The Real AIG Scandal

[GeezerMan]

link 1

Link 2


The usual suspects get their guaranteed loot.

"Stop the looting and start the prosecuting right now or we will take our ball and bat and depart, leaving you with an un-fundable government budget that will be forced to contract by more than 75% within days, along with a smoking hole where your capital markets and economy once were."

 

[StageLeft]

You have to admire the whole thing. I wonder how many execs at AIG that have been instrumental in its getting money will soon find a corner office for themselves at one of AIG's bail-out beneficiaries. In a way it's money laundering :0

 

[alchemize]

The politicians are bought and paid for by these guys (the major counterparty corps/banks). The bonuses are an intentional distraction.

 

[BoberFett]

This bailout will prove to be a boon for the world.

 

[Thump553]

Wasn't repaying those debts the core purpose of the bailout in the first place? Outside of those calling for an outright bankruptcy of AIG I don't recall any politician ever raising a claim that these debts should not be repaid 100%.

I'm not intentionally mocking the OP's post but I'm truely confused. Is the claimed scandal having a bailout program in the first place?

 

[bamacre]

Originally posted by: BoberFett
This bailout will prove to be a boon for the world.

:thumbsup:

 

[JS80]

hindsight is 20/20 but they should have bk'd and went into receivership.

 

[Phokus]

Originally posted by: bamacre

Originally posted by: BoberFett
This bailout will prove to be a boon for the world.

:thumbsup:

Compared to what you LOLbertarians wanted to do (nothing, and let the world economy implode), i think it WAS a boon, comparatively speaking.

 

[miketheidiot]

Originally posted by: Thump553
Wasn't repaying those debts the core purpose of the bailout in the first place? Outside of those calling for an outright bankruptcy of AIG I don't recall any politician ever raising a claim that these debts should not be repaid 100%.

I'm not intentionally mocking the OP's post but I'm truely confused. Is the claimed scandal having a bailout program in the first place?

yes and yes, or at least thats what i get out of it. more mindless populist rage

 

[Specop 007]

The real scandal is how the .gov can change its mind on a whim and make people suffer by it.
The .gov owns 80% of AIG
The .gov appointed the CEO
The .gov specifically stated that AIG employees would receice money and bonuses previously agreed upon.

Now they have changed their mind and said no they wont. It really comes down to the .gov being a pack of incompetent buffoons and AIG employees taking the fall for it. Of course the government will say AIG is being underhanded in order to cover up their own massive failures as our elected officials.

 

[LTC8K6]

Freddie Mac has a very similar bonus plan...implemented after they got bailout funds...

**********

http://hotair.com/archives/200...-retention-bonus-plan/

While everyone assails AIG for using less than 0.1% of the taxpayer-bailout money it received to meet contractual obligations in compensation through retention bonuses, another recipient of government largesse has its own bonus program in operation. According to their annual report, Freddie Mac has a generous retention bonus plan built into its operation for the next year. Eligibility includes all of the senior and executive VPs. It comes in four payouts, and only the last has any connection to company performance.

...

That sounds a lot like the AIG retention bonus plan, although Freddie Mac does have a disclaimer stating that they can modify or end the program at their discretion. Since Freddie Mac and her sister Fannie Mae got over $200 billion in a pre-TARP bailout, more than the private AIG got (at least in the aggregate), one might ask why Freddie Mac built in retention bonuses in this November filing ? two months after the taxpayer bailout.
If AIG?s retention bonuses are a problem, why aren?t Freddie Mac?s?

 

[Pneumothorax]

Originally posted by: Specop 007
The real scandal is how the .gov can change its mind on a whim and make people suffer by it.
The .gov owns 80% of AIG
The .gov appointed the CEO
The .gov specifically stated that AIG employees would receice money and bonuses previously agreed upon.

Now they have changed their mind and said no they wont. It really comes down to the .gov being a pack of incompetent buffoons and AIG employees taking the fall for it. Of course the government will say AIG is being underhanded in order to cover up their own massive failures as our elected officials.

OT but I have to add this... So we want these same Buffoons running UHC?

 

[LegendKiller]

Originally posted by: Phokus

Originally posted by: bamacre

Originally posted by: BoberFett
This bailout will prove to be a boon for the world.

:thumbsup:

Compared to what you LOLbertarians wanted to do (nothing, and let the world economy implode), i think it WAS a boon, comparatively speaking.

Yeah, but letting your house burn to the ground because you have a skillet grease fire is always better than just putting out the fire.

 

[bamacre]

Originally posted by: LegendKiller

Originally posted by: Phokus

Originally posted by: bamacre

Originally posted by: BoberFett
This bailout will prove to be a boon for the world.

:thumbsup:

Compared to what you LOLbertarians wanted to do (nothing, and let the world economy implode), i think it WAS a boon, comparatively speaking.

Yeah, but letting your house burn to the ground because you have a skillet grease fire is always better than just putting out the fire.

Better than tossing the flaming skillet in the garbage can and claiming the kitchen is now safe.

No one said there wouldn't be pain from letting these companies fail. But that is what was needed to happen.

Instead, all we are doing is rebuilding the same economy based on failed economic and monetary policies. And the result will just be delaying, yet again, the inevitable, which will be worse.

 

[BoberFett]

Originally posted by: LegendKiller

Originally posted by: Phokus

Originally posted by: bamacre

Originally posted by: BoberFett
This bailout will prove to be a boon for the world.

:thumbsup:

Compared to what you LOLbertarians wanted to do (nothing, and let the world economy implode), i think it WAS a boon, comparatively speaking.

Yeah, but letting your house burn to the ground because you have a skillet grease fire is always better than just putting out the fire.

You haven't put out the fire. You covered it in old newspapers so we couldn't see the fire and now claim that it has been put out.

 

[Fern]

Originally posted by: BoberFett
-snip-
You haven't put out the fire. You covered it in $170 billion tax dollars so we couldn't see the fire and now claim that it has been put out.

Fixed

Fern