The Cost of AIG ‘Hysteria’

Washington is funny. BAILOUTS are a bonus to ALL of those in the BAILOUT BUSINESSES. Here’s an idea, make all the giant bailout businesses give BACK to us ALL the bailout MONEY RIGHT NOW! Wall Street GIANTS like AIG, CITI, BofA, JP Morgan Chase, Wells Fargo, US Bank, Capital One, Goldman Sachs, Morgan Stanley, etc, etc. Washington and the Fed say we are pouring money at the richest of the rich, and the biggest of the big, in order to protect the poorest of the poor? Insane. This is America, with thousands of banks and insurance companies to choose from. Time to choose something different. BAILOUT ECONOMICS is burying America. “In Debt We Trust.”

Exactly. When will the government decide to take the right step of nationalizing this company outright? What kind of capitalist logic we are seeing if, being the majority owner, the government doesn’t have any say about anything?
I am getting really impatient with the Obama administration for refusing to consider nationalization as an option. Look at the problem now: it will futile, if not extremely costly, to rely on opportunistic private actors to bring the needed changes that will save our economy. I know stock prices will plunge if the government decides to nationalize a few troubled players. But really, I think we are facing only two choices: the unpleasant one of short-term pain and the even more unpleasant one of long-term pain (like Japan’s lost decade). The Obama administration has to act more boldly.

AIG took taxpayers money. OK put them in jail – taxpayers pay for that too!

America has become a nation of knee jerk reactions based on 10 second sound bites, no one enjoys cutting off their noses more than the American public. Noone ever thinks about the long term or wheather they are making things worse, as long as they can vent and stomp their feet.

Bailouts are good for you. They build strong bones and teeth.

Let’s see Congress got their automatic raise, AIG got exorbant raises/bonuses, Merilll got their bonuses, BOA and Cit bank got money and then all the banks that got bailed out. Now the UAW got screwed and had to take a cut in pay, workers got laid off in the millions, teachers and state government workers loose their jobs, and ther rest of us got no raise, furloughs, and or loss of benefits and the taxpayers have to bailout all the rich listed above. It appears from the above analysis that workers are getting the entire raw end of the deal and those at the top and those who make the laws for those at the top are the big winners. I would say we are officially a cast system here in the USA and if we want our country back we are going to have to revolt big time!

Sine the identities, amounts, and jobs of the bonus-recipients are not known, I’m not sure how Ms. Stark knows – or why she believes she is in a position to say – that paying them is “distasteful.”

Love the bailouts. Breathe the bailouts. Be the bailouts.

If it’s too big to fail, break it up into smaller companies and fire the whole lot. I couldn’t possibly do any worse and I’m not an accountant or an economist.

The US Government has NO business trying to run or control ANY business entity. Congress has trouble manging their own affairs, and is incompetent to try and manage an organization such as AIG. Oh, I forgot that AIG holds the congressional pensions, so that makes a difference! If they fail, Congress might experience what the normal taxpayer is experiencing right now, with their 401K’s and IRA’s at 60% of their former value.
To subject the American Taxpayer to another bum deal is… well, criminal.
Replace Congress, let’s get some folks in there who have some common sense and have some sense of accountability to the American People. All seem to be bought-off by the very organizations who are not struggling to survive.
For All American Citizens: get in touch with your representatives and voice your indignation. Protest if necessary. I’ve got my board, ink, and wooden stakes ready to go to DC as necessary to protest the incompetence of our elected representatives.
NO Bill should be passed without discussion, debate, and, of course, our senators and representative in the House actually READING what is being proposed!
Chris Dodd should be hung in public for inserting provisions in the bail-out bill which would protect the bonuses of AIG. Check out where AIG contributions went. You’ll see Chris Dodd in there, I think.
Foaming-at-the-Mouth in Maryland,
Jerry Miller

I honestly do not see the big deal about AIG paying in total 165 Million dollars in bonuses. That 165 million is only .0009% of AIG’s total bailout.
And this one is addressed to you Glenn. What Betsy means by the American people “owning” AIG is that the United States Government is the majority shareholder of AIG. So now you think that the Gov really controls the company? Well the Gov will not get personally involved in AIG’s affairs because that will just spark more fears of nationalization and a large drop in the stock market. All of this will affect you directly Glenn so I advise you to use some logic during these matters.
Final point the American Taxpayer isn’t the one saving AIG its China. China is the USA’s largest creditor which means at the end of the month China pay’s our bills.

Without China and other nations buying up our debt the US will default. Basically meaning a global collapse of the financial system and The Great Depression. A depression that will make the 1920′s-1930′s depression look like nothing.

The public should be very interested to know if the majority of the ones purchasing CDS contracts were the same ones who were doing blatantly poor due diligence when it came to the writing of so many bad mortgage loans.
If someone took out life insurance on another person and that person wound up dead a week later, wouldn’t that seem suspicious?
So, why aren’t we finding out who bought CDS contracts on the bad mortgage secured assets? Were they the same ones involved with making the loans?
That would be pretty much the same thing, right?

“There was a time when great rewards went to those who created tangible companies and products, rather than those who basically are large stake gamblers with other people’s money.” – DL
Yes DL, and therein lies the root of the problem.
Do you want to scare the Baageebees out of Wall Street?
Just propose to do away with Day Trading™.

As usual, the media distort the actual priority of what we should really be worried about. Trust me, our problem here is not AIG bonuses, that is a fly spec in the scheme of things, yet the media have blown it out of all propotion simply to get ratings. The good news for the media is, that strategy is working.
The bad news is, that is not helping. Sure it is an outrage. But is it important to blow it up to the level of now Congress is wasting its time on grilling the CEO, who is just executing contracts he inherited. Too bad the “story” will dominate everyone’s attention until we get tired of it I guess.
We should step back and work on “real” fixes to prevent a recurrence. I trust Obama’s people to focus on that, but the media are keeping the distraction going, working against that. Too bad, but that’s the way it works I guess.
FS

tHIS IS ABOUT THE RICH GETTING AWAY WITH THE TAX PAYER MONEY THEY CAN SAY ALL THE FANCY GARGON THEY WANT BUT I DODNT WANT MY HARD EARNED MONEY TO GO INTO THE POCKETS OF THE VERY PEOPLE WHO MADE THIS MESS IN THE FIRST PLACE. IT WILL OF COURSE HAPPEN AND THE ONLY THING WE CAN DO AS A COUNTRY AND A PEOPLE TO STOP IT IS TO OVER THROW OUR GOVERNMENT AND TAKE IT BACK FOR THE INTEREST OF THE PEOPLE AND NOT THE INTEREST OF THE RICH

Give them more…. maybe we can drown them in money

We are not kids. We can separate the crooked executives and the hard working workers of AIG.

How is it that these bonuses just slipped by two administrations? It didn’t! When the news broke a bunch of pot bellies started rolling and now we are hearing the squealing. Timothy Geithner was aware of these bonuses and he can play the fool all day long. AIG should have been allowed to fail and we wouldn’t be in this situation in the first place. These fools in office are going to throw so much money away and I bet 35% of it will be unaccounted for in the end.

Posted by: Dan
Final point the American Taxpayer isn’t the one saving AIG its China. China is the USA’s largest creditor which means at the end of the month China pay’s our bills.
Last time I checked someone will payback the Chinese for the debt they bought…..Um my guess is you and I…Unless you have a money tree in your backyard, I guess that means your hard earned tax dollar will go to china…Get a Clue!

Remember it’s not “one horrible company,” but rather MANY HORRIBLE COMPANIES.
Insurance in all of its permutations is KILLING THE U.S.
By its very nature, insurance is a type of scam. And the politicians are mighty interested in continuing that scam — that’s where they get so much of their money. And they don’t even carry any insurance, by the way. Not for their health, cars, homes, anything.

WastingtonDC: Let’s have a taxpayer revolt, and require Chris Dodd to surrender to the treasury the campaign contributions, in excess of $100K he received from AIG employees, and while we are at it, the $75K discount on a loan, from the most egregious vendor of liar’s loans. We should also have the IRS follow up on the discounted cottage in Ireland touted to be a performance bonus, from a convicted criminal’s associate, for possibly arranging the criminal’s pardon by the HilBill co-presidents. If the cottage is worth as much as similar properties the bonus, or some would say bribe, might reach a million dollars. With many hard working retirees, and retail investors stripped of about the total of those three potentially illicit gifts, it is time we “clawed back” those benefits of holding office in the Chicago/Friends of Blago majority, the gang that cannot shoot straight. We must insist that those gifts and contributions not be returned to the sender, but surrendered to the treasury, or taxed at the rate proposed for the AIG bonuses.

The government argues that AIG doesn’t deserve their bonuses because of their $61B loss…well, if you ask me, the government’s failures have well exceeded that, and they still get their pork barrels, bonuses and automatic raises…talk about the pot calling the kettle black, right?

This is the first common sense article I have read about the entire bailout of financials. If I were that Liddy guy, I’d be announcing every day that the crooks have left the building and that AIG has retained the good guys.

It seems to me like ALL AIG employees are being punished for the bad decisions of a few rogues. We need to separate fact from fiction here. Mr. Liddy told the truth that Fed/Treasury and yes, our Gov’t knew about these bonuses from last year. By God did anyone even bother to read the 10K? If I was an investor and I was looking to buy stocks of a company it is the least I could do.
That being said let’s look at what is happening now. The feeding frenzy regarding these bonuses are distracting the public attention from the fact that our economy is in serious trouble. When are we going to get back to the matter of fixing the nation?
What they should have done with AIG was run off the AIGFP division separately and leave the other pieces out of this mess as they were good assets. So now everyone is tarnishing the AIG Name and pretty soon it will begin to impact the Insurance divisions and ultimately the Gov’t's ability to sell those same assets. The Gov’t sure know how to run a company!!! Not! They cannot even police themselves, so is it any surprise that we see what is happening!
And what about the employees who are working their asses off to keep the company afloat (yes the ones who had nothing to do with this situation)? Has anyone ever stopped to think about how they feel about this whole situation? The whole nation is against them; some are telling them to go kill themselves; some have been physically and verbally abused because they work for the company. Get a grip people! Yes we should be outraged and yes we should voice our opinion, but at what cost does vilifying a small number of rogue individuals outweigh the safety of thousands who are innocent?
As to our dear elected representatives, the grand actors that they are; take a bow and might I remind them that they too will have their day! If they were serving the public good it would not be such an outrage. People- we need to get back on focus as a nation and work together to fix this economic crisis.

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