AIG - Page 8

sugarpop · 03-17-2009, 11:49 PM

HOLY CRAP!

Rage at AIG Swells As Bonuses Go Out
A tidal wave of public outrage over bonus payments swamped American International Group yesterday. Hired guards stood watch outside the suburban Connecticut offices of AIG Financial Products, the division whose exotic derivatives brought the insurance giant to the brink of collapse last year. Inside, death threats and angry letters flooded e-mail inboxes. Irate callers lit up the phone lines. Senior managers submitted their resignations. Some employees didn't show up at all... http://www.washingtonpost.com/wp-dyn...031602961.html

It really does seem like these people are completely clueless, otherwise they would have been willing to waive their bonuses, like so many other people are being forced to do all around the country, even though they also had contracts. If this isn't brought under control, violence might break out, and that really would be a shame.

This is only the beginning of $400 million going to that department. AIG also has $600 million more in retention awards going out to about 4,700 people throughout its global insurance units. I expect some of those death threats/threats of violence may happen if something isn't done about this.

In addition, the bonuses are retention awards, but many of the people receiving them no longer work there. 11 people who don't work there received more than $1 million each.... According to the attorney general's office, the top individual bonus was more than $6.4 million, and the top seven received more than $4 million each...
http://www.usatoday.com/money/indust...g_N.htm?csp=34

TGRR · 03-18-2009, 08:21 PM

Quote:

Originally Posted by sugarpop

It really does seem like these people are completely clueless, otherwise they would have been willing to waive their bonuses, like so many other people are being forced to do all around the country, even though they also had contracts. If this isn't brought under control, violence might break out, and that really would be a shame.

It'd break my heart.

lookout123 · 03-16-2009, 06:48 PM

If those bonuses are in any way fraudulent or there is any possible loophole in the contract allowing the non-payment then by all means don't pay it. Any individuals who made policy or took action resulting in serious losses should already have been terminated and shouldn't be around to receive a bonus anyway. Individuals who are there and fulfilled their end of the contract (ill considered though they may be) must receive their compensation.

sugarpop · 03-17-2009, 11:54 PM

Quote:

Originally Posted by lookout123

If those bonuses are in any way fraudulent or there is any possible loophole in the contract allowing the non-payment then by all means don't pay it. Any individuals who made policy or took action resulting in serious losses should already have been terminated and shouldn't be around to receive a bonus anyway. Individuals who are there and fulfilled their end of the contract (ill considered though they may be) must receive their compensation.

You know, this isn't a secret (the bonuses). It really is disingenuous the way President Obama, Geitner and all the others are expressing such outrage. They should never have given AIG money without first outlining this stuff. While most of the money went out before Obama was president (I believe), they certainly could have held back that last $30 billion. THAT is on them. And hasn't Gietner been involved in this since the beginning?

classicman · 03-18-2009, 09:36 AM

Quote:

Originally Posted by sugarpop

You know, this isn't a secret (the bonuses). It really is disingenuous the way President Obama, Geitner and all the others are expressing such outrage.

Yup - Remember that conversation Bush and Obama had just after the election? The one where the tarp money HAD to be released so that the world didn't crumble? Hmm, now they are blaming him for this too. Interesting.

I've also seen a whole lot of Barney Frank on all the cable news talking tough and playin politics. Not one question from any of the anchors about his position and what he was doing to prevent this type of thing from happening.
Anyone see where all the AIG donations went over the last few years? Chris Dodd was #1 on the list. Did he jump up to give that money back? Did any of them? They're FULL OF SHIT.

Even if they got AIG to pay back the bonus money, its coming from taxpayer money anyway. They're gonna pay you back with YOUR money - feel better now? WTFFF JFC GDMFPOS

sugarpop · 03-19-2009, 04:50 PM

Quote:

Originally Posted by classicman

Yup - Remember that conversation Bush and Obama had just after the election? The one where the tarp money HAD to be released so that the world didn't crumble? Hmm, now they are blaming him for this too. Interesting.

I've also seen a whole lot of Barney Frank on all the cable news talking tough and playin politics. Not one question from any of the anchors about his position and what he was doing to prevent this type of thing from happening.
Anyone see where all the AIG donations went over the last few years? Chris Dodd was #1 on the list. Did he jump up to give that money back? Did any of them? They're FULL OF SHIT.

Even if they got AIG to pay back the bonus money, its coming from taxpayer money anyway. They're gonna pay you back with YOUR money - feel better now? WTFFF JFC GDMFPOS

Chris Dodd is the one who changed the part of the legislation that would have prevented this. He really should resign or not run for reelection after this. Shame on him. He was on TV last night trying to justify his actions.

classic, the original AIG bailout wasn't part of the TARP. As for the Tarp, when Bush originally was trying to get it passed, it was 3 pages long. They (Congress) rewrote it so it was much longer, and it actually DID have stuff in there about excessive pay, bonuses and golden parachutes, but they somehow secretly overrode that part after the fact. Maybe that is part of what Chris Dodd changed? I don't know. I looked for the bill, but I'm having trouble finding the original one.

I did find this about AIG though...
http://seekingalpha.com/article/1235...saga-in-review

classicman · 03-16-2009, 11:28 PM

Yeh, that was a rhetorical question. Funny how big bad Barney is all over the press today touting his "anger" Where was he all along?

No he isn't the only one, but still. He is the Financial Services Committee Chairman. It was his job. Seems rather hypocritical to come out and be all pissed off when he was the one charged with preventing this sort of thing.

I'll just shut up now and say "Good job Barney"

TheMercenary · 03-17-2009, 06:10 AM

Barney has been a master at deflecting any responsibility he has in this. And he has plenty. Another great example of the double standards of the Dems. If he jumps up and down enough and makes a big fuss over all of it he can be seen as taking the issue head on, all the while ignoring history.

On another note, this was a very good discussion concerning AGI:

42 min long

click listen now

http://www.npr.org/templates/story/s...ryId=101936770

03-17-2009, 07:31 AM

Quote:

Originally Posted by TheMercenary

Barney has been a master at deflecting any responsibility he has in this. And he has plenty. Another great example of the double standards of the Dems. If he jumps up and down enough and makes a big fuss over all of it he can be seen as taking the issue head on, all the while ignoring history.

I would suggest you are ignoring history if you ignore the role of Frank's republican predecessor, Michael Oxley, as chairman of the House Financial Services Committee for six years...particularly the unintended (?) consequences of SOX (Sarbanes-Oxley Public Accounting Reform Act).

As well as the impact of the repeal of the Glass-Steagall Act by Clinton and the Republican Congress that torn down the wall between commercial and investment banking.

And Chris Cox, the Bush appointed chairman of the SEC who failed in holding the SEC to its independent oversight role.

There is plenty of blame to go around.

TheMercenary · 03-19-2009, 10:20 AM

Quote:

Originally Posted by Redux

I would suggest you are ignoring history if you ignore the role of Frank's republican predecessor, Michael Oxley, as chairman of the House Financial Services Committee for six years...particularly the unintended (?) consequences of SOX (Sarbanes-Oxley Public Accounting Reform Act).

As well as the impact of the repeal of the Glass-Steagall Act by Clinton and the Republican Congress that torn down the wall between commercial and investment banking.

And Chris Cox, the Bush appointed chairman of the SEC who failed in holding the SEC to its independent oversight role.

There is plenty of blame to go around.

I don't ignore them. I am talking about the person who is on the headlines trying to deflect his own responsibility.

DanaC · 03-17-2009, 06:47 AM

Yeah...that's really interesting, Merc, but we were discussing AIG...

:P

TheMercenary · 03-19-2009, 10:19 AM

Quote:

Originally Posted by DanaC

Yeah...that's really interesting, Merc, but we were discussing AIG...

AIG is directly linked to the whole crisis.

DanaC · 03-19-2009, 02:12 PM

Quote:

Originally Posted by TheMercenary

AIG is directly linked to the whole crisis.

I was making fun of the typo:P

DanaC · 03-18-2009, 03:26 AM

Meanwhile one of our top disgraced bankers over here has walked away from the train wreck with a £650k per annum pension. Apparently he refuses to give up any of it. If he takes it in a lump sum I think he's due about £6m.

TGRR · 03-18-2009, 08:19 PM

Quote:

Originally Posted by DanaC

Meanwhile one of our top disgraced bankers over here has walked away from the train wreck with a £650k per annum pension. Apparently he refuses to give up any of it. If he takes it in a lump sum I think he's due about £6m.

So give it to him. In coins. From a great height.

03-16-2009, 06:48 PM	#3
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	If those bonuses are in any way fraudulent or there is any possible loophole in the contract allowing the non-payment then by all means don't pay it. Any individuals who made policy or took action resulting in serious losses should already have been terminated and shouldn't be around to receive a bonus anyway. Individuals who are there and fulfilled their end of the contract (ill considered though they may be) must receive their compensation. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

03-16-2009, 11:28 PM	#7
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	Yeh, that was a rhetorical question. Funny how big bad Barney is all over the press today touting his "anger" Where was he all along? No he isn't the only one, but still. He is the Financial Services Committee Chairman. It was his job. Seems rather hypocritical to come out and be all pissed off when he was the one charged with preventing this sort of thing. I'll just shut up now and say "Good job Barney" __________________ "like strapping a pillow on a bull in a china shop" Bullitt

03-17-2009, 06:10 AM	#8
TheMercenary “Hypocrisy: prejudice with a halo” Join Date: Mar 2007 Location: Savannah, Georgia Posts: 21,393	Barney has been a master at deflecting any responsibility he has in this. And he has plenty. Another great example of the double standards of the Dems. If he jumps up and down enough and makes a big fuss over all of it he can be seen as taking the issue head on, all the while ignoring history. On another note, this was a very good discussion concerning AGI: 42 min long click listen now http://www.npr.org/templates/story/s...ryId=101936770 __________________ Anyone but the this most fuked up President in History in 2012!

03-17-2009, 11:49 PM	#1
sugarpop Professor Join Date: Nov 2008 Location: the edge of the abyss Posts: 1,947	HOLY CRAP! Rage at AIG Swells As Bonuses Go Out A tidal wave of public outrage over bonus payments swamped American International Group yesterday. Hired guards stood watch outside the suburban Connecticut offices of AIG Financial Products, the division whose exotic derivatives brought the insurance giant to the brink of collapse last year. Inside, death threats and angry letters flooded e-mail inboxes. Irate callers lit up the phone lines. Senior managers submitted their resignations. Some employees didn't show up at all... http://www.washingtonpost.com/wp-dyn...031602961.html It really does seem like these people are completely clueless, otherwise they would have been willing to waive their bonuses, like so many other people are being forced to do all around the country, even though they also had contracts. If this isn't brought under control, violence might break out, and that really would be a shame. This is only the beginning of $400 million going to that department. AIG also has $600 million more in retention awards going out to about 4,700 people throughout its global insurance units. I expect some of those death threats/threats of violence may happen if something isn't done about this. In addition, the bonuses are retention awards, but many of the people receiving them no longer work there. 11 people who don't work there received more than $1 million each.... According to the attorney general's office, the top individual bonus was more than $6.4 million, and the top seven received more than $4 million each... http://www.usatoday.com/money/indust...g_N.htm?csp=34

03-17-2009, 06:47 AM	#11
DanaC We have to go back, Kate! Join Date: Apr 2004 Location: Yorkshire Posts: 25,964	Yeah...that's really interesting, Merc, but we were discussing AIG... :P

03-18-2009, 03:26 AM	#14
DanaC We have to go back, Kate! Join Date: Apr 2004 Location: Yorkshire Posts: 25,964	Meanwhile one of our top disgraced bankers over here has walked away from the train wreck with a £650k per annum pension. Apparently he refuses to give up any of it. If he takes it in a lump sum I think he's due about £6m.

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