Rewarding failure

[Vel]

I guess if anyone would recognize rewarding incompetence it would be Barney Frank. He sees it everytime he cashes his Congressional paycheck.

 

[editec]

Yes it is.

We ought to be hanging the officers of that corporation AND the members of the board, too.

I suspect a whole lot of DEMS supporters would be swinging if we did that, too.

 

[WillowTree]

Yes it is.

We ought to be hanging the officers of that corporation AND the members of the board, too.

I suspect a whole lot of DEMS supporters would be swinging if we did that, too.

ya know what I heard on the TV? The unions wrote the contracts that bankrupted AIG..

 

[editec]

Hang the bastards.

hang the lot of them.

And hang them high for all who would do the same to see what comes of caring more about your own greedy ass than the stockholders or people, or even the nation itself.

Until we do this to guys like these?

We're we the sheeple and they'll do it to us again the moment they see the opportunity.

 

[ABikerSailor]

Funny, gm and ford and chrysler didn't go in to bankruptcy and because we were bailing them out we told them to renegotiate what they paid their people, did we not?

WHY in the hell should these asses that caused the majority of the crash, get away with this....?

They've taken near 10 times the money gm took...? And they are sending the money overseas too...?

Care

Watching the news this morning, they said that it was their London branch, which incidentally happens to be credited with the majority of the mismanagement and incompetence that has been pointed to as the reason for the collapse.

Personally? I think that they should just tell them......either (a) we bail them out and they say good bye to their bonuses, or (b) we don't bail them out and let them go broke.

I choose option (b).

 

[ScreamingEagle]

Blarney Frank should get fired for HIS incompetence instead of threatening AIG employees....but this is all a diversionary tactic to keep the eye off the real ball of money....

While Obama, Blarney, and friends make a big stink about a few paltry bonus millions, BILLIONS are going to Goldman Sachs and European banks with no real accountability....

Biggest Sums

Goldman Sachs led beneficiaries, with $12.9 billion, followed by SocGen, France’s No. 3 bank, with $11.9 billion, and Deutsche Bank, Germany’s biggest lender, with $11.8 billion. AIG and the Fed had previously refused to reveal the counterparties, saying the contracts were confidential and that the information could damage AIG’s business prospects.

AIG Discloses Counterparties as Obama, Cuomo Assail Bonuses - Bloomberg.com

 

[Xenophon]

How ironic, so were the voters who voted for Barney.

 

[editec]

Yes it is.

We ought to be hanging the officers of that corporation AND the members of the board, too.

I suspect a whole lot of DEMS supporters would be swinging if we did that, too.

ya know what I heard on the TV? The unions wrote the contracts that bankrupted AIG..

Of course you did, honey.

Now take your thorazine and make us another of those darling potholders at OT.

Kay?

 

[FactFinder]

Blarney Frank should get fired for HIS incompetence instead of threatening AIG employees....but this is all a diversionary tactic to keep the eye off the real ball of money....

While Obama, Blarney, and friends make a big stink about a few paltry bonus millions, BILLIONS are going to Goldman Sachs and European banks with no real accountability....

Biggest Sums

Goldman Sachs led beneficiaries, with $12.9 billion, followed by SocGen, France’s No. 3 bank, with $11.9 billion, and Deutsche Bank, Germany’s biggest lender, with $11.8 billion. AIG and the Fed had previously refused to reveal the counterparties, saying the contracts were confidential and that the information could damage AIG’s business prospects.

AIG Discloses Counterparties as Obama, Cuomo Assail Bonuses - Bloomberg.com

So Goldman is playing both sides against the middle. They already took direct payment of TARP funds and now they are squeezing AIG. Did ya know that Liddy had to resign from the board of Goldman to take the CEO position. Wasn't Geitner formerly employed by Goldman and his predecessor? We could have clues here of who is one of the major players that have hijacked our government.

The only thing that TARP does is reward the snakes who brought us the current mess. The bonuses are relative small potatoes.

 

[mash107]

Yes it is.

We ought to be hanging the officers of that corporation AND the members of the board, too.

I suspect a whole lot of DEMS supporters would be swinging if we did that, too.

We should be punishing the incompetent politicians that choose to reward failure (bailouts) rather than those on the receiving end of the rewards! But, alas, most of the congressmen got reelected.... some change <.<

 

[Toro]

Tens of thousands of employees work for AIG. 500 brought the company down.

If employees outside of the structured products unit are hitting their targets, I see no reason why they should not be paid.

 

[Care4all]

Tens of thousands of employees work for AIG. 500 brought the company down.

If employees outside of the structured products unit are hitting their targets, I see no reason why they should not be paid.

But Toro....
Why in these tough times?

First, AIG lost tens of billions last year and would be belly up right now if it weren't for us, and coming from a previous corporation or 2, we did not get paid our individual bonuses for our performance in our areas' goals, even if we met them, if the entire company did not meet its plan....yes this sucks, but it is a way to not only make one focus on only their responsibility but to take stake in what the whole company does.

Secondly, my husband works for a corporation and they were told this last month, not to expect any raises or bonuses in 2009, EVEN IF THEY meet their own sales figures and all employees were cut 25% in hours or pay, just to keep things going...and this corporation took NONE OF MY MONEY and did not get any of TARP let alone $170 billion in bailout money and COUNTING.

So WHY should these people be paid bonuses, when our government insisted that the car companies, WHO DID NOT EVEN CAUSE this mess.... reduce the pay of their workers because they were getting 30 billion in our money in bailouts?

Why is there 2 standards?

There should not be imo....

Care

 

[DiveCon]

Tens of thousands of employees work for AIG. 500 brought the company down.

If employees outside of the structured products unit are hitting their targets, I see no reason why they should not be paid.

But Toro....
Why in these tough times?

First, AIG lost tens of billions last year and would be belly up right now if it weren't for us, and coming from a previous corporation or 2, we did not get paid our individual bonuses for our performance in our areas' goals, even if we met them, if the entire company did not meet its plan....yes this sucks, but it is a way to not only make one focus on only their responsibility but to take stake in what the whole company does.

Secondly, my husband works for a corporation and they were told this last month, not to expect any raises or bonuses in 2009, EVEN IF THEY meet their own sales figures and all employees were cut 25% in hours or pay, just to keep things going...and this corporation took NONE OF MY MONEY and did not get any of TARP let alone $170 billion in bailout money and COUNTING.

So WHY should these people be paid bonuses, when our government insisted that the car companies, WHO DID NOT EVEN CAUSE this mess.... reduce the pay of their workers because they were getting 30 billion in our money in bailouts?

Why is there 2 standards?

There should not be imo....

Care

all the more reason they SHOULDNT have been getting tax payer funding

 

[KittenKoder]

NONE of the corporations should. They fucked up, let them fail for it, more will spring up to take their places ... it's the cycle of business.

Yes, I am also keeping my fingers crossed that enough fail so I can jump in with one of my own ... maybe the net version of Egghead Software ... though I would keep up with trends a lot better.

 

[DiveCon]

NONE of the corporations should. They fucked up, let them fail for it, more will spring up to take their places ... it's the cycle of business.

Yes, I am also keeping my fingers crossed that enough fail so I can jump in with one of my own ... maybe the net version of Egghead Software ... though I would keep up with trends a lot better.

exactly

it was a mistake to bailout Chrysler 30 years ago
it was a mistake to bailout AIG, and the rest of wall street


yeah, it might have caused a mess for a while, but bailing them out just put off the inevitable

 

[KittenKoder]

NONE of the corporations should. They fucked up, let them fail for it, more will spring up to take their places ... it's the cycle of business.

Yes, I am also keeping my fingers crossed that enough fail so I can jump in with one of my own ... maybe the net version of Egghead Software ... though I would keep up with trends a lot better.

exactly

it was a mistake to bailout Chrysler 30 years ago
it was a mistake to bailout AIG, and the rest of wall street


yeah, it might have caused a mess for a while, but bailing them out just put off the inevitable

Also it makes the inevitable mess 100 times worse each bailout.

 

[DiveCon]

NONE of the corporations should. They fucked up, let them fail for it, more will spring up to take their places ... it's the cycle of business.

Yes, I am also keeping my fingers crossed that enough fail so I can jump in with one of my own ... maybe the net version of Egghead Software ... though I would keep up with trends a lot better.

exactly

it was a mistake to bailout Chrysler 30 years ago
it was a mistake to bailout AIG, and the rest of wall street


yeah, it might have caused a mess for a while, but bailing them out just put off the inevitable

Also it makes the inevitable mess 100 times worse each bailout.

yup
it sure does


so we keep making the same mistakes over and over because so many have such poor memories

 

[raceright]

Frank: AIG is 'rewarding incompetence'

NEW YORK - The indignation over millions of dollars in bonus payments for American International Group Inc. executives grew Monday when a top lawmaker said he believes it's time to shake up the company.

....

The money was payable to executives by Sunday and was part of a larger total payout reportedly valued at $450 million. The company has benefited from more than $170 billion in a federal rescue. AIG has argued that it was contractually obligated to pay the bonuses.


Frank: AIG is 'rewarding incompetence' - U.S. business- msnbc.com

I understand the contractual obligations. It just pisses me off that we're paying for these bonuses. It is in its most basic form, theft.

First of all we didn't give any company anything as they have to pay it back with interest so lets stop this ignorant demagogy.
Second if I was running a company that the government is threating to take total control of I would also be taking every thing I could get
so that when that day comes I would be able to move on.
Third AIG"s trouble started when they had to pay off the failed mortgages that they were forced to insure by Frank and Dodd there
other insurance holdings are doing well and will help them recover but Frank and team know this and are trying to stop it so they can get there hands on the profitable side of AIG also adding fuel to
CEO's taking and running..Govermnet is not suppose to run businesses under the besiege that they will do a better job its government theft at the highest level...Most business people realize
they are under assault and just shut up and try and stay under the radar being ready to move on to greener pastures (and not always outside the USA)

 

[FactFinder]

Frank: AIG is 'rewarding incompetence'

NEW YORK - The indignation over millions of dollars in bonus payments for American International Group Inc. executives grew Monday when a top lawmaker said he believes it's time to shake up the company.

....

The money was payable to executives by Sunday and was part of a larger total payout reportedly valued at $450 million. The company has benefited from more than $170 billion in a federal rescue. AIG has argued that it was contractually obligated to pay the bonuses.


Frank: AIG is 'rewarding incompetence' - U.S. business- msnbc.com

I understand the contractual obligations. It just pisses me off that we're paying for these bonuses. It is in its most basic form, theft.

First of all we didn't give any company anything as they have to pay it back with interest so lets stop this ignorant demagogy.
Second if I was running a company that the government is threating to take total control of I would also be taking every thing I could get
so that when that day comes I would be able to move on.
Third AIG"s trouble started when they had to pay off the failed mortgages that they were forced to insure by Frank and Dodd there
other insurance holdings are doing well and will help them recover but Frank and team know this and are trying to stop it so they can get there hands on the profitable side of AIG also adding fuel to
CEO's taking and running..Govermnet is not suppose to run businesses under the besiege that they will do a better job its government theft at the highest level...Most business people realize
they are under assault and just shut up and try and stay under the radar being ready to move on to greener pastures (and not always outside the USA)

AIG took the TARP money. 4 times so far.
We (the US) now owns 80% of the company. We (the US) strongly disapprove of they way they are handling the money. So WE need to fire all their sorry asses and bring suit against the whole lot for bringing down the company and dealing in fraudulant securities.

In an evironment of fraud, contracts are null and void. The perpretrators of the fraud are accountable. So we remember that term (accountable)?

 

[FactFinder]

Note:

Goldman was one of the major players initiating the fraudulant securities.

Why was Lehman let go to fail while others were rescued? Lehman was Goldman's chief competitor.