More Bailout Waste: AIG

[Hacp]

In an early sign of just how tricky corporate governance has become in the era of taxpayer bailouts, three little-known trustees with no office, no staff and almost no mission will soon be deciding questions that affect the fate of American International Group, the giant insurance company.......
Fed and Treasury officials are likely to resist additional pay restrictions, fearing they would aggravate the exodus of crucial employees and make it even harder for A.I.G. to repay taxpayers. That could leave the trustees, who are each being paid $100,000 a year, in the awkward position of having to vote on a proposal that many taxpayers might support but that the government opposes......
?The trustees meet once a month in person and have a standing weekly conference call,?

http://www.nytimes.com/2009/04...siness/20trustees.html
So we're paying these guys 100,000 a year to meet once a month and have a weekly conference call ? This is the definition of wasteful spending. 100k of our taxpayer dollars basically gifted to 3 people. Their main responsibility: Keep a low profile, hold a conference call each week. Pathetic. Even union workers do more for their salaries.

 

[blackangst1]

Well if the feds wont take it back gotta spend it on something

 

[First]

Huh? Financial advisors giving weekly advice for AIG isn't worth 100K? Maybe for some newb scrub, but for experienced pros that's the going rate. Hell, well known public speakers routinely get that amount for just a single appearance.

 

[Slew Foot]

Bush Lied, Thousands died.

That gives Obama free reign to waste generations of Americans tax money.

 

[babylon5]

At least they aren't spending it on massage oil at resorts

 

[Hacp]

Originally posted by: Evan
Huh? Financial advisors giving weekly advice for AIG isn't worth 100K? Maybe for some newb scrub, but for experienced pros that's the going rate. Hell, well known public speakers routinely get that amount for just a single appearance.

Maybe you should read the stuff? They are not financial advisers.

 

[Craig234]

nm

 

[First]

Originally posted by: Hacp

Originally posted by: Evan
Huh? Financial advisors giving weekly advice for AIG isn't worth 100K? Maybe for some newb scrub, but for experienced pros that's the going rate. Hell, well known public speakers routinely get that amount for just a single appearance.

Maybe you should read the stuff? They are not financial advisers.

They most certainly are, at least one of the three. Foshee is, a former CFO himself. They all have extensive business backgrounds. Hell, $100K may even be cheap.

 

[ericlp]

Settle down beavis ...

While the OP was posting his message at least 50 politicians lined their pockets for 100K each. Corruption in the country is going on in a GRAND scale and there is nothing you can do about it. This is just mole hill in a mountain of corruption.

Welcome to America.

 

[JEDIYoda]

Originally posted by: ericlp
Settle down beavis ...

While the OP was posting his message at least 50 politicians lined their pockets for 100K each. Corruption in the country is going on in a GRAND scale and there is nothing you can do about it. This is just mole hill in a mountain of corruption.

Welcome to America.

AND YOUR DRIBBLE HAS MEANING???

 

[cubby1223]

The taxpayer funds both the executive pay, and the acorn bus tours protesting the executive pay The circle of life!

 

[Robor]

Originally posted by: Slew Foot
Bush Lied, Thousands died.

That gives Obama free reign to waste generations of Americans tax money.

Acceptance is the first step.

 

[Hacp]

Originally posted by: Evan

Originally posted by: Hacp

Originally posted by: Evan
Huh? Financial advisors giving weekly advice for AIG isn't worth 100K? Maybe for some newb scrub, but for experienced pros that's the going rate. Hell, well known public speakers routinely get that amount for just a single appearance.

Maybe you should read the stuff? They are not financial advisers.

They most certainly are, at least one of the three. Foshee is, a former CFO himself. They all have extensive business backgrounds. Hell, $100K may even be cheap.

They're not doing anything! They don't have staff or offices or anything. They just meet once a month and have 1 conference call a week. They don't make any calls for AIG, or give the government any advice. They're just trustees for the sake of being trustees so Obama can claim that he didn't nationalize AIG. A huge waste of money.

 

[theeedude]

AIG will never repay the taxpayers. It's being used to funnel taxpayer funds to other institutions who bought AIG swaps.
So it's time to drop the charade.

 

[Genx87]

This is the type of job I need. Shoot the shit on the phone and collect 100K\year.

Though considering our stimulus package hopes and dreams of 4 million jobs for 800 billion we are getting a steal on these guys. They are working for half the going rate of 200K\job.

 

[Fear No Evil]

Originally posted by: Hacp

Originally posted by: Evan

Originally posted by: Hacp

Originally posted by: Evan
Huh? Financial advisors giving weekly advice for AIG isn't worth 100K? Maybe for some newb scrub, but for experienced pros that's the going rate. Hell, well known public speakers routinely get that amount for just a single appearance.

Maybe you should read the stuff? They are not financial advisers.

They most certainly are, at least one of the three. Foshee is, a former CFO himself. They all have extensive business backgrounds. Hell, $100K may even be cheap.

They're not doing anything! They don't have staff or offices or anything. They just meet once a month and have 1 conference call a week. They don't make any calls for AIG, or give the government any advice. They're just trustees for the sake of being trustees so Obama can claim that he didn't nationalize AIG. A huge waste of money.

No! Its stimulus! Its 'good spending'! Bush was the only one who did bad spending!

 

[heyheybooboo]

:| O U T R A G E :|

(not really)


These guys are responsible for representing our rather significant interest in AIG. For what we have invested ($180 billion?) we should feel lucky to have them.

It would be nice to see what the trust agreement looks like BUT why would they even bother doing anything that would be considered a breach of their fiduciary duty ??

 

[sciwizam]

Originally posted by: Genx87
This is the type of job I need. Shoot the shit on the phone and collect 100K\year.

Though considering our stimulus package hopes and dreams of 4 million jobs for 800 billion we are getting a steal on these guys. They are working for half the going rate of 200K\job.

3.5 million

 

[Genx87]

Originally posted by: sciwizam

Originally posted by: Genx87
This is the type of job I need. Shoot the shit on the phone and collect 100K\year.

Though considering our stimulus package hopes and dreams of 4 million jobs for 800 billion we are getting a steal on these guys. They are working for half the going rate of 200K\job.

3.5 million

Oh they lowered their expectations? Good to know we are getting an even better deal on these guys then as the price of the avg job created just jumped 30,000 dollars.

 

[First]

Originally posted by: Hacp

Originally posted by: Evan

Originally posted by: Hacp

Originally posted by: Evan
Huh? Financial advisors giving weekly advice for AIG isn't worth 100K? Maybe for some newb scrub, but for experienced pros that's the going rate. Hell, well known public speakers routinely get that amount for just a single appearance.

Maybe you should read the stuff? They are not financial advisers.

They most certainly are, at least one of the three. Foshee is, a former CFO himself. They all have extensive business backgrounds. Hell, $100K may even be cheap.

They're not doing anything! They don't have staff or offices or anything. They just meet once a month and have 1 conference call a week. They don't make any calls for AIG, or give the government any advice. They're just trustees for the sake of being trustees so Obama can claim that he didn't nationalize AIG. A huge waste of money.

Where in the article does it say they aren't giving advice. Perhaps I missed it?

 

[Hacp]

Originally posted by: Evan

Originally posted by: Hacp

Originally posted by: Evan

Originally posted by: Hacp

Originally posted by: Evan
Huh? Financial advisors giving weekly advice for AIG isn't worth 100K? Maybe for some newb scrub, but for experienced pros that's the going rate. Hell, well known public speakers routinely get that amount for just a single appearance.

Maybe you should read the stuff? They are not financial advisers.

They most certainly are, at least one of the three. Foshee is, a former CFO himself. They all have extensive business backgrounds. Hell, $100K may even be cheap.

They're not doing anything! They don't have staff or offices or anything. They just meet once a month and have 1 conference call a week. They don't make any calls for AIG, or give the government any advice. They're just trustees for the sake of being trustees so Obama can claim that he didn't nationalize AIG. A huge waste of money.

Where in the article does it say they aren't giving advice. Perhaps I missed it?

In an early sign of just how tricky corporate governance has become in the era of taxpayer bailouts, three little-known trustees with no office, no staff and almost no mission will soon be deciding questions that affectthe fate of American International Group, the giant insurance company.

And though they are not supposed to get involved in day-to-day management or set A.I.G.?s broad strategy, they have full power to vote the government shares.

So what are you supposed to do if you are a "trustee" of 80% of AIG, but can't control day to day strategy, and you can't get involved with the board's strategy? Should you sell all the shares? That would defeat the point wouldn't it?

 

[First]

Originally posted by: Hacp

Originally posted by: Evan

Originally posted by: Hacp

Originally posted by: Evan

Originally posted by: Hacp

Originally posted by: Evan
Huh? Financial advisors giving weekly advice for AIG isn't worth 100K? Maybe for some newb scrub, but for experienced pros that's the going rate. Hell, well known public speakers routinely get that amount for just a single appearance.

Maybe you should read the stuff? They are not financial advisers.

They most certainly are, at least one of the three. Foshee is, a former CFO himself. They all have extensive business backgrounds. Hell, $100K may even be cheap.

They're not doing anything! They don't have staff or offices or anything. They just meet once a month and have 1 conference call a week. They don't make any calls for AIG, or give the government any advice. They're just trustees for the sake of being trustees so Obama can claim that he didn't nationalize AIG. A huge waste of money.

Where in the article does it say they aren't giving advice. Perhaps I missed it?

In an early sign of just how tricky corporate governance has become in the era of taxpayer bailouts, three little-known trustees with no office, no staff and almost no mission will soon be deciding questions that affectthe fate of American International Group, the giant insurance company.

And though they are not supposed to get involved in day-to-day management or set A.I.G.?s broad strategy, they have full power to vote the government shares.

So what are you supposed to do if you are a "trustee" of 80% of AIG, but can't control day to day strategy, and you can't get involved with the board's strategy? Should you sell all the shares? That would defeat the point wouldn't it?

Again, nowhere there does it say they don't give advice or at the very least use their discretion, they are trustees after all so they have critical powers and do make decisions. In this special case, their voting power also serves the purpose of separating powers between private and public interests to avoid conflicts of interest, and the NYT article doesn't claim otherwise; in fact the article literally say "the trustees have said nothing in public about their activities or their plans" and also that "If they [trustees] wanted to oust A.I.G.?s current board and chief executive, for example, they would have ample power to do so". And finally, acting as if they're random and useless because of not having a office or "full-time" staff is inane, the article mentions that they have "A lawyer at Arnold & Porter, Kevin F. Barnard, advises them on legal issues...the trustees hired a part-time spokesman to field questions from the news media."

I'd at least wait to see what these three trustees are going to do before claiming it's wasteful to pay them anything. To claim they get overpaid for having "only" weekly conference calls and no "full-time" staff is asinine and looking for an excuse to bitch.

 

[Hacp]

Originally posted by: Evan

Originally posted by: Hacp

Originally posted by: Evan

Originally posted by: Hacp

Originally posted by: Evan

Originally posted by: Hacp

Originally posted by: Evan
Huh? Financial advisors giving weekly advice for AIG isn't worth 100K? Maybe for some newb scrub, but for experienced pros that's the going rate. Hell, well known public speakers routinely get that amount for just a single appearance.

Maybe you should read the stuff? They are not financial advisers.

They most certainly are, at least one of the three. Foshee is, a former CFO himself. They all have extensive business backgrounds. Hell, $100K may even be cheap.

They're not doing anything! They don't have staff or offices or anything. They just meet once a month and have 1 conference call a week. They don't make any calls for AIG, or give the government any advice. They're just trustees for the sake of being trustees so Obama can claim that he didn't nationalize AIG. A huge waste of money.

Where in the article does it say they aren't giving advice. Perhaps I missed it?

In an early sign of just how tricky corporate governance has become in the era of taxpayer bailouts, three little-known trustees with no office, no staff and almost no mission will soon be deciding questions that affectthe fate of American International Group, the giant insurance company.

And though they are not supposed to get involved in day-to-day management or set A.I.G.?s broad strategy, they have full power to vote the government shares.

So what are you supposed to do if you are a "trustee" of 80% of AIG, but can't control day to day strategy, and you can't get involved with the board's strategy? Should you sell all the shares? That would defeat the point wouldn't it?

Again, nowhere there does it say they don't give advice or at the very least use their discretion, they are trustees after all so they have critical powers and do make decisions. In this special case, their voting power also serves the purpose of separating powers between private and public interests to avoid conflicts of interest, and the NYT article doesn't claim otherwise; in fact the article literally say "the trustees have said nothing in public about their activities or their plans" and also that "If they [trustees] wanted to oust A.I.G.?s current board and chief executive, for example, they would have ample power to do so". And finally, acting as if they're random and useless because of not having a office or "full-time" staff is inane, the article mentions that they have "A lawyer at Arnold & Porter, Kevin F. Barnard, advises them on legal issues...the trustees hired a part-time spokesman to field questions from the news media."

I'd at least wait to see what these three trustees are going to do before claiming it's wasteful to pay them anything. To claim they get overpaid for having "only" weekly conference calls and no "full-time" staff is asinine and looking for an excuse to bitch.

They technically have the power to do anything they want, but they are "not supposed to get involved in day-to-day management or set A.I.G.?s broad strategy". So they're puppets. They probably have the lawyer and spokesman to protect themselves against lawsuits.

 

[ericlp]

Originally posted by: JEDIYoda

Originally posted by: ericlp
Settle down beavis ...

While the OP was posting his message at least 50 politicians lined their pockets for 100K each. Corruption in the country is going on in a GRAND scale and there is nothing you can do about it. This is just mole hill in a mountain of corruption.

Welcome to America.

AND YOUR DRIBBLE HAS MEANING???

Whaaaaaaa! Just prepare for more of the same over and over again.

 

[bob4432]

oh no, the obama deception is accurate :shocked: