Chorus of outrage over millions in AIG bonuses »
Posted By engineer 8 months, 3 weeks ago in Business & FinanceLeaders of the White House economic team and the Senate's top Republican bellowed about bonuses at a bailed-out insurance giant and pledged to prevent such payments in the future.
From one Sunday talk show to the next, they tore into the contracts that American International Group asserted had to be honored, to the tune of about $165 million and payable to executives by Sunday — part of a larger total payout reportedly valued at $450 million. The company has benefited from more than $170 billion in a federal rescue.
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engineer
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My background is Biomedical engineering with an MBA As you know from all my comments where I almost stand politically. I have loads of ...
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doppich8 months, 3 weeks ago
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There's something wrong with this picture: The government has the power to extract contract changes when it involves worker's wages and benefits, as in the loans to the auto industry, but is powerless when it comes to bonuses for financial industry executives where the government has 80% ownership.
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DoseASpinoza8 months, 3 weeks ago
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It may not be over yet. A commentator was pointing out this morning that tax laws could be used to get this back. They could tax certain categories of income at 95%.
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But the AIG wing that is getting these bonuses is in London, so I'm not sure how they could make taxing work in this case. -
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DoseASpinoza8 months, 3 weeks ago
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This just in: Obama will try to block the AIG bonuses:
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http://news.yahoo.com/s/ap/20090316/ap_on_go_pr_wh... -
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coolslow8 months, 3 weeks ago
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Amazing, Obama got fiscal responsibility! Enraged over $160 million in bonuses. One tenth of 1% of the bailout AIG got. and now he is ready to cancel corporate contracts, came on TV and drove the market down again today. Talk about being down in the weeds. I'm enraged that he is playing the populist game and focus on one tenth of 1%. Get some focus on stuff that matters!
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Funny $160 million sounds like a lot for AIG bonuses, but it is the same amount of the "stimulus" to small businesses (peanuts)in the $800 billion stimulus bill. Its about the same amount for Pelosi's jet. What's the big deal? And while we are at it, shut this idiot Barney Frank up, He is spewing about responsibility and no guarenteed jobs for life. -
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