Roasting AIG
Mar. 15th, 2009 02:28 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
icarusUnhappy that AIG just paid $165 million in bonuses out of taxpayer money -- to the very guys who did the credit swaps that got us into this mess?
Me, too.
I tracked down their email and let them know exactly what I thought of them. You can, too. Yes, you can.
The idea that they were contractually bound to pay these bonuses ... you know what? They were contractually bound to pay these bonuses out of their money. Not our money. If they can't pay those bonuses out of their non-existent profits, then they need to borrow it like they would have without the bailout. They cannot use bailout funds for bonuses.
Rep. Barney Frank wants to see if we can recover these bonuses from AIG, while Rep. McConnell has gone ape shit. I agree with his assessment. "Did they (AIG) enter into these contracts knowing full well that ... the taxpayers of the United States were going to be reimbursing their employees? Particularly employees who got them into this mess," McConnell said.
I also call bullshit that they didn't know they were in trouble in early 2008 when they made these agreements. The housing crisis was well underway at the beginning of 2008. They knew they were leveraged 35-to-1. They may not have admitted how serious the problem was, but they knew.
Indictments.
Why have we seen no indictments?
During the S&L scandal, the culprits were led off to jail. Why are we seeing no prison time now?
Me, too.
I tracked down their email and let them know exactly what I thought of them. You can, too. Yes, you can.
The idea that they were contractually bound to pay these bonuses ... you know what? They were contractually bound to pay these bonuses out of their money. Not our money. If they can't pay those bonuses out of their non-existent profits, then they need to borrow it like they would have without the bailout. They cannot use bailout funds for bonuses.
Rep. Barney Frank wants to see if we can recover these bonuses from AIG, while Rep. McConnell has gone ape shit. I agree with his assessment. "Did they (AIG) enter into these contracts knowing full well that ... the taxpayers of the United States were going to be reimbursing their employees? Particularly employees who got them into this mess," McConnell said.
I also call bullshit that they didn't know they were in trouble in early 2008 when they made these agreements. The housing crisis was well underway at the beginning of 2008. They knew they were leveraged 35-to-1. They may not have admitted how serious the problem was, but they knew.
Indictments.
Why have we seen no indictments?
During the S&L scandal, the culprits were led off to jail. Why are we seeing no prison time now?
