The Cellar

The Cellar (http://cellar.org/index.php)
-   Politics (http://cellar.org/forumdisplay.php?f=5)
-   -   AIG (http://cellar.org/showthread.php?t=19677)

ZenGum 03-26-2009 12:01 AM

Depends ... does eliminated mean "shut down", "broken up", or "sold off" (or passed out via the anus")?

xoxoxoBruce 03-26-2009 02:08 AM

Sold off brings in money. Shut down doesn't. Broken up is DeSantis.

TGRR 03-26-2009 07:13 PM

Quote:

Originally Posted by lookout123 (Post 549496)

TGRR... let me guess, you've gone through life talking a lot shit but accomplishing little, right?

No, actually, I've done quite nicely for myself.

Let me guess, you're one of those Starbucks Libertarians that sits in the cafe by the college, ranting about "personal responsibility" while you swill lattes paid for with daddy's credit card, right?

sugarpop 03-26-2009 07:37 PM

Quote:

Originally Posted by lookout123 (Post 549048)
normally banks pulled in by FDIC are sold off to bigger better banks, but I think we'll have to wait for the dust to settle before that happens.

Just what we need, even bigger banks, when the ones we have are already too big to fail.

*quote* "if they're too big to fail, shouldn't they be too big to exist?"

sugarpop 03-26-2009 07:39 PM

Quote:

Originally Posted by xoxoxoBruce (Post 549356)
Jake DeSantis is angry because he and his cow orkers are being punished when they were not the ones that caused AIG's demise. I'm not so sure the people in the unemployment lines will have much pity for Jake DeSantis, as I doubt many of them feel they are the cause of their former employers problems. When the ship goes down, everybody gets wet.

What's a cow orker? :D

sugarpop 03-26-2009 07:46 PM

Quote:

Originally Posted by lookout123 (Post 549496)
They are an insurance company which means they must maintain a hefty cash reserve ratio. When things went down the shitter they had to raise capital quickly. Which do you think would be easier to get good value from, profitable business unit or one overflowing with toxic assets?

My understanding is the particular division that caused all the trouble was so complicated, and the contracts were so convoluted, they had to "unwind" those contracts, and they apparently needed people who understood them to stick around to do. I didn't realize they eliminated healthy parts of the company though in order to do that.

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.

TGRR 03-26-2009 08:26 PM

Quote:

Originally Posted by sugarpop (Post 549797)
What's a cow orker? :D

It's a Dilbert term, meaning the office grazers you are forced to work with.

classicman 03-26-2009 09:22 PM

Quote:

Originally Posted by sugarpop (Post 549798)
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.

lookout123 03-26-2009 10:58 PM

Quote:

Originally Posted by TGRR (Post 549788)
No, actually, I've done quite nicely for myself.

Let me guess, you're one of those Starbucks Libertarians that sits in the cafe by the college, ranting about "personal responsibility" while you swill lattes paid for with daddy's credit card, right?

Hey it's not polite to look up someone's IP and find their real identity. I'm telling my dad.

Urbane Guerrilla 03-27-2009 06:55 PM

:corn:

TGRR 03-28-2009 01:32 AM

Quote:

Originally Posted by classicman (Post 549852)
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?

Flint 03-28-2009 01:51 AM

Quote:

Originally Posted by sugarpop (Post 549798)
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.

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 ruled by conflicting, crackpot mob mentalities, all shouting each other down to establish their 15 minutes of illogical dominance. You don't let two-year-olds have a cookie every time they want one--even if they throw a fit. ESPECIALLY not then. You're the parent, you BOUGHT that cookie. There was an agreement between you and the cashier at the grocery store, wherein you exchanged currency for baked goods. A screaming toddler demanding that cookie because they WANT IT doesn't change the facts.

xoxoxoBruce 03-28-2009 04:32 AM

What if you bought those cookies with money the child got from Grandma for his birthday?

classicman 03-28-2009 10:04 AM

Quote:

Originally Posted by TGRR (Post 550330)
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.

Quote:

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 03-28-2009 10:26 AM

Quote:

Originally Posted by classicman (Post 550392)
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.


All times are GMT -5. The time now is 04:16 AM.

Powered by: vBulletin Version 3.8.1
Copyright ©2000 - 2025, Jelsoft Enterprises Ltd.