AIG financial unit gets bonuses - Page 3 - Mercedes-Benz Forum

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post #21 of 55 (permalink) Old 03-18-2009, 08:50 PM
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Enjoy.

The staff of Representative Barney Frank, the chairman of the House Financial Services Committee, posted the actual contracts in question on Wednesday. Examine it after the jump.



The A.I.G. Bonus Contract - DealBook Blog - NYTimes.com

EDIT

A PDF that is easier to read an searchable.

http://www.house.gov/apps/list/press...ss031809.shtml

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post #22 of 55 (permalink) Old 03-18-2009, 09:04 PM
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What say Chris Dodd?

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post #23 of 55 (permalink) Old 03-18-2009, 09:07 PM
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What say Chris Dodd?
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post #24 of 55 (permalink) Old 03-18-2009, 09:23 PM
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The AIG employee bonuses of 165 million dollars are 0.165 billion dollars, and 0.000165 trillion dollars. Quite an insignificant amount when compared to the total cost of the AIG bailout, and even less significant when compared to the $ trillion+ financial institution bailout.
And very insignificant when compared to probable total cost of Iraqi and Afghan wars, which will ultimately cost the taxpayers at least $ 2 trillion, if not more.

Yet, these AIG bonuses caused more uproar than the other $ 3 trillion being spent totally needlessly because of greed and lies and absolute corruption and incompetence within the Bush administration, and of course including many members of the US Congress.

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post #25 of 55 (permalink) Old 03-18-2009, 09:39 PM
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Yet, these AIG bonuses caused more uproar than the other $ 3 trillion being spent totally needlessly because of greed and lies and absolute corruption and incompetence within the Bush administration, and of course including many members of the US Congress.
And the reason being many Americans are now waking up after 8 years of stupor and decided enough is enough and no longer willing to stomach lies and deceits. Which may be a good thing.

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post #26 of 55 (permalink) Old 03-18-2009, 09:43 PM
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Asscrack1, are you saying it is OK for them to lied about the bonus for retention purposes? Every one who received bonus already left the firm. I find your thinking is the exact cause this country in the shape that we are in. This is not about politics just in case you have not notice.
Your fact analysis is really lame.

Nobody is being accused of lying about the bonuses. They were there for the gov't to see.

The majority still work in that section of AIG. A small number have left (11).

You don't understand your own thinking, let alone my thinking.

This is precisely a political maneuver by the Dems. The goal is to promote class envy/warfare, divert attention while the Bamster moves forward with his nationalization moves. Dems can't govern without having a demon.

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post #27 of 55 (permalink) Old 03-18-2009, 09:46 PM
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And the reason being many Americans are now waking up after 8 years of stupor and decided enough is enough and no longer willing to stomach lies and deceits. Which may be a good thing.
While folks are waking up, no longer willing to accept excessive compensation, where were the lies or deceits in this?

These were employee contracts signed in 2007 or very early 2008. I have signed at least a dozen of these [though none for these amounts]. Bailout or not, they are legally binding contracts. If AIG said we are not going to pay I would, if I had a contract take it to the best employee contract firm in NYC. It would be resolved within days. That contract is that simple. And AIG would also pay for the attorneys [or more accurately the taxpayers would].

I think the amounts are braindead dumb for the piss poor performance they provided but a contract is a contract. I don't like them but choose ethics over convenience every time.

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post #28 of 55 (permalink) Old 03-18-2009, 09:46 PM
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And the reason being many Americans are now waking up after 8 years of stupor and decided enough is enough and no longer willing to stomach lies and deceits. Which may be a good thing.
Where were you when Franklin Raines looted Fannie Mae of a $90 million bonus? And Jamie Gorelick of $27 million at Freddie Mac?

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post #29 of 55 (permalink) Old 03-18-2009, 09:47 PM
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chris dodd ok'd aig bonus - Google Search

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post #30 of 55 (permalink) Old 03-18-2009, 09:53 PM
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This is precisely a political maneuver by the Dems. The goal is to promote class envy/warfare, divert attention while the Bamster moves forward with his nationalization moves. Dems can't govern without having a demon.
This is NOT a political maneuver by the Dems. I can list quotes by as many Republicans as Democrats on this one. Everyone is posturing and posing for the cameras in righteous indignation. It's as if everyone, on both sides of the aisle watched the best of Jack McCoy's Law & Order speeches this past weekend.

Quote:
“Many of us were outraged over the weekend to learn that AIG, which has already received nearly $175 billion from the American taxpayer, is planning to hand out $165 million in bonuses to its employees. This is appalling — and it’s particularly disturbing given the fact that I sent a letter to Secretary Paulson more than five months ago insisting that if taxpayers were going to help private businesses, then the Treasury would need to use its ‘full enforcement powers to prevent any misuse of taxpayer funds.’

“It is my hope that the Administration gets the message from the taxpayers on this issue. Going forward, the American people need to have complete certainty that taxpayer money is not wasted in this way again. It’s my hope that the Administration will continue to press AIG on these bonuses, and that it will pursue any and all lawful means of recovering these payments to the very people who were responsible for getting us into this mess.”

Senator Mitch McConnell - Press Releases

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