Posted on 03/14/2009 7:05:38 PM PDT by Robwin
WASHINGTON — Despite being bailed out with more than $170 billion from the Treasury and Federal Reserve, the American International Group is preparing to pay about $100 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year.
(Excerpt) Read more at nytimes.com ...
HAHAHAHAHAHAHA!!!! Ah, F*** ME!!!!HAHAHAHAHAHAHAHA!!!!
AIG bailout --- ????? Remember when this economic crisis hit, and Congress let Bear Sterns go under, pushed a bunch of forced marriages between banks, etc.? Then they bailed out AIG.
At the time, I thought: "That's strange. What does an insurance company have to do with this crisis?"
I think I just found the answer. Among other things, AIG INSURES THE PENSION TRUST OF THE UNITED STATES CONGRESS!! No wonder they got bailed out right away!
To hell with the people, let's protect our future, said all our Senators and Congressmen. Nice to see where their loyalties lie!
Why was this company allowed to become too big to fail? If it was considered too big to fail why didn’t the SEC or Congress ensure that proper safeguards were in place? Where was the government regulation to protect taxpayers from having to pay these beyond comprehension bailouts? Who is to blame for not regulating this company? I would assume it had an annual audit of its financial statements. The subprime problem was affecting these businesses before 2008. How could this have happened without warning? Wouldn’t their CPA’s given a going concern opinion in its auditor’s report? Did the excessive bailout amounts have anything to do with senate and house retirement funds? (Just questioning, no proof)
The so-called bonuses amount to 6 one-hundredths of one percent of the value of the value of the bailout. In the financial industry much of the compensation is conditional upon reaching certain goals. Satisfying the goals triggers end-of-year payments. These payments are not always dependent on the overall success of the company.
An unnecessary extra level of indirection that I hope does not detract from the point.
These bonuses are necessary so that they can bundle another $100+ to Obama and Dodd.
Yeah, soak the taxpayers. Why not? obozo admin & Congress is doing it.
Sorry. that’s “are doing it.”
Good thing I read the article; I thought the bonuses were going to be paid to members of congress.
Okay, let's see.
Among other things, AIG INSURES THE PENSION TRUST OF THE UNITED STATES CONGRESS!!
Is that so?
No wonder they got bailed out right away.
You have not found the answer.
than cue.
Many thanks to you for the answer to that riddle.
So, you are saying the reward for the success of (your) failure is not interdependent on the success of the failure of the company (you) work for? And that said reward is so miniscule in the overall rape being perpetrated on the average taxpayer that it is unworthy even of mention?
Outstanding!
One could make the same case for bribes paid to political leaders.
One could but I'm sorry that would be stupid.
Properly incentivized employees will turn the company around faster.
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