Senator suggests AIG execs should kill themselves

[Anaconda]

Quote from Angrycat:

This whole broohaha is created by government.

Government has been bought by the international banks, so please place your blame appropriately.

They are in overdrive mode. AIG isn't being allowed to fail so that they can funnel aka payout money on their CDS obligations.

 

[Kassz007]

Quote from AlpineTrout:

It's very possible, that some of these AIG employees have a contract to receive a bonus, if they hit certain performance benchmarks. In that case, AIG would have an obligation to pay the bonuses.

Not making excuses, just stating a possiblity.

Exactly. I understand the public outrage at these employees getting bonuses, but if their compensation contract states they get a certain bonus if certain benchmarks are met, then AIG can't just disregard those contracts.

 

[gnome]

Quote from Kassz007:

Exactly. I understand the public outrage at these employees getting bonuses, but if their compensation contract states they get a certain bonus if certain benchmarks are met, then AIG can't just disregard those contracts.

Wouldn't those contracts be defaulted upon if the company didn't have the money?

Then those defaulted contract owners could become "general creditors" in a BK settlement... that's how it used to work in America.

 

[eagle]

Agreed. Of course, the performance was hit with a very high mark of exceed expectation (outstanding performance) since you have managed to make an income of $173 billion in a short time frame.

Beside kidding, I agree with you about the performance met. But in life, there is always an exception and in these circumstances the exception becomes an obligation to omit that clause.

Quote from AlpineTrout:

It's very possible, that some of these AIG employees have a contract to receive a bonus, if they hit certain performance benchmarks. In that case, AIG would have an obligation to pay the bonuses.

Not making excuses, just stating a possiblity.

 

[Manni]

AIG was saved because Paulson did'nt want his buddies at Goldmans missing out on their bonuses. The whole thing was such a blatant scam.

I wonder when we'll see Paulson taking a job at Goldmans, he needs to collect on the billions of taxpayer money he poured into AIG.


AIG should be allowed to go bust and all employees of sustainable businesses should be made to re-apply for thier jobs. This would allow the business to strip any bonus clauses in the current contracts.

 

[Kassz007]

Quote from gnome:

Renegotiating bonus should have been a condition for receiving public funds...

If not for public money, they likely would not have received their [not deserved] bonus AND lost their job as the company goes bankrupt.

They simply used they system to enrich themselves at public expense...

You have the government to thank for AIG using taxpayer money for bonuses. You are correct in that the government should have instituted some kind of clause to ensure bailout money was not used for bonuses. But since they didn't, I don't see any way AIG can be forced to not pay these.

 

[imbiber]

As public and political outrage grows over $165 million AIG paid as bonuses to executives while taking billions in taxpayer dollars, an idea is germinating in Congress. If you cannot get the money back, tax the bonuses.

Rep. Carolyn Maloney D-N.Y, the chair of the Joint Economic Committee, is also calling for a 100 percent tax on bonuses not related to commissions.

Well that's one way to get all the money back.

 

[WaveStrider]

Quote from Manni:


I wonder when we'll see Paulson taking a job at Goldmans, he needs to collect on the billions of taxpayer money he poured into AIG.


AI

You mean - going BACK to Goldman, since that is where they plucked him from in the 1st place...

 

[Kassz007]

Quote from gnome:

Wouldn't those contracts be defaulted upon if the company didn't have the money?

Then those defaulted contract owners could become "general creditors" in a BK settlement... that's how it used to work in America.

Yes I agree with you. Except AIG TECHNICALLY is not bankrupt...and AIG TECHNICALLY now has the money to pay the bonuses thanks to the USA government. So in a court of law I think the employees would have a case to receive bonuses.

Not that I agree with the morality of it all, but technically speaking I believe this to be the case.

 

[Renegen]

They can't pay out their derivatives obligations, what do you mean it's not bankrupt?