so, how come we are asking about retention bonuses when we have already released agents and closed branches? we lost money in the 1st quarter and yet, we have a profit in the second quarter. they should not be getting any bonuses if you look at the overall picture, they lost — LOST money. i think a bonus would only be achieved if they can continue for a full year, including any retention bonuses…
1) AIG is a financal holding company with over 200 seperate corporations in over 135 countries (until just recently)
2) AIG owns insurance companies which own insurance companies – all which are doing business in the United States are regulated by their state of domocile.
3) AIG owns non-insurance companies, most of which are not regulated because they have nothing to do with insurance (AIG Financial Products comes to mind – they are the ones who were the straw that broke AIG’s (and the world economy’s) back along with a general downturn in the real estate market (thank the Dems like Dodd, Reid, Pelosi and Frank for that because they forced Fannie and Freddie to rewrite to broaden / expand / loosen up the criteria for the loans acceptable in the secondary market). Then an unregulated Wall Street invented dirivetives (sp) and got greedy.
4) Each corporation owned by AIG runs their own P&L – it is they that are paying bonuses not AIG Holding for both production (profit) and retention (a b/s concept invented by Wall Street – and BTW something that Greenberg NEVER would have allowed – these came into being under Martin Sullivan’s tenure after Greenberg.
5) Lawyers get paid whether you are buying or selling something (i.e. real estate or get out of jail or anti-regulation or PACs or politicians – they don’t care and certainly have no stake like stockholders do.
6) Finally, the press has absolutely twisted the facts of AIG business units activities and results into some form of evil empire conspiracy called AIG. I say the press has caused financial harm to not only AIG (and its stockholders including the Federal Gov’t) but to each of us taxpayers because the value of AIG’s holdings has been adversely impacted by these flagrant libelous articles. Sure there may not have been (and perhaps should be) federal regulations over much of Wall Street but there has been state level regulation over the insurance industry for years and that has worked. If you lived in Florida or Texas, or Lousianna or Mississippi or Alabama, etc. – remember those hurricanes and the insurance company insolvancies but the claims were ultimately paid as a result of the safety nets created by regulation.
SO all of you AIG bashers either sell your stock and shut up and invest elsewhere or buy more stock now because maybe there is a profitable entity within what currently makes up the holding company called AIG.
HOLY CRAP!!!!!!!!!!!!!!!!!
Comment:
COULD YOU IMAGINE IF WE HAD ALL THE TOP MATHEMATICIANS GET TOGETHER AND CRUNCH THE NUMBERS THAT IS BEING SPENT ON INSURANCE LOBBYISTS AND ATTORNIES? I BELIEVE WE COULD HAVE HEALTH CARE FOR EVEYONE ON THE PLANET TEN TIMES OVER, PENNY WISE AND POUND FOOLISH. MELANIE This is the third multimillion dollar agreement negotiated by the Ohio Funds in the AIG case. The Ohio Attorney General’s Office previously announced a $97.5 million settlement with PricewaterhouseCoopersLLP and a $72 million settlement with General Reinsurance Corp.
The Attorney
WHERE DOES THIS MONEY GO? WHO TRACKS THIS MONEY? IS THIS WHY THE GOVERNMENT DOESN’T STOP THESE GUYS FROM THIS KIND OF FRAUD? BECAUSE THERE ARE TOO MANY BUCKS INVOLVED? DID YOU EVER THINK ABOUT ALL OF THE LAWS THAT ARE MADE? DOES ANYONE EVEN KNOW WHAT THE LAWS ARE ANYMORE? BETWEEN THE INSURANCE INDUSTRY AND THE ATTORNIES WE ARE WASTING TRILLIONS OF DOLLARS. PLEASE GOD TELL ME THAT SOMEONE ON THIS PLANET HAS A LITTLE COMMON SENSE!
Why did AIG hand out all of those bonus checks to hold onto valued employees, when they knew all along that they would inevitably fire many of these employees? Wasn’t that a waste of the taxpayers’ dollars? That money should have been put aside for emergencies instead of being handed out. Basically, AIG administrators and employees are looting the government coiffeurs before their corporate entity finally sinks and drowns into oblivion.
First of all none of the states have enough money to regulate the insurance industry.
Second, Insurance lobby money is running most of the legislation in States where politians simply don’t understand how to regulate.
Third, our gov’t rolled over and forked out 180 billion plus without debate, without any consideration, without any control over the money, without even considering that we as a country had better things to do with that money – like health care reform.
And you are trying to convince people that the bankruptcies (insolvencies, fancy word) and the hugh delays and controvercies over coverage (wind before flood or vice versa) was normal and there is nothing wrong with the states regulation. The states are totally dependent on our federal gov’t to come in and clean up after a disaster, because they have no plan, no regulatory control over an industry that displayed total collapse after hurricane Katrina.
Remember State Farm’s employees testifying that the company was actually paying the engineers to purposely underestimate damages during hurricane Katrina.
How did this pan out anyway? I bet that the States Regulation came down hard with an extremely strong recommendation for State Farm and put them in there place. I’m just too sure the State came to all of the policy holders rescue and strongly recommended that the insurers pay the storm/wind losses, especially since we all know that the wind travels faster then water and that the roof blew off before the water even got there. Oh and how long did policy holders have to wait to be paid? I guess the States don’t have any regulation to make companies pay within a certain time frame (like 24 to 48 hours), or obligate them to pay loss of use (you know so there not sleeping in tents) until the property damage investigation is complete. Why do something like this? Our poor little insurance companies would be paying way too much and not making any money. BOO HOO.
I’m too sure also that it’s AOK for a corporation to own many insurers and have them under the same umbrella, which I’m too sure the States are completley on top of this. Right? Oh and we certainly shouldn’t have any regulation preventing insurers from taking my hard earned premium dollars to make high risk/no guarantee investments with. NO NO NO, I won’t stand for it any regulation, I love insurance companies and I love the way the screw up, and I love forgiving them and giving them my tax dollars when they mess up and absolutely I do not care if they don’t want to pay taxes and don’t want any regulation. They are so great and wonderfull please don’t change a damn thing. GIVE THEM ALL A RAISE WITH MY TAX DOLLARS. I don’t mind being extorted for money.
so, how come we are asking about retention bonuses when we have already released agents and closed branches? we lost money in the 1st quarter and yet, we have a profit in the second quarter. they should not be getting any bonuses if you look at the overall picture, they lost — LOST money. i think a bonus would only be achieved if they can continue for a full year, including any retention bonuses…
Wudchuck, get a life! Same old story out of you.
1) AIG is a financal holding company with over 200 seperate corporations in over 135 countries (until just recently)
2) AIG owns insurance companies which own insurance companies – all which are doing business in the United States are regulated by their state of domocile.
3) AIG owns non-insurance companies, most of which are not regulated because they have nothing to do with insurance (AIG Financial Products comes to mind – they are the ones who were the straw that broke AIG’s (and the world economy’s) back along with a general downturn in the real estate market (thank the Dems like Dodd, Reid, Pelosi and Frank for that because they forced Fannie and Freddie to rewrite to broaden / expand / loosen up the criteria for the loans acceptable in the secondary market). Then an unregulated Wall Street invented dirivetives (sp) and got greedy.
4) Each corporation owned by AIG runs their own P&L – it is they that are paying bonuses not AIG Holding for both production (profit) and retention (a b/s concept invented by Wall Street – and BTW something that Greenberg NEVER would have allowed – these came into being under Martin Sullivan’s tenure after Greenberg.
5) Lawyers get paid whether you are buying or selling something (i.e. real estate or get out of jail or anti-regulation or PACs or politicians – they don’t care and certainly have no stake like stockholders do.
6) Finally, the press has absolutely twisted the facts of AIG business units activities and results into some form of evil empire conspiracy called AIG. I say the press has caused financial harm to not only AIG (and its stockholders including the Federal Gov’t) but to each of us taxpayers because the value of AIG’s holdings has been adversely impacted by these flagrant libelous articles. Sure there may not have been (and perhaps should be) federal regulations over much of Wall Street but there has been state level regulation over the insurance industry for years and that has worked. If you lived in Florida or Texas, or Lousianna or Mississippi or Alabama, etc. – remember those hurricanes and the insurance company insolvancies but the claims were ultimately paid as a result of the safety nets created by regulation.
SO all of you AIG bashers either sell your stock and shut up and invest elsewhere or buy more stock now because maybe there is a profitable entity within what currently makes up the holding company called AIG.
HOLY CRAP!!!!!!!!!!!!!!!!!
Comment:
COULD YOU IMAGINE IF WE HAD ALL THE TOP MATHEMATICIANS GET TOGETHER AND CRUNCH THE NUMBERS THAT IS BEING SPENT ON INSURANCE LOBBYISTS AND ATTORNIES? I BELIEVE WE COULD HAVE HEALTH CARE FOR EVEYONE ON THE PLANET TEN TIMES OVER, PENNY WISE AND POUND FOOLISH. MELANIE This is the third multimillion dollar agreement negotiated by the Ohio Funds in the AIG case. The Ohio Attorney General’s Office previously announced a $97.5 million settlement with PricewaterhouseCoopersLLP and a $72 million settlement with General Reinsurance Corp.
The Attorney
WHERE DOES THIS MONEY GO? WHO TRACKS THIS MONEY? IS THIS WHY THE GOVERNMENT DOESN’T STOP THESE GUYS FROM THIS KIND OF FRAUD? BECAUSE THERE ARE TOO MANY BUCKS INVOLVED? DID YOU EVER THINK ABOUT ALL OF THE LAWS THAT ARE MADE? DOES ANYONE EVEN KNOW WHAT THE LAWS ARE ANYMORE? BETWEEN THE INSURANCE INDUSTRY AND THE ATTORNIES WE ARE WASTING TRILLIONS OF DOLLARS. PLEASE GOD TELL ME THAT SOMEONE ON THIS PLANET HAS A LITTLE COMMON SENSE!
Why did AIG hand out all of those bonus checks to hold onto valued employees, when they knew all along that they would inevitably fire many of these employees? Wasn’t that a waste of the taxpayers’ dollars? That money should have been put aside for emergencies instead of being handed out. Basically, AIG administrators and employees are looting the government coiffeurs before their corporate entity finally sinks and drowns into oblivion.
This may help where the popular press have failed
http://www.vanityfair.com/politics/features/2009/08/aig200908?printable=true¤tPage=all
First of all none of the states have enough money to regulate the insurance industry.
Second, Insurance lobby money is running most of the legislation in States where politians simply don’t understand how to regulate.
Third, our gov’t rolled over and forked out 180 billion plus without debate, without any consideration, without any control over the money, without even considering that we as a country had better things to do with that money – like health care reform.
And you are trying to convince people that the bankruptcies (insolvencies, fancy word) and the hugh delays and controvercies over coverage (wind before flood or vice versa) was normal and there is nothing wrong with the states regulation. The states are totally dependent on our federal gov’t to come in and clean up after a disaster, because they have no plan, no regulatory control over an industry that displayed total collapse after hurricane Katrina.
Remember State Farm’s employees testifying that the company was actually paying the engineers to purposely underestimate damages during hurricane Katrina.
How did this pan out anyway? I bet that the States Regulation came down hard with an extremely strong recommendation for State Farm and put them in there place. I’m just too sure the State came to all of the policy holders rescue and strongly recommended that the insurers pay the storm/wind losses, especially since we all know that the wind travels faster then water and that the roof blew off before the water even got there. Oh and how long did policy holders have to wait to be paid? I guess the States don’t have any regulation to make companies pay within a certain time frame (like 24 to 48 hours), or obligate them to pay loss of use (you know so there not sleeping in tents) until the property damage investigation is complete. Why do something like this? Our poor little insurance companies would be paying way too much and not making any money. BOO HOO.
I’m too sure also that it’s AOK for a corporation to own many insurers and have them under the same umbrella, which I’m too sure the States are completley on top of this. Right? Oh and we certainly shouldn’t have any regulation preventing insurers from taking my hard earned premium dollars to make high risk/no guarantee investments with. NO NO NO, I won’t stand for it any regulation, I love insurance companies and I love the way the screw up, and I love forgiving them and giving them my tax dollars when they mess up and absolutely I do not care if they don’t want to pay taxes and don’t want any regulation. They are so great and wonderfull please don’t change a damn thing. GIVE THEM ALL A RAISE WITH MY TAX DOLLARS. I don’t mind being extorted for money.
COME ON WHERE’s your prestigous, educated, convoluted response?