I will go on this assumption, assuming I work in the financial products division of AIG. I will tell Liddy and the government to go F themselves. I will be paid what my contract stipulates. I look at it this way, it all depends on if I want to continue to work at AIG or not. But with AIG being government owned, it is likely that my income level will fall, dramatically, the next bonus cycle comes around, why should I care about making $120k as some pseudo-government employee? So why should I care about my "future" at AIG? I want to b paid what it was stipulated I would get. Look at this way, if you are not greedy, why are you working in Finance in the first place? So F them, show me the money. Now, take off my "assumption". What I am saying is that it is not that AIG's employees are "bad people", or driven by "greed". I will say that 90% of the ppl anywhere, will make the same decision, given the same set of incentives, it is just rational. So it is the the Wall street pay scheme, and the environment, that need to be changed, not the individuals. They (I guess "we"), are not better or worse than steel workers, waitresses, nurses, in terms of behavior.
I am going to have to disagree with you here. I say nationalize one bank and let everyone who is afraid run to it, let the government take over the insurance policy for the CDS counterparties. They are basically doing that now. Dismantle AIG and sell off what divisions could possibly be profitable in the future. Destroy this to big to fail idea pill that is being rammed down your throat. AIG need to be made an example. The message should be loud and clear "YOU CANT TAKE PREMIUMS IF YOU CAN'T COVER YOUR POSITION" If we don't do this, we are destined to repeat this same process in the future. Purge the system, it will be painful but if done right.. Everyone can eventually move money from the national bank and redistribute it back to some of the smaller more responsible banks. Community and regional banks that are right now getting bent over, and having to pay for these large bank blunders. If you are at all involved with solvent profitable banks and are a share holder, or preffered shareholder in any small bank right now you are pretty fired up about this FDIC fee increase that is punishing them and hurting what profitability is left in the sector. One of the corner stones of pure capitalism is "laissez faire" I say let the market decide their fate. The government should be their to stabilize and protect the interests of the solvent investors and taxpayers . Not pay these failed business practitioners blackmail money with our kid's future! *Chanting* "Let Rome Burn!, Let Rome Burn!, Let Rome Burn!"
House sets vote today on taxing employee bonuses at AIG, other companies with big bailouts. WASHINGTON (AP) -- The House is scheduled to vote today on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money. That show the House ability to solve problem is null. They do not erase the "wrath", they just move it from the public to the AIG employees where it could detriment to progress their synergy that can be very productive to reestablish AIG and be able to refund back the government money that the chairman vowed. Those idiots, I know when I use this word I'm automatically included but I have to, focus on gaining on the little stake while losing the bigger stake. The chairman solution to let them return the bonuses at their will/conscience is the best in my opinion, not to force them like the House is going to do.
I dunno, maybe be grateful that I even have a job anymore and have some sympathy for the taxpayers who are bailing out my scumbag fraudulent company against their will?
AIG was insolvent last sept, so these employees are lucky to even have a job let alone a bonus. if not for the government action, they'd be in the unemployment line. the bailout should have also torn up these so-called contracts authorizing the bonuses. as bernanke said, the bailout was a bailout of the economy not the company or employees. no one owes them jack. in fact, not only do they NOT deserve a bonus, they deserve a 40% paycut on their salary. the nerve of the f**kers to demand money when the public just saved their jobs!
you had me laughing pretty hard here buddy. your plan is basically to let the greediest mofo's on the planet voluntarily return money? please go back to watching the disney channel, you're obviously not living in the real world
According to the chairman, yes some employees already returned the money back. Actually, his method put some kind of pressure on them. They would feel terribly guilty base on the fact of your argument above. The chairman method not only to get the money back but also will make them work harder because they will be grateful for the government money, while the House method will make them frustrated and in the long run AIG fate could be counting. Believe him the guy has 40 years in business, so he knows what he is doing.
I'm sorry but you'd have to pry the loot out of me savings....that's what happens in the real world...peace
personally? If I did my job as supposed to, I would resist giving it back, It was the company that screwed things up.
It is not THEY, it is YOU. read the first post again, and answer the question. Would you give your bonus back and I guess 40% of your salary too???