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Obama stunned by bonuses given by bailed out AIG
Topic Started: Mar 19 2009, 08:52 PM (1,130 Views)
sonofspock1
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Lieutenant
I hate the global recession.
"That Star Trek episode (The Doomsday Machine) was a piece of crap. But for what it was, it was'nt bad at all" - William Windom
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Dark Founder
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Lt. Commander
Don't fall for that manufactured outrage. The Administration and Congress knew about the bonuses well ahead of time. In fact, the Administration requested that Congress put legislation protecting the bonuses in that bill.
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GCE-1701-D
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aka GalaxyClassUSSEnterpriseNCC1701D But my friends call me Darren
Dark Founder
Mar 23 2009, 05:12 PM
Don't fall for that manufactured outrage. The Administration and Congress knew about the bonuses well ahead of time. In fact, the Administration requested that Congress put legislation protecting the bonuses in that bill.
ah.. so naturally this is one of those old Capital Hill tricks where when you realize that everyone's pissed off about something you pretend to never have had a clue and be mad right along with the everyman?

DC is so screwed up :sarcastic:
we want the old Kai! "bring sexy back, vote Classic Kai"

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Corwin8
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Panic, Chaos, Disorder....My work here is done.
Sen. Dodd knew and he lied about the fact that he added wording into the bailout to make sure those bonuses would be paid. He claims the White House had him put that in the bill before it passed.

Perfect nonsense, allow the payouts then squeal like a stuck pig in outrage over greed and payouts to get the common man all worked up over the 'eeeeeeevilleeee' AIG. Alll the while knowing that the government set the bonus nonsense up to begin with.

Washington douchbaggery at it's best.

Jack Sparrow: "Did no one come to save me just because they missed me?"

Jack Sparrow: "Why should I sail with any of you? Four of you have tried to kill me in the past."
[looks at Elizabeth]
Jack Sparrow: "One of you succeeded."

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Let the bridges I burn light the way.
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CaptDennyCrane
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Shat Happens
What I want to know is, considering that these are TAXPAYER dollars, being that this whole issue was brought about to help failing financial infrastructure get back on its feet, WHY ON EARTH was there even $1 - ONE - considered to be given as ANY kind of BONUS, not only being paid out to all the swine that are primarily, or at least partially responsible for the for the state that the corporation is in......but also being paid out ot people who are no longer IN the corporation?

And why was it even written in any kind of agreement?

I say fuck them all, get all the damn money back and pay out to the people instead. Fuckin $800B bailout, $700B stimulus plan - thats $1.5 TRILLION

I have a household of 3 - gimee my $15,000.
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You cant expect 110% from others, when most times, they don't expect even 90% from themselves. -- Me.
No matter how hard your day, no matter how tough your choices, how complex your ethical decisions, you always get to choose what you have for lunch.
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CaptDennyCrane
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Shat Happens
I'll also tell what $1.5 Trillion is....

You take 100M of the 300M U.S. population making a mean average of $60K a year, at an average tax bracket of 26.5% equals $1.59T in tax dollars......IN JUST ONE YEAR. That's right people - 1/3rd the U.S. population making an average salary at an average tax rate, pays for this whole screwed up state of affairs in 1 fiscal year...

...but it will take far longer than that to hopefully see any effects of that money being put to this use - depending on how many of them actually put it to the intended use.
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You cant expect 110% from others, when most times, they don't expect even 90% from themselves. -- Me.
No matter how hard your day, no matter how tough your choices, how complex your ethical decisions, you always get to choose what you have for lunch.
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Dark Founder
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CaptDennyCrane
Mar 24 2009, 07:47 AM
What I want to know is, considering that these are TAXPAYER dollars, being that this whole issue was brought about to help failing financial infrastructure get back on its feet, WHY ON EARTH was there even $1 - ONE - considered to be given as ANY kind of BONUS, not only being paid out to all the swine that are primarily, or at least partially responsible for the for the state that the corporation is in......but also being paid out ot people who are no longer IN the corporation?

And why was it even written in any kind of agreement?

I say fuck them all, get all the damn money back and pay out to the people instead. Fuckin $800B bailout, $700B stimulus plan - thats $1.5 TRILLION

I have a household of 3 - gimee my $15,000.
Keep in mind that these are not any kind of performance bonus... they are retention bonuses. As far as I know, most of the people receiving them did not drive AIG into the ground.

As you know, when a company goes downhill the employees tend to start looking for other jobs. The people at AIG were no exception and so the company made them a deal- stick around until the end and we'll pay you this bonus. The employees agreed and to their credit, they reduced AIG's exposure from around $3 Trillion to around $1.5 Trillion.

AIG disclosed these bonuses last year, there is C-SPAN footage showing COngress discussing them. Hell, they were even talking about another wave of AIG bonuses due to be paid out next year. Not only that, Obama's boy Geitner helped put together the AIG bailout and knew about the bonuses back then. He tried to lie and say that he hadn't known but he was caught rather quickly.

Mr. Crane, I do not fault you for being upset over the amount we spent on the bailouts. I opposed them too. I will only point out that the amount of these bonuses are around one tenth of one percent of the total money that AIG received and there is a much larger scandal afoot. Did you know that AIG gave huge amounts of that money to foreign banks?
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CaptDennyCrane
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Shat Happens
Dark Founder
Mar 24 2009, 04:04 PM
CaptDennyCrane
Mar 24 2009, 07:47 AM
What I want to know is, considering that these are TAXPAYER dollars, being that this whole issue was brought about to help failing financial infrastructure get back on its feet, WHY ON EARTH was there even $1 - ONE - considered to be given as ANY kind of BONUS, not only being paid out to all the swine that are primarily, or at least partially responsible for the for the state that the corporation is in......but also being paid out ot people who are no longer IN the corporation?

And why was it even written in any kind of agreement?

I say fuck them all, get all the damn money back and pay out to the people instead. Fuckin $800B bailout, $700B stimulus plan - thats $1.5 TRILLION

I have a household of 3 - gimee my $15,000.
Keep in mind that these are not any kind of performance bonus... they are retention bonuses. As far as I know, most of the people receiving them did not drive AIG into the ground.

As you know, when a company goes downhill the employees tend to start looking for other jobs. The people at AIG were no exception and so the company made them a deal- stick around until the end and we'll pay you this bonus. The employees agreed and to their credit, they reduced AIG's exposure from around $3 Trillion to around $1.5 Trillion.

AIG disclosed these bonuses last year, there is C-SPAN footage showing COngress discussing them. Hell, they were even talking about another wave of AIG bonuses due to be paid out next year. Not only that, Obama's boy Geitner helped put together the AIG bailout and knew about the bonuses back then. He tried to lie and say that he hadn't known but he was caught rather quickly.

Mr. Crane, I do not fault you for being upset over the amount we spent on the bailouts. I opposed them too. I will only point out that the amount of these bonuses are around one tenth of one percent of the total money that AIG received and there is a much larger scandal afoot. Did you know that AIG gave huge amounts of that money to foreign banks?
I do now.

And I dont care what deal AIG made to its workers. When consuming taxpayer bailout money, it should have been readily evident that there was no money in AIG to GIVE OUT BONUSES WITH. Baiout money should have been used to bail them out. Not give well to do overpaid underworked corp execs even more money they dont need that those of us trying to keep their heads above water do.

And then there's the part that you bring up about "stick arund and we'll get you bonuses"....well bonuses were supposedly handed out to people who arent even there anymore - they bailed, so should their unearned undeserved bonus.

Fuck - I do the job and do a pretty damn good one at it as well - I havent seen a raise in 2 years and have yet to ever get any kind of bonus except for 1 weeks pay AFTER christmas like 3 years ago.

If they have all this money to throw out for bad, then they sure as hell dont need my 27% - I can find much better use for it if all they plan to do is just give away to someone who has at least 5-10 times better salary and living conditions than I do.
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You cant expect 110% from others, when most times, they don't expect even 90% from themselves. -- Me.
No matter how hard your day, no matter how tough your choices, how complex your ethical decisions, you always get to choose what you have for lunch.
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Dark Founder
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CaptDennyCrane
Mar 24 2009, 04:21 PM
Dark Founder
Mar 24 2009, 04:04 PM
CaptDennyCrane
Mar 24 2009, 07:47 AM
What I want to know is, considering that these are TAXPAYER dollars, being that this whole issue was brought about to help failing financial infrastructure get back on its feet, WHY ON EARTH was there even $1 - ONE - considered to be given as ANY kind of BONUS, not only being paid out to all the swine that are primarily, or at least partially responsible for the for the state that the corporation is in......but also being paid out ot people who are no longer IN the corporation?

And why was it even written in any kind of agreement?

I say fuck them all, get all the damn money back and pay out to the people instead. Fuckin $800B bailout, $700B stimulus plan - thats $1.5 TRILLION

I have a household of 3 - gimee my $15,000.
Keep in mind that these are not any kind of performance bonus... they are retention bonuses. As far as I know, most of the people receiving them did not drive AIG into the ground.

As you know, when a company goes downhill the employees tend to start looking for other jobs. The people at AIG were no exception and so the company made them a deal- stick around until the end and we'll pay you this bonus. The employees agreed and to their credit, they reduced AIG's exposure from around $3 Trillion to around $1.5 Trillion.

AIG disclosed these bonuses last year, there is C-SPAN footage showing COngress discussing them. Hell, they were even talking about another wave of AIG bonuses due to be paid out next year. Not only that, Obama's boy Geitner helped put together the AIG bailout and knew about the bonuses back then. He tried to lie and say that he hadn't known but he was caught rather quickly.

Mr. Crane, I do not fault you for being upset over the amount we spent on the bailouts. I opposed them too. I will only point out that the amount of these bonuses are around one tenth of one percent of the total money that AIG received and there is a much larger scandal afoot. Did you know that AIG gave huge amounts of that money to foreign banks?
I do now.

And I dont care what deal AIG made to its workers. When consuming taxpayer bailout money, it should have been readily evident that there was no money in AIG to GIVE OUT BONUSES WITH. Baiout money should have been used to bail them out. Not give well to do overpaid underworked corp execs even more money they dont need that those of us trying to keep their heads above water do.

And then there's the part that you bring up about "stick arund and we'll get you bonuses"....well bonuses were supposedly handed out to people who arent even there anymore - they bailed, so should their unearned undeserved bonus.

Fuck - I do the job and do a pretty damn good one at it as well - I havent seen a raise in 2 years and have yet to ever get any kind of bonus except for 1 weeks pay AFTER christmas like 3 years ago.

If they have all this money to throw out for bad, then they sure as hell dont need my 27% - I can find much better use for it if all they plan to do is just give away to someone who has at least 5-10 times better salary and living conditions than I do.
I don't disagree with the sentiment but this goes beyond AIG. Our Congress knew and approved of these bonuses.

And here's an interesting tidbit from today's news... the Senate is quietly "delaying" action on taking that bonus money back. I'll bet you a Klondike bar that "delaying" will turn out to be "eliminating".

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/23/AR2009032303201.html?wprss=rss_politics

I'm not bringing that up to upset you, just to show how this is all just a sideshow.
Edited by Dark Founder, Mar 24 2009, 04:43 PM.
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GCE-1701-D
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aka GalaxyClassUSSEnterpriseNCC1701D But my friends call me Darren
ALL of Washington is nothing more than smoke and mirrors over half the time, it's like one giant PR campaign, and it's often hard to figure out what really went down when at times :pinch:
we want the old Kai! "bring sexy back, vote Classic Kai"

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