A.I.G. Bonuses (Hearing on Now)
fishmongerfunk
4,154 Posts
yeah, obviously this has nothing to do with records but this shit is fascinating...follow the link to watch the live hearing:http://www.huffingtonpost.com/2009/03/18/aigs-liddy-testifies-on-c_n_176235.html
Comments
BAN.
Fishmongerfunk, thanks for posting this, definitely interesting. Not helping me get stuff done today tho...
It's enough to make me take Alan Jones seriously.
for show.
The bail-out as pennd by the Senate excluded any post-2008 bonus agreements. Dodd and his committee took it behind closed doors and removed that part of the bill changing it to post-Feb '09.
Pffft. Just a bunch of words on paper. Who'll know?
It is interesting to watch the circus unfold about this small drop in the bucket when the general public has no idea where the HUNDREDS of millions/billions/whatever-it-is-up-to that AIG has taken so far has really gone. These hearings do seem to be a distraction from the bigger problem.
that the people now in control don't know what the F*ck they're doing.
my understanding is that it's already near 50% at all income levels, which in the US is a pretty hefty bite. I did hear something about taxing at a higher rate, but not sure if that's just for these AIG recipients or across the board in the US.
Instead of bonuses, AIG should have spent some of this money on a PR firm, as they have shown their ass over and over again in these past few months. 7/10 odds that next week they are exposed for eating Mormon babies in some underground laboratory.
interesting article in the WSJ today about executive bonus programs this year. It seems like the boards across all industries just moved the goal posts this year for a lot of persons. whereas earnings or equity were the key factors in past years to be awarded a bonus, now something like debt payments became the key factor this year. Reeks of cherry picking, but such is life at most large companies.
Yeah, cuz the ones before them did such a bang-up job! Things were only going over the cliff, now we are dealing with the wreckage. How to fix a completely totaled economy may well be beyond the scope of those now in charge, but I am sure the guys who got it that way have some bright ideas, right?
3/12/09 $0.41
3/13/09 $0.50
3/16/09 $0.83
3/17/09 $0.96
3/18/09 $1.38 =FOUR DAYS 237%
The house just passed the bill that will put a 90% tax on said bonus.
http://freakonomics.blogs.nytimes.com/2009/03/18/got-clawbacks-thugz-on-the-bailout/
Business needs to take their accounts to better insurers. Hopefully that is already happening.
truth spoken.
we just split and feel like a huge burden has been lifted off of our shoulders.
True That.
Apparently he had a severe case of 24-hour amnesia because the first day Dana Bash grilled him he didn't know about the February 11th loophole clause. The very next day, he said he did authorize the clause, falling back on the "I went back and checked" excuse.