| Author | Message | ||
     Sparky |
"America can do better"... Yes, and here is an example. Headline from the South Bay newspaper Daily Breeze,
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| Court |
Not that the kids on Wall Street are blameless but if it comes down to a mental battle between the feds and a gang of Yale MBA's, I'm siding with the kids.  | ||
| Ft_bstrd |
What I love is that Baucus thinks he can draft a tax law that only affects the recipients of the AIG bonuses. Where are the "equal protection under the law" folks. This will be turned into a salary cap for everyone. The foolish bottom 50% will cheer at the "equality" of the measure. You are slitting your own throats and cheering while you do it. | ||
| Court |
I am already, since the announcement of the $250,000 tax threshold that impacts at least 10 mechanics on the Staten Island Ferry (according to the paper last week who listed their pay as $163,000 last year and, with their wives, who are working to put kids in school, etc) a robust "barter" economy growing in NYC. Traditionally when a government attempts to "limit" anything . . . well, the citizens get pretty creative. | ||
| Cityxslicker |
I want a bonus for steering a company into the ground. Who wants to hire me, I will overextend its assets, drivel on about inflated predicted gains, deplete the stock, and write failed business with risky outcomes and make you eligible for your chunk of the next government bail out. Hell this is why I kept my insurance licenses.... When the "best and brightest" wont come crash your company, give me a call. Of course I will have contract for my bail out bonus and golden parachute. | ||
| P_squared |
The funniest part? What AIG did was PERFECTLY LEGAL according to the 'Stimulus' bill & Sen. Dodd. While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax. The amendment made it into the final version of the bill, and is law. http://www.foxbusiness.com/story/markets/industrie s/finance/dodd-cracks-aig---time/ Time for some popcorn & sit back & watch the 'show'. | ||
| P_squared |
Good thing all those Congresscritters had time to read that 1k+ page 'Stimulus' bill before they voted to pass it, right? I D I O T S | ||
| Ft_bstrd |
Unintended consequences. | ||
| Danger_dave |
If you are self-employed a bonus is when your customer pays on time. | ||
| Cityxslicker |
didnt we have a work wanted section up here? 15 years insurance policy sales, administration, audit and regulatory experience. Currently licensed (Wa State) for Life, Disability, Health, Corporate Key Man, and of course Internment. Also have 6/6-3 license for annuities and securities. Somebody has to have a company that I can crash in my spare time. I could use the bail out money. (I got out of insurance 5 years ago because of the bad taste it left, money was gonzo though) | ||
| Cyclonedon |
I work for the Home Depot and we gave Robert Nardelli, our former CEO & President a $210 million severance package to leave the company. Why you ask? Because it was worth it! Every single penny! But the difference between the Home Depot and AIG is that AIG used tax payers dollars to help bail-out AIG from their financial trouble. | ||
| P_squared |
AIG used tax payers dollars to help bail-out AIG from their financial trouble. Yup, no doubt about it. And the kicker? It was PERFECTLY LEGAL to give the bonuses, courtesy of what Sen. Dodd put in the Stimulus bill and subsequently became Law. Where's the outrage against our elected officials for the LAW they passed which allowed it?  Where's the outrage against our pols who promised to track where the $$$ was going and make sure it wasn't being spent 'frivolously'? I can understand the initial anger against AIG, but when you really look at it, I'm a LOT more peeved w/ the folks in D.C. for their heavy handed action which allowed this to begin with. | ||
| Spatten1 |
Jeremy, The AIG guys got their compensation for 2008 locked "regardless of performance" at 2007 levels by contract last March. These guys are not getting paid for performance. That is the whole problem. Same thing on Wall Street. When it was private companies they only bonused out when they made good profits. Now the bankers and traders want big bucks whether or not they earn money for the company. At least that's how Citi works. | ||
| Cityxslicker |
where is that scene from Fight Club where they blow up the banking/credit/finance buildings and the infrastructure computers that went with it?..... First rule about Operation Chaos.... | ||
| Madduck |
Our elected officials promising to tax all that bonus back are going to have a hell of a time doing it. The vast bulk of that money went to England. English division and english employees. Pretty sure all those blowhards kinow this and just want to appear to be on the "peoples" side. | ||
| Court |
Be mindful of the 5 largest campaign contributions made by AIG. Dodd Obama McCain Clinton Bauccus Barney Frank went out of his way to ALLOW the bonuses in the stimulus package. We've got the best government money can buy. I hate to tie this to motorcycles on a Buell board but I wish Erik Buell were involved in this. This shit would stop I-M-M-E-D-I-A-T-L-E-Y and heads would roll. Love it or hate it your Buell is built by folks who not only ascribe to but live by the highest ethical standards. Perhaps a bit off topic but in all the years I've engaged in chicanery for and with Erik Buell, Dave Gess and the sorts . . my only constraints were to act fairly and honestly in all I do. Erik would end this crap in an instant.
By the way . . . as Caterpillar, in contrast to the claims Obama made when speaking there, lays folks off, I am watching a Congressman say "we just need to make the stimulus bigger" and Chuck Schumer "threaten" Wall Street. I hate to harp . . . but Erik wouldn't be wasting his time blaming this on something he "inherited". One of the sure signs of poor leadership is blaming everything on someone else. Someone once said . . "the buck stops here". I long for the day we once again see a leader. When you try to enforce good behavior it's a loosing battle . . Schumer is wanting to put a 100% tax on bonuses . . "what about the folks in London?". . . "oh, I guess we forgot about that". Idiots all. | ||
| Ft_bstrd |
Why aren't we placing a 100% on Franklin Raines $91M compensation? That's ONE GUY who made $91M. How about Angelo Mozilo who received $121.5M in Stock options and $22M in compensation in 2007 in addition to the $43M he received in compensation in 2006? If we are going to be totally consistent, let's go after ALL the scum bags not just the ones who are politically expedient and popular. You think there would be a "claw back" provision for campaign contributions? Think we will see any "claw backs" on the compensation paid to Joe Biden's son and brother for their involvement with Stanford? Oh wait, they would be prosecuted by Beau Biden, the AG for Delaware. Doubt there will be much of a conviction there. Would make Thanksgiving dinner messy.  | ||
| Ducxl |
Excellent post Court. I have little i can add.... I'd hate to be the CEO of AIG when they need MORE money  They just bit the hand that's feeding them. I cannot believe Obama's talking head at the news conference saying that he'd gotten some of his intel from the newspaper. It's a conspiracy in order to get the public screaming for heads(like AIG). Then they'll set us up for being liberated and give us Socialism/Communism. Uhhh,and this citizen does NOT want that! But you do not give bonuses (retention? Semantics) to failure.Isn't that what we dislike about Obama rewarding failure? A bonus by any other name is still a bonus | ||
| Madduck |
For the first time I find myself in profound disagreement with Court Canfield. They are not "Idiots all". They are true criminals trying to convince us that they are idiots so that we won't try to throw their sorry butt in prison. Next we will see the "we meant well" so they can use the unintended consequences defense. I went out and bought a pitchfork and torch for when the mobs start forming, don't want to be in line at the store when the march on DC starts. | ||
| Madduck |
As a positive idea, any chance we can incentivise the "wall street kids" to purge the "books" at AIG of outstanding obligations?? Not sure if I care all that much about niceties of law. I would award "bonuses of 0.1% of purged liability to individual or group of people. Purge a Trillion keep a Billion. Get the Justice department on board to defend whatever actions the kids come up with, but dig us out of this hole now. | ||
| Court |
>>>They are not "Idiots all". They are true criminals I stand corrected. You are right. I see an unforeseen revolution in the making, no papers burning in garbage cans, no torches . . . . I see the American people telling their government to go screw them selves. people start shopping, companies earn, create jobs, give the government their money and tell them "kiss our collective asses". From now on you build our roads, fund the military and stay the •••• out of my business. If your mental capacity limits you to serving in public office, you've no place, nor business in the risk taking private sector. Kiss my ass . . . you work for ME. Better? | ||
| Ft_bstrd |
If the first 50 days of the new administration were this bad, it'll be interesting how much worse it is in a year or two. | ||
| Ducxl |
Now for the BONUS question. WHO,4 years from now at the helm. Newt? | ||
| Ft_bstrd |
I'm afraid Newt carries too much baggage. His ideas are good and he communicates them well, but I'm afraid he is too caustic to be elected. Are there any good conservative governors? Fiscal Conservative Strict Constructionist View of the Constitution Smaller government Lower taxes Strong Military Strong Foreign Policy I think this person might just be the "change" we need in 2012. | ||
| Spatten1 |
I'm afraid Newt carries too much baggage. His ideas are good and he communicates them well, but I'm afraid he is too caustic to be elected. If I remember correctly, he also has trouble paying taxes....Isn't that why he dropped out of congress? He is great, and probably more effective using the media bully puppet where he is, with no need to pander for campaign funds. He seems much more insightful now that his hand is no longer out for contributions and party votes. | ||
| Ft_bstrd |
"In 1999, the IRS cleared the organizations connected with the "Renewing American Civilization" courses under investigation for possible tax violations." He was accused of incorrect behavior, but was cleared by the IRS of any wrong doing. | ||
| Johnnymceldoo |
The republican party can kiss my ass in 2012 if people like Michael Steele are going to be steering the ship. Otherwise it will be Ron Paul for me even if hes a little nuts. | ||
| Spatten1 |
Your are right Jeremy, I just looked it up. He did, however, admit to lying under oath to cover up the potential tax issues and was fined $300,000 by congress: "Following an investigation by the House Ethics Committee Gingrich was sanctioned US$300,000.[30] "In my name and over my signature, inaccurate, incomplete and unreliable statements were given to the committee", stated Gingrich after he finally pled guilty in January 1997." Hey, I love Newt, but he isn't any better ethically than the Dems we are dealing with now. He is much brighter than most people on earth, very entertaining, and very enlightening. I wish he had a political show, rather than just being a guest, his commentary is stellar. | ||
| Court |
>>>He did, however, admit to lying under oath to cover up the potential tax issues and was fined $300,000 by congress: Puzzling that Obama hasn't nominated his with that qualification. | ||
| Crackhead |
you guys must be from mid west bible thumping conservatives. at least this president has the brains to stop making up words. Remember just a short time a go "i do the deciderin", Bush. Oh and the feds will get their way. Even though the $ went over seas they will find a way to tax it. |
