AIG paying out the Big Bonuses!

[Gary Allan]

Originally Posted By: Tempest

There is no tax plan there. It's all hypothetical.

So is most of the stuff you suggest happens when "wealth gets help"

None of it translates to better for the nation as a whole. It just allows the "just leave us alone to enjoy our life! There's no hope for you!" crowd to have it easier

 

[msparks]

Originally Posted By: sciphi
Forget this. Let's just give the money straight to the Swiss.


I think they gave the swiss something like 15 Billion. Been there done that.

I was listen to Beck today, and he listed how many billions that AIG paid out to foreign countries. That is what should be reported.

 

[Amkeer]

Like I said before they passed the first TARP that we calculated about 2.7 trillion would be needed. We believe now this first calculated number may be low. Taking in the enormous corruption, and growing amount of the influential that want a piece, the first number could double.

What they will end up doing is excusing it away as a scandal, and sweeping it under the carpet. They know the majority is short minded, and will not do enough complaining. Meanwhile the fat cats will be lining themselves, and family members with huge amounts of assets. Businesses will be started to benefit their needs to funnel cash.

So until you and I are willing to do something about it, the battering will continue.

 

[Gary Allan]

Quote:
So until you and I are willing to do something about it, the battering will continue.


Short of the Tim McVay approach ..I doubt much is really going to change. What will occur, imo, is that this will be a managed decline ..as were all others. Just keep the mob at bay with trinkets long enough to make remedial action even more expensive. You always maneuver them into a bad spot ..and then do something otherwise unacceptable since the alternative is even worse. It's a proven technique. By the time we get militant ..it won't make a darn bit of difference.

 

[Pablo]

I find it supremely ironic the words being using for these bonuses are "extremely distasteful" and "to the woodshed" and you guessed it, Barney Frank is doing the grilling at the weenie roast.

Nothing will change. We are idiots and they have known it forever.

 

[jsharp]

Wondering when all our servants in Washington will return all of the campaign contributions that AIG made last year.

I don't think I'll hold my breath on that...

 

[Pablo]

Good point. Even the holiest of the holy got around $110K from AIG. Small potatoes, I guess.

 

[Kestas]

Someone told me AIG handles the pensions for government employees. Is this true? It would explain why this is such a messy situation with heavy political overtones.

 

[PandaBear]

Originally Posted By: Tempest
There is no tax plan there. It's all hypothetical.

So, your hypothetical tax cut would benefit everyone by trickle down.

What about these AIG bonuses? They will be trickle down like the tax cut too, I assume? It is letting people keeping more of their money (income just like salary). So they will spend it right? And the government is doing us a favor by injecting money to the AIG and let them hand out these bonuses.

So why are you complaining that the government is not efficiently using the tax payers' money, and call it the elephant in the room?

 

[Tempest]

Originally Posted By: msparks
Originally Posted By: sciphi
Forget this. Let's just give the money straight to the Swiss.


I think they gave the swiss something like 15 Billion. Been there done that.

I was listen to Beck today, and he listed how many billions that AIG paid out to foreign countries. That is what should be reported.

Quote:
American International Group (AIG: 1.36, 0.41, 43.16%) disclosed that it used more than $120 billion in government assistance last year to settle insurance contracts with Goldman Sachs (GS: 105.221, 6.2862, 6.35%) and other financial institutions, including foreign banks, as well as to municipal governments in many states.

Goldman Sachs is the largest counterparty recipient, though not by much, with various payments totaling $12.9 billion. The French financial services company Societe Generale received $11.9 billion, Germany's Deutsche Bank $11.8 billion, Britain's Barclays (BCS: 6.18, 0.88, 16.6%) with $8.5 billion, Merrill Lynch (BAC: 7.62, 1.39, 22.31%) with $6.8 billion and Bank of America $5.2 billion.

Switzerland's UBS received $5 billion, and $4.9 billion went to France's BNP Paribas. These are all payments made after Sept. 16, when the federal government seized control of AIG with an $85 billion loan. The company did not include any counterparty payments beyond Dec. 31.

The company paid these companies in recent months to settle prearranged contracts. AIG covered those companies against losses on mortgage-backed securities insured with credit default swaps. AIG still has $1.6 trillion in credit default swaps left to settle.

http://www.foxbusiness.com/story/markets/economy/aig-reveals-used-taxpayer-money/
So we should honor the contracts with the foreign banks for ten do billions but we should break valid contracts for individuals that fulfilled their side of the bargain?

This is very dangerous stuff the government is proposing. Including violating ex post facto restrictions in the Constitution. Of course that is no longer worth the paper it was written on....

The payment structure has been known for at least one year (prior to the government take over), and there IS a federal law specifically stating that these contracts are valid. Is the government now reneging on it's own word? Sure seems that way.

 

[salesrep]

They (congress and the WH) knew it...made the decision to support payments to the afore mentioned entities...it was going to be billions...that paltry bonus thing did not matter...let those bonuses go thru,but we will curb future ones..............whoops, public outcry...now let's focus on the 1/1000 of the debacle.

 

[ArrestMeRedZ]

These hearings remind me of a third world crook who distracts you by flashing something bright and shiney in your face with his right hand, then picks your pocket with his left hand.
While these bonuses tend to peturb people immensely, they are small potatos when compared to the unaccounted billions flowing out the door.

Pablo, I can't believe you used "Barney Franks" and "weenie roast" in the same sentance!

 

[Pablo]

Those are distasteful ballpork franks.

 

[BearZDefect]

AIG, the A is for American.

Shameless.

ArrestMeRedZ, the new weapons of mass distraction?

 

[Tempest]

Now a US Senator caught in a lie on who and when. This is an orchestrated disinformation campain against the American people by their own government!

Ignore the tens of billions to foreign banks and the new $1 trillion the FED is printing.... Pay no attention to the man behind the curtain.

 

[Drew99GT]

Originally Posted By: Tempest
This is an orchestrated disinformation campain against the American people by their own government!



Boy, you're all huffy fluffy about that now, but when "conservatives" do it, it's legit.

Or, you try and engineer some pseudo reality that they're not liers as well.

I love it!

 

[Tempest]

We've been down that road Drew, and we can't get into here since you want to use the "C" word.

It would appear though that you agree with my statement on the current situation...

 

[NJC]

Take this!

Quote:
WASHINGTON – Acting swiftly, the Democratic-led House approved a bill Thursday to slap punishing taxes on big employee bonuses at firms bailed out by taxpayers. The bill would impose a 90 percent tax on bonuses given to employees with family incomes above $250,000 at American International Group and other companies that have received at least $5 billion in government bailout money.

90% tax. Bwahaha.

 

[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.

 

[NJC]

I doubt they are "ignoring" the billions, but they are somewhat forced to go after AIG bonuses due to public fury. It became too visible not to do anything.