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Then perhaps you are TOTALLY CLUELESS that the bonus's were contractually agreed to PRIOR TO any issues with AIG. And that if AIG had not paid them as agreed - AIG would have then become obligated for 3 times the bonus amount plus other damages - and that all legal reviews back this up.
And the 90% take crap - was just that - crap. Illegal as hell.
Don't bonuses assume that a company is actually EARNING enough money to pay them and not getting it from welfare?
2 billion? Yankees new stadium? Wikipedia says 1.6 Billion is the projected cost, but that is close enough. Though it wasn't built for the millionaire players - it was built for the owners (who will say it was for the fans!).
And the bonus from the OP was 750k, not 112k.
That's a bit ridiculous - I thought the Steinbrenner's were doing ok. I'd be curious how they struck that deal (or how any team does that, though at least one was not publicly financed). Is there an implied increase in tax revenues (sales tax at least)? I'm certain there is a good argument for it.
Wait a sec.. you are telling me that toll booths lose money?
And I've never been on a free subway - are they losing money?
Bus drivers? Is their salary affected negatively by the stadium?
I fully don't understand what you are trying to say.
I'll try again.
Nope, still no.
Expound?
Don't bonuses assume that a company is actually EARNING enough money to pay them and not getting it from welfare?
No, any company can be loosing billions and the employees are entitled to bonuses, it all depends on if the billions they are loosing is less than the tens of billions they were planning to lose.
If companies are allowed to break (aka renegotiate) Union contracts with the workers and stockholder dividends, they can damn well break contracts with the Executives. Besides most of these people ain't about to go onto food stamps if they don't get their multimillion dollar bonus. AFIC - let them sell the Mercedes and get a Focus.
I think the government should have guaranteed everyone’s pensions to $50 k/yr and let the companies go bankrupt. The courts could have figured this mess out.
Nope - all the above it total fabrications on your part or, outright falsehoods.
Ignore this Greatday, just another lib tactic. If you can't refute with facts then attack the person.
I agree with you btw, this contract had to be honored as vile as it was.
I'm wondering when people will get that this whole whipped up firestorm is a distraction from everything else that's going on right now and some of these same people who are screaming "off with their heads" are the same ones screaming "No contract changes for the automakers, a contract's a contract"...
Not if they're crooks, not if they helped cause the financial terrorist attacks on America.
Stop worshipping and feeling sorry for the uber wealthy...it looks silly.
These scumbag jerks don't REALLY have to live on $1 a year...DUH! I think they may just have some more money stashed away from all their years of "hard work" (fleecing people).
Let me ask you a question. If you showed up at work today and found out someone who worked in the cubicle next to you had been charging vacations for his family to a company credit card, and when the s*it hit the fan you were fired as well (because you work for the same company AND have access to the same expense accounts), would you be happy? Would you think you deserved to get fired?
Don't get me wrong, I am not happy with AIG, but I want the people who committed the fraud to suffer, not the people caught in the crossfire.
Quote:
Originally Posted by GregW
If companies are allowed to break (aka renegotiate) Union contracts with the workers and stockholder dividends, they can damn well break contracts with the Executives. Besides most of these people ain't about to go onto food stamps if they don't get their multimillion dollar bonus. AFIC - let them sell the Mercedes and get a Focus.
I think the government should have guaranteed everyone’s pensions to $50 k/yr and let the companies go bankrupt. The courts could have figured this mess out.
This is nothing more than class envy, pure and simple. If someone is upset about wall-streeters making as much as they do stop complaining and go work on wall street. Any one of us has the same chance to go after those salaries.
A) AIG was so large, the fact is, they could not be allowed to fail. That is a fact.
B) When AIG's problems first came to light, Congressmen Barney Frank and Senator Chris Dodd, were told to basically hire people to stop the bleeding and take over certain assets and dispose of other assets. And they did.
Frank and Dodd negotiated and hired people (this is our Government TM) to do certain jobs regarding AIG for $1.00. $1.00 TM. They were told (in the "stupid contract") that if the goals that were set were met, they would get these bonus's. These people were told this BY OUR GOVERNMENT
f
These people did the job they were hired to do - and now, our Government wants to renege on the contract? I don't think so.
Put yourself in these people place: You were hired and told if you did the job - you would get so many $$$'s. You did the job. Then you are told - "Oops, it was a stupid contract so, we are not going to pay you".
What are you going to say - "oh, that's OK". Come to think of it, you might
GD.. we were told that these "contracts" were in place BEFORE they recieved this money fromt he GOV'T and that the gov't didn't negotiate this contract!!! That means the execs of this company promised something they KNEW they didn't have.
The gov't should NEVER have given them the money until and unless these contracts were voided.. because there is NO WAY IN HELL that Americans should have to pay overbloated salaries for a crappy job PERIOD!!
They should take the $1 and be happy with it. Even the putz's resignation letter said he has no worries about money. . because he lived off "false riches" acquired by the company.
They are lucky they aren't asked to return the money they lost for the company AND this country.
STay.. fix what you ****ed up and THEN we'll give you what you worked for.
Considering how f'd up AIG STILL is.. doesn't seem like they earned that money for "doing their job".
I really could care less WHAT you say.. these men do not deservethe bonuses. Let them recieve a bonus once the company is turned around and they start earning it once again.. NOT while the rest of us are paying them to live their high life
Many of these people were just hired by the government to turn AIG around, they were not part of the mess. Truth be told, the government caused a lot of this debt, have you asked that Congress return their pay or work for $1?
This argument isn't relevant to De Santis, is it? Because he provides us with his background in his letter.
So now - the guy who worked a year for $1.00, on good faith of the bonus, now has no money to pay for his home, the kids colleges, his credit cards etc - and now he loses the home, cars etc.
Yep - TM is all for that I'm sure.
First of all, the guys who get asked to work for the $1.00/year salary, have been very, very well-compensated over the years. Why do those people get asked to defer compensation? Because 1) they are people who have been so well-compensated over the past that the assumption is that they have the ability to re-arrange their finances so that they don't lose the home (or the second or third or even fourth home---but maybe the ski chalet in Wyoming), their credit cards still get paid, kids still go to college. If you're at the tier of being asked to defer salary, there's a good reason to believe you can afford to defer salary.
Secondly, if you are at this level, you really should be responsible for the performance of your division. You were executive VP of design at Ford, but the puke-green color wasn't your responsibility? News alert, even if you didn't make the choice, if you didn't sit in on the meetings to make the choice----the color falls under the purview of design--the division you were in charge of. When De Santis says he never did any swaps, he was Executive VP of financial products, and swaps were one of the financial products. He got paid the big money for years, but when the roof falls, he says he wasn't responsible. Who was responsible in his division? Anyone? He got paid to be responsible.
Finally, the people threatening violence to the bonus-ees are angry, and aren't thinking clearly. The bonuses are a pittance of the bail-out money. And why did anyone at AIG think writing up this compensation as bonus was appropriate? There are several ways to write up compensation for contract work, in the economic environment AIG was under in March 2008, bonuses should have been a word to stay far away from. They seem to be under the assumption that brilliant people get six-figure salaries and above, and people earning less are un-educated hacks. De Santis's letter certainly displayed some arrogance. Guess what, there are plenty of geniuses working for $50,000 and less who have talent and ability. What they lack might be the ability to set aside their own ethics and sense of responsibility, what they lack might be the greed that was the groundwork for AIG's fall.
Don't bonuses assume that a company is actually EARNING enough money to pay them and not getting it from welfare?
Not when they are called a "RETENTION" bonus - something given in order to KEEP the employee -
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