AIG it is very simple. Any executives who want to keep their "bonus" go ahead and keep it. You just don't have a job tomorrow.
Where are the perp walks, the handcuffs, the greatest destruction of wealth based on a crooked game to begin with deserves action.
The American Taxpayer now owns 80% of your Company, we get to decide who works there, that is Capitalism isn't it Jim ?
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No it is not simple as Congress, The President and the media are trying to make this. The truth is that all of these bonuses that were contractually earned and accrued for were fully disclosed to Congrss before AIG received any money. That is correct Congress knew or should have known about the bonuses before the bailout of AIG. Capitalism would say let AIG fail then under bankruptcy AIG would have voided the contracts with the bonuses in them. Instead our government in their extreme wisdom intervened to keep AIG from failing so now the bonuses are payable.
Is it a surprise that Congress didn't fully know what they were doing when they bailed AIG out? How many members of Congress read the stimulus bill before it was voted on? Now they are all outraged. I am outraged at their collective stupidity. The greatest destruction of wealth is due to our government which is accelerating the destruction.
Impeach them all but especially the head socialist who doesn't have a clue how to save this economy.
FWIW, I'm not that all outraged by AIG bonuses. We are now sending the message to any self respecting AIG exec to get out. Thats pretty foolish, considering we own 80% of the enterprise. I'd like to keep the best and brightest, but you can now consider them gone.
Agreed.
However this was another chance for the Dems to play the class warfare game. Problem is they really stepped in it this time. It is clear that Geitner knew about the bonuses even before the original package given to AIG. Pravda printed an article yesterday documenting this.
Dems playing class warfare? The attack on AIG bonuses comes from both sides. What game are the indignant Republicans playing?
Terry, do you practice Judo? Go one way, mean another.
Perp walks?
First, from what I can tell, what they did (involving a insurance company in risky credit scheme) was stupid but not criminal.
You wrote your post before Libby testified today, does his statement that a brain drain will ensue change your opinion.
As Rome burns, the idiot left (and yes some Republican's) worry about overpayment of a few employee's.
Lastly, OK, you got me, yes, the government should never be in the business of owning companies...shaaa.
Lastly, lastly, Capitalism is in part the creative destruction of old, into better industries. Left alone, this process will work itself through.
When are we going to learn, let them fail! They are going to fail anyway!
Jimmy -
Now that your guys are in the wilderness you want to let everyone fail. No more responsibility, so lets revert to irresponsible, dogmatic rhetoric, huh?
I too believe in Schumpeter's process of creative destruction. We simply can't have it all happening at the same time. The system needs a safety net for now.
Future regulation needs to include provisions that prevent "too big to fail" entities. We simply need to carve some of these operations up such that they can go bust without sending everyone gazing into the abyss.
I love the fact that Obama talks as much about preventing future crises as fixing this one. Like him or not, he looks at the big picture. You could almost call him Newt of the sensible center.
The problem is that Obama talks and then his administration does the exact opposite. He is a wind bag.
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