Apparently they are supposed to pay that $$ to their execs by contract.
That is atleast 1 good reason to have let them fail.
And JPMorgan's Idiot CEO says he has to pay big $$ to his execs because otherwise they will quit and go else where like europe.
OK I suggest we do that, maybe they will go to europe and pay taxes on the $ they make there, unless of course they entirely give up US citizenship, in which case I'd say its a good way to trim the population.
Not like there is any jobs anywhere ... any one know what the unemployment rate is for brownosing CEO's ?
Cool.
Buddha.

actually i read it's 165 billion, but who's counting right?        i understand the logic behind a contract agreement. but to say that if they don't pay them, the employees won't "perform" or "will quit" is just assinie. these are the same people responsible for the company loses anyways so how does a "performance bonus" fit into their contract to begin with? seriously?  but, hey, i'll take that job. 

http://www.msnbc.msn.com/id/29714402/

Quote from: jserio on March 16, 2009, 07:34:45 AM
actually i read it's 165 billion, but who's counting right?        i understand the logic behind a contract agreement. but to say that if they don't pay them, the employees won't "perform" or "will quit" is just assinie. these are the same people responsible for the company loses anyways so how does a "performance bonus" fit into their contract to begin with? seriously?  but, hey, i'll take that job. 

165 million. Not billion and yes thanks for the clarification.

Now gstwinners need to pay me 150 billion, or I'll stop breathing.
Cool.
Buddha.

ah, yes, million, my bad. but seriously, i've seen both terms in relation to AIG so much in the past few months i tend to get them mixed up. 

Quote from: The Buddha on March 16, 2009, 09:12:12 AM
Now gstwinners need to pay me 150 billion, or I'll stop breathing.

Dang, We will miss you bro. 

Quote from: cafeboy on March 16, 2009, 09:54:28 AM

Quote from: The Buddha on March 16, 2009, 09:12:12 AM
Now gstwinners need to pay me 150 billion, or I'll stop breathing.

Dang, We will miss you bro. 

Oh yea, then I'm going to quit and work only with GSXR squid - I mean, er ... people.
Cool.
Buddha.

http://news.yahoo.com/s/ap/20090316/ap_on_go_pr_wh/aig_outrage


president says he wants to block these payments. does he have the power to do so? should he have the power to do so? this whole mess doesn't seem to have a right or wrong answer really. because AIG is so big, and such a large part of the entire global economy. they never should have been allowed to be so massive to begin with really. i read that if AIG had collapsed, the entire global economy would have gone with it. not sure how much of that statement is true. 

Again ( dang we going to miss you bro )

Quote from: jserio on March 16, 2009, 10:01:28 AM
http://news.yahoo.com/s/ap/20090316/ap_on_go_pr_wh/aig_outrage


president says he wants to block these payments. does he have the power to do so? should he have the power to do so? this whole mess doesn't seem to have a right or wrong answer really. because AIG is so big, and such a large part of the entire global economy. they never should have been allowed to be so massive to begin with really. i read that if AIG had collapsed, the entire global economy would have gone with it. not sure how much of that statement is true. 

This seems to be the "truth" ... as has been trotted out and layed upon the unsuspecting public.
All I can say is ... prove it. The first 1-2 failures will ahve been big. Really shaking the system, past that it will all be yea yea another day another mega bank failure.
Its like the man is falling dead in the street with a heart attack. What if he gets hit by a train after that. I doubt it matters any in reality.
BTW we will have a second great depression. The way it will be different is how long it will be and how it will end.
In the great depression the govt didn't do anything and a year into it they tried to balance the budget. Stimulus was not introduced for 2 more years.
In this depression we introduced stimulus very very eary and its had no effect. In 2 years we will be balancing the budget. What will happen is we will not recover, it will cost tons of $ and we will not have anything left to stimulate the economy with because we dumped it all right into the thng right at the first sign of trouble.
As in the first depression and now what they should have done is, nothing as it tanks, and wait 6 months and everything that is shaky will die.
Then ~6-8 months later when all the dead businesses are not there to suck the life out of the economy again they can stimulate it.
Japan also had that same thing and they lost a good 15 years. Some say its not back yet.
Too much garbage industry as well as dead financial institutions floating around for it to be stimulus worthy.
Cool.
Buddha.

and of course in D.C, they'll just play the finger pointing game. passing blame for who's fault it is.

i can agree with obama on this one. and add, let them go bankrupt, which will void the contract, then come to the table and bargain

Fail first, fail big, take all the $$ and then fail again.
Repeat till the public does not want to pay up any more.

That's the strategy at work.
Of course the corrupt pigs we elected (all of 4 years ago, 2 years ago and 2 months ago) are going to repeat a few 100 times pretending they are stupid while what they are is corrupt.

I'd have let them all fail.

Recession - March 2008, November 2008. RIP.

BTW Bush didn't have any reason to be nice to any one, he was out of terms. If he wasn't so concerned with his legacy we'd have been so much better off.
Now we're working on a slow 8 year death at the end of which there will be another legacy problem.

Sometimes doing nothing is the right course of action.

Cool.
Buddha.

From - http://news.yahoo.com/s/ap/20090317/ap_on_go_co/grassley_aig

IOWA CITY, Iowa – Iowa Sen. Charles Grassley suggested that AIG executives should take a Japanese approach toward accepting responsibility for the collapse of the insurance giant by resigning or killing themselves.

The Republican lawmaker's harsh comments came during an interview with Cedar Rapids, Iowa, radio station WMT on Monday. They echo remarks he has made in the past about corporate executives and public apologies, but went further in suggesting suicide.

"I suggest, you know, obviously, maybe they ought to be removed," Grassley said. "But I would suggest the first thing that would make me feel a little bit better toward them if they'd follow the Japanese example and come before the American people and take that deep bow and say, I'm sorry, and then either do one of two things: resign or go commit suicide.

"And in the case of the Japanese, they usually commit suicide before they make any apology."



Cool.
Buddha.

read that this morning. bout time someone in washington grew some brass ones and said something a bit harsh. 

yeah f%$k bailouts.  I for one owe taxes every year and would much rather a troubled family have somewhere to send their hoodlum to after school to keep them off the streets than to say pay someone more for one year of work than i see in a lifetime.  It seems that education again isn't the way of the future, prepare yourselves for Gatorade fountains ...

The whole freaking country needs that.

We're hell bent on saving everything. Some sheite deserves to fail. If I was the Fed cheif I'd be standing there inviting the clowns who want the bail out.
Then go over their books either quickly (depending on how much of a hurry they are in) or slowly.

Then stamp on it "you deserve to fail". It will be accompanied with a letter saying "I suggest a orderly Chapter 7/11/13 followed by a nice neat suicide note, get a pre paid back hoe+operator for both digging and refilling, then you go dig yourself a good deep pit, after which you may kill yourself in the preferred method and make sure you fall into that pit when you're done. Your back hoe contract should then be fulfilled by the backhoe rental agency".

There are variations of this. You can be tossed in jail for the $$ you owe, you will do labor and we'd credit you for that work, charge you rent for room and board and rent out your office space to deserving non profit agencies, viable manufacturing (like the buddha bars projects - as a rough example) and we'd other wise make $ form your assets as we see fit, charge you a maintenance fee and cover your debts. AKA the buddha twist on debtors prison.

There is also the "too big to save" descision.

Truly deserving bail outs are going to be so few. The very rare lived within their means but got side swiped by some other BS will be appropriately bailed out. What I call the 9/11 family type situation. And that too is not a free pass. It will come with very little interest and very light penalties, but its gonna require a lot of things.
Cool.
Buddha.

http://news.yahoo.com/s/ap/20090317/ap_on_go_co/aig_outrage


an update of sorts.

No, not 165 million, 218 million, what's another 53 million, somehow we lost it so it wasn't counted in the begining. Oops, our bad.
Cool.
Buddha.

Quote from: The Buddha on March 17, 2009, 06:54:33 AM
From - http://news.yahoo.com/s/ap/20090317/ap_on_go_co/grassley_aig

IOWA CITY, Iowa – Iowa Sen. Charles Grassley suggested that AIG executives should take a Japanese approach toward accepting responsibility for the collapse of the insurance giant by resigning or killing themselves.

The Republican lawmaker's harsh comments came during an interview with Cedar Rapids, Iowa, radio station WMT on Monday. They echo remarks he has made in the past about corporate executives and public apologies, but went further in suggesting suicide.

"I suggest, you know, obviously, maybe they ought to be removed," Grassley said. "But I would suggest the first thing that would make me feel a little bit better toward them if they'd follow the Japanese example and come before the American people and take that deep bow and say, I'm sorry, and then either do one of two things: resign or go commit suicide.

"And in the case of the Japanese, they usually commit suicide before they make any apology."



Cool.
Buddha.

Thats all fine and good but guess what though Japanaes execs take a working mans wage there salaries are bonus driven. Didn't the head of honda motors make 17million in bonuses last year.....Hmmmmm.
You have 3 types of bonuses, sign on, retention part of these bonuses were retention and part performance, these were payed to peopel company wide not just the financial products division that screwed the pooch but to people who did good work and stayed when they should have fled..