congress and the United States and fine them an additional amount equal to the total for the bonuses.
Where was the governance before they gave them the money? Nice work Barry O. It’s a little different than organizing a community, isn’t it?
The bonuses are outrageous, I’m from California and working here in Singapore, and my firm only hands out bonuses to deserving employees. Those AIG in the Financial Products division don’t even deserve their fat salaries, much less a bonus. What I really don’t get is why they even pay these retention bonuses to supposedly “smart” individuals who have proven that all they can do is run the company into the ground? I mean, why would you even want to keep those employees in the first place? Over here you would be fired for doing so.
Considering that;
- Geithner authored the AIG bailout plan, and
- Congress gives themselves raises as the government loses money (hand over fist) every year,
Why isn’t the public outrage directed at these two entities as well? I find it very ironic when the same people that create a negative situation suddenly act appalled by it.
So, who is ready to turn healthcare over to these same incompetents?
Are Liddy and Geithner clueless and tone deaf or do they have the contempt of P.T.Barnum for the public?
Many have said it but one more time – the government needs to stop bailing out any company – no matter how big. Cut Freddie and Fannie free and stop securing debt on the American taxpayers back.
Congress and Corporations are both corrupt and feeding each other at the government trough.
The bonuses are a matter of principle. If congress is going to burn time and energy (oh, by the way which equates to additional tax payer money) to merely promote their own reputation, this is bad. In the long run the $165M is a drop in the bucket compared to the perhaps Trillions of dollars already deployed. They should be watching after these Trillions of dollars and not diverting our attention to the pennies so they (congress) can look like they are being tough on someone.
Government should ask for all the money back from AIG and let AIG fail!
Why pour tax payer money to crooks when the government can just send it to the taxpayers in the form of prepaid Visa/Master card programs that can spur consumption?
Government should not be liable for AIG’s contract pertaining to bonuses.
Without the governement intervention, AIG would have failed.
Would a failed/bankrupt company honor the bonus? I don’t believe that AIG would be able to honor it on it’s own strength.
Thus, as a technically failed entity, all contracts by AIG should be void, subject to the pickings of the new owner…the FEDERAL GOVERNMENT.
Let’s put this to vote by the people/tax payers since we own the company!
The Federal Government should not be involved in the “Free Market”. This applies to Wall Street as well as Main Street.
It should not matter whether you are a big company, small company, or family business…if you are inefficient, mismanaged, and produce products and services that consumers are unwilling to purchase…then you should be allowed to go out of business.
It is simply outrageous that we hear the constant rhetoric from Washington regarding the need for more regulation, when the past and present Administrations, including Congress, have removed the biggest incentive for any company or individual to make intelligent decisions regarding their financial investments and exposure to risk….that is the potential of bankruptcy.
Tax all the employees 98%?
?!?!?!?!?!????
You are joking of course.
Surely we do not want to start the president that the government swoops in and takes all the money away from who ever they decide shouldn’t have gotten it.
Or has too much.
Or didn’t earn it in ways we like.
Or doesn’t spout the currently in-fashion politics (shifting every two years).
Or, eventually, for any reason they want.
I know you are angry people. But get a grip.
Anti trust laws? How did AIG get so large that its failure would jeopardize the world banking system?
Hello! Our government provided the basket for AIG to collect all of the eggs, and THOSE guys are just as guilty in this mess. Expose all of them, add Madoff to the AIG group, shackle them and send them off to the Darfur refugee camp and let em rot there for the next 10 years.
Fire all the employees which did not return their bonuses. Separate the insurance from the financial arms of AIG and save only the insurance one.
The AIG bonus recipients need to step up to the plate and voluntarily recind their bonuses – as a true, blue American would do in a time of war. In so doing you would become an honored ’soldier’ in this financial battle coming to the aid of their country. I challenge you to prove your patriotism NOW! Are you an honorable person or a slimball?
It is too late the bonuses are already out. Over, lots of feet stomping and pontificating but their will be no action. As AIG’s largest shareholder now, the feds could have stopped the bonuses but likely approved them…we will never know the complete truth (we never really do).
All businesses should pick a month, say June ‘09 and pay $0.00 in taxes for that month to show our outrage. This would get someones attention. Total U.S. businesses, 22,659,000 (2003 estimate) average monthly tax payment $2,250.00 (estimated for all corporations)= $50,982,750,000.00, not a bad month! This might make someone pay attention, even if participation was only 25% it would turn some heads!
First of all, Senator Dodd (Banking Cmte, mind you) received $100,000 from AIG towards his election campaign. As a realtor, I can’t even accept $25 off from a carpet vendor because the law says I might sway people towards that carpet company. A Mortgage company can’t even buy me a small gift because I might send people to that particular mortgage company. How come Senators can accept $$ and be fair?
What a bunch of saps we are.
Look at all these comments. Look at all the outrage.
We’re outraged at the wrong people, and our outrage is being orchestrated. We’re all being played like fish. The administration and the Congress want us to be angry with someone other than them, they’re feeding us a line, and we’re taking it.
Did you see White House Press Secretary Robert Gibbs “answering” questions about this yesterday (3/17)? Repeatedly, reporters asked something to the effect of, “why is the president acting like he’s shocked and outraged by all this as if it’s a sudden development, when he knew about AIG’s plans to pay these bonuses weeks ago?” And the repeated “answer” was that the president is outraged because AIG should not be paying bonuses to reward failure, and especially when the money to pay those bonuses comes from a taxpayer bailout.
He evaded the real question.
Repeatedly.
This is a transparent, orchestrated effort to make the American people angry with the wrong villains, to divert attention away from the real villains, while the real villains pretend to “share your anger.”
Go ahead, rage against AIG. Go ahead, pretend they’re ripping you off for hundreds of millions, and conveniently forget that they and their elected co-conspirators are in fact ripping you off for HUNDREDS OF BILLIONS.
That’s what the Villain In Chief wants you to believe, so go ahead and believe it.
Saps!
Liddy channelling Clinton – I feel your pain (but I do not care-and what are you going to do about it)
Turbo-Tax Tim has a great solution – AIG will repay the amount of the bonuses to the taxpayer with the money that the taxpayer gave them
Doesn’t it piss you off when the people doing the bashing (Congress & Obama) are the ones that failed to come up with the proper legislation in the first place to prevent the sort of thing that AIG is now doing, namely giving large bonuses to its thieves?
Hey, Congress votes in its own pay raises and perks. There are no checks and balances except fat checks and large bank balances robbed by “too big to fail” corporations and politicians. Obama and Geithner fix this? Are you nucking futs?
Let AIG fall. The result will be a tremendous global movement of money, something that is needed to stir global economy. There are a multitude of companies that would be salivating at the prospect of picking up all the broken pieces.
Actions required immediately:
1)Fire the AIG managers that signed the bonus contracts on behalf of the company. Clearly they are out of touch with the reality of the situation. The incentive to keep the “top talent” in place should have been to defer criminal securities violations against them pending results of their unwinding of the financial mess they caused.
2. Fire Geithner. He ran the Fed Bank of NY during the six years when all of this financial mess was created. He couldn’t see what was happening then and still can’t now as evidenced by this latest fiasco.
3. Separate the AIG financial arm from the rest of the company. No more bailout money goes to them. If they fail, too bad and maybe then we will see the level of world-wide financial support that will ultimately be needed to fix this mess. Providing money to AIG only serves to cover up the true extent of the problem.
Bonuses are side show. Real deal is 170 billions going to AIG for settling counter party claims of CDSs. Why should tax payer pay for that. We need Spitzer BACK ASAP -
Outraged is hardly a strong enough description for what I feel. I almost wish for the days of public stonings and burning at the stake for these guys. There is no conscience with these CEOs and VPs, but should we be surprised? That’s the problem with these bailouts. It invites corruption and there’s no way to watch it all. Paulson and Bush were idiots for starting any of it. The free market would have dealt with all of this. AIG would go bankrupt, all of the banks and hedge funds that invested stupidly would get their proper return on investment. Poor managers would get fired, not bonuses. Bankruptcy would allow the elimination of ‘contracts’, and companies would eliminate bonuses on their own without any government supervision.
In the short term, sure, tax any income over $500,000 at 95% for any company getting TARP money. Surely, these ’smart’ people can figure out how to live on that income. Can’t retain ‘best and the brightest?’. Please, in this market, I’m sure there’s thousands of MBAs that would line up to run AIG and likely do a better job. Sign me up. In the long run, don’t let these firms merge and get so big so that they can fail when they fail. Whatever happened to antitrust laws?
They should call the note, put them into a receivership let all the exec go.
This is the 4th restructure, and each time it was to meet Bonuses and planned events, meetings. They are leeches without a conscience, not even close to Management. Yelling is like watching Geraldo. The end
Nothing should be done…..what happened to accept blame for a mistake? I am outraged like everyone else but the ones to blame for this are the politicians that ok’d the bailout without specific rules to prohibit/prevent this. Just like every, I repeat every!, homeowner in foreclosure should lose their house for singing a loan they knew they couldn’t afford, the gov’t needs to eat this up and learn from it. The AIG employees have no obligation to pay back money given to them legally. Like it or not we DO live a world where it is “every man for himself” and if I was given a bonus that I was promised by my employer there is no way in hell I’de give it back just because it is the “morally correct thing to do”. Take some responsibility America!
As the article pointed out, the bonuses are about a thousandth of the 170 billion of taxpayer’s money that is at stake. Who cares? If taxpayer’s got back all their money for a .001 fee, would that be so bad? The size of the markets in credit default swaps and other derivatives is truly terrifying. We should be worried about how all of that gets “wound down” in an orderly fashion. And to heck with rule of law, if we have the President promising to intervene to stop payments on a contract, or if Congress imposes a special, post facto tax. Public finance in the Terri Shiavo mode.
All legal efforts should be used by our government to get the AIG bonus money back. That money is ours….
spock, if a contract is a contract and has to be upheld why was it so all fired necessary to void the union contracts in the UAW shops. After all the UAW members did not mismanage the car companies into the ground. They were doing their jobs and usually more so than the finance boys. So much for your logic.
Of course the real issue is class warfare and whose ox is being gored. As long as the financier, marketeer class can hold it over the working class the contract is sacred. But the minute it looks like there is anything in it for the worker then contracts can be voided at will. It sounds a lot lot like France in 1780 with these finance boys as the blind aristocracy.
Basically you finance boys have run our country off a cliff and do not want to fess up to it.
Btw, the Constitution of the United States prohibits ex-post facto laws.
Imo, it follows that this threat to tax bonuses exceeding $100,000 paid by firms receiving government support is unconstitutional.
In America, it is completely prohibited to seize the people’s assets without just compensation. It is also completely prohibited to make some lawful conduct into a crime after it has happened.
Is our Constitution to be followed, or are we to cease being a nation of laws and become a nation in which power creates the right to do as it pleases?
This is rich. While I want no bonuses for AIG, the thought of anyone in Congress accusing someone else of misusing someone elses money is too funny to ignore. This is like the professional thief lecturing a mere burglar.
Tax the bonus recipients at 100%, + 10% interest, and arrest those who do not pay. Also, if they’ll go under without taxpayer bailout, then so be it!
After the salary and bonus discussions have been formalized into a contract, and the worker has completed his or her end of it, you either pay or get sued. And if you get sued, you will lose.
In this case, the only apparent exit would be to allege that when the contracts were signed a year or so ago, that the employees involved knew they couldn’t be fulfilled — that might be fraud. Whether the company executives knew their situation was so bad that they shouldn’t be signing such contracts is moot — as long as the employee did not know, she or he is entitled to assume that the employer was negotiating in good faith.
That some outside party [the American public] thinks the contract is outrageous does not matter. Either America is a nation of laws that we enforce or we are all collectively down the rat hole.
Are some of the bonuses well deserved? Likely yes. The leaders of AIG’s very successful auto insurance operation, for example, had nothing to do with the Financial Products division and its bookmaking AND he or she like exceeded all of his goals. If so, that person worked as asked, accomplished as asked or more, and the bonus is well deserved.
Are there some managers who got a bonus who didn’t deserve it? Probably. However, if the language of their contract and they subsequent performance says they earned it, AIG either pays for files for bankruptcy.
It is about that simple.
If the contracts were arbitrarily ignored or voided without due process of law [bankruptcy], all of the managers and employees would be entitled under law to conclude that their employment contracts have been broken by the employer and that they are then free to both file suit AND leave the firm for the competition — taking as much of their present business with them as they can. [If the contract is void because it was broken by the employer, the non-compete clause is void as well.]
And then the value of the remaining profitable units of AIG would probably fall some significant amount — 15% or 30% or even more [we lack the data to make an estimate], and 80% of that loss would belong entirely to the US taxpayer.
That would be tens of billions down the rat hole and all because some fools in Congress and their constituents refuse to honor a pre-existing contract.
***
Btw, the list of the counter parties and amounts received show exactly why AIG was ‘rescued’. If it hadn’t been done [and given that Lehman wasn't going to be rescued] it seems likely that we’d have seen cascading bankruptcies across all the major banks and investment houses.
And then, oh irate American worker, I’d have given odds of about 1 in 3 that your paycheck would stop being good as either your employer’s bank collapsed, or your employer did, or both.
Since something like 85% of all American families have essentially zero liquid assets, you’d quickly discover what a Depression is really like. No work and no food.
I’m tired of all the bailouts,loans to other countries,disaster aid to other countries, and military aid/help when they don’t want it or appreciate it when it’s given.Let alone that it’s never repaid.Million dollar bonus?? For what failing?? Who is going to help us if we go to another dpression?? Nobody.We can’t even help our own people live week to week and keep their homes or jobs.I’m sick of it.
They are beyond help… its like trying to get water out of a boat that has a huge hole in it. Let it sink already.
recollect the bonuses and if they “hid” it, force sale of their assets or wages until it is repaid, regardless of where they work or if the retire
Let’s take it back to the 60’s and protest. Get out the signs, stand in front of every AIG building in this country and PROTEST. PROTEST LOUDLY. It may not stop the bonuses but it will show that “We’re sick and tired and we’re not gonna take this anymore” !!!
Point #1: If there are contracts that require these ‘bonuses’ be paid, then they’re technically not ‘bonuses.’
Point #2: As someone who gets an anual bonus, albeit a modest one, I understand that the entire sum of that bonus could not be paid out if the circumstances don’t justify it.
Point #3: The bottom line is this. These guys work for the government now. If the government decides their work of the previous 12 months doesn’t warrant millions of dollars in bonus money above and beyond their base salary, then they shouldn’t get it. Contract or no contract.
And let’s be clear, not giving these folks million+ dollar bonuses isn’t going to send them to the soup kitchen. And don’t give me that crap about retaining the ‘best and brightest’ either. There are a lot of ‘best and brightest’ from around the country that would be happy to work for those base salaries. And I’m confident that those others that would take their place couldn’t do worse!
The US should recall its loan to AIG and have same repaid immediately. AIG is obviously under the impression that they are so big, that government will make sure nothing can possibly happen to them. Let them fail and their principals thrown in jail for misappropriations of funds. Lets consider giving some type of credit to other insurers for taking over AIG accounts.
AIG needs to know that they cannot keep partying with taxpayer money – this is not the first time they scammed us (remember the company trip to Hawaii).
We won’t be back on our feet for approximately 6 to 10 years. Let them fail now.
I truly like the idea of Japanese business ideology…give the AIG execs a choice…resign or commit suicide.
Bankruptcy, not bailout, is the way to deal with failing, or, in this case, failed, companies. If AIG had declared bankruptcy, the contracts covering these bonuses would be null and void.
Congress needs to take positive action to end the executive bonus culture. It’s plainly obvious that “self-regulation” is a complete failure.
What this “bonus culture” has created is a group of mercenary executives that job hop from company to company making short term decisions to maximize their bonus returns. When the short term decisions end in disaster, they collect a meagmillions severance package and move on to the next victim. The next victim is usually run by the cronies of the departing executive.
I’m absolutely sick of hearing the gripes that ending bonuses will “hurt our ability to get talent.” It sounds like a lot of whining to me.
Fifty years ago, executives worked their way up in the same company for 30 years with salaries. We seemed to be doing pretty well with that system. The executives had long term loyalty to their companies and made long term decisions. The fact that they had survived 30 years with the same organization was considered a large plus. Since their retirements were tied to the performance of the organization after they left, they had every incentive to make long term decisions.
I think Congress needs to bring back the high tax rate for excessive bonus compensation and severance packages. Bonus compensation should be in the form of stock and that stock should only be rewarded after a significantly long period (5+ years) has elapsed.
Severance compensation should be completely eliminated; it’s pay for doing a bad job. The average worker doesn’t get severance packages, so why should these people get them?
AIG is a worldwide matter ! I have policies and still paying my premium(Accident insurance,fire insurance)!
What shall we all do now ? CAN ANYONE ADVICE ? It looks like I’m just wasting my payment to AIG . Shall I terminate my policies and look for other insurance company? It’s getting so ugly. GREED …GREED.. These staff of AIG should have sacrificed their bonuses ! What contract – destroy this old contract and rewrite a new contract that suits the company NOW!
Maybe the US Govt have to kick out these so called greedy executives & employ new staffs with certain terms and condition. HEY DON’T WORRY US – there are many intelligent, productive honest ,sincere people in Q in US for these jobs. Kick away the “old guards” & bring new fresh ones. A little training will do. BLESS ALL OF YOU AMERICANS – I mean the generous”!
Yes, contractual agreement will stand tall if they had sound business.
Don’t they have some conscience when people lost jobs, homes, retirement, savings in the stock …… as an outcome of their stupidity
May be government should compensate people for job loss, market loss, retirement loss instead of bailing these mindless ones out…
The REAL outrage should be expressed by the TAXPAYER whose govenment heaps money on companies without knowing where the bailout money is going or how the bailout is going to be spent.
The SIMPLEST of due diligence by the government was obvously NOT DONE!
Our government officials should take a part of the blame – They gave taxpayer money away without question. (A pig in a poke anyone?)
If AIG is contractually obligated to pay out bonuses, then it should be fulfilled; however, none of the bonus awards should be paid out of the government bailout fund.
I have to ask – how do these executives justify bonuses when they were contirbuted to the collapse???
I think it’s pretty amazing that our elected officials that approved the bailout money are surprised at how it’s being used. When I borrow money, I usually have to fill out a lengthy application stating what I intend to do with the money if I get it. I guess our elected officials just handed over $170 billion and said “surprise us”. See how well it worked? I’m certainly surprised!
If the government cannot legally stop the bonuses, then they should modify them to be paid in kind with AIG stock with a 145 restriction from sale for 2 years and required continued employment in good standing. The company makes good on its legal obligation yet no cash changes hands until the company gets it together. If the company does not, then the stock will be worthless and they will not get the money.
I wasn’t outraged until I learned that the bonuses were for executives. I could have been okay with it if the money was for the “little people.” These execs live in neverland! I just received a pay cut and feel lucky to have a job, and these people get bonuses? Surely not based on performance. How can you, by definition, be contractually obligated to pay a bonus? Isn’t that why it’s a bonus? Because it’s something extra! Unbelievable. It just goes to show that execs do not live in the real world. I say force them to cancel the bonuses. The employees won’t quit, because they know they won’t find another job. And surely, the sum total of lawsuits won’t add up to the total bonus dollars. If they do, let AIG go in to bankruptcy. Either way, we stop the bleeding and begin recovering.
Let all the companies that can not stand on their own go under! I love how people are so quick to point the finger to democrats. Ask yourself if even the 1st 700 Billion for WallSt didn’t have the approval of most republicans would it have pasted? I dont think so!
Take the money back and send everyone who received the money to a maximum security federal prison with no possibility of parole.
The government must take $165 millions back. It looks like AIG doesn’t need that money to “survive”.
Francine,
“…the people who lost there jobs…”
Are you kidding me? THEIR jobs, if you were an editor and got fired I know why! This country has gotten pretty dumb over the years, does anyone even have a clue anymore?
Let AIG implode now, not in six months or in six years let the eventuality hit already, we cannot support them much longer! The feds can stop the bonuses but they are not. They are essentially running the company now so they gave the bonuses.
Revolt…Taxation without representation!
Tax it 99% – get back what you can and STOP shelling out any more bail-outs – let the incompetent fail and the wise & prudent grow – no more bail-outs for greedy execs please!
SSDD everyone.
Dissolve the company already, sell off the salable assets, recoup what we can and start sending people to prison please.
I cannot believe that after 6 months that practically NOTHING has been done to this complete waste of space of a company besides dumping money into it.
(1) Forget getting the money back. That horse has left the barn.
(1) Fire everybody who got a bonus while mismanaging the company into nearly crashing the financial system.
(2) Fire the idiots who are writing these employment contracts, and their bosses for allowing them to stand.
(3) Fire all the risk managers, who obviously weren’t managing risk.
(4) Break up the company, and let whoever buys the pieces fire everybody else.
I agree with Barney Frank: The government should use its position as majority shareholder to direct the Board to fire the executives that authorized the bonuses and those that accepted them. These people should not keep their jobs.
When taking into account the massive amount of our taxpayer dollars that have been infused into AIG, these bonuses are a very small percentage of those billions.
But why are you in the media not talking AT ALL about the 93 billion $ of that money, again —OUR money, that has been paid out by AIG to other banks that are located in Europe ?
If it is acceptable to void union contracts at the auto companies, then these contracts can and must be voided as well.
take back the millions of dollars worth of bonuses and use that money to help people who really truly deserve the help. the small business owners, the people who lost there jobs and now are having a hard time making their mortgage payments. these are the people who need help.
Congress knew these contracts were in place when they posted the bailout funds months ago. Feigning outrage now is just a tad disingenuous. Make the bondholders of these financials take a haircut, convert to common equity, reorganize and move on.
Okay, they’re contractually bound. But does the contract say anything about how or where they’ll be paid??
Why not make the recipients pick up their checks in person on the steps of the US Capitol, straight from Geithner’s hand? With the full press corps in attendance, flashing each name on the screen?
This is an example of another government program being poorly ran. This is exactly how nationalized healthcare would be run by the Obama Administration. President Obama has absolutely no intention of cancelling AIG bonuses, but instead is only grandstanding due to public outrage. As an 80% shareholder of AIG, the government could easily rescind these bonuses if it really wanted to. Anyone who owns 80% of a corporation can easily dictate corporate policy. It happens everyday in corporations all around the world. Remember, this is exactly what you will see w/ healthcare and education reform by this administration. Good money wasted after bad money!
Forget the bonuses, let them cash them in. Pull any money AIG has not yet received and let the waste end. No matter what, there will be a tax revolt like none ever seen before if this is not handled correctly.
Let the foolish go out of business, it is more expensive to let them stay in business. Realistically, they are not even in business as they cannot make money. They are actually in government.
Fire the employees related to the CDS fiasco — with cause. Cancel/claw back any bonuses on the basis of unethical behavior and/or performance; investigate the fraud.
Any solution must account for both US and foreign AIG employees.
Still haven’t forgot the bigger story — we need full accounting of where all the bailout money went; Full and complete accounting to end of the money trail. Shine a light on the roach motel.
This will undoubtedly be an unpopular comment but; nothing. I find the uproar over AIG bonus’s to be hot air. Paying people you need to stay to do so or because of their good performance in units that are profitable should be a no brainer for any investor that bought 70% of a company whose profitability is needed in order to repay that investment. The only people that find it crazy are those that have fed at the public trough so long that they have forgotten the size of their own earmarked pet projects which dwarf the amount of the bonus money in question. As far as vilifying CDS’s and other derivitives i would remind Mssr’s Frank and Dodd that the decision not to regulate them was made under President Clinton after much study by a “blue ribbon” committee of Democrats and Republicans, a number of members of which are now advising the president. The real shame here is nobody has the guts to to face the American people and tell them the truth even though it is not what they want to hear. A lot of them got credit they should not have received because Wall Street made it possible and none of them were complaining when the elevator was going up.
Hiow about some criminal investigations and prosecutions. Jail time – long sentences – sounds about right for the AIG executives. Or is that politically unfeasible because the pols have their hands in AIG’s pockets?
We own the company. We need to recapture all of the bonuses and put in place mechanisms to pay people there only salaries (maybe $80k per year) until the business is returned to private ownership.
Also, we need to shut down the derivatives operation that’s generating all of these losses immediately. Then, there won’t be any more bonuses of millions for losing billions.
Longer term, over one or two years, we need to wind down the whole company. If the policies are so valuable, we can sell them off in groups to other insurers, pocket the cash, close the company down, and get our $170 billion back.
We shouldn’t trust these guys.
However distasteflul these bonus payments may be, we are heading down a very worrisome path in this country.
The desire to blame and direct our anger at a few people at AIG for the nations ills this week strikes me as pure hypocrisy as this ws a failure on every level. The American Public and Gov’t are equally to blame for the current state of affairs.
The call to publish the names of these individuals, many who may have done nothing wrong other than being guilty by association through employment in the financial products group, could be at risk of retribution and personal harm from any of the many “nutjobs” in this country if names are published.
Lets all take a deep breath and bring rationale disclosure back to the issues instead of calling for public suicides or hangings.
Give them no more money and allow them to go bacnkrupt. The backruptcy court can vacate those contractual retention bonuses — and will. AIG IS NOT too big to fail. Once they are bankrupt, split the company off and sell off the profitable parts. Then investigate the corporate officers and prosecute them to the full extent of the law.
AIG should be made to pay back every penny they received from the bailout and the people who put them there. An ordinary person would be in jail by now and for alot less. So what make them so special. All there assest should be frozen. They should not be allow to unjoy the money, while there are other just making it.
I read that the highest tax that can be levied under special provisions is 90%! Hit em with that and put the tax into a fund for small businesses and individuals, the ones who gave AIG the billions in the first place. If those who received this payout are brokers, they have licenses, Suspend them all for fraud! As well as any other licenses or special designations held by any of these crooks.
“I think we should take all the white collar workers and all the blue collar workers, and switch jobs.
Posted By Bernie, Saginaw, MI: March 17, 2009 1:27 pm ”
As a white collar worker, I would love to be paid the salary that some unionized blue collar workers make.
Okay Americans…Start calling your representatives immediately & let your disgust be known. These AIG people have stolen your future, your jobs and are laughing all the way to the bank! Are you going to allow AIG to continue to steal from your children and grandchildren, too?
If there isn’t a way around the contracts, pay the bonuses and hand them their pink-slips at the same time. The government owns 80% of AIG, they should pull the plug on the group that side-stepped the laws in order to provide insurance under the name “credit default swaps”. They should also replace the entire AIG board of directors for allowing it to happen in the first place.
Personally I think AIG is, has and will continued if allowed to commit fraud. Those that receive the bonuses should have their accounts frozen until they are thoroughly investigated. Let me do something like that and I guarantee I would be hauled up in court and thrown in jail. Stop coddling these crooks!
I think that we’ll just have to admit that they got us this time. These guys have outfoxed the government at every juncture. Perhaps our elected officials ought to slow down, and manage their side of the game a little better than they have so far. Stop letting the bad guys call eleventh hour meetings to announce another crisis. Make them open their books and make a full accounting of their situation. Next we need to establish a threshold for anti-trust laws stop any company from ever putting another gun to our heads the way that these jerks did.
They should not do anything! From an average American’s standpoint, more they do, more money of ours they waste. Politicians will yell their lungs out to show the American people they care – if they really did, they would tie Liddy to the chair and send him behind bars along with that chair. But they won’t. And anything less will not teach a lesson to other CEO’s who get billions of our money and then pay out bonuses from that money.
In a country where ‘hope’ is supposed to be the deriving factor for our greatness, this is so hopeless.
I’ll tell you what stockholders should do and that’s sell all the stock they own. The crooked executives on Wall St. will surely find a way to steal it if they don’t. I feel disgusted that my tax money goes to “contractual obligations”. How about a contract attached to my voting ballot? No wonder people refuse to pay taxes!!!
The government should do nothing about AIG bonus payments.
All AIG management did was to perform exactly the way this administration requires them to.
They did not do anything which e.g. Nancy Pelosi has not done. Herself and president Obama inflicted much more damage onto US financial sector and economy in general. Pelosi got a plane for all her legislative liberal pork. Obama, the profits to earnins ratio specialist, is still the president, so what’s the outrage all about?
If the money went to AIG as a loan (bailout) then the company has every right to do what they want with the money. The money will be returned. The goverment took a risk of loaning this money out to AIG, just like a bank would loan money out to common folks. They too are taking a risk. Once you lend out the money, you don’t have any right to tell people how to spend it. Would it be fair if you borrowed money from your bank and they told you that you can’t buy food with that money because they don’t feel its right?
Everyone is talking about the retention contracts that can’t be touched. Here is my question, insuring something itself is a contract. When the CDS were insurced with AIG, they were supposed to payback, when it fails. AIG wasn’t able to fulfill their contract, hence Fed has to inject money to do that. Which eventually went to Goldman Sacs and other banks.
So, Why the hell everyone is so worried about the contracts. Worst case, just pull all the money paid to AIG and let them go bankrupt. Lets deal with other companies who were impacted by the bankruptcy of AIG, instead of dealing with AIG.
Post the names and addresses of those that received 1 million or more in compensation. Have the so called geniuses revealed, so the American people can thank them… personally
America, just Cancel your AIG policy there are plenty of other insurance companies out there that would love your business….maybe cheaper rates too.
Stop releasing any more TARP funds to this piece of garbage. Let them become insolvent. Then perhaps some sort of closely-managed Federal takeover can unwind daily operations with the specific objective of selling off the pieces and making AIG history. The USA is probably spending its last trillion dollars of international credit, so we can’t afford to get anything wrong
AIG is already nationalized, since we own 80% of it. Bring their salaries in government pay range and return all falsely paid bonuses for extreme misconduct at least for last three years back to taxpayer. Also, top management should be arrested and investigated.
The FED should demand all monies back immediately – with INTEREST. If they didn’t need the money in the 1st place, then it won’t matter if we get it back with interest.
AIG along with a few others, have put the economy at risk. They may not have caused the bubble to burst, but they inflated the bubble. They have caused the president to change his agenda, and they have caused the Fed to print more money, which lowers the value of the money I have left in a tough economy. This is essentially raising my taxes without actually saying so, and is just as damaging to a struggling economy. Not to mention the strain it puts on our relationships with China and other treasury holders. Whoever is responsible at AIG has conducted treason on the United States of America. We should take a look at whoever accepted the bonuses from AIG and charge them with Treason.
So the Fed is planning top buy Treasury bonds, which money Obama will then spend. Sounds like the government loaning nonexistent money to itself and then spending the nonexistent money. Nice scam. Can anyone say Ponzi scheme? Think I’ll loan myself as couple of million and then stimulate the economy by buying a yacht and a McMansion with it. BNernie Madoff couldn’t do better.
If AIG were a lung cancer patient, it would be talking about finding a cure and smoking two or three packs of unfiltered cigarettes a day in an oxygen tent.
AIG has been caught in a “hit and run” train wreck and has just kept right on “truckin’,” including, but not limited to holding and attending expensive (monkey) “business” meetings/conferences and paying bonuses to the snake oil salesmen who had the gall (and foresight) to negotiate GREAT contracts (for THEM) and the selling their derivatives and default swaps for SHORT term BILLIONS while pillaging the company and the COUNTRY (perhaps even the planet) for personal gain.
It seems to me that Liddy should have hired hit men instead of paying… I’m betting he would have gotten of easier for having them “terminated” than for paying them for their “performance”/retention bonuses.
WE are the fools if we allow this to stand and then fail to send ALL OF CONGRESS HOME for failing us so badly.
Lawyers seem to know how to do JUST ENOUGH to make it LOOK like they are “helping us,” and seem to NEVER GET TO THE ACTUAL HELP until they are SURE that we have exhausted every possible resource to pay them the greatest amount… Congress is FULL OF LAWYERS who seem to be good at their job (BILLABLE HOURS)…
To that end, did you know that Congress doesn’t get Social Security? They have a separate FULLY FUNDED retirement system, set up JUST FOR THEM. Isn’t it amazing that they can figure out how to take such good care of themselves, but not of us?
It’s like extreme arrogance.
I think we should take all the white collar workers and all the blue collar workers, and switch jobs.
1. I don’t think a tax on specific individuals or groups would be constitutional but we could request for a meeting of stock holders and fire the executives for cause. We do have that right.
2. IRS investigate in detail the AIG personnel for tax evasion/fraud/other. Freeze their assets (off) during this investigation and let them see how it feels.
I’m not for government interferring in business affairs, but I thought it would be funny if the companies that received the payouts from AIG would be “strongly urged” to use those payouts to buy the parts of AIG’s business. That way we could recycle the money and taxpayer’s could get most of their money back and unload AIG.
Paul, you hit the nail on the head by saying that “Liddy needs to come clean about whether AIG will be able to unload these pieces [life & auto insurance, aircraft leasing divisions] for anything more than a fire sale price. If not, then we have to question the entire motivation for the AIG bailout” Somehow I think we already know the answer to that one.
Let them burn. No more bailouts. No more giving money to AIG who then funnels it to Deutsche Bank, Societe Generale, Goldman Sachs etc. Bring back capitalism. You risk and are smart, you win and keep the profits. You risk and are wrong, you lose it all. STOP THE MADNESS!! The US taxpayer will never get their money back. ENOUGH!!
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Optimistic,
I used to be optimistic about our countries future but that was before general societies “laxed” (which is not a word it would be lax) math skills became apparant.
Do you even realize you want to give 300 million people one million dollars. I taught my ten year old this yesterday so I know you can figure it out! It is simple fifth grade math….Add the zeros, that would be 300 trillion dollars!