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AIG's still got a lot going for it profit wise, they aren't quite the failed business you guys are trying to paint them as.

Farmerkev wrote:

AIG's still got a lot going for it profit wise, they aren't quite the failed business you guys are trying to paint them as.

Really? Then why was it necessary for them to get the bailout? Or should we let them struggle on without it?

Farmerkev wrote:

Mustapha Mond wrote:

This is insane.

A company does such a bad job that they go out of business. Yet somehow they're so essential to the economy that tax payers have to bail them out. And not only do we have to bail them out, we also have to pay for their vacations because if we don't everyone will quit and they'll go out of business. Plus now that we've given them money, they've got us over a barrel because if they fail we'll never get paid back. So where's the incentive for them to be successful, let alone frugal? If this is the logic that justifies their spa trip, they should be demanding even more money from us to fund even more nonsense. How about a tax-payer supplied pony for each of their kids? We better get around soon to organizing the AIG $300/plate BBQ, or else how are we ever going to get our investment back?

Let's say the school you teach at doesn't meet NCLB requirements and everyone is punished.
Your kids all got straight A's in your class because you did your job well but you get punished along with the others that didn't do theirs.
How would you feel about this?

Hey it's No Child Left Behind, especially in Texas. That is exactly how it works here Kev. You just described reality.

I work under that kind of threat daily. There are NO guarantees in business.

daemon wrote:

Ask the UAW workers in Flint. If there are any.

Bonuses?! [imagine Jim Mora: Playoffs?!]

So the new Dem mantra is everybody has to get screwed because someone else did.
Is that really what you stand for?

Tallgeese wrote:

Farmerkev wrote:

daemon wrote:

Ask the UAW workers in Flint. If there are any.

Bonuses?! [imagine Jim Mora: Playoffs?!]

So the new Dem mantra is everybody has to get screwed because someone else did.
Is that really what you stand for?

You're pinning this on Democrats?

I suppose I shouldn't but they seem to be the most vocal at the moment about this and the least reasonable.

You're right.

Oh. Rarely has Congress, at least in my lifetime, acted with such alacrity to buyout this junk. Compare with say the Patriot Act. This is an 'emergency' by any definition. Extreme measures are at work. You'd think 'shared sacrifice' means something.

This shows no shame. It is not 'populism' - misplaced or otherwise. It is wrong, plain and simple.

Today's Globe:

AIG chief executive Edward Liddy "ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs," spokesman Nick Ashooh said in an e-mail.

Canceled was a conference at the Ritz-Carlton in California's Half Moon Bay "after a reevaluation of the costs under the new circumstances," said spokesman Joe Norton. Senate Finance Committee chairman Max Baucus yesterday demanded more details from the Federal Reserve on AIG's event last month, including "who we can fire."

"This kind of behavior is an insult to taxpayers," the Montana Democrat wrote in a letter to Fed chairman Ben S. Bernanke. He asked for a response by Oct. 23.

Events such as those hosted by AIG to reward top salesmen are common at financial firms. Wachovia Corp., the lender about to be acquired after losing $9.5 billion this year, until yesterday had planned to send 75 top brokers and their spouses on a Greek cruise. The bank canceled it yesterday, citing sliding financial markets, said bank spokesman Jim Griffin. The trip was reported yesterday by the Los Angeles Times.

What? It takes the LATimes to out this for the shame to kick in?

As for AIG, better late than never. That is a sensible policy for now.

And, I like the 'Who WE can fire.' WE OWN IT NOW.

Last edited by daemon (2008-10-10 5:59 am)

Farmerkev wrote:

Hopefully they have quietly increased the sales commissions to the independents to offset.

A moderate view I have no argument with.

Kev, I will spell something out for you. The situation, which was caused by a minority of people, is screwing and will everyone whether action is taken or not. That is NOT a reasonable situation but it the truth. Being vocal about it is only to be expected. And what's so unreasonable? They want to put conditions on the bail out? Considering the situation do you blame them? Why throw good money after bad?

look. again. THAT IS EXTORTION.

Plus, I'm not interested in 'punishing' anyone. I'm interested in a bankrupt entity spending money it does not have. Period. Recklessness - in the form of conspicuous consumption - should be discouraged.

If you're broke, you don't add a fancy dinner out to your credit card. Or, do you?

It's not about punishing people. It's about cost-effective use of your money when you are bankrupt. Yes you reward for superior performance, but you don't do that when you don't have the money. AIG doesn't.