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AIG Bonuses

Discussion in 'Politics, Elections & Legislation' started by XTFreak, Mar 17, 2009.

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  1. XTFreak

    XTFreak TS Member

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    I think the AIG bonuses should be giving back as soon as Franklin Raines and Jamie Gorelick give back their bounus from Fannie / Freddie.

    This is making me sick ... liberals suck.
     
  2. BIGDON

    BIGDON Well-Known Member

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    Liberals should try looking up the word Contract and see what it means. AIG either pays the money or gets sued for not paying it and then has to pay it anyway.

    Don
     
  3. JBrooks

    JBrooks TS Member

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    Any idiot who doesn't want to understand contract law, sucks.
     
  4. Setterman

    Setterman Well-Known Member

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    Rush said today that Chris Dodds (yes, the same one that got us in trouble with Fannie and Freddie) added a rider in the AIG bailout agreement allowing the executive bonuses. At that time he knew the amount and what it was for. Now he's doing what he does best.......act stupid.

    Would that have anything to do with the fact that AIG is located in his district and donated $103,000 to his campaign???

    WTF
     
  5. waterhouselake

    waterhouselake TS Member

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    All the better reason to keep the governments nose out of this and let them go under......
     
  6. Barry C. Roach

    Barry C. Roach Well-Known Member

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    Slippery slope. Bonuses offered and should be paid per contract.
     
  7. bobdog

    bobdog Active Member

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    These are not performance bonuses, as I understand it. They are retention bonuses, and they are binding contracts.

    Retention bonuses are common in business wind-downs. I'm planning on some major restructuring and some serious cost cutting, and I can't afford to have everybody leave the day I announce it. So I make a contract with you and agree to pay you a bonus on December 31 as long as you agree not to leave the company before that date. You stay until December 31. I owe you the money or you have a cause of action against me for breach of contract.

    A performance contract is a lump sum payment conditioned on some sort of extraordinary performance on your part, such as meeting your sales objectives or writing more than 120% of last year's sales. If the company tanks or you don't do your part, you haven't met your obligation and are not due the bonus.

    If my understanding is correct, our Congressional reptiles are intentionally conflating the two to generate headlines, hoping nobody notices the difference.

    The question you have to ask yourself is whether Congress should be in the business of making everyday decisions for individual businesses or whether they're so full of themselves they think they run the country.

    The difference between a politician and God is that God doesn't think he's a politician.
     
  8. Dednlost

    Dednlost Member

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    It's too simple, the pay was in the contract and wasn't based on performance. These guys are owed their pay and that's it. I'm seeing more and more that Obama's team are very adept at misdirection and getting people worked up over the wrong issues and blaming the wrong people. The root of the problem is that the US govt gave money to AIG to start with, they have no business doing that and I say that is not what the Federal Governments role is. Even at that if they had not wanted the bonus's paid they could have specified it but I believe they knew the whole time and figure they can weather the storm but using the blame the other guy strategy.

    I've read many people expressing that the Feds limiting CEO's and other executives pay is a good thing, I disagree because it's not their role and once it's established that they can control one guys pay they can control mine too. Not that they don't control my standard of living thru taxation anyway.
     
  9. daddiooo

    daddiooo TS Supporters TS Supporters

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    The only way AIG could legally NOT pay these bonuses was to have filed bankruptcy weeks ago and these contracts would have been set aside under bankruptcy legalspeak.

    But congress, in their constantly selfserving interest, chose to keep throwing OUR money at a problem that just won't go away.

    There's plenty of blame to go around here Dems and Reps, but most of this crap started on Clintons watch while he was busy "not having sex with that woman".
     
  10. BT-100dc

    BT-100dc Active Member

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    Another success story with bailouts. Although bonuses were 1/10th of 1% of the bailout, when you just throw money at a problem expect this. Throw money my way and I'll spend or invest it and I'll guarantee I'll not waste it. The government knows that and will keep money from going to the rightful owners; we're good enough to keep paying the bill, but if you've been responsible, then you'll surely not benefit. The system doesn't work that way. BT-100dc
     
  11. Joe Potosky

    Joe Potosky Well-Known Member

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    <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/a-ZJPYWYMA4&rel=0&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/a-ZJPYWYMA4&rel=0&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object>

    Fox Business: While the Senate constructed the $787 billion stimulus last month, Senator Chris Dodd (D-Conn.) unexpectedly added an executive-compensation restriction to the bill.

    That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009,” which exempts the very AIG bonuses Dodd and others are seeking to tax.

    The amendment is in the final version and is law.

    Also, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.
     
  12. matttrapn

    matttrapn Active Member

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    What everyone (in the know) is saying here is simple. AIG, and our elected congress screwed us (ya' you, me, and every legal American citizen).

    I hope and pray we do not forget this come next election day????

    Matt
     
  13. bigdogtx

    bigdogtx Well-Known Member

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    Couple of discrepancies in the above posts,,,,I believe that the bonuses are .10% of the bailout....

    Chris Dodd DID NOT "unexpectedely" put this in,,,,he did what most politicians do,,,,UNDERHANDILY!!!!

    Let's not get lost in the bonuses and lose sight of the BAILOUT MONEY!!!!! That is what THEY WANT US TO DO!!!!

    Rush was right today when he said that America is being played as a FOOL!!!!
     
  14. bigdogtx

    bigdogtx Well-Known Member

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    Don't forget what Chuckie Schumer said, "Don't quibble over $200MM". Why the GRANDSTANDING NOW??????????????
     
  15. Big Jack

    Big Jack Well-Known Member

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    I have heard that AIG holds the retirement accounts for the Senators & Reps. They certainly wouldn't want those to go belly-up. Who would pay their outrageous pensions?

    Big Jack
     
  16. SirMissalott

    SirMissalott Active Member

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    flbuck,
    Yes in my humble RINO's suck as well. NONE of the SOB's care about anything except keeping they're sorry butts in office.
     
  17. BT-100dc

    BT-100dc Active Member

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    I corrected my thread to reflect the bonuses were 1/10th of 1% of the bailout. I believe Shummer refers to that kind of money as "chump change". That takes big balls and a mind filled with arrogance. BT-100dc
     
  18. Paladin

    Paladin Well-Known Member

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    "It's shocking," said Sen. Mitch McConnell, R-Ky., the minority leader, that "the administration would come to us now and act surprised."
     
  19. SeldomShoots

    SeldomShoots Active Member

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    Should have never given AIG the first bail out voted on in October, 08. Let them go belly up, then see what the employees get. As a taxpayer, I don't owe AIG's employees a dime. They can go sign up for unemployment just like everyone else who looses a job and the company goes into bankruptcy. John E.

    P.S. they weren't worth the bonuses to begin with if they have run the business into the ground like they have. What a bunch of idiots!!
     
  20. JBrooks

    JBrooks TS Member

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    "As a taxpayer, I don't owe AIG's employees a dime"

    Yes you do. As a taxpayer you are now a stockholder in AIG. They are YOUR employees and YOU owe them what is do on their contracts. How do you like socialism?
     
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