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AIG Bailout

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I seen some things about this the other day, And it just ticks me off..  They ask the government for help because of the biggest quarterly LOSSES in history. 62 Billion...  look at this, http://www.cnn.com/2009/BUSINESS/03/02/markets.whatlossbuys/index.html?eref=rss_latest  gives you a little idea,    Now with the bonuses....  Isnt a bonus supossed to happen if you have done well???  I know if the company I work for lost money, I would not get a bonus...  But hey, If you have a company that is loosing billions of

dollars and are hiring,, Id be happy to spend the millions in bonuses for doing a bad job...    just my .02

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You're looking at it all wrong. The people who got those bonuses earned them. They had to make all of those trips to Washington to get all of the free money for the bailout. If I come to work for you and manage to get the feds to give you $60 billion or so, you mean to tell me that you wouldn't hook me up with a bonus? LOL!

Charlie

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But do you think they earned the bonus??  on top of their extravagant wages?:huh: 

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I don't think they earned anything - not even the right to be employed. But, you have to laugh about it to keep from crying. I wonder if my business goes too far into the red if I can get some free money? Nah, I'd never qualify - I refuse to beg.

Charlie

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I had seen a spot on the news where apparently they wanted to still give the bonuses to "keep from losing them". Is it me, or wouldn't you WANT different people working for you? One person even went as far as to say that the reason for keeping them to "help them unwind the systems, as they are too complex for an outsider to unravel"

WHAT? :huh:

Every job I have ever had - Do your job well if you want to keep it. NOT - do a shi**y job, get a bonus.

I knew I should have been a banker...

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let go under aren't there plenty more insurance companies that will thrive with less competition - oh yeh we can't now we ARE the shareholders!

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hell with them low life bastered i just want my part of the 80% i own and my bonus  then hang them bastereds  also i demand my 180 billion damn dollars and i want it now .

several years ago i lost my business thanks to my ex wife  i was helping people also by helping them back on there feet  ( i repoed there car ) i helped them back on there feet the damn government didn't give me no money

it is a criing shame a multi billion dollar company loses there ass and then ask for tax payers money  then goes out on nice vacations and meeting so called  then turn around and gives them low life basteredsmoney for screwing up a company shit i can screw up alot of company's will you give me my bonuses not hardly . Well if the tax payers owns 80% of AIG well shut my part down and give me my damn money and my bonuses also .If the government owns 80% of AIG then I'm sure they can not pay them bastereds

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let go under aren't there plenty more insurance companies that will thrive with less competition - oh yeh we can't now we ARE the shareholders!

The main reason they tried to keep them afloat was the fact they hold the majority of the mortgage insurance on homes throughout the U.S.. So if they did go under who would pay the insurance on all of the foreclosed homes?  Which is laughable in itself because saving them didnt really help in stopping the foreclosures from happing, and the banks that gave out the ARM's and started this whole mess in the first place would have made AIG or any of the other mortgage insurance companies go bankrupt anyway because all of the insurance money would have been spent in a matter of months...........Oh wait that already all happened once.................. So we give them more money to let them spend in ridiculous ways and they fail again less than 6 months later.  AIG Exc. -  "BONUSES FOR EVERYONE! We failed once and got away with it, why not try again?"

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I had read some about this yesterday on the internet, my blood began to boil and I just left!  It just ticks me right off....

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First let me say that the bonuses are not only disgusting,but IMHO,criminal. President Obama has vowed to do everything he can to stop them.

That being said, let me say this: AIG is much more than a mortgage underwriter. It is also an insurance company. To say "Let them go under" implies an ignorance of who will really suffer if they do. And who is that? people just like you and me...hard working people who have money...many their life savings,invested in insurance policies and anuities with AIG. IF AIG goes under,millions of Americans will be hurt. I know this from personal experience,and here it is: My uncle passed away 6 weeks ago. He had $45,000 invested in an anuity with AIG,my mother was the benficiary. It was money he had worked for and saved over the years. Had AIG gone under,my mother would have had a worthless piece of paper instead of $45,000. Fortunately,thanks to the bailout...we were able to cash in the anuity when he died and my mother got her money.At 86,this will likely be much needed eventually if she has to go into a rest home.

So you see, it's not just a few greedy executives who would be hurt. It's millions of people like you and me.

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AIG wouldnt release the names of the scum bags that got these bonuses according to the news this morning, I wonder why that is??? I do not see the US getting out of this recession any time soon. Obama says he is going to do everything he can possibly do to stop these people from getting thier bonus?:huh:? Hmmm...seems to me he hasnt done anything he has promised in his campaign to date, so to believe him now? I'm pretty sure he will find a way to blame Bush for all this...LOL!!! It's going to be a long bumby ride folks, hang on to your hats!

Renee

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The company I work for gives out a bonus if our plant/department meets it's goals. But it also depends on the company making profit. And this past year everyone met the goals, but instead of a bonus (for most people the bonus is as much a normal paycheck or more...) we get an e-mail saying something like blah blah no bonus blah blah economy. But then later that week it was announced that our company was spending $4million on buying out some company that was going under...... wonder were our bonus went. :-

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I am in agreement with you all on the need to keep them afloat. We at this point have no choice but to help these companies, if only for the good of the common man. Just a sad reality of our time. We give them money to help the public and where does it go? It goes in the executives pocket for "a job well done". I am glad that our president is willing to micro manage some aspects of this problem. Someone needs to put a stop to the irresponsible, frivolous and disgusting behavior of these greed-filled scumbags. It is time to put these FAT-CATS on a diet.

Plus I heard the president speaking about basically putting pressure on banks to free up money for small businesses. Imagine that...money for small businesses who create more than 70% of all new jobs...not BIG businesses who contribute only 30%. I guess that's what happens when the cabinet isn't made up of BIG business execs (who's companies mysteriously win government contracts :huh:).

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While working for the Dana Corp our CEO was blamed for getting us into financial trouble which then led to the company filing bankruptcy

He (the CEO) was then let go    After 6mo to a year they (Dana) hire him back to get us out of bankruptcy and if he does he gets several millions in bonuses + stocks and so on

This is a man who received these several million dollar bonuses every year for several years prior to the bankruptcy

Its people and companies like this that are ruining our country and our way of life in the USA

The end result at the plant I was at was 200 + people including myself without a job

I guess you could say the bonus thing really PISSES me off

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AIG wouldnt release the names of the scum bags that got these bonuses according to the news this morning, I wonder why that is??? I do not see the US getting out of this recession any time soon. Obama says he is going to do everything he can possibly do to stop these people from getting thier bonus?:huh:? Hmmm...seems to me he hasnt done anything he has promised in his campaign to date, so to believe him now? I'm pretty sure he will find a way to blame Bush for all this...LOL!!! It's going to be a long bumby ride folks, hang on to your hats!

Renee

Renee, I don't think any situation that has a problem as large is this one, could get much 'fixed' in just a few months., do you?

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AIG wouldnt release the names of the scum bags that got these bonuses according to the news this morning, I wonder why that is??? I do not see the US getting out of this recession any time soon. Obama says he is going to do everything he can possibly do to stop these people from getting thier bonus?:huh:? Hmmm...seems to me he hasnt done anything he has promised in his campaign to date, so to believe him now? I'm pretty sure he will find a way to blame Bush for all this...LOL!!! It's going to be a long bumby ride folks, hang on to your hats!

Renee

Renee, I don't think any situation that has a problem as large is this one, could get much 'fixed' in just a few months., do you?

YOu are right,Jen. IT's going to take quite a but more time than people think. Of course those who didn't like Obama in the first place will always use this or anything else as an excuse to bash him.

As far as Bash goes...who was in charge when all this crap was building up,and turning a blind eye? For that matter,the AIG bailout was approved and given BEFORE Obama took office..by George W Bush.

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Banner I understand your point - but at this point make it a federal agency in it's entirely like the FDIC and get rid of the execs and their bonuses and perks!

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AIG wouldnt release the names of the scum bags that got these bonuses according to the news this morning, I wonder why that is??? I do not see the US getting out of this recession any time soon. Obama says he is going to do everything he can possibly do to stop these people from getting thier bonus?:huh:? Hmmm...seems to me he hasnt done anything he has promised in his campaign to date, so to believe him now? I'm pretty sure he will find a way to blame Bush for all this...LOL!!! It's going to be a long bumby ride folks, hang on to your hats!

Renee

Renee, I don't think any situation that has a problem as large is this one, could get much 'fixed' in just a few months., do you?

Nope Jenny I dont think a fix in a few months is going to happen, I dont think it will get fixed in a year either unfortunatly. Too many crooked folks out there. I rememeber years ago how the IRS seized Willie Nelsons property because he owed back taxes yet alot of Obama's people owed back taxes and they just simply paid it and got appointed anyway. they had no excuse besides ooooops My bad! It's a scary world out there! In my opinion if the government owns 80% of AIG they should fire all the people and rehire all new people why keep pouring money into a company that mismanaged in the first darn place, so they can keep doing it??? I just don't understand. There are many many issues that need to be addressed and thats going to take some time for sure, in the meantime many people are losing thier jobs, thier homes, thier transportation. I certainly dont have the answers, wish I did.

Renee

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I'm not bashing Obama, I certainly hope he succeeds at getting us out of this mess we are in. I vote neither republican or democrat because I vote for the person whom I think can get the job done no matter what he/she is. This stimulus bill that was passed had alot of "pork" in it, alot of unneccessary items in it in MY opinion, I thought the whole idea was to stimulate the economy??? Maybe I just don't understand what stimulas means...lol.

As far as AIG is concerned, isnt this the second time they had recieved money??? Maybe I need to just stop tying in this thread so I don't piss anyone else off!

Renee

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Jenny ,

 You are right , I admit that  :huh:.But  I am not satisfied with giving money without being smart enough to make conditions . I am that smart after seeing it done already late last year . It was done when Bush was still President & still being done now that Obama is President . Not the change I wanted to see  :huh: . The " rush " to pass the stimulis bill was the biggest sham I have ever witnessed . Why could they not get past the party issue ? The Dems were going to pass it no matter what .. so why not look at it objectively & make it so it helped the people & country  ? I watch Greta Van Susteren . she seems to take a nuertral look at things . She said last night she hoped nobody read it .. because if they read it after what has already happened & then voted for it , they have no excuse for being called stupid . I agree with John , It is Criminal to use money given like that to give those amounts of bonus's . I also think Renee hit the truth in the bullseye with her1rst  post .

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Guest gracewriter

I believe we're all looking down the wrong rabbit hole.  

So you need to be asking yourselves different questions.  Rise above the anger and take a look at what's really been going on since Woodrow Wilson sold America to these world banks and enslaved generations of Americans to the Federal Reserve--which is not a federal institution-through an unconstitutional illegal income tax which was never ratified by the states.  

Ask yourself why a private institution charges our government (us) interest on loans.

Why does a private institution collect our income tax?  Why can't they give us an account of what they are doing with our income tax?

Why can't our own government print their own money, loan it to themselves, and pay it back without interest?

Why is our government even asking for loans?  

Why does a private agency have the right to print our money?  

Who owns the Federal Reserve.  

And probably the most important question you should be asking yourselves is what happens to the value of our dollar every time the Federal Reserve prints even more out of thin air.  

What will happen to America if the world, especially the oil companies, stop trading in the dollar.

What will happen to America if the Saudis pull all their money out of our stock market and banks.

Who as in which countries especially in the middle east owns most of America?

Why did our government encourage our manufacturers to leave the US?  (and please don't tell me the unions forced them out)

Why did they send our jobs overseas, then allow 20 million illegal immigrants to move right in and kept talking like Americans are snobs and don't want those $10.00 an hour jobs.

I know of at least one ski resort that wiped out a town of American workers by bringing in illegal immigrants--oh, right, I mean migrant workers--who took those jobs from those Americans.  Why wasn't that plastered all over the nightly news while they were handing over more rights to the illegal immigrants and more of our jobs? I can't think of a soul in Michigan who was too much of a snob to take those jobs seeing how Michigan has been in a depression for years.

The list goes on and on and on and on.

The world bank owners are not flagrant idiots, they have a plan and that plan was put in place during the birth of the Federal Reserve.  They know what they are doing and how to sell us on the "New World Order." Oops! I mean, "Globalization."  Look up Prescot Bush, who was just one of these banker elitists who backed Hitler.

And while your at it you might look up the American companies who made their fortunes by supplying the Natzis with all kinds of equipment, some of which was used to gas the Jews. An American company selling the Natzis tires so they can get around quicker to kill our boys?  Is this not treason?

One of my friends lived in Natzi Germany during their recession when Hitler came along.  She said the parallels right now as to what this country is doing and what was happening in Germany are scaring the crap out of her.  No, I'm not equating Obama with Hitler, I actually voted for the guy and now am beginning to regret it as I see him back peddling on the promises he made during the campaign.

Wake up people.  There is no Democrat/republic party.  What there is, is wall street and world banks who chose presidents and they LOVE our fighting amongst each other on social issues so we don't pay attention to what is really happening.

We now have our first tent cities popping up in California where entire families are now living out of tents.  They were called Hoovervilles, in the 30s.  How about the bread lines popping up all over America that are running out of food, heard about those yet?  

I saw a lot of this crap coming quite a while ago, because I read and listen and deduce.  It is amazing to me the stories that pop up on the nightly news, the really scary ones, then you never hear about it again.

So you have to ask yourselves, who owns the news stations and big media?  If anyone has an opinion about ANYTHING, I look to see who signs their paycheck before I believe one word coming out of their mouths, then I still don't believe them but wait until I find other credible sources that back them up.

So what is my deduction?  Not sure yet, but a few responsible economists who aren't in anyone's pocket are saying 16 years before we start coming out of this economic disaster, yet worse some are saying we will be the next 3rd world country.  

All I know is there isn't a darn thing I can do about any of this out side of getting out of debt, buying a load of seed and learning how to grow food, and perhaps learning French as at least their citizens are getting something back for all the taxes they pay by means of free health care and free college education.  

We're like the poor step-children of the western world.  

BTW, AIG is not just an American problem it is a global problem.  I just want to know, why didn't they just give John's mom that $45,000.00 instead of giving billions to  a bunch of suits who keep squandering it?  Why not cut out the middle man and give the money to the people it's owed to instead of trying to pound even more sand into a bottomless hole.

Why you say?  Who owns AIG and who stands to gain the most by their success, or more important who stands to gain the most by their failure?  I assure you either way it's not us, as we are the slaves that feed the machine.

And here is another thing people should be asking themselves about.  Corporate welfare.  We were sold years ago it was a good idea to give all the money and tax breaks to the rich so they would create jobs for us.  

Well, how's that been going you ask?  When the giant corporations get low on cash, they ask for hand-outs from our government--and who ultimately pays for those handouts?  Our tax dollars.  This is nothing new either.  We've been bailing out corporations for decades with our tax dollars.  So does capitalism really work?  Does supporting big corporations with less tax really work and create more jobs?  Well, it does if you consider our tax dollars going to pay the salaries of those said jobs created by giving more money to the rich.  

Sounds more like smoke and mirrors to me.  

Did you know some countries have laws against franchises?  Know why?  Because franchises like Walmart move into towns, destroy local businesses, force people to work for next to nothing, include foodstamp and medicaid applications in their new hire packets teaching them how to use the tax payers to help them get medical care and enough food to live on, then move out of these towns when they're not making enough money and leave a devastated ghost town in their wake.  Might have something to do with that.  

And to think Walmart is the largest richest corporation in the entire world.  Oh, but in countries where they look at their citizens as more human than slaves?  Those Walmart workers HAVE UNIONS and Walmart is forced to give them a living wage and health care.  But NOT HERE!!!

So if big corporations was such a grand idea, why isn't it working or really ever worked if they keep getting subsidies and handouts from our government/us?  We've been sold a load of crap while we fight amongst ourselves on the social issues of repubs and dems.

With the invention of the internet, no American has an excuse any longer to claim ignorance.  And that is exactly why there is a proposal of not only taxing the internet, but plans of limiting your access to only the sites deemed appropriate.  So the little guy running a store on his website will never be seen, but guess who will?  

The internet is our last great frontier and last hope of educating ourselves to be able to make intelligent decisions and perhaps start working toward healing this country.  But seeing how most of us won't get off our lazy butts and try to educate ourselves, God help us.

Ok, done venting and still not smoking!!!!

Grace

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"BTW, AIG is not just an American problem it is a global problem.  I just want to know, why didn't they just give John's mom that $45,000.00 instead of giving billions to  a bunch of suits who keep squandering it?"

very simplistic view,that. If it was just my mom...but it;s millions of people and billions of dollars. If you've ever seen a bank go under (I have) you will know how complicated and time consuming it is just to give money (insured money,AIG is not) back to just a few hundred or thousand customers. My mom is 86...she ain't got that kinda time.

I'm not gonna take the time to answer the rest...simply put,the whole mess is due to lack of government regulation of the industry,just as the great depression was due to lack of government regulation of the stock market. They did as they pleased,the government sat back..and now we are in deep doo doo.

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John, isn't it not just the regulation of the stock market that caused the great depression...BUT the housing bubble? 

They are doing the same darn thing they did back in the 30s!!

Renee.....I'm not ticked off with you...you are still my buddy!  :huh:

Rodger? You admitted I was right about something? awwww  :huh:

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