AIG paying out the Big Bonuses!

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Originally Posted By: Tempest
So they mandate that these contractually valid bonuses be given and a month later they (after wasting extraordinary amounts of tax dollars on a mock hearing) then demand the money be paid back via confiscatory taxes targeting very specific individuals, all the while ignoring tens of billions that went to foreign banks via their own legislation.

Nothing scary about that at all.


Who cares about that? Just as long as some rich person who peezed on us gets the thumb screws applied to them.

That's all I care about.
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Die you punk scums!!!
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How's your government destruction theme going, Tempest? I'm getting my jollies even though it's a net loss just like you do.
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It's those little victories that make losing a war so worthwhile.
 
Originally Posted By: Gary Allan
It's those little victories that make losing a war so worthwhile.
Quotable.
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Originally Posted By: Vilan
I'm sure the government will spend that extra tax money well... like on more bailouts.

Probably on lawyers to fight the legislation in court. This tax will expand to other companies...including the fully nationalized FM and FM...
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Legislation to severely tax bonuses at companies receiving government aid may imperil the ----- housing recovery program by igniting an exodus of employees from Fannie Mae and Freddie Mac, employees at the companies said.

The firms, which own or back half the nation's home loans, are the major players in the administration's efforts to lower mortgage rates and keep struggling borrowers in their homes by modifying distressed mortgages and preventing foreclosures.

Both House and Senate versions of legislation to tax bonuses single out District-based Fannie Mae and McLean-based Freddie Mac by name. The companies, seized by the government last fall, have received about $50 billion in taxpayer assistance.

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/19/AR2009031903810.html
Nothing like cutting your own feet off.
 
I am fully aware of that. Don't you think they should have done something about the bonuses before giving bailout money? In fact, they passed legislation demanding that they be paid.

You do realize that the government bailing these companies out has set up the environment to allow these bonuses to occur, don't you? If they hadn't bailed them out, there would be no bonuses to be had.
 
Originally Posted By: Tempest
I am fully aware of that. Don't you think they should have done something about the bonuses before giving bailout money? In fact, they passed legislation demanding that they be paid.

You do realize that the government bailing these companies out has set up the environment to allow these bonuses to occur, don't you? If they hadn't bailed them out, there would be no bonuses to be had.


Do you think a couple men on top of the command hierachy can focus on a couple hundren million dollars when they are focusing and haggling over a couple hundred billion.

This is purely a dog and pony show to satisfy the people who are against the bail out to begin with. It is a lot of money, but only a small percentage of the total money, nothing more than noise that got lost in the process (0.1%)

It will be defeated in the court, and by that time people would blame someone else other than the legislators (like our legal system, digging up more dirt in AIG, Goldman Sach, Russia, China, Swiss, PandaBear, Tempest, Gary Allan). I don't care whether these people get their money or not, as long as people can resolve the problem quickly and move on to more important topics.

I'd have problem with any leader that spend too much of his/her time over 0.1% of a problem, that is probably only 30% (bail out) of the whole picture (everything from national defense to health care, tax, education, social security, etc)
 
There is a silver lining in this AIG bonus spotlight.
It is going to make it much more difficult to get more of the taxpayer money for future stimulas, thus thwarting the far left or at least delaying them for a while.
 
Originally Posted By: Tempest
I am fully aware of that. Don't you think they should have done something about the bonuses before giving bailout money?


Absolutely! Yes. We agree here...

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In fact, they passed legislation demanding that they be paid.


Actually, most passed legislation without reading the fine print that "they" be paid...

Quote:
You do realize that the government bailing these companies out has set up the environment to allow these bonuses to occur, don't you? If they hadn't bailed them out, there would be no bonuses to be had.


Are you kidding me? Idiots destroying their companies has a long history of bonuses for (lack of) performance...

This was in fact the Wall Street way of 'entitlement' and largely the reason why Geitner thought nothing of it. Shame on him though!
 
Originally Posted By: Nickdfresh
Um, the taxes are only on companies that receive bailout money. Does anyone really have a problem with that? Really?


It's all just stupid, that's all. They shouldn't be given the bonuses in the first place, congress messed up by allowing it with OUR money. So they have a fix.........drum roll please..........we will tax the people's money that is really just tax dollars!!
 
Since the bail out AIG has written down their leveraged assets liability from something like 2.7 trillion to 1.6 trillion. Has it occurred to anyone that perhaps those bonuses went to execs who were responsible for that? or that they had nothing to do with the CDO's?
 
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Actually, most passed legislation without reading the fine print that "they" be paid...

I'm fully aware they didn't read the bill. That's their problem. Does everyone sleep well knowing that these same people have the "answers" to our problems and care enough about us not to read what they are voting on?

I fully agree with you that failure shouldn't be rewarded. However, the government bailed them out to keep them in business. Would they be in business if everyone at the department walked out of an insolvent company? NO. Sooooo....the government needs to keep these people happy if they hope to recoup their money.
Bringing the full weight of the US government down on their heads and having them worried about death threats does not help OUR 80% investment into AIG. It tends to make for unmotivated people.

Salesrep, good point.
 
Originally Posted By: Tempest

NO. And you think the government can do things better than the private sector?


No better, no worse. They got the same education and goes back and forth between public and private sectors.

The only thing I believe is that public servants can be criticized by the media and the public, so they have to do something when the sheep hits the fan. (see the bonus outcry)

Now the private sector employees and executives don't have these to worry about. A golden parachute is common in the private sector, but not in the public sector.
 
I wonder how many of the 1/3rd of citizens who pay no income tax are complaining about AIG executives getting their bonus money.

Many pay no tax, maybe even get an EITC, and yet complain when others get money, because it's MORE money.

The current crowd in Congress and in the Executive are making the last guy look like a genius with their recent missteps.
 
Originally Posted By: javacontour
The current crowd in Congress and in the Executive are making the last guy look like a genius


When he chokes on a pretzel and knocks himself out...I'll cede.
 
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