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A.I.G. to Pay $100 Million in Bonuses After Huge Bailout

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posted on Mar, 14 2009 @ 08:50 PM
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After reading this...I am sickened. How long can this outrageous corruption continue, allowed by the U.S. Government?


Despite being bailed out with more than $170 billion from the Treasury and Federal Reserve, the American International Group is preparing to pay about $100 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year.


An official in the Obama administration said Saturday that Treasury Secretary Timothy F. Geithner had called A.I.G.’s government-appointed chairman, Edward M. Liddy, on Wednesday and asked that the company renegotiate the bonuses.

Administration officials said they had managed to reduce some of the bonuses but had allowed most of them to go forward after the company’s chief executive said A.I.G. was contractually obligated to pay them.



www.nytimes.com...

Agreed Airianna Huffington is a liberal...I appreciate her fiercness here!
www.sltrib.com...



A formerly famous and now mostly forgotten poet of nonsense verse once said: "There are known knowns. There are things we know that we know. There are known unknowns . . . there are also unknown unknowns."

That was, of course, Donald Rumsfeld, but it doesn't sound too different from your average briefing/Congressional testimony/interview by Timothy Geithner. Besides being awash in toxic paper, credit default swaps, and collateralized debt obligations, we seem to be drowning in unknowns. Only, I get the sense that there are fewer unknowns than we're being told.

While we're rewarding the risk-taking shareholders of various zombie banks -- not to mention the mysterious, unconfirmed counterparties to AIG's serial recklessness -- how about rewarding the taxpayers, if not with an actual return on our bailout investment then at least with information about what exactly is being done with our money? It's time to call in all the unknowns.

Instead, we're greeted with a wall of manufactured complexity by the people whose job it is to make known unknowns into known knowns. There is nothing complex about the way CEOs like John Thain, Ed Liddy, Lloyd Blankfein, John Mack, Vikram Pandit and Ken Lewis turned bailout billions into Wall Street bonus money -- and no justification for keeping taxpayers in the dark about the giveaways ( Vanity Fair's Michael Shnayerson breaks down the jaw-dropping and blood-boiling numbers).




[edit on 14-3-2009 by burntheships]




posted on Mar, 14 2009 @ 08:54 PM
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reply to post by burntheships
 


The U.S. Government? Don't you mean the corporation doing the business for the U.S. Government? 1871 was the year that all ended. We are living under a fiction.

So, yeah, no surprises why this is happening.



[edit on 14-3-2009 by pluckynoonez]



posted on Mar, 14 2009 @ 09:16 PM
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Originally posted by burntheships
After reading this...I am sickened. How long can this outrageous corruption continue, allowed by the U.S. Government?


The corruption "IS" the a fore mentioned,

How can the people who broke the industry be rewarded?
They all should be investigated and removed from positions.
Bla, bla, bla, here I go again.
I feel sick and need to go puke.



posted on Mar, 14 2009 @ 09:17 PM
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All I really have to say is four words.....


NO TAXATION WITHOUT REPRESENTATION!!!!!!!!






[edit on 14-3-2009 by mybigunit]



posted on Mar, 14 2009 @ 09:54 PM
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Originally posted by burntheships
After reading this...I am sickened. How long can this outrageous corruption continue, allowed by the U.S. Government?




It's never gonna stop until the american people take up arms against the govt. Guns and jury nulllification - that's the answer. We need to shoot govt officials who take bribes and juries need to acquit the shooters.


Ex

posted on Mar, 14 2009 @ 10:10 PM
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All I Can Say Is..........

AIG
.........ARE YOU **CKING KIDDING ME???!!!!!!!

I can find no appropriate language
to this fleecing of the American taxpayer!!!
I want to know what AIG is!
An insurance company?
A bank?

Open the books and tell us smucks that are paying for this bailout
EXACTLY what this company has coming in, and for what
and what is going out, and for what!

( I know too much to ask.............)



[edit on 3/14/2009 by Ex]



posted on Mar, 14 2009 @ 10:38 PM
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Has the mob become the government? Is AIG a black hole that will suck the American taxpayer dry? There is no end to the complicity of our corrupt Congress?

The problems here is the federal government of the United States, yes our own representatives...our corrupt and ineffective legislators, led by the two major decoy parties! I am fighting mad!

This is the same worthless scum bag corporation that took taxpayer money and went to the spa...

voices.washingtonpost.com...


Showing a photograph of the resort, Waxman said the executives spent $200,000 for rooms, $150,000 for meals and $23,000 for the spa.



"They were getting their manicures, their pedicures, massages, their facials while the American people were paying their bills," thundered Rep. Elijah E. Cummings (D-Md.), of the executive retreat at the Monarch Resort.


Ex

posted on Mar, 14 2009 @ 11:08 PM
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I did a little snooping ......it gets even better!

LINK- Wikipedia
# ^ Many blame the financial problems on the legal problems AIG began having as a result of a number of goverment investigations alleging fraud and other inproprieties which went all the way to the office of its then chairman, Maurice Greenberg. These problems placed such a focus on AIG's activities that it created a level of required transparency and fear of getting caught, which many believe forced the company to be less active and willing to cheat its way out of these problems. A manner of doing business it learned with its core activity of denying legitimate insurance claims and then pressuring its insureds, their witnesess and anyone else coming to their support while trying to intimidate judges and insurance commissioners. So who began all this? In may 2001 an insurance claimant and shareholder by the name of Cesar Balbin stepped into the annual shareholders meetings. For the first time ever in the company's history, AIG was publicly accused and exposed for criminal and civil racketeering activities including: extortion, blackmale, claims fraud, theft of company equity and so on. Balbin, knew the company was fragil. The ball of snow he started came down hill and grew as it did. It took with it the chairman, billions of dollars and led to a greater transparency and fear that possibly contribuited to inaction by many at AIG to participate in its typically less that legal and proper activities required to keep the company afloat. "Letter from Maurice Greenberg to AIG Ceo and Board of Directors" (PDF). WikiLeaks. 2008-09-16. secure....__._/wiki/Image:AIG09162008.pdf. Retrieved on 2008-09-17.

LINK To AIG Services
American International Group, Inc., through its subsidiaries, provides insurance and financial services in the United States and internationally. It operates in four segments: General Insurance, Life Insurance and Retirement Services, Financial Services, and Asset Management. The General Insurance segment underwrites various business insurance products, including large commercial or industrial property insurance, excess liability, inland marine, environmental, workers’ compensation, and excess and umbrella coverages. It also offers various specialized forms of insurance, such as aviation, accident and health, equipment breakdown, directors and officers liability, difference-in-conditions, kidnap-ransom, export credit and political risk, and professional errors and omissions coverages. In addition, this segment provides property and casualty reinsurance products to insurers; automobile insurance products; residential mortgage guaranty insurance products; and commercial and consumer lines of insurance products. The Life Insurance and Retirement Services segment offers individual and group life, payout annuities, endowment, and accident and health policies, as well as retirement savings products consisting of fixed and variable annuities. The Financial Services segment provides commercial aircraft and equipment leasing, capital market operations, consumer finance, and insurance premium financing. The Asset Management segment offers investment-related services and investment products to individuals, pension funds, and institutions. The company was founded in 1967 and is based in New York, New York.



posted on Mar, 14 2009 @ 11:19 PM
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reply to post by Ex
 


Good information...only there is a deeper history here...a more conspiratorial background...going all the way back to 1919.


1919 The AIG companies were one of the very few U.S. companies to have their origins in China when their founder, C.V. Starr, formed American Asiatic Underwriters in Shanghai.
1921 C. V. Starr founded Asia Life Insurance Company, the first foreign life operation to offer products and services to the Chinese people.
1931 International Assurance Company, Ltd was established. It was renamed American International Assurance Company, Limited in 1948.
1975 AIG former Chairman & CEO, Maurice R. Greenberg, made his first visit to Beijing and has since traveled many times to China.
1980 The AIG companies opened a representative office in Beijing, the first set up in modern China by a foreign financial institution.
China America Insurance Company (CAIC) was formed as a 50-50 joint venture between AIG companies and the People's Insurance Company of China (PICC). This was the first joint venture between a foreign insurance organization and PICC.
1990 The AIG companies organized, financed and chaired a major financial services conference in Shanghai to assist then Mayor Zhu Rongji in introducing the international financial community to investment opportunities in Shanghai.
1992 The AIG companies strengthened their presence in China through a branch office of AIA in Shanghai, the first foreign-owned life and non-life insurance business to receive a license from the People's Bank of China.
1994 AIA-Shanghai and Fudan University jointly established AIA-Fudan Actuarial Center.
AIA Information Technology (Guangzhou) Co., Ltd. was established.
1995 The AIG companies were granted life and non-life insurance licenses for Guangzhou by the People's Bank of China.
1996 AIA signed a 30-year lease agreement on the building at 17 Zhongshan East No. 1 Road in the heart of Shanghai's famous Bund. This special building was home to C. V. Starr's original Shanghai insurance companies.
AIA-Zhongda Actuarial Center was established in Guangzhou.
1997 On approval from the People's Bank of China, AIA Shanghai General Insurance Division was re-named and established as AIU Insurance Company Shanghai Branch.
1998 AIA celebrated its historic return to Shanghai's Bund.
1999 The AIG companies obtained licenses from the China Insurance Regulatory Commission (CIRC) to operate life and non-life insurance business in Foshan and Shenzhen. AIA and AIU Foshan sub-branches and Shenzhen branches were officially opened to operate life and non-life insurance.
AIA-Keda Actuarial Center was established in Hefei, capital of Anhui province.
2000 AIA Information Technology (Beijing) Co. Ltd. was established.
2001 The AIG companies were granted approval from the CIRC to set up wholly-owned life insurance operations in Beijing and Suzhou, as well as two sub-branches in the cities of Dongguan and Jiangmen in Guangdong Province.
A representative office was opened in Chengdu, Sichuan Province.
2002 AIA branch offices were opened in Beijing and Suzhou, and sub-branch offices in Dongguan and Jiangmen.
AIG Consulting Services Co, Ltd. was established in Beijing.
AIG Global Investment Corporation (Asia) established a representative office in Shanghai.
AIA-Beida Actuarial Center was established in Beijing.
2003 The AIG companies acquired a 9.9% stake in PICC P&C's outstanding share capital at its Initial Public Offering in Hong Kong, and reached a co-operative agreement with PICC P&C to develop the accident and health insurance market in China.
2004 AIG Global Investment Corporation, Huatai Securities Company Limited and three other participants were granted approval from the China Securities Regulatory Commission (CSRC) to start preparatory work for the establishment of AIG-Huatai Fund Management Company Limited. The compamy was approved to open business in November.
2005 Approved by the China Securities Regulatory Commission, The Ministry of Commerce and the State Administration for Industry and Commerce, AIG Global Investment Corp. raised its stake in AIG-Huaitai Fund Management Company Limited, from 33 percent to 49 percent.

AIG Private Bank Ltd. received approval from the China banking Regulatory Commission to set up its representative office in Shanghai. It is the first foreign private bank to receive approval to open a representative office in Shanghai.

www1.aia.com.cn...

This is unreal! Ties right into China buying our Debt.
Keep Your Powder Dry ~ The Calm Before The Storm



posted on Mar, 14 2009 @ 11:22 PM
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reply to post by Ex
 


This expenditure is boldfaced, indifferent to others. It's easy to perceive their strength and ruthfullness.

Obama & Team don't like it, but they don't dare stop it. $170 B for one company of the world.

AIG: "Excuse me, give me your money!"

Gov. & Military: "Don't forget our cut!"


[edit on 14-3-2009 by SS,Naga]


Ex

posted on Mar, 14 2009 @ 11:27 PM
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WOW!!
No wonder they keep saying we can't let AIG go down
Direct links to China, funny how CNN never mentioned these facts!


Ex

posted on Mar, 14 2009 @ 11:32 PM
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reply to post by Ex
 


I know weird, replying to my own posts.

Does anyone know what these things really are
and could you please explain them to me??

difference-in-conditions, kidnap-ransom, export credit and political risk



posted on Mar, 15 2009 @ 12:06 AM
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Ex...in realation to this thread? Or in general terms?




posted on Mar, 15 2009 @ 12:22 AM
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Un-flippin-believable....


While the average american is struggling to stay afloat, it's nice to know our tax dollars are going to the crooks so they can be sure to get those fat a$$ bonuses.


Seriously makes me want to



posted on Mar, 15 2009 @ 12:33 AM
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Wow utter ludicrious. I blame Obama he should stop this and take a stand as the only reason this company is still afloat is due to our tax dollars, they should be happy they still have a job, bonuses pfft.



posted on Mar, 15 2009 @ 01:25 AM
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From what I'm reading its actually gonna be more like $165 Billion.

AIG Paying Out $165M in Bonuses


The Treasury Department determined the government did not have the legal authority to block the current payments by the company.


And herein lies the problem we keep coming back to. Corporate Greed and unflattering business practices are preventing us from ever solving the real problem. This is what got us into this mess, this is what will continue with OUR money.

Companies seem to think there is some other pile of money that doesn't involve tax-payer bailout money. It is all one pile of money..... It is this kind of arrogant sense of entitlement that is one of the biggest roadblocks to ever getting ourselves out of this.

Yet, somehow, even though CEO's understand they will be demonized and chastized for doing this, they still continue.... Just because something is legal doesn't make it the right thing for your company or the country. This is why Americans want these guys crucified for their greed, arrogance, and overall sense of elitism.

Noone is ever held accountable for their actions anymore. And the worst part is this that it will likely continue unless the treasury department takes steps to prevent it in the future. This spits in the face of all the bipartisan progress that enabled these bills to get passed in the first place. This is a complete disgrace to all the progress that has been made thus-far. Why any CEO or corporate leader would even think to do something like this after recieving all this bailout money is beyond belief.

We should all be extremely pissed off right now and we should all be demanding answers. Those of us who believe there is any hope left for our country at least.

-ChriS

[edit on 15-3-2009 by BlasteR]



posted on Mar, 15 2009 @ 03:47 AM
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Just like Obama tried to tell Congress what they can and cannot put in a bill, the Treasury is going to find they cannot tell a company what to spend money on.

Maybe they will learn their lesson, don't give money to pigs, they will just throw it around. Then again, it's the government, so I doubt they learned their lesson.

For some reason people just don't seem upset enough about what's happened in the past 16 months.



posted on Mar, 15 2009 @ 07:46 AM
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Originally posted by Rockpuck
Just like Obama tried to tell Congress what they can and cannot put in a bill, the Treasury is going to find they cannot tell a company what to spend money on.

Maybe they will learn their lesson, don't give money to pigs, they will just throw it around. Then again, it's the government, so I doubt they learned their lesson.

For some reason people just don't seem upset enough about what's happened in the past 16 months.


Well because its Obama doing it and not Bush they get a pass. This is whats disgusting about our government. When Bush was doing it the Right Wing machine stayed quiet while the Libs went nuts and now that its Obama the Right Wing is going nuts while the Obama nuts stay quiet.....sigh.....



posted on Mar, 15 2009 @ 07:51 AM
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If you guys are going to use references to the mob , you have to get it right.

The mob don't ask for a cut , they just take a TASTE.





posted on Mar, 15 2009 @ 12:16 PM
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Agreed it does feel like a slap in the face...actually it feels worse than that. It is like they are mocking the taxpayer!

AIG "Trying to Play the American People for Fools"


Rep. Elijah Cummings, D-Maryland, a member of the Joint Economic Committee, today renewed his calls for AIG CEO Edward Liddy to resign after the company said it will move forward with paying out $121 million in bonuses for senior executives.

"For months, I have been calling on Edward Liddy to step down from his position leading AIG, and I loudly and clearly renew that call today," Cummings said Sunday in a paper statement. "Mr. Liddy has repeatedly taken billions of hard-earned tax dollars from the American people—many of whom have lost their homes, their savings, and their jobs—and then slapped those people in the face with that very money.


blogs.abcnews.com...




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