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#1147286 - 03/18/09 07:38 PM anti-AIG furor continues
HappyGilmore Offline
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Pulling people out of the ditc...
Quote:
"I don't want to quell that anger -- people are right to be angry, I'm angry," said Obama. "I want to channel our anger in a constructive way. The most important thing is to stabilize the financial system, get credit flowing again, and make sure we change how these businesses operate so they don't put us in situation where when things go bad, tax payers fit the bill."



In fact, he's so angry that he has decidied to give back the $100,000+ that they gave to him.......






















wait, no he isn't apparently there are limits to his anger and what steps he'll do to quell that anger...he is only angry if it impacts others....
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#1147328 - 03/18/09 08:30 PM Re: anti-AIG furor continues HappyGilmore
Bimmer Offline
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Wherever the plane lands
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#1147349 - 03/18/09 09:09 PM Re: anti-AIG furor continues Bimmer
straw Offline
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From a Wall Street Journal op-ed piece

"Politicians in Washington have been denouncing American International Group, the insurance company that has received some $170 billion in federal bailout funds, for paying retention bonuses amounting to just under 1/1,000th of this sum to executives in its financial products division. AIG says it is contractually obligated to pay out the bonuses, but maybe a more effective argument would be: Hey, forget it! This is last year's business!

Don't laugh. That's the argument the Obama administration used, as the Washington Post noted in an editorial earlier this month:

The congressional budget process--and process is an awfully polite word for the current chaos--gets uglier and uglier. The $410 billion omnibus spending bill that is crawling to final passage and an unenthusiastic signature comes nearly halfway through the fiscal year. . . . President Obama's not-my-problem stance may be canny politics: Why put any political capital into this one when there are so many other difficult fights to come? But his asserted stance that this is, in the words of White House Chief of Staff Rahm Emanuel, "last year's business," borders on irresponsible. This may be last year's business, but Mr. Obama is this year's president.
The Post editorial points out that notwithstanding Obama's stated opposition to earmarks, the spending law contained some $8 billion worth of them--nearly 50 times the amount of the AIG bonuses."

Perhaps Congress is upset about AIG bonuses because that was money they cannot use for earmarks.

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#1147351 - 03/18/09 09:12 PM Re: anti-AIG furor continues straw
straw Offline
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And more. I love the last part. Sen. Dodd doesn't know how the language got in there. I am very confident that Washington can find a solution to this crisis (sarcasm)

" turns out, however, that the bonuses are legally protected under last month's so-called stimulus law. In a most amazing coincidence, this provision is known as the Dodd amendment, as Fox Business Channel reports:

While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. The provision, now called "the Dodd Amendment" by the Obama Administration provides an "exception for contractually obligated bonuses agreed on before Feb. 11, 2009"--which exempts the very AIG bonuses Dodd and others are now seeking to tax.
Dodd's original amendment did not include that exemption, and the Connecticut Senator denied inserting the provision.
"I can't point a finger at someone who was responsible for putting those dates in," Dodd told FOX. "I can tell you this much, when my language left the senate, it did not include it. When it came back, it did."
"Because of negotiations with the Treasury Department and the bill Conferees, several modifications were made," Dodd Spokesperson Kate Szostak in a response to FOX Business.
If that doesn't give you confidence in our political leaders... "

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#1147364 - 03/18/09 09:25 PM Re: anti-AIG furor continues straw
Pale Rider Offline
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under the Lone Star
but they had never seen any info on these!!!!

retention bonuses are common and a necessary tool in retaining a continuity of business goal....

and I hear that Freddie and Fannie have similar retention bonii to be paid soon...

so get ready for more political demogoguery!!!!
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#1147430 - 03/18/09 10:35 PM Re: anti-AIG furor continues Pale Rider
Bimmer Offline
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Wherever the plane lands
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My silence doesn't mean that I agree with you. It's just that your level of ignorance has rendered me speechless.

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#1147486 - 03/19/09 01:37 AM Re: anti-AIG furor continues Bimmer
HappyGilmore Offline
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Pulling people out of the ditc...
dear senator dodd-i insist that you add language to your next bill to get me a Pinarello Prince. It is a really nice bike, but at $12,000 Ms.Gilmore thinks it is a tad too extravagant for me. However, since I now insist you include this for me, at no cost, I'll be riding happy and the Ms. won't be mad. Thanks...

Sincerly
Happy Gilmore

PS - I'd like it to include a cycleOps power system, which adds about $1,500 more. In fact, I insist you include that.
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#1147576 - 03/19/09 01:04 PM Re: anti-AIG furor continues HappyGilmore
Sinatra Fan Offline
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New Jersey
(from the article linked by Bimmer) "According to Dodd, officials at Treasury expressed concern that if the government were to prohibit payouts, it risked being sued by companies like AIG, which had contracts stipulating that bonuses were to be paid."

Hmmm. Maybe the banks could threaten to sue the government if the cramdown legislation is passed. After all, we have legally enforceable contracts, right?
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#1147596 - 03/19/09 01:26 PM Re: anti-AIG furor continues Sinatra Fan
Retired DQ Offline
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Turnpike Exit 10
LOL!
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#1147842 - 03/19/09 04:18 PM Re: anti-AIG furor continues Retired DQ
Bobby Boucher Offline
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Down Yonder
No comments about the smell? Oh, you said A-I-G...nevermind...
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