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A.I.G. -- what gall!
Message
From
16/03/2009 17:30:10
 
General information
Forum:
Finances
Category:
Other
Miscellaneous
Thread ID:
01388473
Message ID:
01388548
Views:
51
Applying your logics, we could separate top-level government offcials, also relatively healthy financially, and put them on $1 salary for the remainder of the year. Good idea?
Basically, one should not express too much outrage about $150M, when trillions fly around to sink hole. Is it not something that called "red herring"?

>You may be a little behind in your news reading. The $150 million in bonuses that are all over the news at the moment are going specifically to executives in the investment group, the group that incurred the losses that led to the A.I.G. bailout in the first place. Top execs in the rest of the company -- which has been relatively healthy financially, other than failing woefully to oversee the rogue unit -- have already agreed to slash their bonuses and are working for a salary of $1 for the remainder of this year. It's exactly the guys who caused the problem who are insisting on collecting their absurd bonuses. Bonus for doing what?!
>
>>Why not to ask you the obvious question? It is cheap, imho, to show outrage in regard to $1B expense when $2000B go out in smoke. One peculiar feature of the process is that the outrage is expressed by the same person(s) who write off/endorse these trillions. By the way, bonuses are not received by executives only; low-level employees get them too. On the other side, government payroll also consists of executives and low-level employees getting different salaries/bonuses/perks.
>>
>>>You're quite the provocateur, aren't you?
>>>
>>>If you can name a government employee who got a bonus in the millions last year, I will be happy to discuss this further. That's not blindly defending government employees, or blindly bashing the private sector, but your "point" is a ludicrous stretch. Have a nice day.
>>>
>>>>Are you not concerned about bonuses/salaries paid to all government employees who rip-off "taxpayers" to the tune of $1500-2000 billon/year?
>>>>
>>>>>This was the lead story in yesterday's New York Times, which I got around to reading at lunch time today. I see in today's headlines online that President Obama is trying to get payment of these bonuses blocked. The article makes it sound like that may not be possible legally, but boy, is this aggravating. We are bailing these bozos out to the tune of $180 billion and they are paying themselves huge bonuses? And to the exact business unit that caused all the problems? Truly unbelievable.
>>>>>
>>>>>http://www.nytimes.com/2009/03/15/business/15AIG.html
>>>>>
>>>>>Here is my favorite part ---
>>>>>
>>>>>A.I.G., nearly 80 percent of which is now owned by the government, defended its bonuses, arguing that they were promised last year before the crisis and cannot be legally canceled. In a letter to Mr. Geithner, Edward M. Liddy, the government-appointed chairman of A.I.G., said at least some bonuses were needed to keep the most skilled executives.
>>>>>
>>>>>“We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,” he wrote Mr. Geithner on Saturday.

>>>>>
>>>>>Thank goodness they are retaining that best and brightest talent. Just think how much of a mess they could have created if they were not in such able hands!
>>>>>
>>>>>Grrrr.....
Edward Pikman
Independent Consultant
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