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Thread: US Treasury to reclaim AIG cash

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    Re: US Treasury to reclaim AIG cash

    Quote Originally Posted by Kandahar View Post
    If the government HADN'T stepped in, AIG would have gone bankrupt and those employees most certainly wouldn't have gotten any bonuses at all. I'm sorry if protecting their bonuses are not my top concern.
    But the government didn't allow them to go bankrupt. Instead they stepped in and kept them afloat. If the company you work for owes you money, doesn't go out of business, then they need to pay you what was contractual agreed upon under the conditions of your employment. They can't just say, "Look you asshole you have tons of money and the villagers are going ape-**** over it so we're no longer honoring our contract."

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    Re: US Treasury to reclaim AIG cash

    If the bonuses were due to poor people nobody would say boo about it. In fact there would be outrage if the government took contractually agreed upon bonuses away from some poor people. The rich are just so hated.

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    Re: US Treasury to reclaim AIG cash

    Quote Originally Posted by talloulou View Post
    If the bonuses were due to poor people nobody would say boo about it. In fact there would be outrage if the government took contractually agreed upon bonuses away from some poor people. The rich are just so hated.
    That's a bit simplistic. I haven't heard one person express outrage that the already rich engineers over at Intel are getting richer because of their yearly bonus. The rich people at AIG who are getting a whole lot richer while making the rest of the nation a whole lot poorer, though, are indeed hated.

    Still, this wave of popular justice is just plain silly

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    Re: US Treasury to reclaim AIG cash

    Quote Originally Posted by jujuman13 View Post
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    BBC NEWS | Business | US Treasury to reclaim AIG cash

    This would be almost laughable if it were not so serious.

    The Obama administration is now saying they will deduct the amount paid in Bonus's from the amount AIG is to get from the US Obama Administration in the next bout of bail out.

    And they call insane people 'Crazy'?
    K, sounds good to me, so now they'll quit bitching about bonuses right?

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    Re: US Treasury to reclaim AIG cash

    Uhm sorry Geitner you have to re-negotiate the Contract in order to do that.



    "We will impose on AIG a contractual commitment to pay the Treasury from the operations of the company the amount of the retention awards just paid," Mr Geithner's letter said.

    "In addition, we will deduct from the $30bn in assistance an amount equal to the amount of those payments."
    That is worse then the issue at hand. Its also illegal.
    When you sign a contract you expect it to be upheld and legally binding..Not something one party can simply disregard.
    Pretty sure it also would be unconstitutional.



    And Senate Democrats wrote to AIG Chief Executive Edward Liddy on Tuesday calling on him to hand over the bonuses.

    "If these contracts are not renegotiated immediately, we will take action to make American taxpayers whole by recouping all of the bonuses that AIG has paid out to its financial products unit," the letter stated.
    That is realistic. Because they can do such without ignoring the contracts already in effect. Even if its as simple as a cheesey new never before seen fine its not breaking the contract.


    Someone will probably argue both the quotes say the same thing..they don't.
    Key words are "Impose" and "Negotiate".


    ...

    The BBC's James Coomarasamy, in Washington, says these are uncomfortable times for Mr Obama.

    The president is trying to channel public anger over the bonuses without becoming the object of that anger himself, our correspondent says.
    He is correct. But while "channeling" Obama is being caught in BS.
    Its almost become two issues now.
    1. The AIG situation.
    2. Obama, Geitner, etc lying for all intents.



    I think Geitner is just blowing smoke and trying to continue using the subject to do what is remarked upon in the 3rd quote.
    Last edited by Triad; 03-18-09 at 06:11 AM.

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    Re: US Treasury to reclaim AIG cash

    These "executives" whom created the fraud should be jailed.
    When you claim to have something you don't have and then sell it to a consumer, that's called fraud. I'm surprised the gov isn't persuing criminal charges on AIG employees.

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    Re: US Treasury to reclaim AIG cash

    Quote Originally Posted by Kernel Sanders View Post
    That's a bit simplistic. I haven't heard one person express outrage that the already rich engineers over at Intel are getting richer because of their yearly bonus. The rich people at AIG who are getting a whole lot richer while making the rest of the nation a whole lot poorer, though, are indeed hated.

    Still, this wave of popular justice is just plain silly
    Intel isn't receiving governmental bailouts.

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    Re: US Treasury to reclaim AIG cash

    Quote Originally Posted by jfuh View Post
    These "executives" whom created the fraud should be jailed.
    You're right, but you think the House and Congress will impeach them? I don't.

    Quote Originally Posted by jfuh View Post
    When you claim to have something you don't have and then sell it to a consumer, that's called fraud.
    WOAH Jfuh went right wing???

    Quote Originally Posted by jfuh View Post
    I'm surprised the gov isn't persuing criminal charges on AIG employees.
    Oh... you were taking the talking points and talking about AIG....
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: US Treasury to reclaim AIG cash

    Quote Originally Posted by talloulou View Post
    If the bonuses were due to poor people nobody would say boo about it. In fact there would be outrage if the government took contractually agreed upon bonuses away from some poor people. The rich are just so hated.
    Maybe if the "rich" did the responsible thing, they wouldn't be so "hated".



    United Auto Workers President Ron Gettelfinger said Wednesday the union will give up job protections and rework a retiree health-care trust in concessions aimed at helping automakers clinch billions in government loans to weather a severe downturn.
    [...]
    Gettelfinger told reporters in a news conference that the steps were the "responsible thing to do" and the union was currently engaged in discussions with the automakers to revise the contracts.

    United Auto Workers Open To Contract Changes : NPR
    “We just simply don’t know how to govern” - Rep. Steve Womack (R-AR) a member of the House Budget Committee

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    Re: US Treasury to reclaim AIG cash

    Quote Originally Posted by jujuman13 View Post
    Link
    BBC NEWS | Business | US Treasury to reclaim AIG cash

    This would be almost laughable if it were not so serious.

    The Obama administration is now saying they will deduct the amount paid in Bonus's from the amount AIG is to get from the US Obama Administration in the next bout of bail out.

    And they call insane people 'Crazy'?


    So to show them, we are going to give them yet another bailout??????






    What an idiot.
    Let evil swiftly befall those who have wrongly condemned us

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