Your tax dollars used to give executives at AIG a bonus

drkelly

drkelly

Dipstick who put two vehicles on jack stands
Joined
Mar 21, 2005
Location
Oak Ridge/Stokesdale, NC
yep.. that would be the money. Just think Our kids don't even know what a bonus is and they are already set up to be paying these guys bonuses this year.
 
That is total crap. Anyone who is not infuriated by this nonsense is ignorant and misinformed! We as a country should not be putting up with this! The amount of greed seem insurmountable these days and its almost like a contest to see who can get away from the problem with the most cash.
 
perfect example why there shoul dhave been no BAILOUT period..

they are not using the money to help the economy but to help themselves..

incredible how stupid our gov't is..
 
I have a question, seriously.
If an employee has a contract that was signed say, a year or two ago, including XX pay and XX % bonus, does the company not have an obligation to honor that cotract? The company has a debt to it's employees, just like if you hire somebody to fix your plumbing, you have a debt to pay them. If you mistakenly spend your money gambling while the plumbing is going on, and must take a loan to pay the plumber - you still had an agreement to pay him.
Remember, AIG is a big company with many, many "senior execs". Not all of them are directly at fault or even involved in the poor judgements that were made.
Maybe these "bonuses" were to people in other factions of the company, or were contractual agreements they are commited to.

I'm just playing the devil's advocate here.
 
RatLabGuy said:
I have a question, seriously.
If an employee has a contract that was signed say, a year or two ago, including XX pay and XX % bonus, does the company not have an obligation to honor that cotract? The company has a debt to it's employees, just like if you hire somebody to fix your plumbing, you have a debt to pay them. If you mistakenly spend your money gambling while the plumbing is going on, and must take a loan to pay the plumber - you still had an agreement to pay him.
Remember, AIG is a big company with many, many "senior execs". Not all of them are directly at fault or even involved in the poor judgements that were made.
Maybe these "bonuses" were to people in other factions of the company, or were contractual agreements they are commited to.
I'm just playing the devil's advocate here.
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that's the company's own fault, not ours. Tax payers should not be paying for their over spending and poor judgement. Let them file bankruptcy and re-negotiate the contract
 
RatLabGuy said:
I have a question, seriously.
If an employee has a contract that was signed say, a year or two ago, including XX pay and XX % bonus, does the company not have an obligation to honor that cotract? The company has a debt to it's employees, just like if you hire somebody to fix your plumbing, you have a debt to pay them. If you mistakenly spend your money gambling while the plumbing is going on, and must take a loan to pay the plumber - you still had an agreement to pay him.
Remember, AIG is a big company with many, many "senior execs". Not all of them are directly at fault or even involved in the poor judgements that were made.
Maybe these "bonuses" were to people in other factions of the company, or were contractual agreements they are commited to.
I'm just playing the devil's advocate here.
Click to expand...
I would say this agreement holds if the company breaks even or is profitable. In this case, the company is failing, which constitutes a material change of circumstance (no money to pay), which thereby negates the contract. Even if it weren't our tax dollars, it would still be ridiculous.

And to add to it, Bank of America talking about a 50 billion dollar profit, when they recieved 20 billion cash and a 118 billion backup from the government?
 
They can still receive their benefits and salary but bonuses should be put on hiatus. If you are a failing company you have to meet the needs of your consumer. The contract would still be in effect but any "bonuses" would/should be null and void until the company can turn a profit. They are 'bonuses', thus it is something that is added on to your salary and not necessarily owed to the employee.
 
A lot of companies will call commissions "bonuses". Employees/execs will have certain goals to meet on their job, and if they meet those goals they get a certain level of "bonus".

This is part of their income and not what we would consider a true bonus, and they are not called commissions because they are not necessarily a percentage of sales. It would be like telling a waitress that she can no longer keep her tips because the restaurant is doing poorly.

Of course we all want to hang every idiot who put the companies in this position, but you need to know all the facts, not just what cnn says. And AIG might be doing either of the ideas of bonuses. Until I read the contract to see which it is, I stay out of it.
 
- The govt screwed up here not AIG
- The "bonuses" often comprise 75-80% of the income of these employees
- Just because the company lost a billion that employees department may have made money, it could have been 1.5 billion if not for X,Y,Z employee
- The last thing any of us want is the talented people to leave 9which they will if you take 80% of their salary away) then we will own a huge company with no hope of turning it around
- Depending on position many probably have employment contracts that entitle them to this money regardless of company success
 
If you guys want to see more stupidity at the hands of our government then check out this forum:

http://www.iwastaken.com/

There's a lot of info there, it'll take you a good week to read it all, most of it is pretty disturbing.
 
I know nothing about the insurance business but I would like for AIG to hire me to run the company into the ground and then pay me 60 million dollars after I have done it.....
 
WCURoverd90 said:
I know nothing about the insurance business but I would like for AIG to hire me to run the company into the ground and then pay me 60 million dollars after I have done it.....
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and I wouldn't have a problem with that at all. I would however have an issue with the asshole that controls my tax money giving you that money just so you could do it all over again. Prime example of how the Gov't just fuct us with all these bailouts.
 
The fact of the matter is that AIG got in trouble with CDO's and credit default swaps.

Who here thinks its a good idea to sell insurance on someone elses debt? DUMB and that is NOT the goverments fault. I understand that yall believe that the goverment messed up by giving them money but the fact is that if AIG suddenly collapsed, then it could be a huge hit to you and everyone else they owe. I promise you that the govt. had atleast one or two analyst think this plan over. Still not saying it was the RIGHT plan, but they probably thought about it atleast a little bit. :popcorn:

Part of the problem is with all these large corporations tieing themselves together. It seems like good insurance to them until one company starts to drown and pulls the others with it. That is what the govt. is trying to prevent.
 
http://consumerist.com/5151444/ny-a...lynch-quietly-made-696-employees-millionaires

Bearing in mind that Merrill moved up its bonus payments in advance of its announced $15 billion quarterly loss and $27 billion annual loss, we have determined that Merrill Lynch made the following bonus payments:
•
The top four bonus recipients received a combined $121 million;
•
The next four bonus recipients received a combined $62 million;
•
The next six bonus recipients received a combined $66 million;
•
Fourteen individuals received bonuses of $1 0 million or more and combined they received more than $250 million;
•
20 individuals received bonuses of $8 million or more;
•
53 individuals received bonuses of $5 million or more;
•
149 individuals received bonuses of $3 million or more;
2
•
Overall, the top 149 bonus recipients received a combined $858 million;
•
696 individuals received bonuses of $1 million or more.


AIG aint got nothing on these guys
 
^ Might want to list the place you copied that from before the consumerist comes after your ass. :flipoff2:

The problem is AIG got 70 billion dollars of our money and is paying it to themselves. Unfortunatly there isnt much we can do about it. If they get hit big in the media about the bonuses they will raise the regular salary or even transfer it to stock options. Let face it. They are getting money either way at this point.
 
there is no doubt that they will get the money. i just hope that the govs theory about it trickleing down to middle and lower classes is right.
 
I get what the gov.'t is trying to do with the bailout...don't necessarily agree with it 'cause it's money I (and my kids, their kids, and their kids, and on and on.....) don't have and will never hope to have that's paying for everything. But shouldn't the gov.'t made it a HUGE condition that the companies don't get the money unless it's detailed how it's going to be spent. And why give it to them all at one time? They should have set aside a certain amount and AIG and all the other companies can only ask for what they need when they need it with exact details being in the request. I mean, HELLO!!! These people obviously are as good with money as my 6 year old is! We should treat them like I do my 6 year old!!!!

And why didn't the gov.'t make it a loan to the companies that they have to pay back with interest?!?! Why am I paying for it?!?!?!
 
I have clearly stated I didn't like the bailout, but has anyone done the math on what percentage of the bailout money is going to these bonuses? do the math, are your really going to bitch this much about pennies on the dollar that AIG gave out or are you going to Bitch about the BILLIONS that the Gov't wasted?

edit: I said pennies on the dollar, it's not even a penny on the dollar.
 
mbalbritton said:
I have clearly stated I didn't like the bailout, but has anyone done the math on what percentage of the bailout money is going to these bonuses? do the math, are your really going to bitch this much about pennies on the dollar that AIG gave out or are you going to Bitch about the BILLIONS that the Gov't wasted?

edit: I said pennies on the dollar, it's not even a penny on the dollar.
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Yes, I am going to bitch. I got a 0% raise this year as did everyone at my company. Friends of mine have taken pay cuts or lost their jobs. It doesn't sit right with me that these guys who work for a company that would have gone bankrupt if it were not for the government are now getting bonuses with our money. And as far as the contractual agreements for bonuses, I think that all that should have been null and void when uncle Sam walked in the front door with his check book in his hand to save their jobs.
 
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