Bravo, Mr President...

[Enigma]

“In the last six months, A.I.G. has received substantial sums from the U.S. Treasury,” Mr. Obama said. He added that he had asked Treasury Secretary Timothy F. Geithner “to use that leverage and pursue every single legal avenue to block these bonuses and make the American taxpayers whole.”
In strongly-worded remarks delivered in the White House East Room before small business owners, Mr. Obama called A.I.G. “a corporation that finds itself in financial distress due to recklessness and greed.”
“Under these circumstances, it’s hard to understand how derivative traders at A.I.G. warranted any bonuses at all, much less $165 million in extra pay,” Mr. Obama said. “How do they justify this outrage to the taxpayers who are keeping the company afloat?”

http://www.nytimes.com/2009/03/17/us...s/17obama.html

[AVGWarhawk]

Yeah, bravo. Hand over billions without any safeguards(not Obamas fault). These CEO are under contract. Win or lose, they still get paid. No problem, they will sue. Yeah, bravo to Obama for telling these guys to go get laid. These guys should not get paid for failure as Barney Franks suggested. He is correct. I'm still wondering why Barney has not been question with his dealings and Freddie Mac/Fanny Mae It is sad though because you know the CEO had a big a$$ grin on their face when the check was handed over. They knew a bonus was now forthcoming because there were no strings attached. In a court of law, it will be hard to fight a contractual agreement. Furthermore, one would think these CEO have some moral backbone and would not accept the bonus...think again. They want to bag it up and then resign. Why put up with it anymore when you do not have too?

[Sea Demon]

No bravos here. As an actual taxpayer, until you have the honest perspective to understand that he doesn't seem to have the same outrage or protective attitude for taxpayer money when it concerns government waste, it's meaningless. I've read the budget and items within it. How much of that budget is going to be wasted on things to help pay for votes? Isn't that called pork? Isn't much of it wasteful? Or shall we ignore that because we simply want to blindly follow and hero worship this guy?

Barney Frank has been quoted as wondering if this money is "legally recoverable". Well, many taxpayers want to know if the money these people in government throw around so recklessly is "legally recoverable" as well. I've been wondering that for years. As much as I find innapropriateness at AIG, I see nothing but hypocrisy and nonsense from people like Obama and other Democrats pushing for massive spending bills at the same time. Not only that, but we've learned recently that the Obama's are living it up at taxpayer expense on Wednesday nights with parties! Many of these people, Obama included, are totally at the heart of the financial situation. They're covered in Fannie Mae and Freddie Mac money.

Whether government or the private sector does it is wrong. The message here is that government can seize and waste to it's hearts content. The private sector should be damned. Until Obama actually protects taxpayer money by looking at both private sector and government largesse, he's simply blowing wind.

[Jimbuna]

Originally Posted by AVGWarhawk

Yeah, bravo. Hand over billions without any safeguards(not Obamas fault). These CEO are under contract. Win or lose, they still get paid. No problem, they will sue. Yeah, bravo to Obama for telling these guys to go get laid. These guys should not get paid for failure as Barney Franks suggested. He is correct. I'm still wondering why Barney has not been question with his dealings and Freddie Mac/Fanny Mae It is sad though because you know the CEO had a big a$$ grin on their face when the check was handed over. They knew a bonus was now forthcoming because there were no strings attached. In a court of law, it will be hard to fight a contractual agreement. Furthermore, one would think these CEO have some moral backbone and would not accept the bonus...think again. They want to bag it up and then resign. Why put up with it anymore when you do not have too?

Sadly, you will see similar behaviour over in the UK

[AVGWarhawk]

My bravo was really sarcastic. I clap for nothing here. Back track after handing over billions without a string attached, no rules, no nothing. Now we are hosed and at the mercy of a contract. They have already 'begged' them not use the money for bonus. Nowhere was it written that this money was not to go to a bonus. So busy in DC patting themselves on the back and hoping for the best...this is what happens. NEXT!

[AVGWarhawk]

Originally Posted by jimbuna

Sadly, you will see similar behaviour over in the UK

It is infectious Jim... greed is a hard driver.

[SteamWake]

Bawny Fwanks performance today on the senate floor was just a little to much to take.

Chastising the corp and its execs stating that "The goverment owns 80% of AIG" and that the goverment should fire the 'reckless and irresponsible" executives.

First of all why in the hell do the Feds have a controlling interest in a private insurance agency.

Secondly .. Hello pot meet Mr. Kettle.

I suppose those politicos on the hill believe that the average american cicizen does not realize this hypocracy and feels bitter towards the big evil industries. Perhaps they feel that if they show outrage towards "big bonusus" this will make the voters happy. The sad fact is that it will have this desired effect.

As I understand it these bonuses were performance based and AIG was under contractural agreements to pay them. No that doesent necessarly make it right or wrong but it is in the contracts. The bonuses are a part of the execs income and you bet your ass it gets claimed and taxes paid on it.

Sorry for the rant but Bawny calling the Execs out on this sort of thing just pisses me off.

[AVGWarhawk]

Sorry for the rant but Bawny calling the Execs out on this sort of thing just pisses me off.

Ditto bro. This guy is an a-hole who has yet to answer for Freddie Mac and Fanny whatever..... I can not stand listening to Frank. Truly, this guy is making smoke screens and drawing attention away from his part in this mess.

[Sea Demon]

Originally Posted by AVGWarhawk

Ditto bro. This guy is an a-hole who has yet to answer for Freddie Mac and Fanny whatever..... I can not stand listening to Frank. Truly, this guy is making smoke screens and drawing attention away from his part in this mess.

Don't forget the Wednesday night White House parties at taxpayer expense we've just recently heard about as well. None of this speaks well. And I'm not personally impressed by the White House's "outrage" over AIG as a result. And their views over the uses of taxpayer money in the budget.

[SteamWake]

Originally Posted by Sea Demon

Don't forget the Wednesday night White House parties at taxpayer expense we've just recently heard about as well. None of this speaks well. And I'm not personally impressed by the White House's "outrage" over AIG as a result. And their views over the uses of taxpayer money in the budget.

Bah let them have their parties. It is a pretty stressfull job after all :rotfl:

[Enigma]

What a surprising collection of responses.

[Sea Demon]

Originally Posted by SteamWake

Bah let them have their parties. It is a pretty stressfull job after all :rotfl:

Yes. Indeed. Party it up. Just not at taxpayer expense. And please spare private sector interests the lectures unless you can actually lead by example. Looks like they cannot.

[Sea Demon]

Originally Posted by Enigma

What a surprising collection of responses.

What a surprising lack of an adequate response.

[rubenandthejets]

A lot of people are going to be sorely disappointed with Mr. Obama when they realise that he is just another big party hack, doing his big party hack deals with the big end of town-business as usual in other words.

The "left / liberal" politicians in most western countries have been sliding to the right for the last thirty years ( eg. New Labour, the Clinton administration, Hawke / Keating).

To point out the hypocrisy and double dealing isn't difficult (hey, even Michael Moore did it in "Stupid White Men").

[AVGWarhawk]

Originally Posted by Enigma

What a surprising collection of responses.

How so Enigma? Here we have a boat load of idiots handing out billions of dollars without rules or strings attached. Now we find out that bonus pay for failure is forthcoming off the tax dollars of you and me. Obama raises his hand and says, "No way!" That is all fine and dandy but a little to late, no? When this money was handed out rules should have been put in place. There were none. It was hurry, hurry, hurry, act now before all is lost. That came right from Obama's pulpit. Now we have CEO's with contracts written looking to get paid. How sweet it is. If it does not happen then litigation is sure to be around the corner. Sadly, this is just one of the many banks and companies that got money with no rules.

They should have gotten a clue when 'business trips' to Vegas started cropping up with the first installment. Let just buy our way out of this. All are concerned and can be trusted. This is not remotely funny nor a bravo for Obama and Co.