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AIG staff: We deserve this money

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posted on Mar, 18 2009 @ 08:21 AM
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AIG staff: We deserve this money


thehill.com

AIG’s new management team last year proposed that its employees give up their “retention” bonuses, or at least reduce them. The response from the 370 or so employees set to rake in $450 million in bonuses through 2010?

Take a hike.

“We suggested that early on, but there are people who feel this money was due them,” a source close to the company told The Hill.

It apparently didn’t matter that taxpayers have provided $170 billion and counting to bail out AIG. “Quants,” the people who put together the computer-programmed algorithms behind the complicated hedges and trades that brought down the company, pushed back hard against any notion they should sacrifice their bonuses, the source said.

If that doesn’t warm the hearts of taxpayers and lawmakers alike, maybe this will: Many of those receiving bonuses already have made enough money not to have to work again.

Not all of the workers in AIG’s financial products division were taking home million-dollar bonuses. But according to New York Attorney General Andrew Cuomo, the division’s top recipient got $6.4 million, while the top 10 bonuses totaled $42 million. Seventy-three people received bonuses of $1 million or more, according to Cuomo, who subpoenaed the company for information.
(visit the link for the full news article)




posted on Mar, 18 2009 @ 08:22 AM
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Here is this thread again with the link I thought I had on it... not enough coffee... need more coffee...


Any rate when I hear arrogant crap like this it makes me turn purple and then I start cussing... How on earth can they think that they deserve these bonuses when they ran the company into the ground?

What they deserve is a good old fashioned tar and feathering... can we bring that back? Please!!!

Better yet how about giving them what they really deserve... hard jail time for fraud and bunko.

thehill.com
(visit the link for the full news article)



posted on Mar, 18 2009 @ 08:27 AM
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Now lets see if this works...

AIG needs to be broken up by the anti-trust laws... this company is the poster child of why no instituition should be allowed to get so large that its failure would so dramatically effect, not just the national economy but the global one.

Also when you get that big as this article points out I think the egos and arrogance gets equally big... would someone please tell me what someone who ran their company into the ground did to deserve a $4.6 million dollar bonus?

Maybe I should ask mush loosebowels since he's saying that they deserve their bonuses.



posted on Mar, 18 2009 @ 08:55 AM
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Let them have their bonuses, but on the condition that they can only be paid in junk bonds..still payment as per contractual agreement, and pays them in the practically worthless derivatives that they created in the first place



posted on Mar, 18 2009 @ 09:01 AM
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Wow, if the MSM and Congress put as much effort into finding out where all the trillions went that the Fed heisted and still refuses to say where it all went, maybe we could really get somewhere.

Seems like this whole AIG thing is just a dog and pony show to keep the public distracted.

Peace



posted on Mar, 18 2009 @ 09:31 AM
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Many of them do deserve the money. They were promised it and earned it.

However some of them were involved in questionable business that destroyed AIG for the rest. Whoever was involved in that should forfeit their bonuses and be prosecuted




posted on Mar, 18 2009 @ 09:56 AM
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Originally posted by UMayBRite!
Many of them do deserve the money. They were promised it and earned it.

However some of them were involved in questionable business that destroyed AIG for the rest. Whoever was involved in that should forfeit their bonuses and be prosecuted



Finally, somebody who gets it! Everyone needs to take a step back. Let's not put everyone who works at AIG on death row or else we're no better than the people that actually did this.

Not everyone that works at AIG is a scum-sucking greedy so-n-so (I'm going to be using "so-n-so" a lot in these types of threads lol). I understand the outrage at the people who knowingly screwed everything up, but remember that some of these people are just people who climbed the corporate ladder. Average, college-educated people with spouses and families who didn't make deals with the Fed and aren't members of the CFR.

Now the people who are tried and convicted deserve to go to Ryker's, but I'm sure they'll do a few months at whatever comfy resort/prison that the Enron guys went to. If they ever get caught and convicted at all. To me, that is the true crime in all of this.



posted on Mar, 18 2009 @ 10:09 AM
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Well Benny Frank is now telling the public that they should now sue AIG for the tax money use to pay for the bonuses.


What a whole bunch of hypocrites.



posted on Mar, 18 2009 @ 11:50 AM
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It was pointed out last night on the evening news that if AIG had gone into bankruptcy those bonuses would have been the first thing tabled... so we bail them out and they get them instead?

No they don't deserve them as long as public money is paying for them and since we have given them $170 billion to survive it is of course public money.



posted on Mar, 18 2009 @ 12:05 PM
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Sounds like a great new scheme to me. Invent a highly technical form of analysis no one but you and those like you understand,

en.wikipedia.org...


A quantitative analyst is a person who works in finance using numerical or quantitative techniques. Similar work is done in most other modern industries, but the work is not called quantitative analysis. In the investment industry, people who perform quantitative analysis are frequently called quants.


Go to a company, convince them you are going to make them several trillion dollars and get them to sign promises to give you non-performance based bonuses,

thehill.com...


“Quants,” the people who put together the computer-programmed algorithms behind the complicated hedges and trades that brought down the company, pushed back hard against any notion they should sacrifice their bonuses, the source said.


and then mess stuff up so badly they are forced to pay you the bonuses hoping you will undo the mess you did in the first place.

(from the same source as above)


The beleaguered company believes AIG’s quants, who created the complicated credit swap defaults that got much of Wall Street into the financial crisis, are the only ones who can unwind them. If they leave, it could make today’s crisis worse.

“The risk is, you lose them, you pay close to $1 billion, and you [can’t] unwind the books,” the source said.


It sounds a lot like those scams where they trick you into infecting your computer with their virus, and then you have to buy their product to get it out. Only higher level, and with less freeware available to help you circumvent the scammer.



posted on Mar, 18 2009 @ 12:09 PM
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Also note that by all accounts most of the bonuses in question are going to the division that wrote the credit defaults in the first place so absolutely not... they do not "deserve" them.



posted on Mar, 18 2009 @ 12:11 PM
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Maybe I am one of the few that believe they do deserve their bonus.

This isn't like one of those CEO's getting all the money.
I wonder how many of these employees agreed to minimum salary and depend on their bonus to make up the difference.

I also find it funny that the same people wasting trillions of taxpayer's dollars are the same ones criticizing these million dollar bonuses. Maybe Congress ought to clean their own house before criticizing others.



posted on Mar, 18 2009 @ 12:13 PM
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Originally posted by Dr Love
Seems like this whole AIG thing is just a dog and pony show to keep the public distracted.

Peace


I'm glad someone gets it. The US government just handed out almost $800 billion like it was candy, with little to no restriction on its use and we're learning that much of it has been invested overseas or otherwise thown down the toilet, and people are up in arms over $165 million? Who gives a damn!?

Dog and pony show, indeed. AIG deserves what's coming, but the truth is, all the government has done is find a scapegoat for their own failure and stupidity. Let the public flogging commence.

[edit on 18-3-2009 by vor78]



posted on Mar, 18 2009 @ 12:48 PM
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Yes, $170 million in bonuses is nothing compared to the $800 billion thrown out the door. But I think people are outraged about this because it's money going to individuals rather than faceless corporations. People are ticked off in general, and this gives them a target for their anger.

Basically, Joe Schmoe is thinking, "Why do you, Mr. AIG employee, get a bonus? Your company, if not you directly, had a big hand in this mess. Meanwhile, here on Main Street USA, I'm worried about whether I can pay my mortgage, keep my job, etc. So why should MY tax dollars pay you thousands or even millions of dollars when I may not even be able to pay my own bills?"

Besides, I can't think if any job that merits a million dollar bonus. Can you?

BTW, I totally agree this is just a diversion tactic to hide some bigger issues, but it also warrants some outrage on its own.



posted on Mar, 18 2009 @ 12:58 PM
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reply to post by sweetpeanc
 


It definitely warrants outrage. I'm just sitting here watching all of this and thinking to myself 'Everyone is only pissed off about it NOW???'

In the end, its a staggering 50 cents or so for every man, woman and child in America. Meanwhile, the government has blown $800 billion of American taxpayers' money...and that's just in principal. The total bill for the interest will be several times higher than that when all is said and done.

Again, this is not a defense of AIG and they deserve whatever punishment comes their way. That said, this is nothing more than a case of the government and their media lackeys finding a nice, fat scapegoat for DC's utter, total and complete incompetence in the matter. $165 million is just the tip of a gigantic iceberg.



posted on Mar, 18 2009 @ 01:13 PM
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They eat cake while peering out their windows at Paris burning.

Best of all - they set the fires.


[edit on 2009/3/18 by Aeons]



posted on Mar, 18 2009 @ 01:30 PM
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For those of you who are saying $170 million is just a trivial figure, have you never been grocery shopping?

You buy little things, $1.75, $4.95, but when you buy a cart load of them, you end up spending $175.00 at the checkout.

Of course the $170 mil matters. It is a large number of $100-200 mil here, $80 mil there, that is adding up to the debt bondage of the American people for all perpetuity.

Granted, this is (to some degree) just a distraction. They know the American people are outraged over bonuses, so they sensationalize this instance to make it seem as if they share our outrage, while quietly handing over other large sums to other scoundrels. I could not agree more that this whole thing is one of the biggest transfers of wealth ever seen in the history of the world, and that we should be outraged over that more than just the bonuses. But that doesnt mean we should not also be outraged by the bonuses.

To be honest, I am most annoyed at my fellow American for not voting third party in protest over this whole mess. Obama was handpicked to make this rape more appealing to the masses. To give us hope while they change our country forever. I dont know that he personally is "in on" the whole thing. I suspect he is not, nor could he be. No one expected to play the role he is playing could know what is going on in fact and be so convincing and sincere.

However I feel deeply that what is going on is not happening to us as a nation, as a people, as a species, is not purely the result of some evil plot. There may well be those who plot against the masses. This is happening because we are, for the most part, corrupt ourselves. We are not outraged enough by theft, by cheating, by unethical behavior. I saw it in my college classes. People buying papers, cheating, not doing their work, having no pride in excellence, but rather reveling in excess. (Partying) This corruption of character is not limited to our leadership, business or political, we the people are filthy with it.

And for that reason, I am glad to see any outrage, over any of this. Even these "insignificant" bonuses. It is a sign to me that our ability to care about ethics, justice, and fairness is not completely dead. Perhaps if we exercise this sense of fairness, we can be the kind of people who have the leaders we hope for. Because currently, we have the leaders we deserve.



[edit on 18-3-2009 by Illusionsaregrander]



posted on Mar, 18 2009 @ 03:52 PM
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A.I.G. Chief Asks Bonus Recipients To Give Back Half

www.nytimes.com...


WASHINGTON — As the lucrative bonuses paid to employees of the American International Group fueled fresh outrage at the White House and on Capitol Hill on Wednesday, the embattled chief executive of A.I.G. said that he had asked some recipients to give at least half the money back.

The chief executive, Edward M. Liddy, made the announcement during his testimony on Wednesday afternoon before a Congressional committee investigating the problems at the insurance giant.

“I have asked the employees of A.I.G. Financial Products to step up and do the right thing,” Mr. Liddy told lawmakers. “Specifically, I have asked those who received retention payments of $100,000 or more to return at least half of those payments.”

The A.I.G. chief said that some recipients had already offered to give up all of their bonuses, and he added later that he expected to get most of the money back.


Brain freeze... forgot how to bracket the quote


[edit on 18-3-2009 by grover]

Brain thawed.


[edit on 18-3-2009 by grover]



posted on Mar, 18 2009 @ 03:55 PM
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If they do this..it will be a direct VIOLATION of the Constitution.

The right to contract is one of the most vital parts of our Constitution. If they bust it...they can do it to anyone...so why would people worry about honoring contracts?

They will do it...all the while diverting everyone's attention from the funneling of money to foreign banks...THAT THEY KNEW ABOUT!!!!



posted on Mar, 18 2009 @ 04:13 PM
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Are Rich people the new Al-Qaeda?
It appears we need a new enemy.

these people may not deserve their bonuses.
However, there was an agreement made.

And now the OBlame-a adminstraition is looking to undo this previous agreement. Pretending they knew nothing?



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