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AIG Executives to Cash $165 Million in Bonus Checks

Discussion in 'Off-Topic Discussion' started by TheMaster, Mar 16, 2009.

  1. Mar 16, 2009 at 4:17 PM
    #1
    TheMaster

    TheMaster [OP] Born to Ride

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    Yes, funded by YOU, the tax payer. :smack:
     
  2. Mar 16, 2009 at 4:25 PM
    #2
    ZonKs

    ZonKs Can speak french in Russian.

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    Well for one, the money was granted by a democratically controlled congress with NO STRINGS ATTACHED. There was no statement saying that they could not use it for bonuses. In the second place, that money represented 1/10th of 1 percent of the money given to AIG. In the third place, these were contractual agreements between AIG and those who received the bonuses, contractual agreements made BEFORE the handouts. Not giving the employees these bonuses would have been in effect a breach of contract. Finally, many employees such as these individuals receive little to no salary, they work year round for these bonuses (ie. the "bonuses" are actually the major portion, if not all, of the employees annual income). Not saying its right or wrong, but sometimes its good to know at least some of the facts before the witch hunt ensues.

    What pisses me off to high heavens is that B**** Pelosi demanding a tax payer funded Gulfstream V.
     
  3. Mar 16, 2009 at 4:28 PM
    #3
    harshest

    harshest I am the Sofa King

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    Thats chump change compared to nearly $170,000,000,000 we already gave them.
     
  4. Mar 16, 2009 at 4:30 PM
    #4
    harshest

    harshest I am the Sofa King

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    Sound like someone else was listening to Rush today as well ;)
     
  5. Mar 16, 2009 at 4:33 PM
    #5
    ZonKs

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    :wave::wink:

    Where else ya gonna hear the whole truth??
     
  6. Mar 17, 2009 at 4:00 AM
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    goofyboy

    goofyboy Longhorn.

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    I have to agree with Rush in this case. AIG has to pay its employees. We don't know how many of the "executives" caused the downfall of AIG. The ones that did their job right deserve to get paid what thier contract says to pay them.

    If you want to be mad at someone, be mad at congress. These morons wanted to get involved. Instead of letting AIG fail and letting another company buy up the business that AIG lost, congress stepped in with no strings attached. AIG is doing business. If they broke the contracts, they would be sued. then more of our tax money goes out the window on lawsuits.
     
  7. Mar 17, 2009 at 11:18 AM
    #7
    harshest

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    Interesting

    http://www.foxbusiness.com/story/markets/industries/finance/dodd-cracks-aig---time/

     
  8. Mar 17, 2009 at 11:26 AM
    #8
    bobwilson1977

    bobwilson1977 Well-Known Member

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    ... except that would have never happened. AIG insures the bulk of the largest financial transactions, and during the boom insured an enormous amount of loans numbering the the trillions and trillions of dollars. They basically insured all of the major banks, fannie mae and freddie mac, and so on.

    Bottom line, their problems are too large for any company in existence to "buy" or take care of. Had they been allowed to fail, then you, me, and everyone else would be standing in soup lines because the global financial system would have collapsed immediately.

    Rush is a dip shit and doesn't know what the hell he's talking about. That so many people listen and actually believe what he says is a damned shame.
     
  9. Mar 17, 2009 at 12:28 PM
    #9
    paintdiddy

    paintdiddy Machine gun shits

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    not for mothing if the aig went out of biz there would be no bonuses......right??? these greedy cocksuckers yet still choose the take their bonuses,go on crazy spa trips, and buy 50 million dollar jets......on us. the country is in the shitter and we are bailing out the assholes that dont know how to run a company.when will this insanity end???how many companies are we going to keep bailing out??im glad i work my ass off and pay taxes so i can help the rich get richer.my company did horrible this year,maybe i can ask to be bailed out.
     
  10. Mar 17, 2009 at 12:54 PM
    #10
    kristopherl

    kristopherl AKA: Jake the Wolf

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    I highly disagree with this. Just because your the biggest doesn't mean that it can't be bought... it happens every day, smaller companies buying larger ones because the smaller company managed their assets better. This is the fear that they keep telling the public to get our money.
     
  11. Mar 17, 2009 at 1:04 PM
    #11
    bobwilson1977

    bobwilson1977 Well-Known Member

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    The problem with the current financial system is its relationship with insurance agencies, the lack of regulation, and the fact that banks, investment firms, ratings agencies, and insurance firms were all intricately tied and reliant on each other.

    To simplify it down, let's say that I invest heavily in Argentina for it's oil. But what if I am concerned that Argentina goes bankrupt, or has a drastic change in government and my investments became worthless? Well, there are insurance firms setup to insure my investments. Its very easy to create an insurance company ( or it was) and in almost any case, none of these insurance companies could handle a worst case scenario event.

    In the case of AIG, it was insuring not only US banks and investment firms, but international banks as well. We're talking untold trillions of dollars here. The entire US economy is worth around 13 trillion dollars. If AIG had failed, the immediate losses would have also meant the major banks ( Bank of America, Citigroup, Wells Fargo, and so on ) would have immediatly lost trillions of dollars. In fact most financial institutions would've lost an enormous amount of money.

    Thus there would have been no companies with enough capital to buy AIG, and thus a vicious cycle of failures would've ensued. Buying AIG would have been a virtual impossibility. Hence why drastic and albeit unpopular measures were taken to prevent such an event from occuring.

    Now getting back to the topic. Sure- I'm pissed that these execs are getting bonuses, and if they're smart, they will change their minds.
     
  12. Mar 17, 2009 at 1:27 PM
    #12
    kristopherl

    kristopherl AKA: Jake the Wolf

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    So you would give the money back if you had a contractual agreement? you worked your ass off for your bonus and reported profits for your division but since the other divisions were a bunch of screwups you have to give it up?

    Yes, I think it’s shit too but nothing compared to what has happened to this point or the money the gov. is wasting on their luxuries

    Also, the money given to AIG was used to sure up foreign banks. Why is the US responsible to sure up foreign banks? All the money doesn't sit in AIG, it sits everywhere throughout the country. AIG is just pushing from one hand to the other. If AIG failed we don't just stop existing. Debt would be bought up for pennies on the dollar. Also there is enough capital in the US for other entities to buy the debt if they wanted to.

    If AIG is the KEY to the rest of the banks then why didn't they fall under the Monopoly law and get disbanded?
     
  13. Mar 17, 2009 at 1:37 PM
    #13
    bobwilson1977

    bobwilson1977 Well-Known Member

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    Much of the bonuses were given to AIG's financial products division, which was the division almost entirely responsible for AIG's demise, so yes, these bastards should not be getting these bonuses for that alone, and especially not now that AIG is partially owned by the US government.

    And you're right. If AIG failed, we would still be around, but the economy would be much worse than it is today. Now I've been hearing the non-stop repetition of the ole party line from the GOP about " smaller government" and " no govement spending" and so on. But their approach was tried during the later part of Hoover's term and the start of FDR's, which was to do nothing and let the system work out on its own. That created a depression. I'm all about debate and making efforts to support an alternate view. But at least back it up with actual ideas instead of saying no to each and everything.
     
  14. Mar 17, 2009 at 2:52 PM
    #14
    kristopherl

    kristopherl AKA: Jake the Wolf

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    Well blame the guy that wrote the bailout. I believe it was Tim Geithner.. well one of them.

    So you are saying that government caused the great depression? or are you saying they didn't take out massive amounts of debt to support the failing industry? The "New Deal" might have bolstered the economy during the great depression almost doubling the GDP but almost did nothing when it came to decreasing unemployment. then after the "New Deal" there was another smaller depression.

    What was the percentage of unemployment during the great depression? I believe it was a peak of 25% so 75% were not in soup lines. So not everyone was in soup lines.

    How are you actually backing yours up.. just buy throwing out a couple presidents names that were in office during the depression.... need a little more support than that.

    why should we reward business for bad practices? If I bought a house that I could not afford I should lose it for my bad decision. Same way with investments it is a RISK not a win win.

    Yes we would survive if AIG went under... it would be tough but we would survive and we would have better business ethics due to it.
     
  15. Mar 17, 2009 at 3:02 PM
    #15
    bobwilson1977

    bobwilson1977 Well-Known Member

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    Let me tell you something. I had Grandparents on both sides who went through the depression. They have a lot to thank for those so called worthless programs such as the CCC, TVA, and others. Had these not been enacted, I'm not sure if I would've been around today. 25% unemployment is HUGE. You are grossly oversimplifying the situation because it isn't as simple as: "Golly gee-wizz!- well 75% of the population was working so everything must've been hunky-dory!"

    wrong. When 25% of the country is out of work, that's a huge chunk of the population that isn't buying, producing, or consuming which affects those that do work. As it stands now with unemployment resting at around 8%, the impact is enormous. So ya, perhaps 75% of the population was working, but they were not doing well either. It helps to understand and comprehend economics.

    In either regards, I can tell you made up your mind long ago and will hold up the GOP party line regardless of the situation, thus this topic is pointless anyway. I certainly try to see both sides of an argument and generally try to stay politically neutral. But what the GOP is doing now, and did over the last several years failed, and by them sticking their thumbs in their asses and doing nothing doesn't win my admiration. I'm through with this.
     
  16. Mar 17, 2009 at 4:08 PM
    #16
    ZonKs

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    Refute one thing that i wrote. C'mon, lets see if you have anything more than 5th grader name calling and common knowledge up your sleeve. I highly doubt it.
     
  17. Mar 17, 2009 at 4:11 PM
    #17
    ZonKs

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    lol. thats great...:D:D
     
  18. Mar 17, 2009 at 4:15 PM
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    El Diablo

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    The problem is that it's not the federal governments place. They can't manage themselves much less a huge corporation. Hell, Barney Frank is to blame for Fannie Mae and Freddie Mac.
     
  19. Mar 17, 2009 at 4:34 PM
    #19
    ZonKs

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    that right there is way too much truth for bob.
     
  20. Mar 17, 2009 at 5:02 PM
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    kristopherl

    kristopherl AKA: Jake the Wolf

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    Wow... I'm sorry your grandparents were the only ones to go through it. I must have not had parents or grandparents during that time.:rolleyes:

    Yeah.. don't think you have a stong grasp of economics either. So tell me.. what has Government done right? that worked? Republicans weren't in office all the time.

    Oh.. And I see you made up your mind a long time ago too. I have never seen you bend the other way either. Glad to see you are so generous with other people's money.

    and since we're pulling our dingalings out to see who's is bigger, My father was an orphan during the great depression and he was able to make something of himself with no government handout. So don't tell me the Government is the answer.
     
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