AIG debacle: The players and who knew what when

Yahoo Newsroom Blog ^ | 3/19/09 | Lili Ladaga

[NormsRevenge]

As the AIG bonuses debacle grows ever larger and the angry voices grow ever louder, the question for some may be: Who created this mess, anyway?

To make a long, long story short: The U.S. government bailed out the ailing insurance giant AIG with $170 billion. Unbeknownst (allegedly) to anyone (until now), AIG is using $220 million of taxpayers' hard-earned dollars for "retention bonuses" for its financial products division, the section arguably to blame for the company's downfall. Today, the House passed a bill, 328-93, that would slap huge taxes on employee bonuses from bailed-out firms.

Here is a list of the players in the tangled financial web now gripping the nation's attention:

[E Rocc]

Will this bill apply the 90% tax to “incentives” earned by UAW workers? If it does, it will be fun to watch the internecine knifefight.

[databoss]

if congress can pass tax laws to attack these bonuses why not carry it a step further and go after Fannie and Freddie execs for riding their companies into the ground...lets’ get after all the ‘playas’

[St.Mark]

What the Congress did today was against the Constitution and an Omabanation against this country. Who will want to do business here if contracts mean nothing?? It was a great point I heard from Mark Stein a bit ago. If contracts can be ignored by supposedly the most law abiding branch of our government next to the Supreme Court I wouldn’t do business here either! Anger in this country is starting to boil even among the people that voted for this idiot. Chris Dodd will be toast come the next election. Grrrrrrrrrrrr!!!

[HardStarboard]

>>>Will this bill apply the 90% tax to “incentives” earned by UAW workers?<<<

I was unaware that there was "incentive" money in the TARP for UAW workers. Do you have a source or any details.

If they are real, it is at least worth a letter to my congress critters and a newspaper or two!

[mike-zed]

The 90% applies to all the big banks.

To any couple earning $250k or above.

For any bonus, given for any reason, without regard to the profitability of the banks.

My wife is an employee of such a bank. We, together, just reach the $250k threshold.

This bank (which shall remain nameless) was one of the ones basically forced to accept TARP funds.

Her base salary is artificially low, with yearly bonuses to bring it to near the market rate.

She will lose her entire bonus.

She voted for Obama.
She voted for Hope.
She voted for Change.

Today is the day she stopped be a liberal Democrat.

Hell, it’s almost worth it to cure her of her liberal delusion.

[calcowgirl]

The U.S. government bailed out the ailing insurance giant AIG with $170 billion. Unbeknownst (allegedly) to anyone (until now), AIG is using $220 million of taxpayers' hard-earned dollars for "retention bonuses"

 $ 170,000,000,000
 -     220,000,000
 -----------------
 $ 169,780,000,000

Bonuses should not dominate the outrage.