Notes from Howard's Sabbatical from Working. The name comes from a 1998 lunch conversation. Someone asked if everything man knew was on the web. I answered "no" and off the top of my head said "Fidel Castro's favorite color". About every 6-12 months I've searched for this. It doesn't show up in the first 50 Google results (this blog is finally first for that search), AskJeeves says it's: red.
Tuesday, March 17, 2009
Breaking News on AIG
Apparently 11 executives have resigned.
And according to NY Attorney General Andrew Cuomo, 73 employees received bonus of over $1 million. And apparently $1 million in bonuses was paid out to employees no long with the company.
A letter from Cuomo to Barney Frank (in Frank's capacity on the Financial Services committee) indicates that 11 people who've already left AIG got bonuses.
"Eleven of the individuals who received "retention" bonuses of $1 million or more are no longer working at AIG, including one who received $4.6 million"
I saw this on Consumerist: http://consumerist.com/5172324/ny-ag-aig-paying-retention-bonuses-to-people-who--left-the-company
These people have no moral compass. None. Zip. Zero. Hope you never need to count on them.
Does anyone still seriously doubt that they were capable of putting the entire global economy at risk for their own benefit!
That anyone can defend this is simply beyond me.
Unfortunately, AIG may become the martyr for all the crimes committed by the rest of the criminals on Wall Street. I hope that people stay angry and continue to demand the truth on how these firms operated over the last several years.
Maybe Obama will actually give me "The change I can believe in".
I doubt it though. He seems absolutely terrified of Wall Street. Sure he talks tough on occasion about certain issues, but his treasury department, his Securities and Exchange Commission, and his Justice Department have done nothing to get to the bottom of the meltdown.... Nothing, Zip, Zero....where I seen that before?
It turns out AIG is an insurance company, and insurance companies are regulated by states not the federal government which has little authority over them.
There are very few people defending AIG and it does seem that the Obama administration is making some progress.
AIG was actually a Craps Game disguised as an Insurance Company, where they were playing with our markers.
Question: When is a bailout of AIG not a bailout of AIG.
Answer: When it is really a bailout of it's counterparties..... like:
Goldman Sachs
Societe General
etc....
the list is now public. Lot's of international companies are on the list. Perhaps a Swiss Hedge fund or two. It's nice to know my tax dollars are going to finance someone's vacation in Monaco this summer.
Yes, AIG is an insurance company...However, I never said they violated any insurance laws. They are a publicly traded company and I believe they violated securities laws. Last time I checked that was the responsibility of the SEC, a branch of the executive, I think. Their former chairman Mr. Greenberg is suing them because he believes they violated securities laws. Who am I to argue with Hank, the ultimate AIG insider?
6 comments:
A letter from Cuomo to Barney Frank (in Frank's capacity on the Financial Services committee) indicates that 11 people who've already left AIG got bonuses.
"Eleven of the individuals who received "retention" bonuses of $1 million or more are no longer working at AIG, including one who received $4.6 million"
I saw this on Consumerist: http://consumerist.com/5172324/ny-ag-aig-paying-retention-bonuses-to-people-who--left-the-company
These people have no moral compass. None. Zip. Zero. Hope you never need to count on them.
Does anyone still seriously doubt that they were capable of putting the entire global economy at risk for their own benefit!
That anyone can defend this is simply beyond me.
Unfortunately, AIG may become the martyr for all the crimes committed by the rest of the criminals on Wall Street. I hope that people stay angry and continue to demand the truth on how these firms operated over the last several years.
Maybe Obama will actually give me "The change I can believe in".
I doubt it though. He seems absolutely terrified of Wall Street. Sure he talks tough on occasion about certain issues, but his treasury department, his Securities and Exchange Commission, and his Justice Department have done nothing to get to the bottom of the meltdown.... Nothing, Zip, Zero....where I seen that before?
It turns out AIG is an insurance company, and insurance companies are regulated by states not the federal government which has little authority over them.
There are very few people defending AIG and it does seem that the Obama administration is making some progress.
AIG was actually a Craps Game disguised as an Insurance Company, where they were playing with our markers.
Question: When is a bailout of AIG not a bailout of AIG.
Answer: When it is really a bailout of it's counterparties..... like:
Goldman Sachs
Societe General
etc....
the list is now public. Lot's of international companies are on the list. Perhaps a Swiss Hedge fund or two. It's nice to know my tax dollars are going to finance someone's vacation in Monaco this summer.
Yes, AIG is an insurance company...However, I never said they violated any insurance laws. They are a publicly traded company and I believe they violated securities laws. Last time I checked that was the responsibility of the SEC, a branch of the executive, I think. Their former chairman Mr. Greenberg is suing them because he believes they violated securities laws. Who am I to argue with Hank, the ultimate AIG insider?
I couldn't make this stuff up if I tried.
Too Tall
Yeah I still don't understand the payouts to Goldman and others. These are best articles I've seen: Forbes and Reuters
Funny how all roads seem to lead back to Goldman Sachs.
Too Tall
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