AGI is Greedy and here's another Example of Why!

[InformationGeek]

You think its time to let AGI and the greedy Exective b*****ds die out, but nope.  The government hands them over $170 billion to fix their company or what not, and they decide to do a $165 billion dollar bonuses or extra pay.  It's hard to explain, but just read the articles you'll feel angry.

http://www.cnn.com/video/#/video/offbeat/2009/03/16/moos.aig.anger.cnn

http://www.cnn.com/2009/POLITICS/03/16/AIG.bonuses/index.html

Not a weird story, but it is worth noting.

[CheezeFlixz]

I don't have time to explain but these are old contract that the government knew about and are now acting like it's a complete surprise to them that these bonuses were here.

Senator Chris Dodd (D-CT.) on Monday night floated the idea of taxing American International Group bonus recipients so the government could recoup the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.

While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009,” which exempts the very AIG bonuses Dodd and others are seeking to tax. The amendment is in the final version and is law.

Also, Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.

Here is the loophole, from the section of the stimulus package that deals with compensation rules for TARP recipients:

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.

Frankly, it’s hard to imagine how the government could prevent such contracts from being honored. But the presence of this loophole, in black and white, certainly gives the lie to all of this phony outrage — by the senator who created the loophole, by the president who signed it into law, and by everyone else who voted for the stimulus package.

So before you go getting ticked off at AIG, you might want to look to the Democrat led congress and executive branch.

[Javakoala]

Oh, but it's all okay because Obama stood up and took responsibility for the whole mess.

And by doing so, he closed the lid on the whole thing. But folks sure are impressed with the fact he took responsibility. Didn't do diddly to stop any of it, but he took the blame.  I feel so much better.

Believe it or not, I AM a democrat, and I think this batch we got in office is chugging along the wrong path already.  This is gonna be a LONG four years.

[CheezeFlixz]

Oh, but it's all okay because Obama stood up and took responsibility for the whole mess.

And by doing so, he closed the lid on the whole thing. But folks sure are impressed with the fact he took responsibility. Didn't do diddly to stop any of it, but he took the blame.  I feel so much better.

Believe it or not, I AM a democrat, and I think this batch we got in office is chugging along the wrong path already.  This is gonna be a LONG four years.

We on the other side tried to warn you (collectively used) but noooooooo.

Anyway, it good to see more and more getting off the kool-aid.

[Javakoala]

For what it is worth, I didn't vote for my party this time around. I tried to tell people that being good in front of the cameras doesn't translate into good politician, but stopped when it was suggested I was racist.  I'm truly hoping I don't have the last laugh, because it won't be funny.

[Captain Tars Tarkas]

I am glad we are all in agreement that we should nationalize the banks!

[akiratubo]

We on the other side tried to warn you (collectively used) but noooooooo.

It's seeming like Obama is going to be an even worse President than Shrubya.  That's frightening to contemplate.

I wanted Ron Paul, damn it.

[ghouck]

As I understand it, there are several departments of AIG, and all but one did well. Those bonuses were contractually tied to performance. The problem is the one division of AIG was responsible for humongous losses. Unfortunately, people have decided to lump all those people together. Keep that in mind the next time your boss or a co-worker does something wrong and you're standing there hands up going 'IT WASN'T ME, it was THEM, so punish THEM'

[lester1/2jr]

I am glad we are all in agreement that we should nationalize the banks!

strongly disagree


as for this guy.  what the hell, if welived in a place called fantasyland everything would have worked out but because we are on earth,  people are a little peaved when a company that failed gets money they worked hard for and acts like it's business as usual.  he said his piece now he can move on.


also, it must be said, the republicans are in utter disarray.  eric cantor voted for the 90% tax thing, then went to a britney spears concert or something.  this is like their big rising new star.