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| Rep. Frank wants to see if AIG bonuses recoverable | |
| 2009-03-16 | |
U.S. Representative Barney Frank, chairman of the House Financial Services Committee, said on Sunday the government needs to determine if millions in employee bonuses at American International Group Inc can be recovered.
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| Posted by:Fred |
| #18 Only in this country woudl a company consider giving out bonuses to failing executives. I fear for my country, I really do. |
| Posted by: Cyber Sarge 2009-03-16 19:10 |
| #17 Earlier, Rep. Barney Frank charged that AIG's decision to pay millions in executive bonuses amounts to "rewarding incompetence." Hmmmmmm...that's never stopped Barney from taking a pay raise. |
| Posted by: tu3031 2009-03-16 14:16 |
| #16 The taxpayers bought the company so they bought the liabilities. Another lesson that we're better off using the time tested solution already in place: bankruptcy. |
| Posted by: Nimble Spemble 2009-03-16 14:13 |
| #15 Sept. 19 (Bloomberg) −− The market storm that brought down Lehman Brothers Holdings Inc., American International Group Inc. and other pillars of U.S. finance may have also blown holes in the portfolios of House Speaker Nancy Pelosi, Senator John Kerry and more than 50 other members of Congress. Pelosi, in her most recent financial disclosure form, reported that her husband owned between $250,000 and $500,000 of stock in AIG, which ceded majority control to the U.S. government this week in exchange for $85 billion of loans. Recoverable for whom? Congress? |
| Posted by: JohnQC 2009-03-16 13:15 |
| #14 All Congress has a vested interest in AIG--their pensions are invested with the company! |
| Posted by: Thealing Borgia122 2009-03-16 13:08 |
| #13 Or we could all march over with torches and ropes I thought that was congress was for. Or, maybe not... let's take peek at the list of the largest beneficiaries of AIG's lobbying funds. Why it's my Senator Honest Chris Dodd (D-Countrywide). Who's number 2? Hint: he's called The One. |
| Posted by: regular joe 2009-03-16 12:55 |
| #12 As taxpayers we are majority holders of this POS. The AIG Board should be compelled to fire all employees affiliated w/ the toxic mortgage/credit default swap scheme "for cause. Or we could all march over with torches and ropes... pitchforks optional |
| Posted by: Pappy 2009-03-16 12:22 |
| #11 This is total BS. As taxpayers we are majority holders of this POS. The AIG Board should be compelled to fire all employees affiliated w/ the toxic mortgage/credit default swap scheme "for cause." The fired employees' bonuses should be recinded and used to pay for a small team that we'd retain to run out the toxic assets. What, we can't recind their bonuses? Then as shareholders we should sue AIG and the Board to recoup them. These bastards are no different than Madoff and should be treated accordingly. |
| Posted by: regular joe 2009-03-16 12:04 |
| #10 Congress gets their panties in a wad about what others do, I wish they would be as concerned about what they do or don't do. Congress passed raises for itself--there is no real oversight on this. |
| Posted by: JohnQC 2009-03-16 09:47 |
| #9 There is a bigger question here. The government [i.e. the taxpayer] owns 80% of AIG. The congress has made the investment via the Treasury and therefore has an obligation to monitor its investment. If this is the degree of oversight and competence they exhibit in this single investment, how good is the oversight going to be with the rest of the "stimulus" money which is going off in all directions with minimal oversight. Biden made the comment last week how they were going to make sure the money isn't wasted or misused. If AIG is any example the outlook is grim. And it isn't possible to blame Bush because it was a Democrat controlled congress and Geithner was Governor of the New York Fed. Pretty hard to spin this. But there will be recriminations and the MSM will just attack AIG management and look no further. But it will put pressure on for no further funding to a lot of companies which of itself is not necessarily desirable where systemic risk is involved. But the silliest [saddest] aspect is to look at the amount of money which went into AIG and then straight out to the likes of Goldman, Barclays etc. They were paid out at face value. The golden rule is he who has the gold makes the rules. And if the injections were predicated on those recipients taking a haircut of some degree, they would have achieved it. Just total incompetence all around. |
| Posted by: Omoter Speaking for Boskone7794 2009-03-16 09:10 |
| #8 "what it really means when Rep. Maxine Waters says ' There, fixed it for ya. |
| Posted by: no mo uro 2009-03-16 09:08 |
| #7 Bawney should consider the bonuses "swallowed and unspitable" and leave them at that.... |
| Posted by: Uncle Phester 2009-03-16 08:45 |
| #6 #3 as I commented yesterday, "contractually bound" doesn't seem to bother the Donks and Obama when it comes to Judge-ordered mortgage rewrites Posted by Frank The same judge will be available to assist the gummit controlled banks in |
| Posted by: Besoeker 2009-03-16 08:40 |
| #5 Be careful of what you wish for folks. Sales Execs and bonus pay is akin to Waiters and Tips. If they fulfilled their contracts legally and ethically they should get what’s due. Think long and hard what it really means when Rep. Maxine Waters says “It will no longer be business as usual.” |
| Posted by: DepotGuy 2009-03-16 08:38 |
| #4 This is all part of the Dems PSYOPS campaign of deflection, a standard communist tactic. By turning up the heat of perceieved evil-doers, big business, "W", Cheney, etc, they believe they can appear righteous and gain the favour of the little people in the upcoming congressional. They don't have a great deal of time, so the PSYOP program and effort will intensify. |
| Posted by: Besoeker 2009-03-16 08:34 |
| #3 as I commented yesterday, "contractually bound" doesn't seem to bother the Donks and Obama when it comes to Judge-ordered mortgage rewrites |
| Posted by: Frank G 2009-03-16 08:33 |
| #2 I assume you agree with the AIG bonus mney? %165 million... partly mine? Granted these are contractually bound but still.... it damn stinks and shines in the moonlight. Maybe the recepeiants will return the dough as an expression of national solidarity in a time of trouble. And maybe Fred is get the hairz and that Foxbabe. |
| Posted by: Shipman 2009-03-16 08:17 |
| #1 I wonder if Frank's pay, bonuses, perks, and bribes are recoverable. |
| Posted by: gorb 2009-03-16 02:00 |