Thread: Big Bad AIG.

Who the hell resigns via e-mail?

1)I don't agree with the tax. Any taxes should be to generate revenue to run the country, not punish people for something.

2)This guy's situation is unfortunate, but the company he worked for helped implode the entire financial system, so being compensated with $750k "After taxes" seems a little much. Could he not survive on $100k? Although, IMO, the employees should not be penalized for this, AIG should.


All of these threads frustrate me. I am 100% against the government meddling in business, but at the same time, we need to repair the financial system. These douchebags come crying with their hands out, we give them taxpayer dollars to try to repair the harm they did, and they are going to $300k retreats. Blame the taxpayers? Hell no, blame the management of these companies for being so out of touch that they feel their wasteful way of doing business with taxpayer money is acceptable.

I think they gave them bailout money to run a business. Part of running a business is compensating your workers, including contractually obligated raises.

All the uproar was bullshit.

Originally Posted by busyLivin

I think they gave them bailout money to run a business. Part of running a business is compensating your workers, including contractually obligated raises.

All the uproar was bullshit.

I don't see it that way. If we weren't in this mess, they wouldn't be getting money, this money is to bailout the financial system, not AIG, it just so happens that success of one requires the other. If you bought a business and found out that this failing business was continuing to run itself the same way it was when it flopped, you would want change. Besides, the guy himself said they were probably overpaid in his letter. if I am not getting the best bang for my buck, I'm not a happy owner.

It's all irrelevant, it's going to get much worse once we own these toxic assets, if we get enough people willing to get involved.

Why can't we just out law the practice of giving bonus? To me it seems like they are stealing company's money and calling it 'bonus' to avoid getting into trouble. I remember few years back norwest airline layed off many of its employees and filed for bankruptcy. But at the end, CEO of norwest got over Two billions dollars as bonus.

It's fairly simple guys. These contractual obligations (bonuses) were structured to those helping to restructure the company. These were not bonuses paid to employees who destroyed the company. These employees are there to help get these AIG companies into a better financial state so they can be sold to repay some of the bailout. Also, these contracts were in place prior to the bailout although I'm sure the bailout was foreseeable.

These employees were making far below the wages they may have received elsewhere and negotiated these bonuses as compensation for such.

Was it a miss use of government funds? IMO, no. Some received more than others but this was based on their individual levels of responsibilities within the company. Not all received $1 million.

Originally Posted by chobby192

Why can't we just out law the practice of giving bonus? To me it seems like they are stealing company's money and calling it 'bonus' to avoid getting into trouble. I remember few years back norwest airline layed off many of its employees and filed for bankruptcy. But at the end, CEO of norwest got over Two billions dollars as bonus.

Let's have to government determine the worth of everyone's work rather than the entity that is purchasing the work. Sounds like a good idea which has been implemented successfully in many countries throughout history!

maybe their bonuses should be based on company performance, oh wait that would mean they would be paying AIG money.

Originally Posted by Prince

maybe their bonuses should be based on company performance, oh wait that would mean they would be paying AIG money.

You clearly didn't read the letter, and you clearly have no grasp of the situation.

Few people were responsible for the pain at AIG, not many. The point is, people who have been and are currently doing their jobs WELL are being chased off.

Originally Posted by brogers

You clearly didn't read the letter, and you clearly have no grasp of the situation.

Few people were responsible for the pain at AIG, not many. The point is, people who have been and are currently doing their jobs WELL are being chased off.

Don't you be talking to my daddy like that.

Originally Posted by busyLivin

I think they gave them bailout money to run a business. Part of running a business is compensating your workers, including contractually obligated raises.

All the uproar was bullshit.

You are bullshit.

First of all, those douche bags are lucky to even still have a god damn job. Fuck them and fuck their bonuses.

The second tax payer's money was required to keep the company afloat was the second those employees take what they can get.

The uproar comes from people like me working two jobs and barely making enough to pay my bills. The middle class is sick and fucking tired of being shit on. I work for two companies that don't get free money for bad decision making. If my bosses do stupid shit, I lose my job. The government doesn't save me or my employer.

I'm surprised big business hasn't cum in your mouth yet. You might want to get ready to spit or swallow.

Originally Posted by KelJu

You are bullshit.

First of all, those douche bags are lucky to even still have a god damn job. Fuck them and fuck their bonuses.

The second tax payer's money was required to keep the company afloat was the second those employees take what they can get.

The uproar comes from people like me working two jobs and barely making enough to pay my bills. The middle class is sick and fucking tired of being shit on. I work for two companies that don't get free money for bad decision making. If my bosses do stupid shit, I lose my job. The government doesn't save me or my employer.

I'm surprised big business hasn't cum in your mouth yet. You might want to get ready to spit or swallow.

Originally Posted by brogers

Let's have to government determine the worth of everyone's work rather than the entity that is purchasing the work. Sounds like a good idea which has been implemented successfully in many countries throughout history!

Sometimes it makes sense to me. If our government owns these business, whatever profit it makes will be spent on our country. On other hand, I don't think these CEO give a damn about the country other than their own pocket.
Just my opinion

Originally Posted by brogers

You clearly didn't read the letter, and you clearly have no grasp of the situation.

thanks, I usually don't.

Originally Posted by KelJu

You are bullshit.

First of all, those douche bags are lucky to even still have a god damn job. Fuck them and fuck their bonuses.

The second tax payer's money was required to keep the company afloat was the second those employees take what they can get.

The uproar comes from people like me working two jobs and barely making enough to pay my bills. The middle class is sick and fucking tired of being shit on. I work for two companies that don't get free money for bad decision making. If my bosses do stupid shit, I lose my job. The government doesn't save me or my employer.

I'm surprised big business hasn't cum in your mouth yet. You might want to get ready to spit or swallow.

I wanted AIG to fail to begin with. And you're comparing apples to oranges.. your job & theirs.
You want to punish success, go for it.. you have the right man in office. I don't feel sorry for you.

Originally Posted by KelJu

You are bullshit.

First of all, those douche bags are lucky to even still have a god damn job. Fuck them and fuck their bonuses.

The second tax payer's money was required to keep the company afloat was the second those employees take what they can get.

The uproar comes from people like me working two jobs and barely making enough to pay my bills. The middle class is sick and fucking tired of being shit on. I work for two companies that don't get free money for bad decision making. If my bosses do stupid shit, I lose my job. The government doesn't save me or my employer.

I'm surprised big business hasn't cum in your mouth yet. You might want to get ready to spit or swallow.

K, I agree with some of your feelings but try to look at it this way. These individuals were there to salvage what assets AIG had left. This was needed in order to pay back the impending bailout. Obviously they needed well qualified people to do this but who is going to work for little or nothing? These individuals took less up front because AIG was having financial issues with the promise of a return on their investment (work time) to be paid as bonuses in the back end.

I'm sure you still feel the same outrage but maybe this will help prevent you from tracking and killing an AIG employee.

Originally Posted by largepkg

K, I agree with some of your feelings but try to look at it this way. These individuals were there to salvage what assets AIG had left. This was needed in order to pay back the impending bailout. Obviously they needed well qualified people to do this but who is going to work for little or nothing? These individuals took less up front because AIG was having financial issues with the promise of a return on their investment (work time) to be paid as bonuses in the back end.

I'm sure you still feel the same outrage but maybe this will help prevent you from tracking and killing an AIG employee.

It has been one big clusterfuck from the beginning. And yes, I understand 100% what you are saying. There is no easy answer, because this is an ethical question more than a down right analytical question.

I have felt from the beginning that AIG should have been taken over by the government. The tax payers would own a piece of shit with their tax money, but they would at least get something for their money. The government could have hired good people at a good salary and we would all try to make it though to the other side of this recession. Maybe AIG would be worth something in 20 years.

But at the same time I don't like the idea of the government taking ownership of public companies, but I also don't want to stay in this recession for 20 years.

There is no easy answer, but I feel the answer the government came to happened to be the worst option.

Originally Posted by KelJu

It has been one big clusterfuck from the beginning.

I have felt from the beginning that AIG should have been taken over by the government. The tax payers would own a piece of shit with their tax money, but they would at least get something for their money.

But at the same time I don't like the idea of the government taking ownership of public companies, but I also don't want to stay in this recession for 20 years.

There is no easy answer, but I feel the answer the government came to happened to be the worst option.

I agree with these statements.
But I also agree with the others that said government has no right telling them how to run the business if they don't take it over. They agreed to lend them the money, no strings attached. To come back later and say, you can't do that, IMO is wrong.
It is very screwed up! And I think it will get worse before better.

Originally Posted by KelJu

You are bullshit.

First of all, those douche bags are lucky to even still have a god damn job. Fuck them and fuck their bonuses.

The second tax payer's money was required to keep the company afloat was the second those employees take what they can get.

The uproar comes from people like me working two jobs and barely making enough to pay my bills. The middle class is sick and fucking tired of being shit on. I work for two companies that don't get free money for bad decision making. If my bosses do stupid shit, I lose my job. The government doesn't save me or my employer.

I'm surprised big business hasn't cum in your mouth yet. You might want to get ready to spit or swallow.

Chill and have a beer! Don't bust a vein!

AIG is a scam.

They started the Credit Default Swaps that are a large part of this mess.

Derivatives.

Where were these protesters 3, 5, 8 years ago?

Still...off with their heads. Scum.

Originally Posted by dg806

Chill and have a beer! Don't bust a vein!

Why do people always assume I am upset one I post? That is just the natural flow of my thoughts when I am not under the influence of brain altering substances.

The more I think about this, this is all AIG's and the Gov'ts issue. Back in 2004, the amount a company could be leveraged was changed from 15:1 to 40:1. This is not a GW Bush issue, it is an SEC issue. Now, AIG insures these mortgage backed securities, takes company's money to do so, and can't pay up. This is akin to stealing. The second it was decided that AIG declaring bankruptcy would be too damaging to the financial system and they decided to bail them out, this whole situation should have been handled like a bankruptcy in every way except for forgiving their debt. I am against the gov't dictating wages, but fuck that, companies that are in bankruptcy aren't giving out 6 million dollar salaries or bonuses. AIG and these employees took this money, assumed it was business as usual, and fucked every one of us up our taxpaying asses.

Oh, and fuck Jake Desantis too. He admits to being overpaid in his resignation letter. His goal was to pull that company out of the shitter and he was fine with taking more money than he was worth when it was footed with taxpayer money.

Originally Posted by KelJu

Why do people always assume I am upset one I post? That is just the natural flow of my thoughts when I am not under the influence of brain altering substances.

Um, because there was 7 swear words and 1 rude word in that post! LOL

Originally Posted by Dale Mabry

The more I think about this, this is all AIG's and the Gov'ts issue. Back in 2004, the amount a company could be leveraged was changed from 15:1 to 40:1. This is not a GW Bush issue, it is an SEC issue. Now, AIG insures these mortgage backed securities, takes company's money to do so, and can't pay up. This is akin to stealing. The second it was decided that AIG declaring bankruptcy would be too damaging to the financial system and they decided to bail them out, this whole situation should have been handled like a bankruptcy in every way except for forgiving their debt. I am against the gov't dictating wages, but fuck that, companies that are in bankruptcy aren't giving out 6 million dollar salaries or bonuses. AIG and these employees took this money, assumed it was business as usual, and fucked every one of us up our taxpaying asses.

Oh, and fuck Jake Desantis too. He admits to being overpaid in his resignation letter. His goal was to pull that company out of the shitter and he was fine with taking more money than he was worth when it was footed with taxpayer money.

Great explanation!

Originally Posted by dg806

Um, because there was 7 swear words and 1 rude word in that post! LOL

I swear I saw him spit tobacco juices between curses in a spittoon.

Originally Posted by chobby192

Why can't we just out law the practice of giving bonus? To me it seems like they are stealing company's money and calling it 'bonus' to avoid getting into trouble. I remember few years back norwest airline layed off many of its employees and filed for bankruptcy. But at the end, CEO of norwest got over Two billions dollars as bonus.

Back in the 80's we used to have profit sharing, sort of like a bonus but it was based on how well we did.
Nothing wrong with getting bonuses but I do agree that it's wrong when they fire employees and at the same time give bonuses CEOs