AIG Government Bailouts and The Stimulus Plan
73Take the A off your Name AIG
AIG Tax Supported Bonuses, Corporate Welfare
AIG has decided to use taxpayers money to pay AIG employee bonuses and retention payments. Edward Liddy, also known as Libby, has his hands full trying to get his employees to give up their bonuses.
This AIG bailout of their own failed employees, is nothing more than another sign of how corrupt a Corporation can be in America. The last time I checked, bonuses were based on a companies profits. If the business lost money, there were no bonuses. If the business made a profit, you received a bonus.
But it appears that AIG continues its' failed business practices that landed it here in the first place. This bonus and retention pay by AIG is a direct attack on the American peoples common sense. Common sense tells us all that you do not reward employees with huge bonuses when the company has made no profit. And you certainly don't used borrowed money that was intended for recovery purposes, to reward employees who work for a corporation that has failed financially.
AIG couldn't take care of their own money, what made this Government think that AIG could handle "We The People's" money?
Let me tell you what I believe is wrong with spendinding all this money on bailouts and stimulus. All the economists are attempting to push their theories about what caused the great depression, and what ended the great depression.
The majority think that the Governments bailouts at the end of the depression helped to end the depression. But from what I have learned by living through several recessions is that they do not end until all the inflated prices have shrunk to a level where the majority of people can once again afford the essentials of life; such as a car, a home and basic food and clothing.
I believe the depression ended because the economy finally reached this point. I also believe that had the Government taken such drastic measures as the former and current administration are doing, hyper inflation would have been the result and the depression would have soon been followed my something even far worse.
I believe that we are headed for hyper inflation, and it is too late to turn it around. The worthless paper money has already hit the economy in the trillions. My best advice would be that you all get out the old hoe and get your garden planted. Learn to can food and learn who your neighbors really are.
I have contacted AIG chairman Edward M. Liddy, and following you will find a copy of my letter to AIG. I would suggest every American send a letter to AIG now and voice their opinion. Here is the link to AIG.
You all should do a search on thes AIG top executives and look at their biographies and salary info, it's not a pretty picture.
President Barach Obama is outraged at the AIG attempt to use the taxpayers bailot funds to bailout their employees through huge Bonuses. Can Obama stop these AIG bonuses?No, they have already been payed the bonuses as of Friday the 13th.
The most we can hope for is something to be done to modify the amount of money we have not yet delivered to AIG.
Short of good old fashioned old west justice, this criminal act by the largest insurance corporation in America will not be punished. It's one of those, "I can't win for losing," deals. The American public could choose to punish these devils by refusing to use their insurance products, but then we would be fighting against the very corporation all Americans have invested their tax dollars in.
Make sure you all take a good picture of this event, and place it in your minds so that you can remember that it is exactly these types of Corporations that brought the economy of the world to their knees.
And don't you Americans ever forget that this is not only a problem with the management at AIG, if any of these employees that are getting these bonuses had any concern for their fellow Americans, they would refuse these bonuses and release AIG from this clause in their contract.
These workers at AIG know for a fact that they do not deserve these bonuses. You all remember these people at AIG who have turned their backs on you. You write their names down in stone, you tell your children and grand children what these corporate employees have done.
UPDATE: 3/17/09
And now after all this, we learn today that the stimulus package included a payment to AIG to cover these AIG Bonuses.Tim Geithner, Treasury Secretary, knew this was in the bailout plan, because he was the author of the AIG bailout, yet he said nothing. He is now being fried by the Media, and rightly so.
Even after all this, I still stand by my comment that all these undeserving employees at AIG should return the bonuses.
And to answer one of my posters, yes this money is the taxpayers money that was given to AIG etc. And we sure can't blame our corrupt Government for giving them all this money; we all sat by and did nothing when they did this.
Who do we think it is that has to pay the defecit back to our Government? And how do we think the Government will force us to pay it? It's called taxes.
AIG
Letter To AIG About Bonuses
To AIG chairman Edward M. Liddy,
Good morning Mr. Liddy,
This communication will serve as notice from the American taxpayers who have been forced by their Government to bailout your failed corporation.
We the people of the United States of America wish to express our disgust on hearing that you have chosen to spend the taxpayers money on bonuses and retention payments to some 6000 employees. We the people, find it quite incredible that this policy to rape the American citizen and our economy, is taking place.
Mr. Liddy, since when is it that a business rewards employees with a bonus when said company has failed to make a profit? Mr. Liddy, this decision by you and the AIG Corporation is nothing less than a disgrace to all honest businesses, ran by true Americans.
Mr. Liddy, we the people of the United States demand that you withdraw all undeserved bonuses and retention payments immediately. We the people of the United States pray that you will do what is right in this matter.
Robert Lee
My Letter To AIG Employees
Dear AIG Employees,
Let it be known to all, that we the American people are disgusted with the fact that you will not release AIG from their obligation to pay you bonuses for your worthless efforts at AIG. You do not deserve bonuses, nor would it be wise for you to turn your backs on your fellow Americans by accepting moneys that were meant to be used to restore our economy. If you accept these bonuses, I will personally brand you all as thieves and unworthy to be called an American. I suggest all AIG employees do the right thing.
Robert Lee
New York State Attorney General Andrew M. Cuomo Investigating AIG Bonuses
NY State Attorney General, Andrew Cuomo, has written a revealing letter to Congressman Barney Frank, Chairman of the House Financial Services Committee, regarding bonuses paid at AIG.
In the letter the Attorney General reveals that the top bonus received by a single individual was more than $6.4 million.
Seven bonuses were more than $4 million each.
The top ten bonuses combined was $42 million.
22 AIG employees received bonuses of $2 million.
73 AIG employees received bonuses of $1 million or more.
Eleven of the AIG bonuses were given to individuals who are no longer working at AIG. One of them received $4.6 million.
AIG American International Group in the News
- AIG, ex-CEO Greenberg reach pact to settle disputesMalaysiaNews.net2 hours ago
NEW YORK -- AIG and former chief executive Maurice "Hank" Greenberg have reached an agreement to bury a long-standing, bitter legal battle and the insurer will turn over materials the former boss can ...
- Greenberg to get carpet back after solving dispute with AIGPeople's Daily25 hours ago
AIG and former chief executive Maurice "Hank" Greenberg have reached an agreement to bury a long-standing, bitter legal battle and the insurer will turn over materials the former boss can use to write his memoir, as well as prized photographs and a Persian carpet. The settlement is a feather in the cap of AIG Chief Executive Robert Benmosche, as it frees up the company's resources to deal with ...
- AIG, former CEO Greenberg reach pact to settle disputesUSA Today2 days ago
AIG and former chief executive Maurice "Hank" Greenberg have reached an agreement to bury a long-standing, bitter legal battle and the insurer will turn over materials for the former boss to use in writing a memoir, as well as photographs and a Persian carpet.
- AIG settles legal battle with Hank GreenbergCNN Money2 days ago
AIG said Wednesday it agreed to settle long-standing legal disputes with the insurance giant's former chairman, Maurice "Hank" Greenberg.
- AIG, ex-CEO Greenberg reach pact to settle disputesWashington Post2 days ago
NEW YORK (Reuters) - AIG and former chief executive Maurice "Hank" Greenberg have reached an agreement to bury a long-standing, bitter legal battle and the insurer will turn over materials the former boss can use to write his memoir, as well as prized photographs and a Persian carpet.
- AIG Fed Debt Rises to $45.1 Billion in Second Straight GainBloomberg4 hours ago
Nov. 27 (Bloomberg) -- American International Group Inc. ’s draw on a Federal Reserve credit line climbed for a second straight week, reaching the highest in six months.
Ron Paul on AIG Bailouts and Bonuses
Where Is The AIG Bailout Money? AIG Bonus Scandal
Who Is Barack Obama?
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updte: 3/24/09 AIG Scandal Geitner Nationalism.
While most of us Americans were eating lunch today, Secretary Tim Geitner was giving a new meaning to "Power Lunch." This man is certainly playing Follow the Leader here as he lays out his plans for a nationalised America where Big Government owns our businesses.
It is my opinion that all of this that is going on with the economy, bailouts, AIG and Geitner, is all a setup by the Feds to get the Americans in a position where they will gladly accept the Nationalisation of our businesses.
People who say that we are not heading for socialism here, are either blind or purposely trying to blind Americans from the facts.
AIG POLL
When/If We Recover From This Depression, Do You Think The Recovery Will Last Long, Knowing We Have Corporations Like AIG At The Helm?
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What do you think about the AIG bonuses?
Hello Moxie,
You sure called that one right on, these flakes are so deep in their own sh#@ that they can't see the worthless pathetic humans they really are.
And another thought: perhaps our good friend, Bernie Madoff, could use a few cellmates . . .
Now, Now, Moxie, you know there isn't enough room to lock up all the corporate scum in America. All though I do recall hearing about a place called Siberia.
Good Call.
I think getting the names of the people involved in this is a great idea. Having this list people should track these people and boycott AIG or any other company that hires any of them. Boycotts are effective if enough people care enough to impact their bottom line. The people who take this bonus in MY opinion are stealing from WE TAXPAYERS. BOYCOTING WOULD GET ACTION IF THEY BELIEVED THIS WOULD AFFECT THERE FUTURE EMPLOYMENT OPERTUNITY.
Thanks for stopping by Vernon,
I'll tell you what really bothers me the most Vernon, the fact that Corporate America is so screwed up. This is what caused many of our problems, and guess what, these same types of people that put us here today are the same ones that are going to be with us when and if we pull out of this mess. How can we expect something different when we will have the same wicked corrupt players?
Speaking of names Vernon, I kind of like this little list of names............
Suzanne Neuger
Stephen Kelly
Rodney Walsh
Nicholas Ashooh
Kevin Kelley
John Feldstein
Martin Miles
Morris Offit
Michael Sutton
Kristian Bollenbach
Jay Martin
Jacob Frenkel
Steven Bensinger
Frank Wisner
David Herzog
Robert Lewis
Andrew Kaslow
Richard Booth
Brian Schreiber
William Dooley
Edmund Moor
Fred Langhammer
Virginia Rometty
James Orr
Nora Johnson
Anastasia Wintrob
Interesting article
Righteous anger - yet misplaced. Neither AIG nor other big corpoartions control taxpayers money - government does. And AIG is just doing what you or me in its place would do with a "free" money - spend them for fun...
The bottom line is that AIG got bailout money because their business was failing, not once, but twice. It doesn't matter from what source the money comes from, if your company is in financial trouble, you don't hand out money just because it was done when the pastures were green and lush. Get a clue AIG, the pastures are all dried up.
When a company is laying off it's employees, sometimes they sit down with the employees and work out a layoff plan. If you will stay with us for 6 months to help us in the transition, we will pay you a retention bonus of $10,000.
This keeps the employees focused on helping the company, and the financial means of having a salary when their time is up and they have to look for a job.
Otherwise, the employees would walk out, and AIG would not have the manpower to operate, and the stimulus money given to them would be for nothing, as the company would cease to exist.
For you Democrats out there, you should look at this bonus money as an earmark. As Pelosi put it on the recent budget full of liberal earmarks "it's such a small amount of whole budget, it's really not an issue" - this money to keep employees working for AIG is such a small amount of the total bailout money sent to AIG, it's really not an issue.
Also - do your homework to see how much of the bailout money went to AIG - and were directed to launder it to other companies....the wall street journal today details that they've only kept about half of what was given to them - the rest they laundered to other companies and were directed to do so by the government.
Good job AIG - you're keeping people working and off unemployment benefits. Keep the focus
linjingjing, thank you
Hello Misha, true, but the bottom line is that the taxpayer is the one who is going to pay for the Governments welfare program. At this point it is estimated that every single American is $32,000.00 in debt from all the bailouts and stimulus. This is not my figure, this comes from economists.
Hello Laringo, right on. Can't add anything to that.
Thank you for stopping by JT
For me the issue is that no business rewards their employees when the company has not made a profit. I don't care if it's AIG or a business down the street, it just doesn't work that way. This whole issue is brought on by AIG and their lack of concern for the value of money. Misha said it, to AIG this is just free money to them and they could care less what they do with it.
Senator Chris Dodd and President Barack Obama each received over 100,000 dollars from AIG. Did Tim Geithner know about the bonuses?how long did the White house know?They are now in my opinion crying crocodile tears.
Hello DK5,
I just love Obama's Press Secretary Robert Gibbs reaction to all this. When questioned by reporters his tongue got so tied that he began stumbling over his words, eventually he just stood there unable to answer.
The News Media is already trying to cover up the fact that Obama's treasury secretary Tim Geithner knew about these bonuses back in the Fall. The Media knows for a fact that this man knew long before Tuesday.
It was way back in the fall when now Treasury Secretary Tim Geithner had a meeting with the then Treasury Secretary Hank Paulson, it was Geithner, who put together the original rescue plan for AIG, NOT Paulson.
We all would like to think that he can put a stop to it, but I am not sure how he will be able to. Yes, we can learn from this and make sure any future bailout money does not turn into bonus cash but it is too late for this round.
The list is a good idea to see where the money went especially on the individuals. For those who are citizens (not all are) we need to make sure they do not get tax breaks and they end up paying the taxes they owe.
Thanks for your comment Erick,
What a can of worms this has opened up! One thing we need to be careful of here is that the Americans do not allow the Federal Government to overstep their Constitutional authority. It could very well be that this was all set up in order for the Government to justify the furtherance of a socialistic agenda. This whole thing really began when the Feds took over 80% ownership of AIG, and also getting a hold on some of our Banks.
We had better be careful as we go down this path. I somewhat agree with you, we have learned a lesson, now let's do better in the future. Instead of being pushed by the Government to authorize plans that have not been fully read by Congress, let them slow down so they can do proper investigation.
Three more names;
James Haas
Douglas Poling
Jonathan Liebergall
Great discussion!
Thank you sophiewf.
It gets more scandalous every minute. Now the Democrats have passed an illegal taxation in order to take the focus off the blunders they made in all this AIG mess.
Great stimulus of discussion born to be free - thank you.
I agree with sending all those who consider decades worth of each citizens' hard earned paychecks "free money", to Siberia - better yet, how about Afghanistan? We could take our hard-working admirable troups out of there and let the sweet talkin' greedy AIG sons-of-guns see if they can put all that money to good use by buying the world's way out of those problems. Put them in jail - sorry, I'm tired of paying for them as is.
Could we learn more than simply not allowing bail-outs to be doled out as bonuses? And yes, rewards for doing a lousy job! I'm getting a little ticked off all around on 'bail outs' PERIOD. When we screw up, we go bankrupt or you find our assets up for grabs at the auction block. With AIG owning 81 million insurance policies @ a face value of $1.9 trillion; 180,000 small businesses; more than 950 jets etc., let them go up for grabs and decentralize. I think it's high time the entrepreneurs and small businesses get the country back.
Hello Sem Pro, thanks for commenting.
To tell you the truth, the way I look at all this is that the Corporations have been in bed with a Whore for years. The whore is the Government. The reason I say the Government is a whore is because they are supposed to be, "For The People, and In Bed With Us" yet they have only supported the Corporations who time and time again have proven they are not for the people at all. The problem is that this whore loves its' little bed fellow, they will never willingly throw their friends out of their defiled bed. As long as this Government plays the whore, we the people will always get the short end of the stick.
So true - most who hire a whore don't have the power to make someone else pay for it. I'm astounded at the lip service, saying it's outrageous while signing over our grandchildren's inheritance money.
I think the bonuses are a natural result of the government bailing that sorry bunch of incompetents. If somebody gambles away your money and almost goes bankrupt, and you give them more money--obviously they're going to feel spoiled and entitled to whatever they want. If you let them collapse and take responsibility for their recklessness, then maybe that sense of entitlement won't exist anymore.
End their gravy train right now.
the reckless use of this bailout money shows that there is no reason that the baiout money should havegone right to the taxpayers with the aim of them paying for their homes, buing new homes, buying new cars, putting the money back into the economy. right now only a few have been greedy people and businesses have been helped. the future of america should be put in the hands of the american people. UNITED WE STAND DEVIDED WE FALL , don't devide the people with greed.
I say every American should be given a portion of every future earning of this company. It should no longer be a private company. It should belong to us.
If the atty. general cannot publish the names of AIG executives right now, since emotions are high; government should commit to PUBLISH THE INFORMATION 2-5 YEARS FROM NOW. People have the legal right to know, since they are technically the shareholders and it is in the interest of the public.
Obama promised TRANSPARENCY in his administration.Let their names be forever attached to their greedy actions. Don't let them retain the respect and their position in society. Don't make it easier for them TO GET HIRED AGAIN or LEAD AMERICAN CORPORATIONS. Let their decision to appear on public record. The Obama administration should work on the legal framework to make it illegal to award bonuses when there is a net loss AND the legal right to garnish bonuses up to a certain period to protect investors, so corporate executives would think of the long-term effects of their 'innovative strategies' and be accountable for their long-term decision.
Thank you all for your comments. I can see that the majority of you feel the same way I do, it was our money, give me my dog gone shares and my share holder vote! If someone has a few extra dollars you can go to Hoovers.com and get the list of all the execs at AIG, this list wouldn't be too far off from the names we are all looking for.
To be honest with you all, before the bailouts even happened, I had warned everyone on one of my many websites that the Corporations were going down and because the Americans would no longer be feeding their greed, these Corporations would take down as many as they could with them when they went down. I warned everyone to get out of the markets before they had their hands bitten by the ones they fed. I hope some of them listened.
I'm not a rocket scientist but I have been through enough recessions to know how they work. What I see going on today with all that the Government is doing is one heck of a crash. I know it may not appear that way today, but it isn't far off.
I feel for those who have fallen for this citibank memo that was leaked. Everyone was so hungry to make some of their money back that they began a buying spree in the markets. We will soon see if I am right or wrong, for the sake of all those who were taken in by this memo, I hope I am wrong, but I honestly believe that when all this worthless cash has impacted the value of the dollar, it will all be over. At that point we will see hyper inflation in America, I will not be shocked when a loaf of bread costs 150.00 right here in America.
i have come to the conclusion, yes this is terrible, but I think it was used by the media and congress to distract us from a bigger crime of the trillions of dollars they are giving away and spending. Keep the citizens angered over these ver miilions of dollara at AIG and they will be to busy to think about the the other trillions of dollars congress is spending and giving away.
Keep up the effort.
Keep on Hubbing!
There are so many criminal issues going on in high places today, which one do we pick to make our number one issue to focus on? I believe that the Governments purpose for promoting this AIG issue was to so anger Americans that we would not question the Governments move to take over public businesses.
Thanks for stopping by eovery
Robert
My quote from 5 weeks ago; It could very well be that this was all set up in order for the Government to justify the furtherance of a socialistic agenda. This whole thing really began when the Feds took over 80% ownership of AIG, and also getting a hold on some of our Banks. We had better be careful as we go down this path.
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Moxie Trader says:
9 months ago
I heard on this morning's news (03/16/09) that the new administration is seeking to reign in the AIG plundering of America. What an unethical management team, this AIG crew! Their arrogance is so ripe that they are unaware that they should be ashamed.