It is pretty self explanatory. The years of apathy and ignorance of our system demonstrated by the electorate have finally allowed our government’s branches(yes, all branches) to truly represent the electorate. Cumulatively our elected officials are just as stupid as the people that voted them there. And from there we can go on to a few other problems we face as a nation.
…and the good news is if you vote them out of office, they still get your tax dollars with their fully funded retirement program. I wish I could vote that in for MYSELF! Ahh retirement…..
Simple underwriting would dictate that AIG managment should have laid it out to their employees this way:
We know the bonuses are due to be paid. We are taking billions from the government and it is not going to look good. We can add extra security at the offices but not at your homes. You have to make a personal decision about taking your bonus or not. It will be in all the major newspapers and will be a very high profile item. Let us know what you decide.
AIG was a dead company and if not for the bailout, no one would have received any bonus, probably not even the salary! So why the fuss; I can’t understand why there is so much discussion about bonus when none was merited. It is like rewarding poachers. If a mistake is made it should be corrected immediately instead of taking cover under some so called principle. Justice dictates that those responsible for the demise of a company should face the consequences of their action. Good luck to the fools who are scouting for talents from dead companies, the very top fellows who brought down the financial institutions.
As for those who want to return the government bailout, I am sure some like Goldman Sachs wouldn’t be saying so if they didn’t receive billions of dollars through AIG bailout. The bailout of AIG was arranged by Treasury and Federal Reserve to help,I believe, their cronies in wall street. Is it a surprise that the former treasury secretary, the current AIG chief and Goldman Sachs have something in common. Everything points to a betrayal of the American people.
The problem is that it really wasn’t a bonus, as you define it. It was really alternative compensation. Look at it this way. You make 100K per year. Before taking the gig you agree to be paid 20K over the course of the year, and then receive the remaining 80K at the end of the year in the form of a lumpsum dividend or bonus. It would be like walmart saying we’ll pay you $2 an hour over the whole year, and then you’ll get the other $8 an hour at the end of the year in a lumpsum payment. That how these AIG guys got paid. The contracts were signed. So, when the Gov’t gave AIG the money, without strings, AIG did what congress knew it was contractually obligated to do and paid out the lump sum payments. Congress is criminal to turn around and act like they didn’t know and try to take the money.
Imagine working out an agreement with your bank where you make one mortgage payment for the whole year, after you receive your bonus. That might be making it too simplistic, but, faced with that situation, what do you do when the Gov’t turns around and says we’re going to take all that money?
Oh it doesn’t matter just keep voting me back I LOVE THIS PLACE!…
Same goes for Christopher Todd also…..
who’s Christopher Todd?
It is pretty self explanatory. The years of apathy and ignorance of our system demonstrated by the electorate have finally allowed our government’s branches(yes, all branches) to truly represent the electorate. Cumulatively our elected officials are just as stupid as the people that voted them there. And from there we can go on to a few other problems we face as a nation.
…and the good news is if you vote them out of office, they still get your tax dollars with their fully funded retirement program. I wish I could vote that in for MYSELF! Ahh retirement…..
Simple underwriting would dictate that AIG managment should have laid it out to their employees this way:
We know the bonuses are due to be paid. We are taking billions from the government and it is not going to look good. We can add extra security at the offices but not at your homes. You have to make a personal decision about taking your bonus or not. It will be in all the major newspapers and will be a very high profile item. Let us know what you decide.
AIG was a dead company and if not for the bailout, no one would have received any bonus, probably not even the salary! So why the fuss; I can’t understand why there is so much discussion about bonus when none was merited. It is like rewarding poachers. If a mistake is made it should be corrected immediately instead of taking cover under some so called principle. Justice dictates that those responsible for the demise of a company should face the consequences of their action. Good luck to the fools who are scouting for talents from dead companies, the very top fellows who brought down the financial institutions.
As for those who want to return the government bailout, I am sure some like Goldman Sachs wouldn’t be saying so if they didn’t receive billions of dollars through AIG bailout. The bailout of AIG was arranged by Treasury and Federal Reserve to help,I believe, their cronies in wall street. Is it a surprise that the former treasury secretary, the current AIG chief and Goldman Sachs have something in common. Everything points to a betrayal of the American people.
Blame others is standard operational procedure of politicians. Their pet government sponsored entities, FannieMae & FreddieMac were the prime movers.
When investing I try to stay far away from companies government has their eyes on.
The problem is that it really wasn’t a bonus, as you define it. It was really alternative compensation. Look at it this way. You make 100K per year. Before taking the gig you agree to be paid 20K over the course of the year, and then receive the remaining 80K at the end of the year in the form of a lumpsum dividend or bonus. It would be like walmart saying we’ll pay you $2 an hour over the whole year, and then you’ll get the other $8 an hour at the end of the year in a lumpsum payment. That how these AIG guys got paid. The contracts were signed. So, when the Gov’t gave AIG the money, without strings, AIG did what congress knew it was contractually obligated to do and paid out the lump sum payments. Congress is criminal to turn around and act like they didn’t know and try to take the money.
Imagine working out an agreement with your bank where you make one mortgage payment for the whole year, after you receive your bonus. That might be making it too simplistic, but, faced with that situation, what do you do when the Gov’t turns around and says we’re going to take all that money?