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A.I.G. to Pay $100 Million in Bonuses

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A.I.G. to Pay $100 Million in Bonuses

Old 03-14-2009, 06:58 PM
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Default A.I.G. to Pay $100 Million in Bonuses

Now if this just doesn't curl your toes!!! No one ever rewarded me for failure.


WASHINGTON — Despite being bailed out with more than $170 billion from the Treasury and Federal Reserve, the American International Group is preparing to pay about $100 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year. ...

http://www.nytimes.com/2009/03/15/bu.../15AIG.html?hp


$100-million = $0.1-billion.

$170-billion (bailout money) divided by $0.1-billion (bonus money) = $1 paid in bonuses for every $1,700 received as taxpayer bailout funds!!!
Old 03-14-2009, 10:30 PM
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Ok, if that didn't curl your toe, this should ...


Mr Liddy and six other executives have agreed to decline bonuses, the Associated Press news agency said.

Got that, Mr Liddy has "agreed" to decline HIS bonus. But who is Mr Liddy? And why doesn't he have a first name?



Mr Liddy was appointed chairman of AIG by the Treasury Department in September last year, after the initial government bail-out of the firm.

Ohh! I got it; Mr Liddy is NEW to AIG, appointed by the government following the first bailout payment. But why would Mr (no first name) Liddy "agree to decline his bonus?"



AIG reported a $61.7bn quarterly loss earlier in March. The figure, for the last three months of 2008, is the biggest quarterly loss in US history.

So, Mr (no first name) Liddy was going to collect his bonus for generating the single biggest quarterly lost in US history until someone form the Treasury asked him "WTF are you doing?" Only then does he consider "agreeing" to not take his bonus. With that big of a loss, why isn't his ass fired?!? He was at the helm then, and at the helm for the $61.7-billion loss. ;?

http://news.bbc.co.uk/1/hi/business/7944416.stm


The more things change, the more they stay the same. It' an old boy's network. none of them will be held responsible, all of them will financially thrive. We won't, but they will.


Old 03-14-2009, 11:07 PM
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Originally Posted by Eyeball View Post
$170-billion (bailout money) divided by $0.1-billion (bonus money) = $1 paid in bonuses for every $1,700 received as taxpayer bailout funds!!!

I don't think they should receive bonuses because they drove the company in the ground.

But, you're bitching about 0.059% of the bailout money. That's a pimple on a polar bears ass. And you conveniently left off the part where the CEO said they'd not pay any bonuses next year but were legally obligated to pay these.
Old 03-14-2009, 11:38 PM
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Originally Posted by CopyKat View Post

... you conveniently left off the part where the CEO said they'd not pay any bonuses next year but were legally obligated to pay these.

The article does NOT say anything about AIG management not getting bonuses next year. Here's what it does say:

AIG would do its best to cut bonuses by at least 30% in 2009, Mr Liddy wrote to Mr Geithner.

It does not say they are going to cut any bonuses -- only say they will "do their best" to achieve a 30% cut, but makes no reference to the likelihood of that or any other bonus cut ever really happening. Apparently, bonuses for staff are part of the employment agreement. What is stopping them from making a 30% cut or whatever agreement? "Hey, do you want to keep your job with AIG? -- then you must agree to a bonus cut." How hard was that? But the management of AIG will not commit to do that.


My post is about the management of AIG, the folks responsible for running AIG -- their bonuses. Not the staff's bonuses. They are legally obligated to pay the staff's bonuses.

AIG had promised to pay hundreds of million of dollars in bonuses to staff.

http://news.bbc.co.uk/2/hi/business/7944416.stm

Last edited by Eyeball; 03-14-2009 at 11:40 PM.
Old 03-15-2009, 04:20 AM
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I think we should all give them a daily mineral supplement
The first two I would consider to be extremely vital would be Copper and Zinc and the 3rd would be a time release Once that Copper and Zinc were assimilated into the blood stream I know we can pkg them all in one I have a green box of assorted doses
I'll go by sizes the Metric sizes are 5.56mm,6mm,6.8mm,7mm,7.62mm,8mm,9mm. In imperial sizes .224,.243,.257,,270 .284,308..311,.323,358,.416.429,.458
These are all the sizes of the pills i can put towards the application of these minerals which Mr.No Name Liddy is in obvious need of
Old 03-15-2009, 04:56 AM
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Goes to show you, greed has no boundaries.
Old 03-15-2009, 05:03 AM
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Scumbags.
Old 03-15-2009, 05:42 AM
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I don't know if they are Scumbags, or if we are just morons for giving them money in the first place.


If you give a bum money, he's going to buy booze. Thats expected.

But when someone ELSE gives a bum YOUR money, that just sucks.
I want to kick the guy that gave him MY money. Can't blame the bums
Old 03-15-2009, 05:53 AM
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Eyeball- here are some facts that i am sure you didnt read-

Liddy's first name is Ed and I dont know what the big deal is about the paper not listing his first name. If you wanted to know his name so bad just go to AIG's website. Its right there.

Secondly, yes he was at the helm during the 4Q loss but these losses came out of actions that occured prior to Liddy joining AIG. If you actually read the financials (again, on their website) you would know that the $60B in losses did not come from operations but came from their investment portfolio and due to the economy sucking wind and the price of commercial real estate in the shitter right now. they had to take such a large write down because they are one of the largest holders of commercial real estate but I am guessing from your educated comments you knew that already.

As for him rejecting his bonus- again, if you read the financials and 8K AIG released back in Sept. when Liddy came on board he stated then that he was not going to take a bonus and be paid $1 a yr. I am sure they worked out some sweet package when he leaves but for now that doenst sound like too much of an idiot to me. Look at what all these other CEO's of other banks that got bailed out- look at their bonuses and pay- I guarantee you ts a lot more than $1.

Just trying to give the facts.
Old 03-15-2009, 05:59 AM
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You also left out one VERY important fact-

Word of the bonuses last week stirred such deep consternation inside the Obama administration that Treasury Secretary Timothy F. Geithner told the firm they were unacceptable and demanded they be renegotiated, a senior administration official said. But the bonuses will go forward because lawyers said the firm was contractually obligated to pay them.

So if AIG doesnt pay these bonus they will probably be sued up the ass and it will cost a lot more then $100M.

This is the same unit that caused these problems and I agree 100% that these scumbags shouldnt receive a penny but a contract is a contract and unfortunatley they will get this money. The government should go threaten to sue any employee of this unit that accepts the bonus. I guarantee not too many take it then.






Old 03-15-2009, 06:45 AM
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Geez, you guys are taking the NYT's story as the gospel truth....why would anyone do that? The term "exec" is total BS and is used to fool people into thinking only the top dogs are getting paid what is contractually due to them. Like it or not, the US taxpayers are the majority owner of AIG......our investment will not be worth a dam if every valuable employee (yes, there are individuals that generate profits) decides to stop going to work at AIG. Take for instance the saleman that is on a commission plan.......if we stiff him his commissions he will simply quit and join a competitor. How will AIG be a better company if all of the "good" employees don't show up for work?
Old 03-15-2009, 08:33 AM
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If only anarchy worked!!
Old 03-15-2009, 09:43 AM
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Ed Liddy was formaly the CEO of Allstate and was a Goldman Sachs board member were the previous Treasury Secty. was the CEO. Do you think he might have made himself a sweet deal?
Old 03-15-2009, 10:09 AM
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Originally Posted by Tireless View Post
How will AIG be a better company if all of the "good" employees don't show up for work?
Saw a news show this AM where they were discussing this issue and someone commented......

"The local Starbucks is full of Wall Street types, w/ their laptops, frantically looking for work".
Old 03-15-2009, 10:49 AM
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Originally Posted by catchbigtuna View Post

Just trying to give the facts.

And you did! Everything I posted came from those articles, that's why I post the links to the articles, so you can cruise on in there and verify what I posted, and if necessary, fix or update any of the "facts" the media missed.

Thanks for your contribution.
Old 03-15-2009, 10:57 AM
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Originally Posted by GhostShip View Post
Saw a news show this AM where they were discussing this issue and someone commented......

"The local Starbucks is full of Wall Street types, w/ their laptops, frantically looking for work".

I keep hearing in Senate hearing and news reports how these bonuses are necessary to keep the good ones from quitting -- where are they going to go? ;?

It's not like the banking sector is immune to the crapping economy. Wait! The banking sector was hit first, and worse, than any other sector (except maybe real estate?!?). Let 'em quit, it's not like there isn't another 100 other capable, unemployeed investment, insurance, and banking people lined up for every job at AIG. And these guys and gals are hungry, will work for a flat pay rate, with or without a performance bonus.
Old 03-15-2009, 12:11 PM
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Originally Posted by Eyeball View Post
Let 'em quit, it's not like there isn't another 100 other capable, unemployeed investment, insurance, and banking people lined up for every job at AIG. And these guys and gals are hungry, will work for a flat pay rate, with or without a performance bonus.
I know you under-estimating the value of top performing insurance sales professionals. They can get paid a commission at every insurance company, why would any good pro go to work at AIG for some chump change?

I understand the public's hatred of these types of stories ....... unfortunately that is what happens when the government decides to bailout companies ..... a practice I never supported.
Old 03-15-2009, 06:38 PM
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Originally Posted by catchbigtuna View Post

This is the same unit that caused these problems and I agree 100% that these scumbags shouldnt receive a penny but a contract is a contract and unfortunatley they will get this money.

New info (be sure to follow and read the link ):


The crisis-stricken insurer AIG has infuriated the Obama administration by paying "retention" bonuses of $450m (£322m) to staff at the London-run financial products division that crippled the company with vast losses on toxic derivatives.


http://www.guardian.co.uk/business/2...-staff-payouts
Old 03-15-2009, 08:49 PM
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The AIG bonuses are largely going to the department that sold the worthless credit default swaps. Screw them. Let them try to find another job. There are so many talented financial types out of work because their bosses screwed up that nobody is so valuable they can't be replaced in a heartbeat. Don't believe anyone who tells you differently. The biggest lie on Wall Street is that taxpayers need to keep current management in place to protect their investment.
Old 03-15-2009, 08:56 PM
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After pulling a stunt like that, the government needs to get OUR money back and let them fail.

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