Correct me if I am wrong
Reid wants an AIG refund
Sen. Reid says Congress is hoping to force AIG executives with millions in bonuses to give some of the money back to the U.S. Treasury.
Reid said Tuesday that the chairman of the tax-writing Senate Finance Committee will issue a proposal in the next day or so that would require AIG to return to government at least a portion of the bonuses that the insurance giant paid out last week.
It's unclear how that would be done, but committee chairman Max Baucus suggested imposing an excise tax on the AIG bonuses. "What is the highest excise tax we can impose that will stand up in court?" Baucus asked. "Let's find out what it is."
And Senate Republican Leader Mitch McConnell, while praising Obama's effort to recover the money, suggested the Treasury Department could have done more two weeks ago, before it agreed to give AIG another $30-billion bailout.
In a short speech on the Senate floor, McConnell asked, "wouldn't the Treasury and the taxpayer have had more leverage over AIG's executive contracts before providing another $30 billion in taxpayer money-rather than allowing the bonuses to be paid with taxpayer money?"
Sooooo. we are giving them another 30 BILLION and we want back the 165 Million....don't ya think that should be pretty easy for them....I mean wouldn't they just be paying us back with our own money?????
This money is GONE!!!!! Why give them more when they have done this (and in fairness it is a small % of the total) AND used the money to bailout overseas banks and to give more to those US banks that already got BIG bailouts.
Floks we are screwed and you aint even going to get a kiss
This could be posted under the tell them what they want to hear thread because both BHO and the congress/senate folks are talking tought about something they can't do anything about at this point, but it sure makes them sound like they are looking out for you huh
What do you think about the compensation contracts that were in place?
I feel the government folks should have made all of this a requirement before they started shelling out money. You've got to be very careful when it comes to making requirements after the fact.
I also heard something similar. What do you think about welfare recepients buying cell phones and flat screen TVs?
This is yet another reason NO company should have ever been bailed out and a classic example of “throwing good money after bad”
AIG, just like a lot of other companies, has earned the right to FAIL.
I just don't believe that washington is that stupid. This is just a smoke screen to keep us busy complaining about it.
If I'm not wrong the US gov bought stock in AIG and the only way they an get anything back is to sell the stock.
I would suggest to our Congressmen and President that they read bills before they sign them!
Keystone Cops - Democrats in action again.
The U S A has no business getting involved with the private sector other than enforcing laws. How can we trust these bumbling idiots to tell a business what to do when they aren't qualified? So what now, businesses have to look over thier shoulders because of gooberment interference?
We need LESS government, not more!
I agree, but even more to the point is that BIG government is not capable of making snap decisions and the bailout was pushed as something that was needed YESTERDAY! Nothing this big, or anything other than something to do with national security should EVER be rushed through congress or signed by the POTUS. I am not convinced that the bailout did ANYTHING to help and I truly donít believe that it did anything that could not have been done better by waiting a month or so and working it out in a better way (if indeed there is a better way)
The really intelligent thing about this whole mess is that we've spent all this money trying to keep these big institutions from going under because they were supposedly mismanaged. Now we're going to completely eliminate any way for these companies to employ top-notch management by screwing with the incentives.
Why would any high-quality top-level manager take a position in a company that has recieved TARP dollars knowing he will be demonized and forced to take some ridiculously low wage with no bonuses when he can go to another company and be compensated at the market rate? So how are these companies going to get themselves back on track? I suppose the brains that put the bailout package together can give them guidance. That should work out really well.
"Not 1 thin dime" will be reclaimed!!:cool:
The two biggest recipients of AIG campaign contributions in the Senate last year...Dodd and Obama. Then McCain and Hillary. Maybe they should give the contributions back.
And maybe Sen. Grassley should lead by example and convince some of his friends on the other side of the aisle to do the same. I'll provide the sword. We'd all be much better off.
Originally Posted by Hookset
While I agree to some point I also have to ask just how good these top notch people are if their company lost more money in one quarter (and that is just one quarter), 68 Billion, than any company in the history of the galaxy. I am sure some of the people who got bonuses did do a good job and maybe were involved in other areas of the company and not the part that lost BILLIONS. Still, however, any company that looses money like that should not be giving any bonuses. They, like many other Americans, myself included, should be happy to keep their jobs. I know that our company did not give anyone a raise this year, not even a 2% cost of living increase. We didnít lose any money but we made very little and will probably make less next year. There comes a time when you have to tighten your belt and take one for the team unless you can go solo and the majority of Americans cannot go it alone without a job. That said, they are taking MY money and giving it to people who any way you look at it did a piss poor job. I just donít see where you can justify any one getting a bonus at a company that has lost MANY BILLIONS of dollars. They would not have the money to give them if we, the taxpayers, had not bailed them out. In fact they would not have jobs PERIOD! The only check they would be getting is an unemployment check
Incetives are for people/companies that MAKE MONEY not lose it