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Exclusive: Treasury Officials Proposed Limiting Bonuses for AIG

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posted on Mar, 20 2009 @ 11:07 AM
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Treasury officials proposed limiting annual bonuses for all employees of American International Group in November, as they were negotiating the government’s first investment in the troubled firm, according to a document obtained by FOX Business. In a Nov. 5 e-mail to a Treasury and Federal Reserve officials, an outside attorney working on the transaction wrote, “We indicated that UST (United States Treasury) ... wants to put in place a limitation on annual bonuses that assure that (AIG: 1.1908, -0.3992, -25.11%) executives/employees will not be enriched out of TARP funds.


The e-mail also indicates that in their deliberations, government officials were concerned about the effect of compensation on recruiting and retaining AIG employees. “We also indicated that all parties understand that the restrictions must be designed so that the business can be operated in a reasonable way, including in terms of recruitment and retention of employees,” the attorney wrote in the e-mail. A key argument in AIG’s defense of its bonus practices has been that bonuses are needed to recruit and retain key employees. A Treasury official in the department’s general counsel office, Stephen Albrecht, wrote in response to the attorney’s e-mail, “See below. Looks like AIG has some creative thinking to do, but we’ll need to decide to what extent we’re willing to bend.” Government officials eventually decided to restrict compensation at AIG to just the top 75 company executives. The Treasury agreed to invest $40 billion into AIG.

www.foxbusiness.com...

Our government knew. All of this outrage...and villification of AIG bonuses IS A LIE.

This information comes from Fox Business...who sued the Fed for this information.
www.abovetopsecret.com...


[edit on 20-3-2009 by David9176]




posted on Mar, 20 2009 @ 11:10 AM
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Of course they knew.

And, they did nothing about it.

Then, they wrote special language into legislation to protect it.

Now, they are acting outraged because they got caught with their pants down.

Just another day in the neighborhood......

:shk:



posted on Mar, 20 2009 @ 11:12 AM
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There is more info in the document that they have...i hope the release more of it.

They received it yesterday but i havne't heard too much of what was in it yet.

I hope they release it on the net...or at least give out more information on what is in there.



posted on Mar, 20 2009 @ 11:23 AM
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The mor information that comes out on this AIG bonus story it becomes harder to believe that Obama had no idea that it was going on. I'm waiting to hear the "That's not the AIG that I knew" line to come out. It's starting to sound like the Obama white house is ran like this:

Obama: Hey what's this part here about AIG bonuses?

Rahm: Um, don't worry about that. We'll take care of that, why don't you go entertain your latests cocktail party

Obama: Oh yeah, that's today. I'll look at that later

After th party

Obama: Um, so where's that AIG thing?

Rahm: It's time for you to practice your bowling, got to break 130! Oh, and don't forget to make your final four picks

Obama: Basketball and bowling? I love this job!

Rahm: It's like shooting fish in a barrel it's so easy!

Aide comes in and whishpers into Rahm's ear that theres a lot of outrage over the bonus

Obama: What's that about?

Rahm: Oh, Leno called he wants you on the tonight show

Obama: Cool! Gas up the plane

Seriously how anyone can buy the outrage as being real is beyond me. There are people who will say that the bill was written by other people and Obama had no part in that which I'll grant to a point. Before you sign something you should read it. As President you cant just say "Oh I didn't know" you are ultimately responsible for everything that happens on your watch.

Someone should tell Obama that the campagin is over. Stop pandering to special interests and start working for the American people like he's supposed to be doing, same goes for congress, but that'll never happen. We were too broke to make any big difference and thanks to these bailouts and inflaton we're even more broke.



posted on Mar, 20 2009 @ 11:30 AM
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reply to post by David9176
 


They had to know... but did they read the bill?
A lot of that going around lately.


The Obamaman was shocked at the bonuses being paid because the news was released to the public. The bonuses have been discussed previously, I thought they had been denied long ago.



posted on Mar, 31 2009 @ 03:51 PM
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What if this whole thing was doe on purpose? How about this scenario: Whitehouse/Treasury tells Dodd to put this in the bill, knowing this will come out or maybe even leaking the info. They know people will be outraged and obama immediately feeds that outrage as does congress who whips up this crazy retroactive 90% tax on AIG bonuses bill to prove they are listening to the people and want "justice." That bill is unconstitutional but the damage has been done. People are furious about the AIG bonuses and know that other outrageous bonuses are probably going on behind their backs. Never mind that language was put into the stimulus bill specifically stating that these bonuses should be paid. That doesn't seem to get people as riled at Congress as they are at AIG.

The upshot of it is that the president can decide who runs any company that gets bailout money. For that matter, he gets to decide who gets bailout money. Barney Frank wants control over what employees are paid. Geithner can take over any business in any industry who appears to be failing (to protect the public good). All because of the outrageous AIG bonuses that they (obama, geithner & dodd) approved. If it was their plan, it worked VERY well.



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