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Bonuses are for when the company is doing well, not for taking all the life jackets for yourself on a sinking ship. I am against the bonuses, but if they have to do it, give the most to the middle and lower, not the top, because the top screwed the company, and the middle and lower people are more likely to suffer when they get laid off.
Evidently, the bonus's are based on contracts, signed by the party who was installed by the Government, to oversee AIG - and they were signed) agreed to PRIOR to any TARP funds being given to AIG.
Evidently, the bonus's are based on contracts, signed by the party who was installed by the Government, to oversee AIG - and they were signed) agreed to PRIOR to any TARP funds being given to AIG.
Legal contracts. They have to be fulfilled.
Unfortunately, no one handing AIG the TARP funds thought to ask about that. Contracts could have been renegotiated as a condition of receiving taxpayer money. As it is we are rewarding the incompetents that got the company into this mess, and sending a message that incompetance is to be rewarded. All the more reason that taxpayer money shouldn't be used to bail out private companies.
The government owns part of AIG how;they should go to the courts if they want to break the contracts. If so they then can also do the same with the big 3's labor contracts and solve the problems there too.
and number 3...
Insurance giant AIG to pay $165 million in bonuses - Yahoo! News (http://news.yahoo.com/s/ap/20090315/ap_on_bi_ge/aig_bonuses - broken link)
You seem to be quite left-biased for a mod. Have any problem with the ethical questions about that? I do!!
To ALL:
The fact is that AIG had made contractual agreements with those employees who worked on a base salary plus commission BEFORE AIG received any bailout money. Plus, there were no restrictions on what AIG spent the bailout money for, since the decision was made to help AIG from going under, and to enable them to do what they had been doing to show profits...part of which included giving bonus's to their top producers.
The dirty truth is that barry S's attempts to deal with the failure of his economic plans are forcing him to find a scapegoat to demonize, as a way to distract attention from the fact that he's losing support from his own party.
It's the same as him attacking Limbaugh, taking what Limbaugh said out of context, and creating a big diversion from his own failures.
Face it, ladies and gentleman, you're looking at a one term loser.
The government owns part of AIG how;they should go to the courts if they want to break the contracts. If so they then can also do the same with the big 3's labor contracts and solve the problems there too.
Absolutely! I'm glad to see some on the left finally understanding that some contracts need to be renegotiated. UAW workers should be paid minimum wage until the auto industry pays back the money. And before the libs jump on auto execs, any contracts with them should also be renegotiated.
Quote:
Originally Posted by sunklhammer
You seem to be quite left-biased for a mod. Have any problem with the ethical questions about that? I do!!
To ALL:
The fact is that AIG had made contractual agreements with those employees who worked on a base salary plus commission BEFORE AIG received any bailout money. Plus, there were no restrictions on what AIG spent the bailout money for, since the decision was made to help AIG from going under, and to enable them to do what they had been doing to show profits...part of which included giving bonus's to their top producers.
The dirty truth is that barry S's attempts to deal with the failure of his economic plans are forcing him to find a scapegoat to demonize, as a way to distract attention from the fact that he's losing support from his own party.
It's the same as him attacking Limbaugh, taking what Limbaugh said out of context, and creating a big diversion from his own failures.
Face it, ladies and gentleman, you're looking at a one term loser.
Great post! Very true but unfortunately we are the losers in the end, even the idiots that voted for him looking for change. They are just not smart enough to know it.
You ever seen that Jim Carrey remake Fun with Dick and Jane? The ending of the movie where he outsmarts Alec Baldwin's character is just what needs to happen to AIG.
"Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee, chastised the administration earlier Tuesday, saying Treasury Secretary Timothy Geithner should have blocked the payouts. Shelby charged that Geithner either knew or should have known about the bonuses.
"We need to know, what are the details of this? When were the bonuses signed up? Who's getting it?" Shelby said.
The Alabama senator stopped short of calling for Geithner's resignation, but said, "He's under fire from all sides now."
"I don't know if he should resign over this," Shelby said. "He works for the president of the United States. But I can tell you, this is just another example of where he seems to be out of the loop. Treasury should have let the American people know about this."
Congress threatens to tax AIG executives' bonuses - Yahoo! Finance (http://finance.yahoo.com/news/Reid-Congress-intends-to-apf-14664278.html - broken link)
Location: planet octupulous is nearing earths atmosphere
13,621 posts, read 12,731,507 times
Reputation: 20050
Quote:
Originally Posted by stan4
What you do with your money as a private company is between you and your shareholders.
But this is public money. Loan or not, this is completely ridiculous.
i agree all those contracts should be voided..they are greedy bastards!!! that AIG company was bailed out with 173 billion dollars... not until all those companys that were bailed out and pay back all the bailout money should they even consider giving themselves multi million dollar bonuses..
i agree all those contracts should be voided..they are greedy bastards!!! that AIG company was bailed out with 173 billion dollars... not until all those companys that were bailed out and pay back all the
You cannot just "void" contracts. That said, if the company had been allowed to file Bankruptcy, the court could have voided those same contracts.
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katzenfraud
