Oh, the Irony...

[tbuford]

Don't get me wrong...I am as upset as the next guy about the AIG fiasco with the tax payer dollars...trips, bonuses...its a joke...but Obama voices outrage over the AIG bonuses....looks like smoke and mirrors...how hypocritical to voice such disgust at reckless spending just after placing his signature on the pork filled load of poo he calls a stimulus package...

I guess that waste of tax payer dollars is okay...

http://www.comcast.net/articles/news-general/20090315/AIG.Outrage/

[analog_kidd]

The fact of the matter is, these corporate execs had contracts in place with AIG to get bonuses upon certain performance scores. These contracts were in place long before the bailouts were given.

The Dems pushed these bailouts through without any stipulations. They are handing out money like it's candy at a Christmas parade, and then complaining when someone else honors their obligations. If the government were to step in and say "No fair, you can't give these bonuses" they would be forcing the company to be in breach of contract. They know this, and that is why they won't actually do anything about it. They know that the majority of the people in the US don't agree with the bailouts, and they are just trying to regain some footing with the public.

Do I think these execs get paid way too much money? Sure, but this is America and this is how Capitalism works.

[Smith]

Kinda like promising to crack down on ear marks while he's holding the pen he just signed 8000+ of the little goodies! For people to still be drinking to kool-aid, he's either extremely arrogant, an idiot, or the Messiah.

[Cajun]

For people to still be drinking to kool-aid, he's an idiot

I agree!

[Guest jackdog]

The fact of the matter is, these corporate execs had contracts in place with AIG to get bonuses upon certain performance scores. These contracts were in place long before the bailouts were given.

The Dems pushed these bailouts through without any stipulations. They are handing out money like it's candy at a Christmas parade, and then complaining when someone else honors their obligations. If the government were to step in and say "No fair, you can't give these bonuses" they would be forcing the company to be in breach of contract. They know this, and that is why they won't actually do anything about it. They know that the majority of the people in the US don't agree with the bailouts, and they are just trying to regain some footing with the public.

Do I think these execs get paid way too much money? Sure, but this is America and this is how Capitalism works.

The hole thing is Bull****. let's not forget that GW Bush and Paulsen started this whole tarp bailout. To me it is nothing more than payback to these companies for campaign support. To big to fail my ass.

[Guest m&pc9]

The fact of the matter is, these corporate execs had contracts in place with AIG to get bonuses upon certain performance scores. These contracts were in place long before the bailouts were given.

That is BS. No one gives bonuses for running a company in the ground. Sure there are some people on the insurance side that made money (and need bonuses) but the POS that destroyed the company shouldnt get a dime.

[Guest betobeto]

The hole thing is Bull****. let's not forget that GW Bush and Paulsen started this whole tarp bailout. To me it is nothing more than payback to these companies for campaign support. To big to fail my ass.

+10000000000000000000000000000000000000000000000000000000000

Did I get enouph 0's?

[Guest tnjimbob]

What REALLY gets my goat is that the Senate refused to deny their automatic pay raises, Harry Reid refused to allow hearings about it, and yet our fearless leader encourages all of us to cut back, while lambasting AIG for honoring their contracts and giving out bonuses. Can you say hypocritical?

Way to lead by example!!!

Not to put on a , but with the goobermint talking about "health care reform" (a.k.a. socialized medicine for all), do you think that our 80% ownership of AIG has anything to do with advancing the agenda of universal health care?

[Tim Nunan]

The hole thing is Bull****. let's not forget that GW Bush and Paulsen started this whole tarp bailout. To me it is nothing more than payback to these companies for campaign support. To big to fail my ass.

While the TARP was passed during the Bush administration the current Treasury Secretary help write it and failed to place any restrictions on bonus then. So now its a surprise? Not surprising when he can't even correctly file his taxes.

[Guest grimel]

The fact of the matter is, these corporate execs had contracts in place with AIG to get bonuses upon certain performance scores. These contracts were in place long before the bailouts were given.

The Dems pushed these bailouts through without any stipulations.

Actually, Christopher Dodd put in an amendment to the bailout allowing UNLIMITED bonuses for any contract agreed to before sometime in Feb '09. The Dems and fed has known about this for over a year.

[Guest grimel]

The hole thing is Bull****. let's not forget that GW Bush and Paulsen started this whole tarp bailout. To me it is nothing more than payback to these companies for campaign support. To big to fail my ass.

TARP was nothing more than the FED meeting it's OBLIGATION to fund the bad mortgages (via Freddie and Fannie) the FED MANDATED be written. That fiasco started with Carter and Clinton put it on steroids.

In the one intelligent fiscal decision made by Bush and McCain both were calling for Freddie and Fannie lending reforms in 2001ish.

[Guest jackdog]

+10000000000000000000000000000000000000000000000000000000000

Did I get enough 0's?

Yes sir I believe you did. Thanks for the support.

[Guest jackdog]

The fed a privately held enity that controls our economy and nobody and I mean nobody has any oversight over this group. This is something ther founders were dead set against and it should be done away with.

As for Chris Dodd that worthless piece of **** along with Barney Frank, should be thrown in jail or better yet hung by their balls on the steps of congress. Oh wait barney might enjoy the hanging thing.

[Smith]

The fed a privately held enity that controls our economy and nobody and I mean nobody has any oversight over this group. This is something ther founders were dead set against and it should be done away with.

As for Chris Dodd that worthless piece of **** along with Barney Frank, should be thrown in jail or better yet hung by their balls on the steps of congress. Oh wait barney might enjoy the hanging thing.

+1 and that is wrong right there.... but funny nonetheless!

[analog_kidd]

That is BS. No one gives bonuses for running a company in the ground. Sure there are some people on the insurance side that made money (and need bonuses) but the POS that destroyed the company shouldnt get a dime.

Well, to be honest, I don't know the performance records of any of the execs getting the money. They may have been stellar performers or they may have been awful. It's not something that anyone seems to be talking about, but it would make for a good "rest of the story". I also don't know how many execs are getting bonuses. If it's one guy getting $165 mil, well that seems a bit excessive, but 300 guys getting $500,000 is not unreasonable. Again, I don't know.

Most of these guys get bonuses as part of their contracted pay. They will draw a salary each month, and then once a year they get a big bonus. It's just the way the business works. But the fact remains that it was a part of their negotiated contract that was in place before the bailouts. If I were one of these guys, and a year ago I took this job over another one based on the overall compensation package, I would want to get paid!

This is America, after all, where one can aspire to greatness. Would you rather have some goober in there getting paid $60,000 a year and totaly run the business into the ground? That's what's going to happen.

Besides, congress is complaining about $165 mil being paid to these guys, who earned it, but were more than eager to spend the same amount of our money on the Innaguration. In a time of such serious fiscal troubles, could our President not have led by example and had a private ceremony in the Oval Office? I'm sure that could have been done for practically nothing.

Or how about Pelosi and Reid's private jets they get to use at will? They probably cost the tax payers a ton of loot that could be saved if they just rode coach on puplic airlines.

What it really boils down to is our government was way more irresponsible with our money than AIG has been. The public does not approve, Congress knows, and they are trying to wipe a little egg off their face onto the sleeves of AIG.

[poak]

I didn't agree w/ the bailout, but I don't totally disagree w/ some of their execs getting bonuses from the money they were given.

First off, like someone mentioned earlier, a lot of these guys already had bonuses in their existing contracts. Second, AIG is a HUGE multi-division company, not all of their divisions are responsible for the mess they're in. Third, I think it is in their best interest to attempt to retain any executive talents they currently have, as they need some smart folks to make money to pay US back!

[Guest m&pc9]

Would you rather have some goober in there getting paid $60,000 a year and totaly run the business into the ground?

You are right, I would rather pay someone $200 million to run it in the ground.

They are performance bonuses, It is very plain they have not performed. I have worked for company's that give bonuses, They were not a sure thing. If your department had their heads in their asses, You did not get one. And most of the time if the company lost money no one got one.

I hope they publish these contracts. I would like to see one.

[fury2neon]

The AIG bonus were not performance bonuses but retention bonuses. They agreed to continue working for AIG as they closed out their departments and would wait till they had closed out their departments (ending their jobs) to begin looking for a new job. Without the retention bonuses they would have just left and the mess would have been a total collapse. It's not perfect but its better than what happens when the bureaucracy runs things.

[Guest m&pc9]

The AIG bonus were not performance bonuses but retention bonuses. They agreed to continue working for AIG as they closed out their departments and would wait till they had closed out their departments (ending their jobs) to begin looking for a new job. Without the retention bonuses they would have just left and the mess would have been a total collapse. It's not perfect but its better than what happens when the bureaucracy runs things.

All the news stations I watched called them performance bonuses.

[fury2neon]

All the news stations I watched called them performance bonuses.

And the news stations are so honest...

Quinn & Rose in the morning, Glenn Beck and Hannity have all reported them as retention bonuses.

So far the right wing radio guys been proven more accurate than the news stations and news papers on most issues.

[Guest m&pc9]

OK. But why would you want to retain people who ran the company in the ground?

They do not deserve the money. Plain and simple.

[fury2neon]

If all they are doing is closing down their department so that it wont exist anymore it makes more since. You can't hire someone to end their own job. These knew they would be out of work and stayed only for the bonuses otherwise those closing departments could have cause a lot more damage.

It does sort of take the fun out of discussing it though...

[Guest jackdog]

So now the pin heads in congress are putting through a bill to tax all these individuals up to 90% of there bonus amount.

One I think this will, be going to the supreme court and they keep their bonus's

Two- the pin heads and a lot of presidents are very much at fault for this whole housing bubble deal. So they should all return there salaries and a large portion of their fortunes to the American Tax payers.

Three- they should bag for our forgiveness, retire from office with no benefits

[Garufa]

But it gets even better. The Republicans are trying to stop the taxation of the bonuses.

http://news.yahoo.com/s/ap/20090320/ap_on_bi_ge/aig_bonuses

[Guest jackdog]

But it gets even better. The Republicans are trying to stop the taxation of the bonuses.

http://news.yahoo.com/s/ap/20090320/ap_on_bi_ge/aig_bonuses

I heard that as well. It is all a CYA game. keep the 6 or 7 decent law makers in congress fire the rest with no retirement package to include no medical.