Another take on "corporate recognition" boondoggles:
http://www.sfgate.com/cgi-bin/article.c ... 006&sc=583
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meanwhile, AIG still knows how to spend money
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$165M in bonuses for AIG execs? Sure, why not?!
http://www.nytimes.com/2009/03/16/busin ... ml?_r=1&hp
Fuckers . . .
Hey if you can scam the govt into giving you billions you deserve a bonus. 
I really couldn't care less. The Fed makes Libor plus 850(currently around 10%), and if AIG cant pay the loans back by 2010, or they go into default, then their divisions get broken up and sold off, making a tidy profit for the government.
Not so fast, AIG. Mr. Obama is going to try to stop the bonus payments.
http://www.nytimes.com/2009/03/17/us/po ... obama.html
<<“We cannot attract and retain the best and brightest talent to lead and staff” the company “if employees believe that their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,” he said.>>
To quote Jon Stewart's closing in his rants against CNBC: "Fuck you!" In the kleptocracy that is Wall Street it was the "best and brightest" who led the country down the primrose path. I'd sure hate to see what trouble we'd be in if they had hired people with scruples.
It felt so good to read that expletive i have to join in. To the incompetent and most likely corrupt suits who still want their bonus's that were promised.......FUCK YOU!
The biggest fall out of the bonus scandal may be Obama's economic plan. While we should all be outraged at AIG, we should not shoot ourselves in the foot and put a halt to stabilizing the financial sector. If it fails, the economy fails.
Look at China, while we fiddle around slowed by the vagaries of Democracy, they create stimulus bills without opposition, and are now buying up many good deals world wide in a "fire sale." And that's with "our" dollars, not theirs.
Good point! Could be both and either or a wonderful mix of shit.
Fine with me. Incompetent ones get fired, the corrupt ones imprisoned. Neither option calls for a bonus.
Another idea: create a special AIG Bonus Tax!
http://www.cnn.com/2009/POLITICS/03/17/ ... index.html
73 AIG execs got a million bucks each; 11 no longer even work for the company
http://www.sfgate.com/cgi-bin/article.c ... .DTL&tsp=1
AIG, Merril Lynch, Leh, etc. CEOs gave themselves massive, multi-million dollar bonuses for 30hours per week of work, the remainder performed on the golf course while they were driving their companies into the dirt. The Fed's "martket's" response was to give them billions in taxpayer dollars from joe sixpack's daughter's college fund. Sounds like a great business plan, what american CEO would not try to parlay that into a double.. one more time
No they didn't. The Fed "created" the funds, and electronically transferred them to the institutions. No actual taxpayer funds have been used(so far). Normally inflationary, but not in this environment.
i don't see how on earth you can keep waffling on with this drivel it doesn't make a shitload of difference whether fed asks for libor + 10,000, they ain't getting a red cent back ! i never looked at this ugly named topic before but it seems to never die, so it looked a view on a leisurely friday looking at near 100 posts here, no one has actually bothered to get to the colonel ( or even kernel ) of aig's death ??? i've been e-mailed addenda from a general 'broker for months ( along with any other guy who opens an account ) - post it next
If that's the case(and it may well be) there will be a nice yard sale on the front steps of the Fed in a couple of years(or sooner). I'm sure those coveted insurance divisions will fetch a pretty penny.
eh ?
- house/contents/car/pooch insurance division worth maybe for argument's sake $10 billion - let's not beat about bush here - mexican cottonpickers on few $/week getting $500k mortages off 0 deposit on proviso they can repay monthly mortgage for 25y ( on guarantee they'd stuff house wth 1/2 dozen cottonpickers, constantly, to pay it back ) - worth $100 billion banks ( name them yourself - citigroup, merill, lehman, etc) accepted these mortgages & deluded themselves into thinking they had rock-solid/ricardo montalban clients wrapped these shit mortgages into bonds, which rating companies like moody's, standard & poor's, fitch's didn't do due diligence & accepted banks' word of reliability & wrapped this crap into AAA ( treasury status ) or even AAB ( top-junk ) AAA/AAB has to have an insurer for failure - considered impossible for this quality of product aig were just poor suckers who stepped up to the plate...
Cartoon on the breaking of "guaranteed" contracts (as in, white-collar vs. blue)
http://wpcomics.washingtonpost.com/clie ... 009/03/17/
Hmmmm, I think it's time for the peasants to break out the pitchforks and burning torches myself.
We're mad as hell and we're not gonna take it anymore!!!!
Of course the feverish atmosphere contributes to theater of the absurd. Where I live the city workers just got a 4% raise, followed immediately by an announcement that they would all be obliged to take an unpaid furlough amounting to 5% of their annual pay. (Say what?) This prompted the local union thumpers to proclaim that city workers are just like AIG suits in terms of stealing taxpayer money and that unions are driving the nation to bankruptcy -even though the city workers will take a net 1% pay cut. It's an odd world.
These corporate hacks just don't get it, do they? Citigroup talking about a $10M office remodel?
http://www.bloomberg.com/apps/news?pid= ... LGVE_YzvUU
Well, you know how it is. When someone gives you a load of money or your credit card limit goes up another thou, sometimes you just feel like going to the mall and splashing the cash!
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