AIG Bonus Fiasco (employment, Congress, illegal, Brown)

[goldengrain]

I have an awfully hard time in believing that Congress did not know or enquire or attach stipulations concerning the bailouts.

I have a rough time believing that no one in government could not see our coming crisis looming, considering the regulations that they removed that were meant to prevent this very thing.

Now, the idiots are trying to look like some sort of heroes, passing a bill that would tax AIG employees 90% - knowing that 70% of the employees receiving these bonuses are from/in the UK and are not liable to US laws.

'AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout . . .'
Eleven of those million dollar recipients quit the company.

AIG bonus millionaires have left the company - Times On line

[domergurl]

Geithner needs to resign by this weekend. I have a feeling it was he who stripped the bonus clause out of the stim.

[Rggr]

Originally Posted by domergurl

Geithner needs to resign by this weekend. I have a feeling it was he who stripped the bonus clause out of the stim.

But we allowed his "tax issues" because he's uniquely qualified.

He's Obama's "Brownie."

[domergurl]

Originally Posted by Rggr

But we allowed his "tax issues" because he's uniquely qualified.

He's Obama's "Brownie."

It's turning out that way ... he needs to resign.

[Barkingowl]

So if the government is allowed to tax the AIG bonuses at 90% what's to stop them from doing the same thing to companies who didn't participate in the bailout?

[I_Love_LI_but]

Lots of them got bailout money to make up for their losses that they created for themselves (mortgage meltdown anyone?). Didn't other executives at bailed out companies get big bucks bonuses that they didn't deserve? How come nothing was said about that? Usually in NYC around December there is all the bragging in the newspapers about the huge bonuses each financial company gave out. This year? Not a peep! I thought it was maybe because there were no bonuses because there were no profits. Silly me. They were just not calling them "bonuses" ... instead they used cute little names like "retention award" (Morgan Stanley). Who wants to RETAIN someone who ran their company into the ground and reward them with cash for doing so? Another shyster in cahoots with them!

So were big bonuses (a bonus is a bonus by any other name) given out to the execs who ran these companies into the ground? If so, why isn't anyone doing anything about it? AIG should be just the beginning ...

The following is a list in alphabetical order of 360 recipients of TARP (Troubled Assets Relief Program) as of January 31, 2009. WHAT ARE WE DOING ABOUT THEIR EXECUTIVE BONUSES?

1st Constitution Bancorp
1st FS Corporation
1st Source Corporation
AB&T Financial Corporation
Adbanc, Inc
Alarion Financial Services, Inc.
Alliance Financial Corporation
AMB Financial Corp.
American Express Company
American State Bancshares, Inc.
Ameris Bancorp
AmeriServ Financial, Inc
Anchor BanCorp
Annapolis Bancorp, Inc.
Associated Banc-Corp
Bancorp Rhode Island, Inc.
BancTrust Financial Group, Inc.
Bank of America Corporation
Bank of Commerce
Bank of Commerce Holdings
Bank of Marin Bancorp
Bank of New York Mellon Corporation
Bank of North Carolina
Bank of the Ozarks, Inc.
Bankers' Bank of the West Bancorp, Inc.
BankFirst Capital Corporation
Banner Corporation
Bar Harbor Bankshares/Bar Harbor Bank & Trust
BB&T Corp.
BCSB Bancorp, Inc.
Beach Business Bank
Berkshire Hills Bancorp, Inc.
Blue Valley Ban Corp
BNCCORP, Inc.
Boston Private Financial Holdings, Inc.
Bridge Capital Holdings
Bridgeview Bancorp, Inc.
Broadway Financial Corporation
C&F Financial Corporation
Cache Valley Banking Company
Cadence Financial Corporation
California Oaks State Bank
Calvert Financial Corporation
CalWest Bancorp
Capital Bancorp, Inc.
Capital Bank Corporation
Capital One Financial Corporation
Capital Pacific Bancorp
Carolina Bank Holdings, Inc.
Carver Bancorp, Inc
Cascade Financial Corporation
Cathay General Bancorp
Cecil Bancorp, Inc.
Center Bancorp, Inc.
Center Financial Corporation
Centerstate Banks of Florida Inc.
Centra Financial Holdings, Inc./Centra Bank, Inc.
Central Bancorp, Inc.
Central Bancshares, Inc.
Central Federal Corporation
Central Jersey Bancorp
Central Pacific Financial Corp.
Central Valley Community Bancorp
Central Virginia Bankshares, Inc.
Centrue Financial Corporation
CIT Group Inc.
Citigroup Inc.
Citizens & Northern Corporation
Citizens Bancorp
Citizens Community Bank
Citizens First Corporation
Citizens Republic Bancorp, Inc.
Citizens South Banking Corporation
City National Corporation
Coastal Banking Company, Inc.
CoBiz Financial Inc.
Codorus Valley Bancorp, Inc.
Colony Bankcorp, Inc.
Columbia Banking System, Inc.
Comerica Inc.
Commerce National Bank
Commonwealth Business Bank
Community 1st Bank
Community Bank of the Bay
Community Bankers Trust Corporation
Community Financial Corporation
Community Investors Bancorp, Inc.
Community Partners Bancorp
Community Trust Financial Corporation
Community West Bancshares
Congaree Bancshares, Inc.
Country Bank Shares, Inc.
Crescent Financial Corporation
Crosstown Holding Company
CVB Financial Corp
Dickinson Financial Corporation
DNB Financial Corporation
Eagle Bancorp, Inc.
East West Bancorp
Eastern Virginia Bankshares, Inc.
ECB Bancorp, Inc./East Carolina Bank
Emclaire Financial Corp.
Encore Bancshares Inc.
Enterprise Financial Services Corp.
Equity Bancshares, Inc.
Exchange Bank
F & M Bancshares, Inc.
F.N.B. Corporation
Farmers Bank
Farmers Capital Bank Corporation
FCB Bancorp, Inc.
FFW Corporation
Fidelity Bancorp, Inc.
Fidelity Financial Corporation
Fidelity Southern Corporation
Fifth Third Bancorp
Financial Institutions, Inc.
First Bancorp
First BanCorp
First Bankers Trustshares, Inc.
First Banks, Inc.
First California Financial Group, Inc
First Citizens Banc Corp
First Community Bank Corporation of America
First Community Bankshares Inc.
First Community Corporation
First Defiance Financial Corp.
First Financial Bancorp
First Financial Holdings Inc.
First Financial Service Corporation
First Horizon National Corporation
First Litchfield Financial Corporation
First Manitowoc Bancorp, Inc.
First Midwest Bancorp, Inc.
First Niagara Financial Group
First PacTrust Bancorp, Inc.
First Resource Bank
First Security Group, Inc.
First Sound Bank
First Southern Bancorp, Inc.
First ULB Corp.
First United Corporation
Firstbank Corporation
FirstMerit Corporation
Flagstar Bancorp, Inc.
Flushing Financial Corporation
FPB Bancorp, Inc.
FPB Financial Corp.
Fresno First Bank
Fulton Financial Corporation
Goldwater Bank, N.A.
GrandSouth Bancorporation
Great Southern Bancorp
Green Bankshares, Inc.
Greer Bancshares Incorporated
Guaranty Federal Bancshares, Inc.
Hampton Roads Bankshares, Inc.
Hawthorn Bancshares, Inc.
Heartland Financial USA, Inc.
Heritage Commerce Corp.
Heritage Financial Corporation
HF Financial Corp.
Hilltop Community Bancorp, Inc.
HMN Financial, Inc.
Home Bancshares, Inc.
HopFed Bancorp
Horizon Bancorp
Huntington Bancshares
Iberiabank Corporation
Idaho Bancorp
Independence Bank
Independent Bank Corp.
Independent Bank Corporation
Indiana Community Bancorp
Intermountain Community Bancorp
International Bancshares Corporation
Intervest Bancshares Corporation
JPMorgan Chase & Co.
Katahdin Bankshares Corp.
KeyCorp
LCNB Corp.
Leader Bancorp, Inc.
Legacy Bancorp, Inc.
Liberty Bancshares, Inc.
LNB Bancorp Inc.
LSB Corporation
M&T Bank Corporation
Magna Bank
MainSource Financial Group, Inc.
Manhattan Bancorp
Marquette National Corporation
Marshall & Ilsley
MB Financial Inc.
Metro City Bank
MetroCorp Bancshares, Inc.
Mid Penn Bancorp, Inc.
Middleburg Financial Corporation
Midland States Bancorp, Inc.
MidSouth Bancorp, Inc.
Midwest Banc Holdings, Inc.
Mission Community Bancorp
Mission Valley Bancorp
Monadnock Bancorp, Inc.
Monarch Financial Holdings, Inc.
Monument Bank
Morgan Stanley
Morrill Bancshares, Inc.
Moscow Bancshares, Inc.
MutualFirst Financial, Inc.
Nara Bancorp, Inc.
National Penn Bancshares, Inc.
NCAL Bancorp
New Hampshire Thrift Bancshares, Inc.
New York Private Bank & Trust Corporation
NewBridge Bancorp
Nicolet Bankshares, Inc.
North Central Bancshares, Inc.
Northeast Bancorp
Northern Trust Corporation
Northway Financial, Inc.
Oak Ridge Financial Services, Inc.
Oak Valley Bancorp
OceanFirst Financial Corp.
Ojai Community Bank
Old Line Bancshares, Inc.
Old National Bancorp
Old Second Bancorp, Inc.
OneUnited Bank
Pacific Capital Bancorp
Pacific City Financial Corporation
Pacific Coast Bankers' Bancshares
Pacific Coast National Bancorp
Pacific Commerce Bank
Pacific International Bancorp
Park National Corporation
Parke Bancorp, Inc.
Parkvale Financial Corporation
Patapsco Bancorp, Inc.
Patriot Bancshares, Inc.
Peapack-Gladstone Financial Corporation
Peninsula Bank Holding Co.
Peoples Bancorp Inc.
Peoples Bancorp of North Carolina, Inc.
Pierce County Bancorp
Pinnacle Financial Partners, Inc.
Plains Capital Corporation
Plumas Bancorp
Popular, Inc.
Porter Bancorp Inc.
Princeton National Bancorp, Inc.
PrivateBancorp, Inc.
Provident Bancshares Corp.
Puget Sound Bank
Pulaski Financial Corp
Redwood Capital Bancorp
Redwood Financial Inc.
Regions Financial Corp.
Rising Sun Bancorp
Rogers Bancshares, Inc.
S&T Bancorp
Saigon National Bank
Sandy Spring Bancorp, Inc.
Santa Lucia Bancorp
SCBT Financial Corporation
Seacoast Banking Corporation of Florida
Seacoast Commerce Bank
Seaside National Bank & Trust
Security Business Bancorp
Security California Bancorp
Security Federal Corporation
Severn Bancorp, Inc.
Shore Bancshares, Inc.
Signature Bank
Somerset Hills Bancorp
Sound Banking Company
South Financial Group, Inc.
Southern Bancorp, Inc.
Southern Community Financial Corp.
Southern Illinois Bancorp, Inc.
Southern Missouri Bancorp, Inc.
Southwest Bancorp, Inc.
State Bancorp, Inc.
State Bankshares, Inc.
State Street Corporation
StellarOne Corporation
Sterling Bancorp
Sterling Bancshares, Inc.
Sterling Financial Corporation
Stewardship Financial Corporation
Stonebridge Financial Corp.
Summit State Bank
Sun Bancorp, Inc.
SunTrust Banks, Inc.
SunTrust Banks, Inc.
Superior Bancorp Inc.
Surrey Bancorp
Susquehanna Bancshares, Inc
SVB Financial Group
Synovus Financial Corp.
Syringa Bancorp
Taylor Capital Group
TCB Holding Company
TCF Financial Corporation
TCNB Financial Corp.
Tennessee Commerce Bancorp, Inc.
Tennessee Valley Financial Holdings, Inc.
Texas Capital Bancshares, Inc.
Texas National Bancorporation
The Bancorp, Inc.
The Baraboo Bancorporation
The Connecticut Bank and Trust Company
The Elmira Savings Bank, FSB
The First Bancorp, Inc.
The Goldman Sachs Group
The Little Bank, Incorporated
The PNC Financial Services Group Inc.
The Queensborough Company
TIB Financial Corp
Tidelands Bancshares, Inc
Timberland Bancorp, Inc.
TowneBank
Treaty Oak Bancorp, Inc.
Tri-County Financial Corporation
Trustmark Corporation
U.S. Bancorp
UBT Bancshares, Inc.
UCBH Holdings, Inc.
Umpqua Holdings Corp.
Union Bankshares Corporation
United Bancorp, Inc.
United Bancorporation of Alabama, Inc.
United Community Banks, Inc.
United Financial Banking Companies, Inc.
Unity Bancorp, Inc.
Uwharrie Capital Corp
Valley Commerce Bancorp
Valley Community Bank
Valley Financial Corporation
Valley National Bancorp
Virginia Commerce Bancorp
VIST Financial Corp.
W.T.B. Financial Corporation
Wainwright Bank & Trust Company
Washington Banking Company/ Whidbey Island Bank
Washington Federal Inc.
WashingtonFirst Bank
Webster Financial Corporation
Wells Fargo & Company
Wesbanco Bank Inc.
West Bancorporation, Inc.
Western Alliance Bancorporation
Western Community Bancshares, Inc.
Western Illinois Bancshares Inc.
Whitney Holding Corporation
Wilmington Trust Corporation
Wilshire Bancorp, Inc.
Wintrust Financial Corporation
WSFS Financial Corporation
Yadkin Valley Financial Corporation
Zions Bancorporation

[kdbrich]

Originally Posted by goldengrain

I have an awfully hard time in believing that Congress did not know or enquire or attach stipulations concerning the bailouts.

I have a rough time believing that no one in government could not see our coming crisis looming, considering the regulations that they removed that were meant to prevent this very thing.

Now, the idiots are trying to look like some sort of heroes, passing a bill that would tax AIG employees 90% - knowing that 70% of the employees receiving these bonuses are from/in the UK and are not liable to US laws.

'AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout . . .'
Eleven of those million dollar recipients quit the company.

AIG bonus millionaires have left the company - Times On line

If they didn't know then they are woefully incompetent. Who gives away that kind of money w/out knowing what it will be spent on?

[Glitch]

Originally Posted by goldengrain

I have an awfully hard time in believing that Congress did not know or enquire or attach stipulations concerning the bailouts.

I have a rough time believing that no one in government could not see our coming crisis looming, considering the regulations that they removed that were meant to prevent this very thing.

Now, the idiots are trying to look like some sort of heroes, passing a bill that would tax AIG employees 90% - knowing that 70% of the employees receiving these bonuses are from/in the UK and are not liable to US laws.

'AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout . . .'
Eleven of those million dollar recipients quit the company.

AIG bonus millionaires have left the company - Times On line

Congress knew, so did the President.

Title VII - Limitation on Executive Compensation

Section 7001 - Executive Compensation & Corporate Governance

Section 111 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5221) is amended to read as follows:

Sec. 111(b)(3)(D)(iii) - The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.

Source: H.R. 1 (Public Law 111-5) "American Recovery and Reinvestment Act of 2009"

So this whole feigned outrage about these AIG bonuses by members of Congress and the President is purely for the consumption of the ignorant masses. They knew full well that those bonuses would be paid, and AIG had Congress' and the President's authorization to do so.

[Little-Acorn]

Congressthing Chris Dodd put the amendment into the stimulus package, saying they could not take away the bonuses. Mostly because it's illegal for Congress to step in and void private contracts. Actually, Dodd was right. But Congress and Obama will fix that soon, by the usual tactic of simply ignoring a Constitutional law.

http://www.foxnews.com/politics/first100days/2009/03/18/sen-dodd-admits-adding-bonus-provision-stimulus-package/ (broken link)

BTW, the initial bailout package for AIG was crafted last year, by one Timothy Geithner. In case you wonder why he's being kept so far in the background now, and why nobody wants to work for him.

[jimj]

And according to our wonderous president he's the only one who can get us out of this mess!
Yes Mr. President you and others knew full well what was going on and then lied about it. Yes sir, as you just said the buck stops with you so when are you going to leave with good 'ole Timmy?