Tuesday, March 17, 2009

Rep. Barney Frank "We Own AIG - There Should Be No Bonuses"

Barney Frank On the Rachel Maddow show Via YouTube



At a time their when their virtually hemorrhaging cash, AIG still employs the excuse that because of contractual purposes they are obligated to pay bonuses to their people, some of whom helped create the financial crisis and requiring the "too big to fail" company to line up for taxpayer cash.

So finally the president and his administration say enough is enough and as reported in The New York Times
Obama is ordering The Treasury Department to “pursue every single legal avenue to block these bonuses”.

The people who worked for the notorious Financial Products Group, at the heart of the derivatives debacle, deserve neither retention nor performance bonus if last year is any indication of their abilities. Andrew M Cuomo, the New York attorney general, said he'd subpoena AIG for names, job descriptions and performance reviews of those set to receive those bonuses. It looks like a big game of chicken but I hope the government doesn't blink. When Treasury rescued them, AIG became beholden to new set rules and conditions. In a time that others have to make major adjustments(homes,jobs,lifestyle), it only seems fair AIG make some too

Monday, March 16, 2009

Thanks AIG

Whether it's rewarding it's undeserving executives with unmerited bonuses(pleading legal and contractual obligations), refusing to indicate how they spent bailout money and helping to create the financial disaster through risky lending, selling derivatives and insuring some bad investments in the first place, AIG is the one stop shop of financial horrors.

AIG must stand for


Once Again, Thanks AIG(for nothing)!

Saturday, March 14, 2009