Obama, Congress knew about AIG bonuses for months

reply to post by mecheng


Well was Dodd involved or not involved? I am getting conflicting information here.

never heard of the Salon by the way? Is it reputable?

Of course they knew.
This is nothing but a big case of phony outrage.

Pay no attention to the drama queens ruining/running the country.

reply to post by nixie_nox


Like I said... who cares? Dodd & Obama are the top two recipients of AIG campaign contributions.

It's all a show.

reply to post by MissysWorld


I like how people blame Obama for this, as though the man has any real power

Pinocchio's nose may be growing but he is still just a puppet folks in the complete control of the PTB. Obama, like Bush, will become another scapegoat and will continue to DIVIDE our nation with the illusion that is the Republican-Democrat party system. We as a nation will bicker amongst ourselves while the criminal Elite tighten their grip...

reply to post by mecheng


yea, a hundred thousand dollars is such a massive amount of money. People are gonna deliberately give a company billions of dollars for 100k. Think about that. Chump change.

when I worked as a waitress in a hotel I would have brokers come into the bar who have lost more then that in a day.

It was made clear the administration and congress okayed any bonuses up until the signing of the new bailout on 2/11. (what is with 11?)

But AIG has a complex system of payments, bonuses, and retention payments. This round of bonuses was disguised as retention payments. They were not labled as bonuses.

When the first bailout was passed in October, it was done by the New York Fed, who oversaw the lone. there were stipulations about bonuses and compensation for executives. Then in November, AIG slipped in a new "retention payments" program

the New York Fed, but officials described the information as extremely complex and not easily understood. AIG had more than 100 compensation policies for more than 116,000 employees throughout the world.

The gov compiled the laon on 2/23 and 2/24. Then the said NYFR started compiling information for the next loan for AIG. The NYFR and AIG didn't present its info to the ratings agencies till 2/27 where it got an A rating.

It wasn't until the 2/28 that the NYFR sent information to the treasury department that there were outstanding issues relating to compensation, but that was all. In an email I might add.

It wasn't until 3/5 that they informed the treasury department of the 165 in "retention" payments.

On March 9, 2009, the Federal Reserve Bank of New York sent full details and supporting documentation to the Treasury Department about the Financial Products retention program.

I really think you need to put your energy into what the heck the NYFR is trying to pull.

Originally posted by vonholland
someone wanna make a list of obama lies so far to date? (while hes been in presidents seat)

egh he is disgusting.

Are you guys acting like McCain would have done any different?

It didn't matter who was elected the choices that have been made would have been the same. The plan is bigger than any one man.

i am giving my 2 cents here.

YES dodd,frank are as much responsible for aig as anyone but far left dont seem to care democrats cant do no wrong.

YES obama,dodd,frank all received money from aig-no public outrage over that
YES aig has given billions for foreign banks-no public outrage over that.

BUT to be fair to aig those people who screwed up bigtime-WERE FIRED!!

those people who got the bonuses got them by getting rid of 1 trillion dollars of over a 3 trillion portfolio. i say they earned that money. I SAY A LEGAL CONTRACT IS A LEGAL CONTRACT.

this is smoke and mirrors aimed at keep the public outraged so the can do other things the dont want you to know about.

the hearing going on right now i have been watching since it started.

the head of aig works for $1 hes be threatened his familys being threatened
came out of retirement just to fix aig..........this totally and utterly burns me up with him being raked over the coals cause democrats already knew about the bonuses.

[edit on 18-3-2009 by neo67]

Originally posted by LucidDreamer85

Originally posted by vonholland
someone wanna make a list of obama lies so far to date? (while hes been in presidents seat)

egh he is disgusting.

Are you guys acting like McCain would have done any different?

It didn't matter who was elected the choices that have been made would have been the same. The plan is bigger than any one man.

Funny how the Obama crowd suddenly runs to the alternate reality of "If McCain was president he would have done the same!" when their messiah is caught red-handed and guilty in a lie.

Is that your best defense? Lame.

Originally posted by nixie_nox
reply to post by mecheng

 

yea, a hundred thousand dollars is such a massive amount of money.

People are gonna deliberately give a company billions of dollars for 100k. Think about that. Chump change.

when I worked as a waitress in a hotel I would have brokers come into the bar who have lost more then that in a day.

It was made clear the administration and congress okayed any bonuses up until the signing of the new bailout on 2/11. (what is with 11?)

But AIG has a complex system of payments, bonuses, and retention payments. This round of bonuses was disguised as retention payments. They were not labled as bonuses.

When the first bailout was passed in October, it was done by the New York Fed, who oversaw the lone. there were stipulations about bonuses and compensation for executives. Then in November, AIG slipped in a new "retention payments" program

the New York Fed, but officials described the information as extremely complex and not easily understood. AIG had more than 100 compensation policies for more than 116,000 employees throughout the world.

The gov compiled the laon on 2/23 and 2/24. Then the said NYFR started compiling information for the next loan for AIG. The NYFR and AIG didn't present its info to the ratings agencies till 2/27 where it got an A rating.

It wasn't until the 2/28 that the NYFR sent information to the treasury department that there were outstanding issues relating to compensation, but that was all. In an email I might add.

It wasn't until 3/5 that they informed the treasury department of the 165 in "retention" payments.

On March 9, 2009, the Federal Reserve Bank of New York sent full details and supporting documentation to the Treasury Department about the Financial Products retention program.

I really think you need to put your energy into what the heck the NYFR is trying to pull.

So what you're saying is that no one involved in the bailout, meaning Congress, or Obama who by the way is supposed to be one of the smartest men to ever hold the office of POTUS, ever put two and two together and realized that bonuses were going out to AIG executives?

Okay so let's say they weren't that smart.

What's their excuse for not writing anything into the stimulus in the first place saying if this money was used for executive compensation that it could be yanked back by the fed and AIG or any other company taking handouts could and would be liable for that money? Why wasn't THAT written into the stimulus?

I'll tell you why - the same reason that the Democrats did NOT keep their promise to allow the public 48 hours to review the stimulus package publicly before it was signed - they had the stupid thing so munged up with garbage and they rushed it through.

And now, they're foolishness and carelessness is coming back to bite them all in the @$$ and Obama and Congress have the audacity to try and push the blame on someone else - in this case it's AIG.

Pathetic. Absolutely, positively, PATHETIC!

Hi all, and great topic.

The thing to remember is, people really tend to care for themselves before they care for others, most of the time. We all do it.
So, to run around thinking some stranger we haven't even met, will care for us, feed us, help us, fight for us so we can get more, is just insane.

We have the tendency to let emotions get the best of us, we are only human after all.
We trust people to the extent that they have to do something bad before we see their true color.
We make decisions, almost knowing that if things go wrong, we can learn from the bad decision.
We think that everything is going to be alright. And IT'S NOT.

Why did we let ourselves govern like this. Why did the people as a whole start to accept the government as part of their society, their problems. It has always been us against them, untill they gave us the tv.

I'm not offering a solution I know. I just had to get some steam out.
I can't grasp the end result yet, but it is beyond gruesome.

One great example I always use, is this: In the old days tax COLLECTORS came to your house, demanding money from you. With them, they usually had a few men, swords, torches and an attitude. Now, they just take your money electronically. Here, where I live, they take half.

Cheers

Whoa there Nelly.....

If I sign a contract with my employer, and he promises to pay me "$ X", if I accomplish "abc", then who is Congress to step in and try and stop it?

Everyone is missing the point. AIG signed these contracts a long time ago, and promised these people if they could pull off saving that line of business, then they would get a bonus. The bailouts from the Federal Reserve were made to keep the Company solvent, versus bankruptcy.

Do you realize that the handful of people who received these bonuses, started out with a $2.6 trillion dollar mess, and reduced it to $1.2 trillion?

I would say they performed.....they performed very well actually. If you just saved me $1.4 TRILLION dollars, I would pay you several million also.

(apologies if I missed with the numbers by a billion or 2.....)

reply to post by Noccy


If they never have received government bailout then I could care less if they give out these bonuses...it is the fact that it was and is a failing company that has been bailed out from the tax payers against our will. ON TOP OF THAT - they get rewarded for it.

And to my knowledge, it seems that Obama got elected FOR THE MAIN PURPOSES OF GETTING RID OF GOVERNMENT SCUM. Seems like that is going far...even though McCains policies were "better", many went against him just because of the thought that he was just another Bush.

Well, now on top of ridiculous democratic policies (G.W.B is in his own class of retardness), we got a president that lies.

My beef about the president is that he was supposed to be bringing change and he is not.

reply to post by SlinkyDFW


Lets see why people are mad.

You realize companies ALL over are cutting hours, bonuses, wages, etc, ALL OVER THE COUNTRY to cope with the prices of maintaining the business itself?

So, you are telling us that since this company FAILED, they deserve to be paid millions?

This is what happened. They made easier credit in hopes of making more money, and it back fired. So, they are getting rewarded for making a BAD BUSINESS MOVE.

I am not against making a profit, even a large one, but when you FAIL, it is NOT THE TAX PAYERS DUTY TO REBUILD YOUR COMPANY FINANCIALLY.

The people should have a share in this company, and the people are calling for something besides million dollar handouts. When they run their company the right way, they can follow their contracts, but when THE TAXPAYERS PAY FOR IT, things SHOULD CHANGE.

Our forebears before us...and all that have shed blood for our great nation...are rolling over in their graves.May Divine Providence have mercy on us all.................

Originally posted by FritosBBQTwist
reply to post by Noccy

 

(snipped....)

Well, now on top of ridiculous democratic policies (G.W.B is in his own class of retardness), we got a president that lies.

My beef about the president is that he was supposed to be bringing change and he is not.

Not one President has ever held office that didn't lie, cheat, or deceive the people. Obama can't help it. It's part of the job description.

They also cannot change what they cannot control.....that being Congress.

the real kicker out of the whole aig deal

is that if you worked for them theres no way in hell you would turn down $1 million bucks

or

if your current employer paid you or wanted to pay you $1million bucks

theres no way in hell you would turn down the money.

dont say you wouldnt......

in my book if your critical of aig your a hypocrit.

the ceo did ask the aig receipents of that money to give it back- but in the current economic climate- that would be moronic.



[edit on 18-3-2009 by neo67]

Originally posted by sos37

Originally posted by nixie_nox
reply to post by mecheng

 

yea, a hundred thousand dollars is such a massive amount of money.

People are gonna deliberately give a company billions of dollars for 100k. Think about that. Chump change.

when I worked as a waitress in a hotel I would have brokers come into the bar who have lost more then that in a day.

It was made clear the administration and congress okayed any bonuses up until the signing of the new bailout on 2/11. (what is with 11?)

But AIG has a complex system of payments, bonuses, and retention payments. This round of bonuses was disguised as retention payments. They were not labled as bonuses.

When the first bailout was passed in October, it was done by the New York Fed, who oversaw the lone. there were stipulations about bonuses and compensation for executives. Then in November, AIG slipped in a new "retention payments" program

the New York Fed, but officials described the information as extremely complex and not easily understood. AIG had more than 100 compensation policies for more than 116,000 employees throughout the world.

The gov compiled the laon on 2/23 and 2/24. Then the said NYFR started compiling information for the next loan for AIG. The NYFR and AIG didn't present its info to the ratings agencies till 2/27 where it got an A rating.

It wasn't until the 2/28 that the NYFR sent information to the treasury department that there were outstanding issues relating to compensation, but that was all. In an email I might add.

It wasn't until 3/5 that they informed the treasury department of the 165 in "retention" payments.

On March 9, 2009, the Federal Reserve Bank of New York sent full details and supporting documentation to the Treasury Department about the Financial Products retention program.

I really think you need to put your energy into what the heck the NYFR is trying to pull.

So what you're saying is that no one involved in the bailout, meaning Congress, or Obama who by the way is supposed to be one of the smartest men to ever hold the office of POTUS, ever put two and two together and realized that bonuses were going out to AIG executives?

Okay so let's say they weren't that smart.

What's their excuse for not writing anything into the stimulus in the first place saying if this money was used for executive compensation that it could be yanked back by the fed and AIG or any other company taking handouts could and would be liable for that money? Why wasn't THAT written into the stimulus?

I'll tell you why - the same reason that the Democrats did NOT keep their promise to allow the public 48 hours to review the stimulus package publicly before it was signed - they had the stupid thing so munged up with garbage and they rushed it through.

And now, they're foolishness and carelessness is coming back to bite them all in the @$$ and Obama and Congress have the audacity to try and push the blame on someone else - in this case it's AIG.

Pathetic. Absolutely, positively, PATHETIC!

I hate quoting quotes. lol

So what you're saying is that no one involved in the bailout, meaning Congress, or Obama who by the way is supposed to be one of the smartest men to ever hold the office of POTUS, ever put two and two together and realized that bonuses were going out to AIG executives?

when your through with obama bashing and actually look at the facts,
read my post.

Intelligence has nothign to do with it. You can't work with information you don't have.
AIG remodeled their pay infrastructure so bonuses didn't look like bonuses, esentially. And when the new york federal reserve figured it out, they didn't tell the government until everything was said and done.

What's their excuse for not writing anything into the stimulus in the first place saying if this money was used for executive compensation that it could be yanked back by the fed and AIG or any other company taking handouts could and would be liable for that money? Why wasn't THAT written into the stimulus?

It was. The problem here is the contracts were written long ago. You can't break a contract. And the last thing anyone wants this country to start doing is ignoring legally binding contracts. Then a few bonuses is the least of your worries.

I'll tell you why - the same reason that the Democrats did NOT keep their promise to allow the public 48 hours to review the stimulus package publicly before it was signed - they had the stupid thing so munged up with garbage and they rushed it through.

because it is emergency funding. And emergencies are exempt.
Plus the NYFR ...AGAIN won't reveal everyone who they are lending too, still. The other reason being is that there doesn't need to be a run on the banks who are borrowing money and causing another public panic when they see their bank is in trouble.

Funny how nobody mentions that several bills that have been made public promptly.

I thought this was a conspiracy board. And one that dis trusts the federal reserve at that.
I think folks are missing the big picture here.

Originally posted by nixie_nox

I really think you need to put your energy into what the heck the NYFR is trying to pull.

Since Obama has full information on this and he gave us his word there would be "transparency" in Government, why do we have to get this information from a handful of sources not in the DNC's hip pocket?

He said again this morning the buck stops with him, so why is he withholding information that we should know? Where is the promised transparency?

How many promises does he have to break before the light bulb turns on in peoples heads? There is no "Change" and he spoke whatever lie was necessary to get elected. If his appointing Lobbyists to his Cabinet did not wake everyone up, nothing will.

reply to post by ixie_nox


Dodd was not only involved he is directly responsible. He finally admitted it after repeated denials. The Obama administration has some explaining to do after the phony shock on outrage earlier this week. Obama looks pretty foolish now.
www.cnn.com...

"Senate Banking committee Chairman Christopher Dodd told CNN Wednesday that he was responsible for language added to the federal stimulus bill to make sure that already-existing contracts for bonuses at companies receiving federal bailout money were honored." "Dodd acknowledged his role in the change after a Treasury Department official told CNN the administration pushed for the language."

Ha he's playin us good. False righteous indignation at a company that helped elect him, and using this to redirect the anger from his administration toward the company and the financial elite. And of course there will be nothing we can do about it short of hunting them down like animals, but they will act like they're trying to stop them to gain a little good will. Nice one. Except we caught you.

[edit on 18-3-2009 by CapsFan8]