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Franco
03-16-2009, 09:33 PM
http://news.yahoo.com/s/ap/20090317/ap_on_go_pr_wh/obama_aig

This is a prime example of how naive our President is. AIG wants to pay 165mil in performance bonuses. That means revenue generators (sales) is doing thier job by bring in the dough. What O doesn't understand is that's how businesses work and make a profit. Something AIG is trying to do.

I'm againts all the bailouts but, if you are going to interfer with the free market, then don't berate them for paying thier producers. Government has no place in private business and should have never gotten involved to begin with. Businesses do NOT need an inexperienced President looking over thier shoulder!

http://www.foxnews.com/politics/2009/03/16/tax-aig-executive-bonuses-dodd-says/

Dodd wants to tax AIG bonuses. Some one needs to tell him that Bonuses are already taxed at 40%! The Feds can't just pass an extra tax bonus on AIG employees and not tax all bonuses the same, for everyone. Of course, bonuses are rewards for producers and we can't have that in our new socialist economy.

M Remington
03-16-2009, 09:42 PM
I was waiting for someone to criticize Obama for this. I'm happy that Obama has the balls that "W" never had in dealing with companies.

AIG is on the taxpayer tit for $170 billion and people deserve bonuses? Executives got greedy and tried to speculatively make money in the mortgage market. We're now paying the price.

If the the producers are producing, they should keep their job--that's bonus enough in an economy with 8% unemployment. If they are unhappy that they didn't receive a bonus, they can go look for another job in the financial services industry. I hear every financial firm is hiring!

So Mr. Booty, look for something legitimate to criticize the president about. You'd be the first person to get upset about raising taxes, yet you want to let AIG spend taxpayer money unwisely.

Franco
03-16-2009, 09:49 PM
So Mr. Booty, look for something legitimate to criticize the president about. You'd be the first person to get upset about raising taxes, yet you want to let AIG spend taxpayer money unwisely.



Read the above, it is money well spent. And, I'm sure it is part of their compensation package so the Feds can't go back and say this is illegal or wrong. The bigger point is that govenment has no business in bailing out or getting involved with legal business practices. Ask the Europeans, Socialist Democracys don't work.

labraiser
03-17-2009, 08:25 PM
The funny thing is how the adminstration is upset now. They knew that AIG had signed contracts to the employees for their bonus. So that means when our so treasury sec Timothy Geithner agreed to give them 30 billion more, he knew that they would be paid out. Some transparent adminstration they run. Now that the heat is on, watch them try to turn it around or blame someone else. But will the mainstream media report this. Hell no! The great one does nothing wrong.

Marvin S
03-17-2009, 09:30 PM
I was waiting for someone to criticize Obama for this. I'm happy that Obama has the balls that "W" never had in dealing with companies.

BO's noise making carries little credibility - I'm willing to wait & see how it goes down. Empty headed noise making does not constitute balls, except maybe in academia.

Mike W.
03-17-2009, 09:50 PM
You do realize that the architech of the AIG bailout in August/September was a one Timothy Geithner while he was serving at the Fed. It was he who structured the deal the way it was, bonuses included.

This is the same Tim Geithner that has yet to put forth any concrete details of the banking solution, almost 5 months after the President was elected and 2 mos. after Hussein said his Treasury Secretary would give us all the details the next day.

Obama is hemorraging political capital. For it not so sad it would be funny.

road kill
03-18-2009, 06:03 AM
I was waiting for someone to criticize Obama for this. I'm happy that Obama has the balls that "W" never had in dealing with companies.




Think President Obama will pay back his AIG bonus?

You know, the$101,000 they contributed to his campaign??


http://www.examiner.com/x-268-Right-Side-Politics-Examiner~y2009m3d17-Obama-Received-a-101332-Bonus-from-AIG

What BALLS he has!!:shock:

Not 1 thin dime will be recovered!!

Sabireley
03-18-2009, 06:51 AM
The scary part is the talk in Congress about taxing the bonuses at 100% to recover the money. Granted, AIG is 80% by governement, but that sets a dangerous precedent if congress can decide to tax individuals retroactively on money they are contractually entitled to. We may not like the bonuses, but it will cost the taxpayer more in legal fees and lost opportunity (congress could be concentrating on higher value issues) than the $170 million already paid out. Who is to say they won't decide the maximum bonus (or commission) anyone can achieve in any company? All it takes is a new law. In these days of irrational fervor and finger pointing, everything is on the table for consideration.

I hope every company, individual, and state/local government with their hand out looking for stimulus or bailout money is paying attention. Taking money from the government is making a deal with the devil. Next thing you know, you will have Barney Frank on your butt telling you what to do.

SB

Matt McKenzie
03-18-2009, 06:56 AM
I was waiting for someone to criticize Obama for this. I'm happy that Obama has the balls that "W" never had in dealing with companies.

AIG is on the taxpayer tit for $170 billion and people deserve bonuses? Executives got greedy and tried to speculatively make money in the mortgage market. We're now paying the price.

If the the producers are producing, they should keep their job--that's bonus enough in an economy with 8% unemployment. If they are unhappy that they didn't receive a bonus, they can go look for another job in the financial services industry. I hear every financial firm is hiring!

So Mr. Booty, look for something legitimate to criticize the president about. You'd be the first person to get upset about raising taxes, yet you want to let AIG spend taxpayer money unwisely.


So you are in favor of the government voiding employment contracts with individuals after the fact? I suspect you would not be in favor of them voiding employment contracts with unions. Are some laws OK to break but others are not?

Raymond Little
03-18-2009, 07:04 AM
The scary part is the talk in Congress about taxing the bonuses at 100% to recover the money. Granted, AIG is 80% by governement, but that sets a dangerous precedent if congress can decide to tax individuals retroactively on money they are contractually entitled to. We may not like the bonuses, but it will cost the taxpayer more in legal fees and lost opportunity (congress could be concentrating on higher value issues) than the $170 million already paid out. Who is to say they won't decide the maximum bonus (or commission) anyone can achieve in any company? All it takes is a new law. In these days of irrational fervor and finger pointing, everything is on the table for consideration.

I hope every company, individual, and state/local government with their hand out looking for stimulus or bailout money is paying attention. Taking money from the government is making a deal with the devil. Next thing you know, you will have Barney Frank on your butt telling you what to do.

SB
I would never want Barney on my Butt.

Hetero Only Regards;-)

Patrick Johndrow
03-18-2009, 07:27 AM
Were Barney and NObama the same guys that were shrieking “WE HAVE TO DO SOMETHING NOW” just a few months ago? The same guys that voted the money to go to AIG WITHOUT any strings attached?
Come on…my memory is bad but it isn’t that bad.

badbullgator
03-18-2009, 07:29 AM
Were Barney and NObama the same guys that were shrieking “WE HAVE TO DO SOMETHING NOW” just a few months ago? The same guys that voted the money to go to AIG WITHOUT any strings attached?
Come on…my memory is bad but it isn’t that bad.


Yes! Barney is even better at being a drama queen than BHO is

Sabireley
03-18-2009, 07:36 AM
Besides being incompetent, he is pretty entertaining to watch. It is funny that he can be so self righteous when a good portion of the blame for the mortgage mess is his. I hope he is voted out the next time he is up for election.

Marvin S
03-18-2009, 12:44 PM
Just watched the messiah swing his head back & forth as he goes between teleprompters & watched him stutter as he looks for the tele in the podium. What a performance, I'm sure the lefty's are swooning. :p

But here's what I've noticed, as his babble flows, there is something for everyone in his discussion. But the majority of the meat is a leadin to his socialist tendencies.

What I have also noticed, apparently Civics is no longer taught within the lefty's government school system. It is the function of the Legislative body to put into place policies by which this country operates, if they disagree with the existing policy they should arrange to change same. It is then the function of the Executive branch to ensure those poliices are adhered to, not to micromanage what individual companies do or don't do. Apparently, none of the elected have an understanding of their position in the Chain of Command. The Judicial gets to referee.

This guy is beginning to make Jimmy C look presidential, You don't run a presidency with trash talk.

BTW, when GW was interviewed briefly this AM on his way to a speaking engagement - he again showed what a class act he is by refusing to criticize the sitting POTUS, though the messiah is making himself a real target. :cool:

T. Mac
03-18-2009, 12:52 PM
So you are in favor of the government voiding employment contracts with individuals after the fact? I suspect you would not be in favor of them voiding employment contracts with unions. Are some laws OK to break but others are not?

The real question is why they favour voiding individual contracts but union contracts at worst just need renegotiating, generally to include added benefits in exchange for minor concessions.

T. Mac

Franco
03-18-2009, 12:53 PM
The scary part is the talk in Congress about taxing the bonuses at 100% to recover the money. SB



Much of those bonuses are to foreign nationals that work for AIG. AIG has offices around the world. The Gov can't tax non-USAcitizens.

This mess is due to the inexperience of Obomo and his staff.

Gerry Clinchy
03-18-2009, 01:39 PM
A contract is a contract ... unless amended by the participating parties.

AIG execs would have been so much smarter to realize that the spit would hit the fan when the bonuses became common knowledge. They could have voluntarily amended their contracts, knowing that the company was in such financial distress. Evidently, there were some execs who did so. The ones who resigned (mentioned in another thread) maybe just decided to take their money & run. Probably have enough dough now to retire on very comfortably.

Their "talent" would not go un-noticed, I think. They might have a tough time finding another job in the financial industry.

Julie R.
03-18-2009, 04:13 PM
This mess is due to the inexperience of Obomo and his staff.

I guess that's the tactful way to put it. This mess is due to the sheer stupidity of Obomo and staff. Inexperience and ignorance can be fixed. Obomo and company are like a bunch of pirates that just discovered a treasure chest of loot and are busy fighting over divvying it up.

M Remington
03-18-2009, 04:24 PM
So you are in favor of the government voiding employment contracts with individuals after the fact? I suspect you would not be in favor of them voiding employment contracts with unions. Are some laws OK to break but others are not?


Yes to voiding contracts in both instances. It's not okay for some laws to be broken and others not.

WaterDogRem
03-18-2009, 04:41 PM
M Remington, I don't think you would be in favor of voiding the contracts if you were the one receiving the money.

I guess you believe all contracts are worthless. Very Sad

YardleyLabs
03-18-2009, 04:54 PM
I was listening to the testimony by AIG's CEO Liddy this afternoon. Apparently the retention bonuses were directly tied to each person working out his or her portfolio of problem derivatives satisfactorily to help shut the unit down, at which point their jobs would be finished. The 11 that resigned had completed their assignments. Apparently the resignations were considered to be mutually desirable. For what it's worth, Liddy is working for a "salary" of $1.00 with no bonus in the form of either cash or stock in an effort to unwind the AIG fiasco. Whether correct in his assessment or not, he currently believes that AIG will be able to repay all loans received from the government and that the government will actually make a profit on the assets that it purchased. If this substantially comes to pass I would categorize the AIG bailout as an even bigger success than the original bailout of Chrysler. Only time will tell.

EDIT: BTW, I know it's all Obama's fault if AIG fails. Who's fault is it if the bailout succeeds?

Ken Newcomb
03-18-2009, 05:18 PM
I f the bailouts work and it can be actually attributed to them then I will give him credit. The thing that bothers me is that he is flock shooting and not aiming. There is a chance that he may hit something but that doe not make him a great shot.

TCFarmer
03-18-2009, 06:32 PM
The senate passed a bill that would have either made it harder or impossible for AIG to pay those bonuses. When it went to committee the provision was taken out and a new one was added. The new provision guaranteed the bonuses. Obama, his staff, and every politician that voted for this should be responsible.

Instead of asking AIG employees who recieved payments as a part of their contract, we should make the politicians who supported this pay back $330 million, 2x what was paid in bonuses.

Marvin S
03-18-2009, 06:48 PM
BTW, I know it's all Obama's fault if AIG fails. Who's fault is it if the bailout succeeds?

You will not have to worry about BO receiving full credit for anything positive, if it happens, the mainstream media will ensure that happens. What I want to see is more critical reporting of his & his shady henchpeople's roles in causing this too happen. The greed had been evident when Greenberg was led away in cuffs, why wasn't something done then? I forgot, that was on another watch, the Chris, Barney, Charlie trio were not complicit in causing this to happen.

K G
03-18-2009, 07:01 PM
EDIT: BTW, I know it's all Obama's fault if AIG fails. Who's fault is it if the bailout succeeds?

Jeff, I'm going to assume that your use of the term "fault" with regard to if the bailout succeeds was purely Freudian.....;-)


kg

YardleyLabs
03-18-2009, 07:18 PM
Jeff, I'm going to assume that your use of the term "fault" with regard to if the bailout succeeds was purely Freudian.....;-)


kg

I hope the bailout succeeds for all of our benefits. However, whether it will or not remains uncertain. Hopefully in the not very distant future the profitable components of AIG's business can be packaged and sold in pieces in the private market while the poisonous parts are unwound in a manner that does not sink the economy any further.