- 8,978
- 84
- Joined
- Feb 25, 2008
smh
A.I.G. Used Bailout Money To Pay $165 mil in Bonuses to Same Execs That Caused The Bailout Process..
- 1,588
- 10
- Joined
- Sep 6, 2002
- 17,197
- 8,785
- Joined
- Oct 8, 2003
Can we just let companies that are going to fail, fail? I don't care if it's GM, BofA, or McDonalds. If they can't make it, then too bad.
- 7,116
- 10
- Joined
- Oct 9, 2008
UGHHHH...QFT
Yes, but the situation was a lose/lose all around. No matter what he did, nothing could or can be done to rectify what's happened up to thispoint.
I blame the mismanagement of money over the past 4 presidential terms.
- 4,952
- 114
- Joined
- Jan 28, 2003
OMG OMG OMG!!!
You know what the answer is? STOP GIVING THESE IDIOTS BAILOUTS! Would I get a bailout if I went to Vegas and gambled away my entire life savings? No, andthat's practically what they did. But at least I'd have a chance to make money.
You know what the answer is? STOP GIVING THESE IDIOTS BAILOUTS! Would I get a bailout if I went to Vegas and gambled away my entire life savings? No, andthat's practically what they did. But at least I'd have a chance to make money.
- 7,116
- 10
- Joined
- Oct 9, 2008
Its not that simple. Banks as large as AIG have their hands in damn near everything in the country, let alone the world. If this bank were tofail, hundreds more would follow causing an even bigger worldwide economic depression. Theres a lot more to this, but its late and I'm sure someone else onNT can explain it a lot better.Originally Posted by DaJoka004
OMG OMG OMG!!!
You know what the answer is? STOP GIVING THESE IDIOTS BAILOUTS! Would I get a bailout if I went to Vegas and gambled away my entire life savings? No, and that's practically what they did. But at least I'd have a chance to make money.
- 4,952
- 114
- Joined
- Jan 28, 2003
You don't solve financial problems by spending, spending, spending. That's all we are doing here. Just throwing money at it. Sure, withoutbailouts, the short-term future would suck. But long term we'd be much better off.Originally Posted by 18key
Its not that simple. Banks as large as AIG have their hands in damn near everything in the country, let alone the world. If this bank were to fail, hundreds more would follow causing an even bigger worldwide economic depression. Theres a lot more to this, but its late and I'm sure someone else on NT can explain it a lot better.Originally Posted by DaJoka004
OMG OMG OMG!!!
You know what the answer is? STOP GIVING THESE IDIOTS BAILOUTS! Would I get a bailout if I went to Vegas and gambled away my entire life savings? No, and that's practically what they did. But at least I'd have a chance to make money.
- 4,952
- 114
- Joined
- Jan 28, 2003
Also, $165M is a drop in the pond compared to the total amount the bailouts have cost us. I think 9 Republican governors have rejected state targeted funds.That's saving us a couple billion alone.
- 1,875
- 10
- Joined
- Feb 20, 2008
- 1,296
- 11
- Joined
- Sep 17, 2008
Originally Posted by 03silverbullet
-Edward M. Liddy, the government-appointed chairman of A.I.G., argued that some bonuses were needed to keep the most skilled executives.-
this dude's a joke if i ever seen one. who's quitting their job to go to a more lucrative job right now?
It's all part of the business to pull people away. Deutsche Bank is luring in high profile execs, while Morgan Stanley and Credit Suisse just stole someBarclays people, it's all part of the business. They might not be pulling analysts or associates, but higher level execs are a different story. By theway, for all of you that support Nationalization, this is the best of example of nationalization thus far.
- 1,817
- 11
- Joined
- Oct 31, 2006
thats like less than 2 of these...
- 1,288
- 65
- Joined
- Jul 10, 2005
the govt need to step in seriously and just cut that cash flow from AIG. those guys are greedy mofos for real. they need to suffer.
- 2,668
- 62
- Joined
- Sep 30, 2006
CRIME PAYS......99 WAYS
WORD TO KILLA CAM
WORD TO KILLA CAM
- 1,243
- 12
- Joined
- Dec 29, 2006
- 306
- 11
- Joined
- May 10, 2005
Can't say I didn't see this coming.
- 4,172
- 10
- Joined
- Feb 22, 2007
this report actually sounds legit, unlike that Wells Fargo bull that came out earlier this year
- 1,069
- 11
- Joined
- Oct 18, 2005
only people who get bonuses for NOT doing their job. i do not understand.
- 9,470
- 13
- Joined
- Jun 24, 2008
always good to know our tax dollars fall into the right hands...
- 12,264
- 51
- Joined
- Aug 8, 2007
Wish I could say I was surprised. In this society of act now, say sorry later. I am beginning to wonder why I should play by the rules at all.
- 21,947
- 1,374
- Joined
- Jan 12, 2003
...and people felt Obama had NO RIGHT to control what companies use government bailout money for, Obama see's and knows what really goes down with thesecorrupt companies.
- 4,638
- 84
- Joined
- Oct 31, 2005
LOL at the bailout...again. Ridiculous.
- 3,095
- 42
- Joined
- Jul 1, 2008
By Michael Virtanen, Associated Press Writer[table][tr][td]
[/td] [/tr][/table]NY atty gen Cuomo: AIG paid $1M-plus bonuses to 73 employees, including 11 no longer with firm ALBANY, N.Y. (AP) -- Troubledinsurance giant American International Group paid bonuses of $1 million or more to 73 employees, including 11 who no longer work for the company, New YorkAttorney General Andrew Cuomo said Tuesday.
Cuomo subpoenaed information from AIG on Monday to determine whether the payments made over the past weekend constitute fraud under state law. Contractswritten last March guaranteed employees 100 percent of their 2007 bonus amounts for 2008, "despite obvious signs that 2008 performance would be disastrousin comparison to the year before," Cuomo said.
President Barack Obama and Washington lawmakers have blasted AIG for paying more than $160 million in bonuses to employees of its Financial Productsdivision, the unit primarily responsible for the meltdown that led to a federal bailout of the company, while the company has received billions in taxpayerbailout funds.
Cuomo said AIG mailed the retention bonus checks Friday.
In a letter Tuesday to Rep. Barney Frank, chairman of the House Committee on Financial Services, Cuomo outlined the bonus and contract information and askedthe panel to take up the issue at a hearing scheduled for Wednesday.
"AIG also claims that retention of individuals at Financial Products was vital to unwinding the subsidiary's business," Cuomo wrote. But AIGhas been unwilling to provide their names, despite his subpoena for the list, making it impossible to test that claim, Cuomo said. He said his office will do"everything necessary" to get the information.
The company and some federal regulators have said it was obligated by contract to make the payments. Cuomo said the bonuses might have been fraudulent ifAIG officials knew the company couldn't afford them.
Cuomo said that despite their contracts, Financial Products employees agreed to take 2009 salaries of $1 in exchange for receiving their retention bonuspackages. He said the fact AIG could negotiate the terms of the payments "flies in the face of AIG's assertion" that it had no choice but to makethe contractual bonus payments.
"You could argue if the taxpayers didn't bail out AIG, those contracts wouldn't be worth the paper it's printed on," he saidMonday.
There was no immediate AIG comment following Cuomo's disclosure Tuesday of the bonus amounts.
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 millioneach.
(This version CORRECTS that contracts guaranteed 100 percent of 2007 bonuses sted 2007 pay.)
[/td] [/tr][/table]NY atty gen Cuomo: AIG paid $1M-plus bonuses to 73 employees, including 11 no longer with firm ALBANY, N.Y. (AP) -- Troubledinsurance giant American International Group paid bonuses of $1 million or more to 73 employees, including 11 who no longer work for the company, New YorkAttorney General Andrew Cuomo said Tuesday.
Cuomo subpoenaed information from AIG on Monday to determine whether the payments made over the past weekend constitute fraud under state law. Contractswritten last March guaranteed employees 100 percent of their 2007 bonus amounts for 2008, "despite obvious signs that 2008 performance would be disastrousin comparison to the year before," Cuomo said.
President Barack Obama and Washington lawmakers have blasted AIG for paying more than $160 million in bonuses to employees of its Financial Productsdivision, the unit primarily responsible for the meltdown that led to a federal bailout of the company, while the company has received billions in taxpayerbailout funds.
Cuomo said AIG mailed the retention bonus checks Friday.
In a letter Tuesday to Rep. Barney Frank, chairman of the House Committee on Financial Services, Cuomo outlined the bonus and contract information and askedthe panel to take up the issue at a hearing scheduled for Wednesday.
"AIG also claims that retention of individuals at Financial Products was vital to unwinding the subsidiary's business," Cuomo wrote. But AIGhas been unwilling to provide their names, despite his subpoena for the list, making it impossible to test that claim, Cuomo said. He said his office will do"everything necessary" to get the information.
The company and some federal regulators have said it was obligated by contract to make the payments. Cuomo said the bonuses might have been fraudulent ifAIG officials knew the company couldn't afford them.
Cuomo said that despite their contracts, Financial Products employees agreed to take 2009 salaries of $1 in exchange for receiving their retention bonuspackages. He said the fact AIG could negotiate the terms of the payments "flies in the face of AIG's assertion" that it had no choice but to makethe contractual bonus payments.
"You could argue if the taxpayers didn't bail out AIG, those contracts wouldn't be worth the paper it's printed on," he saidMonday.
There was no immediate AIG comment following Cuomo's disclosure Tuesday of the bonus amounts.
According to the attorney general's office, the top individual bonus was more than $6.4 million, and the top seven received more than $4 millioneach.
(This version CORRECTS that contracts guaranteed 100 percent of 2007 bonuses sted 2007 pay.)
samness20
Banned
- 1,047
- 10
- Joined
- Mar 31, 2006
http://s369.photobucket.com/albums/oo131/samtonge/?action=view¤t=258qber.gif
..this is getting out of hand now
- 4,596
- 10
- Joined
- Apr 25, 2008
Why not just let AIG fail? And i always thought bonuses and profit sharing were in direct correlation with how well the company does. I dont see how you canget one after a massive fail. I dont see how you can even expect one, contract or not.
- 4,952
- 114
- Joined
- Jan 28, 2003
How do you guys buy into this %%#$*$!@ that is being spun to you? Obama's angry over the bonuses? It's damn near 1% of the total bailout package!!! ONEPERCENT. It's a drop in the bucket.
People are buying everything that is being fed to them by the administration and media concerning the economy right now.
Oh, housing starts went up 22% last month? Fantastic! Oh wait, wasn't housing starts down in January spun as a good thing so excess properties could besold?
Did you say that apartment construction went up 82%? I forgot, people downgrading from houses to apartments is really a good thing?
Citi has gone up 160% since that stupid "internal" memo was made public. Don't buy into things getting better.