Roasting AIG

[icarus]

Unhappy 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?

Comments

[sage-theory.livejournal.com]

I don't know that the form you used will actually get your letter to them or see that it's actually read by a human being. I imagine that they've got software to filter out complaints.

That said, RIGHT ON. I really object to bonuses being paid to people who a) DEMONSTRABLY did a bad job, screwed up our economy and thus don't deserve them and b) will be getting them from taxpayer money.

So, the taxes I paid on my lousy $10/hr job before I lost it goes to helping these executives stay in their mansions? Fuck that. I want my money back, so I can use to do such frivolous things as pay for food and meds.

I'd really like to punch some of these people in the face.

[icarusancalion.livejournal.com]

I don't know that the form you used will actually get your letter to them or see that it's actually read by a human being. I imagine that they've got software to filter out complaints.

A brick through their windows? I'm sure I can find a brick around here somewhere.

That said, RIGHT ON. I really object to bonuses being paid to people who a) DEMONSTRABLY did a bad job, screwed up our economy and thus don't deserve them and b) will be getting them from taxpayer money.

thatratorpheus suggests also sending a complaint to the White House (I would add your congressman). There's something hinky going on. The hand-wringing tone of "our hands are tied" smells wrong.