AIG

[classicman]

Originally Posted by sugarpop

As I said before, this could have been avoided if the company had just agreed to pay them the bonuses AFTER they paid back the taxpayers. It isn't right for that burden to fall on taxpayers, when they are themselves losing jobs and having to take cuts in pay, etc.

Yup, they could have just hired a bunch of outside contractors from some temp agency to figure it all out - That would have been much cheaper, faster and more efficient - right?

And call them what they were - retention payments not bonuses.
If that word was not used this would never have been an issue to begin with.

[TGRR]

Originally Posted by classicman

Yup, they could have just hired a bunch of outside contractors from some temp agency to figure it all out - That would have been much cheaper, faster and more efficient - right?

And call them what they were - retention payments not bonuses.
If that word was not used this would never have been an issue to begin with.

So who the fuck wants to retain the useless bastards?

[classicman]

Originally Posted by TGRR

So who the fuck wants to retain the useless bastards?

These people were not involved in that particular department. They were chosen to due certain tasks and were promised payment to stay till the job was done. These people did as asked and the Gov't is basically reneging on the deal.

Furthermore this situation has led into other damaging issues as well including selective taxation, taxation as a punitive measure, the validity of a contract as Flint explains and more.

Originally Posted by Flint

Many things could be avoided if the signed contracts which are the bounding fabric of a civilized society can be ignored or subverted on a whim. Life isn't fair; but the alternative to a rules-based system is a chaotic hellhole...

[TGRR]

Originally Posted by classicman

These people were not involved in that particular department. They were chosen to due certain tasks and were promised payment to stay till the job was done. These people did as asked and the Gov't is basically reneging on the deal.

$169 million of the $208 million in bonuses were paid on the troubled financial services side of AIG.

11 people who received these so-called "retention bonuses" no longer work there.

http://www.sltrib.com/ci_11954328

Screw that. They had a deal with their employer. Their employer no longer works there, and they have a new boss.

[classicman]

Originally Posted by TGRR

$169 million of the $208 million in bonuses were paid on the troubled financial services side of AIG.

Financial SIDE - keyword is side. They were not in that particular department. This is OLD news.

Originally Posted by TGRR

11 people who received these so-called "retention payments" no longer work there.

Because they already fulfilled their obligation to the contract.
85% ARE STILL WORKING THERE

Originally Posted by TGRR

Screw that. They had a deal with their employer. Their employer no longer works there, and they have a new boss.

"All commerce throughout the world is dependent on the sanctity of contracts," said James Donovan, a Los Angeles attorney.
Such moves could make it difficult for financial companies to recruit employees because they might fear their employment contracts would be broken, he said.

This is a pittance of what AIG got. Remember that - 1/1000th.

Wanna bitch? Read your article...

Last month, The Wall Street Journal reported that Morgan Stanley plans to pay up to $3 billion in retention bonuses to 6,500 brokers in its joint venture with Smith Barney. Morgan Stanley has received $10 billion in bailout funds.

[sugarpop]

Originally Posted by classicman

Financial SIDE - keyword is side. They were not in that particular department. This is OLD news.


Because they already fulfilled their obligation to the contract.
85% ARE STILL WORKING THERE




This is a pittance of what AIG got. Remember that - 1/1000th.

Wanna bitch? Read your article...

There are still more bonuses owed at AIG, err, I mean AIU (haha), and they add up to a billion dollars. It isn't the taxpayers job to make sure ANY bonuses are paid out.

I know those people didn't work in that department, but IF WE had not injected all that taxpayer money into the company, NONE of them would have jobs. And, eveyone else in America is having their contracts renogotiated, and taking pay cuts, or losing their jobs. What makes AIG so fucking special?

In addition, these are NOT ordinary times. Even though those particular people didn't cause the crash at AIG, AIG was a huge part of the problem. The people who work there should just suck it up, like everyone else in this country, and agree to take the money AFTER the taxpayers are paid back. What is wrong with asking them to do that, especially since a bunch of those bonuses are over a million dollars? And there will be more coming. We have to stop it, NOW.

[TGRR]

Originally Posted by classicman

Financial SIDE - keyword is side. They were not in that particular department. This is OLD news.


Because they already fulfilled their obligation to the contract.
85% ARE STILL WORKING THERE




This is a pittance of what AIG got. Remember that - 1/1000th.

Wanna bitch? Read your article...

Them, too.

I have no patience whatsoever with these welfare queens and their bonuses. If they didn't get the bailout, the money simply wouldn't be there. Basically, what we've done is take our tax money, and give it to some bastards making half a million a year +, and given it to them to reward them for being a colossal failure.

I don't care if it's 1/1000 of the bailout. I would be pissed if it was $10.