AIG chairman says retention payments distasteful »
Posted By Progressive 9 months ago in Business & FinanceWASHINGTON - The chief of failed insurance conglomerate AIG acknowledged Wednesday to skeptical congressional interrogators that the company's multibillion bonuses to employees were "distasteful" to many Americans including himself and that "I share that anger." Lawmakers from both parties expressed fury over the company's behavior.
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Progressive
There are only two kinds of people who are really fascinating: people who know absolutely everything, and people who know absolutely nothing. -- Oscar Wilde
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Progressive9 months ago
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FTA:
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It is "time for us to assert our ownership rights," said Rep. Barney Frank, D-Mass., chairman of the full committee. Frank said Congress will be asking for the names of the bonus recipients, but if AIG declines to provide it, he will convene the committee to vote a subpoena for the names. "We do intend to use our power to get the names," he said.-
libsRfunnyComment removed: Hard Banned12 Replies
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Endoscopy9 months ago
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Liberals are so funny when they go on a rant when they do not know what they are talking about. This is probably a smoke screen for something. Congress, Treasury, and Obama knew this was coming since they were warned. Why didn't they do a proactive thing instead of an after the fact rant?
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1. These bonuses were contracted for in March 2008.
2. The stimulus package had a Dodd amendment to allow lowered bonuses but the conference made it a lot more loose with anything agreed to before the bill to be allowed to stand.
3. Many of these people have already given their salaries to the company and these bonuses are their only payment.
Are these ranters trying to tell us they did not know what they voted for and signed? Are they that dumb? What are they trying to hide behind a smoke screen?
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Progressive9 months ago
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From an op-ed piece in today's WaPo:
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"Like it or not, we're all in this together now. It's cooperation and compromise, not the usual every-man-for-himself competition, that is going to get us out of this mess. And the sooner people on Wall Street embrace that reality, the better it will be for everyone."
http://www.washingtonpost.com/wp-dyn/content/artic...
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Progressive9 months ago
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From today's NYTimes:
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...lawmakers were focused on the recipients of seven-figure bonuses at the very unit that caused A.I.G. “to teeter on the brink of collapse,” as Representative Paul E. Kanjorski, the Pennsylvania Democrat who heads the capital markets subcommittee, put it.
http://www.nytimes.com/2009/03/19/business/19web-a...-
libsRfunnyComment removed: Hard Banned
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Progressive9 months ago
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The guy who's really to blame?:
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http://www.thedailybeast.com/blogs-and-stories/200... -
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tadair9199 months ago
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Endoscopy9 months ago
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Your president signed a bill that the congress passed explicitly allowing this to happen. The wording Dodd had put in to lower them was changed at the behest of treasury to allow this to happen. Your Democrat congress and president did this. Then you rant at the recipients.
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libsRfunnyComment removed: Hard Banned6 Replies
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obama-watchComment removed: Hard Banned1 Reply
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fsev419 months ago
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It's time to stop beating each other up over who's to blame in this spaghetti bowl of economic mess. The blame rests with far too many people to even attempt to single any one or any group out. The Democrats and the Republicans are to blame. The bankers or mortgage folks are as much to blame as those who over extended to buy more house than they could afford. Greed and avarice are to blame. Was it those who pushed for more lending to lower income groups or those who pushed for less regulation? Too much greed by a few or too much greed by many?
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It seems our only hope now is to slow or stop the blood flow as much as possible and take steps to see that this situation is less likely to happen again. So now we should turn our attention to beating each other up over what to do to prevent that future occurrence.
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