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03-24-2009
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Wandering Aimlessly
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Well Rick, you complain that Bush didn't do enough, but when it's Obama's turn at bat, and he doesn't do enough, you blame it on Bush anyway. The Stimulus bill, written and passed by the Democrats, and SIGNED by Obama had EXPLICIT language INSERTED AT THE REQUEST OF THE ADMINISTRATION to allow the bonuses. This was in Febuary of 2009 - Bush was no longer in office.
So, while the bonuses where included in the original bailout, that doesn't mean they had to be allowed to stand. They could have been renegotiated prior to any more monies being handed out. They weren't. Instead, they were protected, deliberately. What's so hard to understand?
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
Music on the Wind -
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03-24-2009
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Wandering Aimlessly
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Now, that they have finally unveiled a plan, comes the big IF. If the markets work as they hope. If investors buy in, as they hope. And if the prices are above what the toxic asse ...... err, legacy assets are currently valued at. Then, maybe it works. We'll see.
Oops, almost forgot the biggest if. If the investors aren't afraid of Congress taxing their profits at a confiscatory rate.
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
Music on the Wind -
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03-24-2009
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Senior Member
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I think I already mentioned what I think of Senator Dodd, and what remedial lessons are needed by all of Congress.
As for the bonuses. Frankly, if we can argue why both administrations let the bonuses stand, this clearly isn't a Republican or Democrat issue. At the heart of this is the lack of an explanation of why auto union contracts are renegotiated instantly, and $$ million dollar AIG bonus contracts are considered sacrosanct.
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Tropic Cat
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03-24-2009
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Wandering Aimlessly
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Though it's probably more a case of friends taking care of friends, there is a case that can be made that labor costs are a far greater component of industrial solvency than in the financial sector.
__________________
John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
Music on the Wind -
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03-24-2009
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Banned
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Let me get this straight.
Some of you think Bush is okay, when he's a war criminal. Yet you think Obama is bum because he's trying to help the economy, and get your country out of the toilet. It's really kinda strange reading the comments of some people, is there a bit of racism hidden within the comments.
I sure hope not, but it comes across with a foul stink.
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03-24-2009
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Wandering Aimlessly
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It's about policies dimwit. And that's more of a response then your comments deserve.
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
Music on the Wind -
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03-24-2009
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But you don't understand the policies of either, which makes me wonder why you would bother posting the drivel that you do. You did go to school - right?
I don't think you understand the big picture which is very perplexing when reading what you post. Maybe it's your accent.
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03-24-2009
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Glad I found Sailnet
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As someone who knows several people at AIG and gets some insights from them, I'll say this...
Just remember that the bonuses to the Financial Product guys were paid for one reason -- to keep them around while that business was being wound down. They'd have to be stupid to work at eliminating their jobs and then turn the lights off on the way out, without something in writing saying they would be rewarded for the good work.
Don't understand that? Let me try a diffferent way. I have a friend who installs wood floors in new houses. As the last guy to work on a newly constructed house, guess what? He constantly has problems getting paid. The contractor is paid (by the new homeonwner) and gone within days of the flooring job being complete. "Gone" as in stiffing my firend by not paying him. And who does my friend pursue -- he can't put a lien on the house that is now owned by someone other than the contractor.
The guys at AIG that are FIXING THE PROBLEMS got contracts for their work. Somehow the media picked up on them as "bonuses" and the rest is history. Don't believe everything you read in the paper. (Put another way, AIG Volunteer-CEO Liddy cleared everything up completely at the hearings. Yet still the papers make up headlines. It's amazing.)
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03-24-2009
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So! Sailor greg thinks anyone who thinks Obama isn't doing a good job is a racist?
I think he's not doing a good job because he's not doing a good job. He partook in creating and fostering the bailout policies, both before and after he took office, that have gotten us deeper in the mess that the the last 4 administrations fostered.
Loree
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CruisersLife.com
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03-24-2009
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I said this before, and I'll say it again. The optics of bonus's paid to execs who work for a company getting Bailout money is a political nightmare.
Regardless of how it happened, the firestorm starts, get's a ton of exposure, now you will begin to see a softer side from Obama. This is political posturing 101 for those not in the game. It's not so much what you do, but how you look doing what needs to be seen.
Nortel a company going out of business paid their exec's millions in bonus's, the judge ruled in favour of paying them. They are retention dollars, while severance wasn't paid to the employees (no cash). The competition was ready to scoop up these execs, and the arm of the company would have been toast. If you want the company to have a chance you need to retain the best staff, so the judge (in a nutshell) ruled that the bonus's should be paid. Just to retain key staff.
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