greedy hogs. Children will go to bed hungry tonight while these executives live high on the hog on taxpayer bailout dollars. I’m so disgusted, and saddened by this unprecedented level of corporate greed :(
I am tired of hearing about the AIG bailout and the bonuses that were handed out using taxpayer dollars…but the way I see it, AIG had no choice but to pay out those retention bonuses given the circumstances (written contracts with the employees, etc…). I think that things would have been much worse had they not received their bonuses….could you see it now? All those execs and their money-hungry attorneys filing a class-action lawsuit? Now these bozos will have to each hire an attorney to defend them and maybe the $$$ will come out of their OWN pockets….go get ’em AIG!
The government sponsored entity Fannie Mae was the prime mover. Franklin Raines CEO of Fannie, and Obama advisor, began a plan in 1999 for low income people to buy homes and also lowered credit scores on mortgages that Fannie bought. Franklin Raines received a 90,000,000 golden handshake from Fannie. Why no villification about this? The market only reacted to the plan Fannie put in place.
Same old, same old. No change. Give a chance to what ruin America? Bush we all agree was not a great Commander in Chief, but he still loved this country. Obama want to turn it into socalist nation and that is written on the walls.
Franklin Raines had three choices: One, he could do what other CEOs have done—take the Fifth (a prudent legal tactic, even for the innocent, albeit wimpy and unsatisfying). Two, he could claim he was shocked to discover that his finance department was staffed by hoodlums (also typical, even less admirable). Three, he could stand behind the accounting, his team, and his company, explain the decisions, and suggest that the allegations were wrong.
Raines chose option No. 3, which increased his personal risk and raised a unanswerable question: Is he the perpetrator of an accounting crime, the target of a political witch hunt, or the victim of an overzealous bureaucracy? Raines and the company believed that their choices were ethical, and the alleged wrongdoing is a matter of interpretation.
I really don’t understand all the angst and gnashing of teeth, especially by the Republicans and Democrats that supported the bailout. Really? You’re outraged?
If the company was truly too big to fail, and if we wanted to invest billions of dollars to save it, then what’s wrong with honoring the contracts that were in place? We wanted that company to continue doing something that we obviously thought they were doing well enough to save. Right?
Now, I happen to be one that believed it was the wrong idea to bail them out. It goes back to simple economics (or simple parenting skills, however you want to relate) Rewarding bad behavior does not encourage good behavior – EVER. But, the government did it for the greater good, if you will. Now, after scrambling to make sure the company didn’t fail, and becoming 80% shareholders, where we are all waiting for this good investment to pan out and pay us all dividends, now we want to shake all the fruit off the tree, scorch the ground it’s planted in, dig up the stump, and toss it into yesterdays landfill.
Brilliant!
The intelligence of the public today is simply outstanding.
If AIG was going to fail, we should have let them fail. The exec’s would have all lost their bonuses and lost their jobs, the taxpayer would not only have saved the 180 Billion directly invested, but probably the Trillion we’ve ended up spending for similar foolishness, and other companies would have filled the economic void and guess what, the world would NOT have ended. Maybe a little tempoarary pain, but I’ll bet it would not have been as much as we’ve given to our children and grandchildren now.
But, we didn’t. We invested. If that was a worthy investment, why are we trying our best, as a government, to scorch the ground we invested into? Lunacy, that’s all that can be said. And, if anyone saw Geitner’s interviews this weekend as he tap danced all around the scenarios, with his dainty hands waving in the air, it was really quite comical …except for the fact that this is our leadership in action.
As the circus man so profoundly stated years ago, there’s a sucker born every minute, and we as a nation don’t seem to think there’s any reason to realize that fact.
I don’t allege Franklin Raines committed a crime. I’m just stating facts. Raines and the government sponsored entity Fannie Mae were the prime movers of this credit crises and that he received a $90,000,000 golden handshake from Fannie. Also that the Bush Administration’s attempt to strengthen Fannies regulation was obstructed by Barney Frank & Chris Dodd.
We the people did not have a choice as to the bailouts. Our elected officials indiscriminately handed out our billions and are continuing to do so, endangering the future fiscal health of our country and its people and jeopardizing our standing in the global community.
ARE YOU SERIOUS??? Bush was criticized from day 1 for “stealing the election.” He was vilified in the media on a daily basis. People were calling him Hitler and getting away with it. Can you imagine the uproar if Obama was called Hitler? Al Sharpton would be throwing a tantrum on every street corner!
I am in no means whatsoever a Bush apologist, but if Obama will never be criticized 1/100th of the way Bush was.
Well, you are correct in that We The People did NOT have a choice in the bailouts. But, we did have a choice in continuing the political lives of those politicians that did, and they were mostly re-elected. In fact, we the people, elected even more people that would likely continue the socialistic pattern.
It’s all about the give-me’s today.
As a people, we no longer care about wrong and right. We only care about what we can get and we are only interested in reading about something cellacious or connected to fame.
So, we the people, are getting what we deserve. That’s a shame.
In my opinion, the media is slowly getting over it’s ‘slobbering’ love affair w/Obama. Every day, opinion polls show an erosion in his popularity. It’s only a matter of time.
The problem with politics, is politicians and I mean than in the negative sense of the word…say what you have to to get elected, then do whatever you want. Obama is certainly guilty of this. During the election campaign, he says, No more pork; I’ll go through the budget ‘line by line’ and cut out all the pork. Then, he signs the budget without reading it or giving anyone else a chance to read it and it is laden with pork. Same with the Porkulous package. Why did he not go through the proposal, line by line, as he said he would?
This is nothing but a smokescreeen to divert attention from the Trillions of fiat dollars our govermnent is spending in an attempt to build their vision of a Marxist dream — soon to be nightmare –as they drive us into an international melt down. If prosperous economies could be created by fiat money and deficits the whole world would be living in utopia now — wouldn’t it!
If our rulers were truly interesting in stimulating the governed, and resolving the economic malaise created by the same tactics they now advocate, they would declare a tax holiday on payroll tax and cap gains. The government currently takes $20 billion from payroll taxes every week. Under such a tax holiday The recession would be over tomorrow. Investors would flock here like flies. We wouldn’t notice a bank failing because there would be investors standing by waiting to pick up the pieces if and when it happens. But this could never create a Marxist dream for Mssrs. Obama. Pelosi and Reid.
Ralph, keep in mind that from a policy standpoint Bush wasn’t really attacked until after the spy plane was shot down over China in 2001. He had his 100 day grace period and then it started…
O’Bama will be attacked by the media…then again if he keeps up his weekly spots on ESPN and NBC maybe not. Someone told me the other day that they like the fact they have a “hip and cool” president. I’m happy people voted for someone “hip and cool.”
Dodd & Frank – I couldn’t agree with you more. Everyone blames the lack of oversight of the Bush administration, yet the policies that were in place on the financial system were the result of the Democratic president in 1999 and the prior 20 years of politics when it was determined it was an “American right” to own a home, instead of the “American dream.” Oh so easy to point the finger at Bush…
I just don’t understand why it’s acceptable for life long politicians such as Dodd and Frank to have accomplished nothing but approving the policies that created this mess and still retain their offices – why can’t corporations kick them out of the corner office like they do to the CEOs? Furthermore, why is it acceptable for politicians that have no reason to be running corporations to run a company? Seriously, these guys have never had a hand in business, yet they are telling companies how to operate – bring in the new socialist regime…
I hope that AIG had their D&O with an outside company…but I have a feeling that they did not!
MM: Does ‘D & O’ stand for ‘Darn & Oops’??
greedy hogs. Children will go to bed hungry tonight while these executives live high on the hog on taxpayer bailout dollars. I’m so disgusted, and saddened by this unprecedented level of corporate greed :(
Don’t forget who approved these lastest bonuses folks… Our elected officials.
Dodd and Frank:
First things first: gross mismanagement and undersight occurred under the Bush administration in the first place.
Yeah, and the new adminstration is perpetuating it.
I am tired of hearing about the AIG bailout and the bonuses that were handed out using taxpayer dollars…but the way I see it, AIG had no choice but to pay out those retention bonuses given the circumstances (written contracts with the employees, etc…). I think that things would have been much worse had they not received their bonuses….could you see it now? All those execs and their money-hungry attorneys filing a class-action lawsuit? Now these bozos will have to each hire an attorney to defend them and maybe the $$$ will come out of their OWN pockets….go get ’em AIG!
Give the new Administration a chance, after all we gave Bush eight years.
I blame Bush for this as well.
DITTO!!
Already forgotten Clinton placed it all into action with the banks in November 1999 when he signed legislation Overhauling Banking Laws?
Most of have…
The government sponsored entity Fannie Mae was the prime mover. Franklin Raines CEO of Fannie, and Obama advisor, began a plan in 1999 for low income people to buy homes and also lowered credit scores on mortgages that Fannie bought. Franklin Raines received a 90,000,000 golden handshake from Fannie. Why no villification about this? The market only reacted to the plan Fannie put in place.
Same old, same old. No change. Give a chance to what ruin America? Bush we all agree was not a great Commander in Chief, but he still loved this country. Obama want to turn it into socalist nation and that is written on the walls.
See my post titles “Willie Market”
Franklin Raines had three choices: One, he could do what other CEOs have done—take the Fifth (a prudent legal tactic, even for the innocent, albeit wimpy and unsatisfying). Two, he could claim he was shocked to discover that his finance department was staffed by hoodlums (also typical, even less admirable). Three, he could stand behind the accounting, his team, and his company, explain the decisions, and suggest that the allegations were wrong.
Raines chose option No. 3, which increased his personal risk and raised a unanswerable question: Is he the perpetrator of an accounting crime, the target of a political witch hunt, or the victim of an overzealous bureaucracy? Raines and the company believed that their choices were ethical, and the alleged wrongdoing is a matter of interpretation.
Socialism, I’m confused, isn’t that what we do now? In American doesn’t the middle class work for the rich and the poor?
I really don’t understand all the angst and gnashing of teeth, especially by the Republicans and Democrats that supported the bailout. Really? You’re outraged?
If the company was truly too big to fail, and if we wanted to invest billions of dollars to save it, then what’s wrong with honoring the contracts that were in place? We wanted that company to continue doing something that we obviously thought they were doing well enough to save. Right?
Now, I happen to be one that believed it was the wrong idea to bail them out. It goes back to simple economics (or simple parenting skills, however you want to relate) Rewarding bad behavior does not encourage good behavior – EVER. But, the government did it for the greater good, if you will. Now, after scrambling to make sure the company didn’t fail, and becoming 80% shareholders, where we are all waiting for this good investment to pan out and pay us all dividends, now we want to shake all the fruit off the tree, scorch the ground it’s planted in, dig up the stump, and toss it into yesterdays landfill.
Brilliant!
The intelligence of the public today is simply outstanding.
If AIG was going to fail, we should have let them fail. The exec’s would have all lost their bonuses and lost their jobs, the taxpayer would not only have saved the 180 Billion directly invested, but probably the Trillion we’ve ended up spending for similar foolishness, and other companies would have filled the economic void and guess what, the world would NOT have ended. Maybe a little tempoarary pain, but I’ll bet it would not have been as much as we’ve given to our children and grandchildren now.
But, we didn’t. We invested. If that was a worthy investment, why are we trying our best, as a government, to scorch the ground we invested into? Lunacy, that’s all that can be said. And, if anyone saw Geitner’s interviews this weekend as he tap danced all around the scenarios, with his dainty hands waving in the air, it was really quite comical …except for the fact that this is our leadership in action.
As the circus man so profoundly stated years ago, there’s a sucker born every minute, and we as a nation don’t seem to think there’s any reason to realize that fact.
Just great,
I don’t allege Franklin Raines committed a crime. I’m just stating facts. Raines and the government sponsored entity Fannie Mae were the prime movers of this credit crises and that he received a $90,000,000 golden handshake from Fannie. Also that the Bush Administration’s attempt to strengthen Fannies regulation was obstructed by Barney Frank & Chris Dodd.
If socialism take money from people who make more than 250,000 I think its a good idea.
Just raise taxes on the rich people. Isnt that what weve done for years though?
What about these bailouts? Thats a free ride for a lot of rich people. But thats not socialism is it?
We the people did not have a choice as to the bailouts. Our elected officials indiscriminately handed out our billions and are continuing to do so, endangering the future fiscal health of our country and its people and jeopardizing our standing in the global community.
Zephyr, Read my first post……
ARE YOU SERIOUS??? Bush was criticized from day 1 for “stealing the election.” He was vilified in the media on a daily basis. People were calling him Hitler and getting away with it. Can you imagine the uproar if Obama was called Hitler? Al Sharpton would be throwing a tantrum on every street corner!
I am in no means whatsoever a Bush apologist, but if Obama will never be criticized 1/100th of the way Bush was.
No one would have gotten any bonuses contractually warranted or otherwise if AIPIG was allowed to fail.
Well, you are correct in that We The People did NOT have a choice in the bailouts. But, we did have a choice in continuing the political lives of those politicians that did, and they were mostly re-elected. In fact, we the people, elected even more people that would likely continue the socialistic pattern.
It’s all about the give-me’s today.
As a people, we no longer care about wrong and right. We only care about what we can get and we are only interested in reading about something cellacious or connected to fame.
So, we the people, are getting what we deserve. That’s a shame.
In my opinion, the media is slowly getting over it’s ‘slobbering’ love affair w/Obama. Every day, opinion polls show an erosion in his popularity. It’s only a matter of time.
Rose, only a matter of time? Yea, as in 4 years, beeyotch!!
Then he will kick Palins fat but, then……..Fo Mo Years!!!
The problem with politics, is politicians and I mean than in the negative sense of the word…say what you have to to get elected, then do whatever you want. Obama is certainly guilty of this. During the election campaign, he says, No more pork; I’ll go through the budget ‘line by line’ and cut out all the pork. Then, he signs the budget without reading it or giving anyone else a chance to read it and it is laden with pork. Same with the Porkulous package. Why did he not go through the proposal, line by line, as he said he would?
This is nothing but a smokescreeen to divert attention from the Trillions of fiat dollars our govermnent is spending in an attempt to build their vision of a Marxist dream — soon to be nightmare –as they drive us into an international melt down. If prosperous economies could be created by fiat money and deficits the whole world would be living in utopia now — wouldn’t it!
If our rulers were truly interesting in stimulating the governed, and resolving the economic malaise created by the same tactics they now advocate, they would declare a tax holiday on payroll tax and cap gains. The government currently takes $20 billion from payroll taxes every week. Under such a tax holiday The recession would be over tomorrow. Investors would flock here like flies. We wouldn’t notice a bank failing because there would be investors standing by waiting to pick up the pieces if and when it happens. But this could never create a Marxist dream for Mssrs. Obama. Pelosi and Reid.
Ralph, keep in mind that from a policy standpoint Bush wasn’t really attacked until after the spy plane was shot down over China in 2001. He had his 100 day grace period and then it started…
O’Bama will be attacked by the media…then again if he keeps up his weekly spots on ESPN and NBC maybe not. Someone told me the other day that they like the fact they have a “hip and cool” president. I’m happy people voted for someone “hip and cool.”
Dodd & Frank – I couldn’t agree with you more. Everyone blames the lack of oversight of the Bush administration, yet the policies that were in place on the financial system were the result of the Democratic president in 1999 and the prior 20 years of politics when it was determined it was an “American right” to own a home, instead of the “American dream.” Oh so easy to point the finger at Bush…
I just don’t understand why it’s acceptable for life long politicians such as Dodd and Frank to have accomplished nothing but approving the policies that created this mess and still retain their offices – why can’t corporations kick them out of the corner office like they do to the CEOs? Furthermore, why is it acceptable for politicians that have no reason to be running corporations to run a company? Seriously, these guys have never had a hand in business, yet they are telling companies how to operate – bring in the new socialist regime…