AIG - What do the executives do for a living? [Archive]

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Y. Shulamith

03-21-2009, 03:30 PM

I am outraged.

Does ANYONE know what these "executives" actually do for a living, even before this economic meltdown? I mean, exactly WHAT the hell do these people do to garner those types of financial remuneration?

I understand why some businessmen make loads of money, as do surgeons, astronauts or celebrities and sports figures. What exactly do these people do to deserve the kind of bucko's that they make?

Certainly, driving a company into the ground warrants getting fired and not rewarded in any sane line of work or occupation, not a pat on the back and bonuses and extra money.

Can anyone give me a slight clue as to what these hardworking people do for the money?

Signed,
Clueless

Y. Shulamith

03-21-2009, 04:43 PM

Continue to lecture the poor and struggling about all the fantastic things they could do if they were already rich?

:rofl::tdown:

maven

03-22-2009, 05:39 AM

Mil

03-22-2009, 09:27 AM

I love my money..... but I guess someone loves my money even more then me. I heard "Boston Tea" societies are springing up all over the place....

Y. Shulamith

03-22-2009, 09:43 AM

I love my money..... but I guess someone loves my money even more then me. I heard "Boston Tea" societies are springing up all over the place....

Someone loves your money more than you, you guessed that right, and they are taking it right out of your respective pocket.:rolleyes:

scattergood

03-23-2009, 05:01 AM

The facts of the AIG bonus' are very, very different than the reality:

1) The CEO who paid the bonuses is the gov't installed CEO who is working for $1 a year.

2) He went to the Geithner to ask for approval to pay the previously contracted for bonuses a week or so before paying them. Geither approved them after discussing it with the Treasury lawyers.

3) The Gov't was made aware of the bonuses prior to putting up the billions for their stake in AIG and made no attempt to renegotiate them.

4) The Republicans attempted to put an amendment in the stimulus package to restrict bonuses of executives at gov't bailed out firms. Their amendment was stripped out by the Dems, and specifically reversed by Dodd with his languange to protect all bonuses contracted for BEFORE 2/11/09.

5) But here is the real kicker, these are RENTENTION bonuses. Meaning, these were bonuses signed on for to get people to come and work at AIG Fincancial Products. The people who sold the insurance to the excess have been pretty much kicked out, and these bonuses were paid to people to induce them to come in and clean things up. They spend their days unwinding billions of dollars of transactions. Here is how the conversation went:

a) Hey Bill, it's March of 2008 and things here at AIG SUCK. We are going out of business, but we need you to come in and clean up all this insurance on CDS and CDO's that we sold. You know, figure out who we owe, how much we owe, what the hell we insured, how to get out from under it, who to offset the insurance to , etc.

b) I don't know, AIG, I have an ok job here making a few hundred thousand a year with bonuses on top of that and AIG will be out of business in year or two and I won't have a job if I move over there. Why should I go to AIG to help you out only to not have a job after I do what you ask?

c) Well Bill, if you come w will pay you a few hundred grand AND we'll sign up now saying that if you do the job we ask you, at the end of it you won't have a job that's true, but we will pay you another $500,000 for your trouble.

d) Hmm, well ok, if you are contracting now to pay me later to do some dirty work for a year or two with a big bonus once I am out of a job to protect my post AIG interests, I guess that's ok. Oh, btw, does the gov't know about this and do they approve it?

e) Great! And yes the Gov't knows about it, we told them and they not only said there isn't a problem, the protected the bonuses!

This focus on retention bonuses is a crock. The side effects of the 90% tax being levied on them is going to be massive. The disincentive to work for TARP taking firms just wnet through the roof.

maven

03-23-2009, 05:14 AM

Obama should have worked out what he was doing before he gave money to those crooks at AIG so that they could steal it legally from the hardworking taxpayers.

In fairness to Obama he is just following Gordon Brown who is the new guru of economic disaster around the world. The only policy Obama ever thought up all by himself was to get a dog for his daughters. His daughters are still waiting for the dog, the dog refuges are overflowing because of the depression and they can't parcel up the extra dogs and sell them on the equities market because the stockmarket is in freefall and Americans are not yet so hungry that they eat dogs. Yet he still can't get the dog. He promised a mutt but it seems now a mutt is not good enough, it has to be a throughbred pedigree and they don't turn up very often in the refuges and if they do the refuge sells them to buy dogfood. So Obama's daughters have a picture of a dog and toy dogs and statues of dogs and books about dogs but they still don't have a dog they can really believe in.

I believed in Bush and at least Bush had a dog, his name was Barney and he was the 'First Dog.' But someone, I don't know if it was Michelle or the daughters -not wanting to be embarrassed infront of their new elite high-society friends whose dad's control the country and companies like AIG, and who all have throughbred pedigree dogs- now want a throughbred pegrigee dog and not the mutt Obama promised. It seems Obama's first dog has been now been rejected and now he is looking for the second dog, but he's looking in the wrong place for that type of dog and if he buys the dog from a breeder then he stands to be accused of being a phoney and an elitist.

So that's the reality of politics and Washington, promise to help the poor during the election and then become a slave of the very elites you criticised during that election. :unsure: