AIG better hire more bodyguards....

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http://news.yahoo.com/s/ap/20090315/ap_on_go_pr_wh/aig_outrage

From one Sunday talk show to the next, they tore into the contracts that American International Group asserted had to be honored, to the tune of about $165 million and payable to executives by Sunday ? part of a larger total payout reportedly valued at $450 million. The company has benefited from more than $170 billion in a federal rescue.
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Now, I understand that there are contracts that AIG needs to go by but the executives also have the power to decline the money.
 
I never believed in the bailout of ailing major financial firms. I say let them collapse. It was irresponsible spending and greed that got them in the mess they are in now in the first place. Let them pay the price, even if it does make life harder for people like me. I really don't care. I don't have much to lose financially.

They should have got what they deserved, but instead the U.S. government yet again rewards people for their failures. Besides, given some time, a stronger, more responsible firm (hopefully this time a little wiser) will rise from the ashes and any repercussions the small guy might experience in the short term will pale in comparison to the long term benefits of just starting from scratch. It's mainly the super-wealthy executives who'll benefit from this bailout anyways. You don't just hand out trophys to the losing team. They didn't earn it.

I swear, weak-minded people in this country are spreading like fungus. This whole country is like one giant petri dish of losers and nut-less wimps these days.

*sigh* Sometimes I feel lonely when I look around out there and realize I'm surrounded by a bunch of retards.
 
I'm gonna pull a Johnny Carson and say:

What are your feelings towards your family?

: Ed Repeats the line to me, i angrily stare back at Ed:

: opens the envelope and removes a letter:

[quote Saturos]*sigh* Sometimes I feel lonely when I look around out there and realize I'm surrounded by a bunch of retards. [/quote]
 
Tyguy said:
I'm gonna pull a Johnny Carson and say:

What are your feelings towards your family?

: Ed Repeats the line to me, i angrily stare back at Ed:

: opens the envelope and removes a letter:

[quote Saturos]*sigh* Sometimes I feel lonely when I look around out there and realize I'm surrounded by a bunch of retards.
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:LOL:
 
This is really something that when you die and go to see whatever your maker is, you will be judged poorly. My hope is that Obama can stop this from happening. He's the president and I put him there so he could stop this and get me a job. I have full faith in him and keeps to his word that this sort of thing stops. Well I hope he does but you know politics. :LOL:
 
Saturos said:
I never believed in the bailout of ailing major financial firms. I say let them collapse. It was irresponsible spending and greed that got them in the mess they are in now in the first place. Let them pay the price, even if it does make life harder for people like me. I really don't care. I don't have much to lose financially.

They should have got what they deserved, but instead the U.S. government yet again rewards people for their failures. Besides, given some time, a stronger, more responsible firm (hopefully this time a little wiser) will rise from the ashes and any repercussions the small guy might experience in the short term will pale in comparison to the long term benefits of just starting from scratch. It's mainly the super-wealthy executives who'll benefit from this bailout anyways. You don't just hand out trophys to the losing team. They didn't earn it.

I swear, weak-minded people in this country are spreading like fungus. This whole country is like one giant petri dish of losers and nut-less wimps these days.

*sigh* Sometimes I feel lonely when I look around out there and realize I'm surrounded by a bunch of retards.
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The bailout wasn't there to reward irresponsibility, it was to save the jobs of the workers. Imagine how many unemployed people there would be if these companies hadn't been rescued? With America's weak social security network, that would make hundreds of thousand of people unable to afford to meet even their basic needs.
 
Saturos said:
I never believed in the bailout of ailing major financial firms. I say let them collapse. It was irresponsible spending and greed that got them in the mess they are in now in the first place. Let them pay the price, even if it does make life harder for people like me. I really don't care. I don't have much to lose financially.

They should have got what they deserved, but instead the U.S. government yet again rewards people for their failures. Besides, given some time, a stronger, more responsible firm (hopefully this time a little wiser) will rise from the ashes and any repercussions the small guy might experience in the short term will pale in comparison to the long term benefits of just starting from scratch. It's mainly the super-wealthy executives who'll benefit from this bailout anyways. You don't just hand out trophys to the losing team. They didn't earn it.

I swear, weak-minded people in this country are spreading like fungus. This whole country is like one giant petri dish of losers and nut-less wimps these days.

*sigh* Sometimes I feel lonely when I look around out there and realize I'm surrounded by a bunch of retards.
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Look around your house, everything in it was manufactured by firms financed by debt.

Take that debt away and the company will fail.

Then where will you buy from? Where will you get your food? Who will make your computer games?

I see your point about rewarding failure, most bonuses are awarded on operating profits, which the top companies still make a lot of.

The problem is scaling back the borrowing of the big banks, and getting them to finance their long term liabilities with long term debt, rather than short term renewable debt.
 
it makes me even more mad that our government was doing any oversight. we cut the check and then hand it to the greediest bastards on the planet. our government has been hijacked by an even worse group of terrorists that appear to be for the people.
 
I hope you American's are able to claw some of that money back unlike us Brits. We actually reward ALL bank staff for paying back a tiny amount we bailed them out with. We allow them to keep they're lavish pensions, and huge party's. All the banks here that were bailed out all still got bonuses. It makes me sick that those who got us in this mess are still being rewarded by taxpayer money, and the Government allows it. God and hate this damn country more and more each day.
 
The Monkey said:
The bailout wasn't there to reward irresponsibility, it was to save the jobs of the workers. Imagine how many unemployed people there would be if these companies hadn't been rescued? With America's weak social security network, that would make hundreds of thousand of people unable to afford to meet even their basic needs.
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You have a good point but still, what about all those irresponsible AIG executive dumbasses? to think they'll get a big piece of the pie too. Ugh, I hate banks. The idea behind them is sound, as investing is a good way to cement your future, but the economic education of many bank CEOs and VPs is questionable to say the least. Or either they are undisciplined, spoiled brats who want everything NOW and screw everyone else in the process.

To an extent to though, many of the average joes out there who are in huge debt may still be at fault for having some financial irresponsibility issues themselves, what with credits cards, mortgages, loans and all. Don't spend what you don't have.

Oh, and forget about social security in the U.S. these days. It's best to invest in a 401k savings and plan for you retirement own you own early in the game.

I think financial education should be a huge part of the basic high school curriculum. It seems we have several whole generations of financial irresponsibility in our nation.

kazsymonds said:
Look around your house, everything in it was manufactured by firms financed by debt.

Take that debt away and the company will fail.
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You have a very intelligent point. In fact, the U.S. economy wholly revolves around debt. It's what some call the, "band-aid economy".

More like the BS economy. :p

It's a result of many decades of people trying to "strike it big" as fast as possible without consideration of the consequences in the long-term.

Debt really shouldn't be necessary to run a financial business. Something's wrong with the whole bigger picture imo.
 
Saturos said:
You have a good point but still, what about all those irresponsible AIG executive dumbasses? to think they'll get a big piece of the pie too. Ugh, I hate banks. The idea behind them is sound, as investing is a good way to cement your future, but the economic education of many bank CEOs and VPs is questionable to say the least. Or either they are undisciplined, spoiled brats who want everything NOW and screw everyone else in the process.

To an extent to though, many of the average joes out there who are in huge debt may still be at fault for having some financial irresponsibility issues themselves, what with credits cards, mortgages, loans and all. Don't spend what you don't have.

Oh, and forget about social security in the U.S. these days. It's best to invest in a 401k savings and plan for you retirement own you own early in the game.

I think financial education should be a huge part of the basic high school curriculum. It seems we have several whole generations of financial irresponsibility in our nation.
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Well yeah, obviously these executives are assholes and these bonuses piss me off as must as the next guy. One solution would be to put demand to the company before the receive any bailout money, such as to forbid bonuses and restrict salary raises among the executives. They could also demand that the leadership of the company is changed. That's what the government has done here to the companies it has borrowed money to or assumed ownership over.
 
Saturos said:
...

You have a very intelligent point. In fact, the U.S. economy wholly revolves around debt. It's what some call the, "band-aid economy".

More like the BS economy. :p

It's a result of many decades of people trying to "strike it big" as fast as possible without consideration of the consequences in the long-term.

Debt really shouldn't be necessary to run a financial business. Something's wrong with the whole bigger picture imo.
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Read up on Modigliani & Miller.

Accountancy studies actually tell you that it is good to have a certain amount of debt, as up to a certain point it is cheaper to borrow and pay interest than it is to issue more share and have to pay dividends.

It all revolves around Cost of Capital, and it tends to be the traditional idea that some debt is better than no debt or too much debt.

To say that we should abolish debt is to say that we should abolish incorporated companies, and our entire economies...which i can't find a suitable argument against at the moment :LOL:
 
No Limit said:
He is full of shit. If he wanted to prevent these bonuses he would have done so before giving them another 30 billion a few weeks back. Tim Geithner is in bed with these AIG assholes, I can smell it. It's probably the reason this administration tried to remove executive pay caps in the last bail out.
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I agree, he's only making these statements because of possible populist backlash.
 
They already have a lot of guard. One day, I tried to take a photo outside an AIG main building. I was surrounded by multiple security guards. I said what the ****? I just wanted to take a photo,
 
This is just like RBS here, where the Government leaves loopholes for the banks to exploit. It's still every fat cat for themselves at the expense of the taxpayer. Shame i thought if there was anyone who was going to clean up the banking system it would be Obama.
 
PimpinPenguin said:
This is just like RBS here, where the Government leaves loopholes for the banks to exploit. It's still every fat cat for themselves at the expense of the taxpayer. Shame i thought if there was anyone who was going to clean up the banking system it would be Obama.
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Obama can't thwart human nature.
 
The power of one man, even if he is the state president, is very limited.
 
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