AIG and The Government

[NeMont]

"Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In

While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly added an executive-compensation restriction to the bill. That amendment provides an ?exception for contractually obligated bonuses agreed on before Feb. 11, 2009,? which exempts the very AIG bonuses Dodd and others are seeking to tax. The amendment is in the final version and is law.

Also, Sen. Dodd was AIG?s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.

Dodd?s office did not immediately return a request for comment.

One of AIG Financial Products? largest offices is based in Connecticut".
http://www.foxbusiness.com/story/markets/industries/finance/dodd-cracks-aig---time/

Let us recap, It was codified in law that such contractually obligated bonuses agreed to prior to Feb. 11th, 2009 were permissiable and protected in the Stimulus plan. This in effect gave a very big and blinking green light to companies such as AIG that they were not only acting in the letter but also the spirit of the laws of this country.

Again the idiots are not at AIG the idiots reside in Washington DC. I think Obama has not a leg to stand upon when decrying these bonuses unless the buck no longer stops at the President's desk. Perhaps our congress and President should have read this bill prior to congress voting upon it and at the very least prior to the President signing it.

Can someone please explain how our government can give a green light to do something and then be upset when it happens?

Do you guys who support bailing out failed companies see what happens when government gets involved? How can a company manage anything if the laws governing them do not apply or apply retroactively?

It is a disgusting thing to me that this is even an issue. If this company were in bankruptcy rather then bailed out a bankruptcy judge could have allowed or disallowed these bonuses.

I really don't care when these bailouts started the fact that they are still going on speaks volumes about where this country is headed. A pox on both parties houses for squandering trillions of dollars on idiotic pursuits.

Nemont

 

[NeMont]

 

[huntindude]

Chill out Nemont you're going to blow a gasket.

Everything the government and the idiots in control of these companies have done for the last 5 years led us to this point. don't expect them to all the sudden get it right.

It's too late to fix it, grab some popcorn and watch the show as entertainment, if you take it serious it's only going to depress you.

 

[wetmule]

Let me see if I have this straight

Geithner was the architect of the AIG Bailout as part of no particular administration.

Taxpayer screwed

Geithner gets tabbed to join the O'Bummer administration.

Taxpayer screwed

Geithner then decides he better pay his taxes.

As part of the O'Bummer administration Geithner engineeers another AIG bailout among others.

Taxpayer screwed again

Congress works on stimulus bill

Uh Oh!

Dodd attaches amendment to Stimulus protecting any potential bonuses to be paid, protecting AIG bonus recipients.

Uh Oh!

Dem congress RAMS through so called Stimulus Bill
O'Bama signs it.

Taxpayer screwed!

Failed and bailed out AIG pays its contractually obligated bonuses to its employees that caused it to fail.

Taxpayer screwed

O'Bama and congress fuming mad that AIG employees getting their bonuses that were protected by Chris Dodd's amendment in the Stimulus and signed into law by Pres. O'Bama.

Very Interesting!, Taxpayer screwed again

What's next?

O'Bummer appears on the Jay Leno show acting all cool and hip and outraged that the AIG employees are receiving their bonuses (Thanks to Chris Dodd and Pres. O'Bummer) for running their company into the ground.

Makes sense to me.

American Voters Duped, Government Grows Ginormously and Exponentially by leaps and bounds in less than two months. Democrat Congress wants to run our healthcare, education, military and our country and all that encompasses it. Why? because they are so good at it.

TAXPAYER SCREWED

 

[NeMont]

I am just attempting to make a point that all of this is just a political show for the cameras and both parties are trying to divert the public's attention from what is really going on.

I really think that for AIG's executives to take bonuses is flat out wrong but what did the government expect? If you were an executive that had a bonus that was to be paid what would you do? Take some shame and keep the millions or give it up? I think 99% of humans would deal with a little shame in order to keep the millions. The government has no business getting involved and it should cut itself loose as soon as possible.

I think that it is a statement of how dumb Americans are to be outraged about these bonuses and yet not demand answers on the billions going to banks.

In the end it is terrible economics and worse morality.

Nemont