AIG CEO asks employees to repay some bonus money »
Posted By ConquistadorForLife 9 months, 1 week ago in NewsWASHINGTON (Reuters) - The head of AIG said on Wednesday he was trying desperately to prevent the company from collapsing when he allowed the payment of $165 million in bonuses that have stoked outrage stretching from the White House to Main Street.
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dandt1612Comment removed: Spam
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Endoscopy9 months, 1 week ago
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What about the fact that these people were given a contract in March 2008 to keep them on as they worked to fix the problems of the group that was being shut down. That bonus was to be paid after they did the bulk of the work. They knew they were in a dead end job and were working themselves out of a job. Their work was responsible for getting back more money than they got as bonuses. Everybody ignores this reason. This is the reason that Obama's Treasury Dept. had the Dodd amendment added to the stimulus package and then modified in the Pelosie, Reid, and Treasury conference that reconciled the house and Senate version. Taking a 600 page document and turning it into a 1100 page document. Obama's Treasury pushed this on Congress and then when the payments are made everybody clams up and lies to start with. Congress and the administration knew this would happen before it happened. Then slowly the story comes out. Open and transparent? Obama acted like it was a surprise!! Congress acted outraged!! Congress wrote the bill and Obama signed the bill with this exception aimed at AIG. Why the fake outrage?
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vizion9 months, 1 week ago
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It's nice if they repay the money, but honestly I don't think they technically HAVE to repay the money. There was no law or provision in place that said that they couldn't award the bonuses when they were given out.
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If they make them return the money or tax those bonuses then that's just plain unconstitutional.
If I were the one who received the bonus money, I probably would donate half of it to a deserving charity.-
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dBergeron9 months, 1 week ago
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The tax cheat Geithner should have known all about this. If he was not aware of it, then that means he is incompetent. Plus, what about the exception that Chris Dodd put into the bailout bill? From my understanding it exempted all contracts that were signed before the bailout and allows for bonuses to be paid. Something is fishy about this entire fiasco. This entire witch-hunt is going to do nothing more that drive businesses away from the US.
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simonsez9 months, 1 week ago
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As a taxpayer, the impact of these RETENTION bonus's is about 50 cents each for my wife and I. It's costing me one dollar.
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On the other hand, the money my government has showered on them is costing each of us around $585 so far, the the wife and I have $1170 at stake.
Our government, in all it's wisdom, decided that AIG HAD to be saved or the consequences would be severe for us. If these people can help me get all or even part of the money back, then let them stay and do it.
At no time do I want the force of government used to punish individual citizens. This is an extremely dangerous precedent being put in motion here.
Put Geithner is jail for what he did if you want blood. He is the one who deserves your scorn ... -
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jimdoze9 months, 1 week ago
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AIG is 80% owned by the Federal Government. Mr. Obama is the President. Therefore, he is THE BOSS. To watch the Federal Government tripping over itself to make populist hay out of what they control and then to watch them scurrying about accusing each other of malfeasance in varying degrees is hilarious beyond belief. It is an object lesson as to why government involvement in our lives and commerce should be limited as much as possible. As a general principle, we should always wonder more why they should be involved in our lives and commerce than why they should not.
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In the case of AIG, I have no question they should be involved and they should prop it up for a number of reasons. They also should get the hell out of it as soon as they can... which is going to be a good long while. In the meantime, there are many good belly laughs to be had in watching the populist posturing... and in watching a good bit of it come back to bite. -
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simonsez9 months, 1 week ago
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Years ago there was a TV show called "The Sin Eater". In medieval times, a man would come in and eat a meal spread around a dead body. In doing this, he was absorbing the sins of the dead man.
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AIG was the financial sin eater of the sub-prime mess. They "insured" the bad mortgages and collected fees for poilicies but not enough funds to cover if the mortgages went south.
The funds given to AIG flow on through to their policy holders. It is worthwhile to work with them and try to recoup by selling off divisions of the company when there is a competitive market for the pieces. -
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simonsez9 months, 1 week ago
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They just voted in the 90% tax. I hope everyone at AIG quits today or tomorrow and let Washington work through it.
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This is a sad day in America when the Federal Government legislates to punish individual citizens who broke no laws. This will also go down in infamy. A sad sad day for us all ...
But shout for joy, libs. you showed those people didn't you. -
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jmopinion9 months, 1 week ago
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I guess the 165 million in bonuses for AIG has overshadowed the 3 billion dollars in bonuses that were given out right before the Merrill and Bank of America buyout. I have heard nothing on the 3 billion in bonuses to Merril and BOA in the past few days.
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