Tuesday, March 17, 2009

AIG layoffs; send the bailout bums to jail

While the quant jocks as AIG are complaining about not receiving their $165 million bonus, AIG continues with layoffs.

People belong in jail.

I suggest starting with Geithner. If not for any criminal wrongdoing in relation to him bailing out his Wall Street cronies, then for the tax evasion.

I'm starting to think President Obama is in over his head. I mean, why did he appoint Geithner even after we all knew Geithner was a self-serving crook? I thought Obama ran on "judgment."

Tim White

4 comments:

Robert DeVylder Jr. said...

As far as the bonus's go, our state representitives need to be held accountable. Our state has a bad habit of creating laws that are self serving to certain individuals.

Blumenthal should resign imediately. Not because he is a democrat, or because he is more reactive than proactive. Rather because he wants people to pick and choose which laws we should follow. The AIG execs have retention bonus's included in their contracts. It's their term of employment. CT law says if a contractual obligation is not met, the recipient can sue for twice the amount owed. This law applies because AIG's financial branch is based in CT, pays CT taxes and CT healthcare. A remark like his can cause employer violations and lawsuits to run rampid.

Blumenthal clearly speaks without thinking and this is not the first time.

tim white said...

Blumie can't retire until he concludes his "investigation" of I-84.

Ha.

Joke's on us.

Anonymous said...

It seems that the bonuses were in the contracts, and that AIG had to legally pay them. Three points--

The only way to recover these funds may be through a special 60-75% tax on the bonuses, which both parties seem ready to approve.

AIG is a perfect example of how the private sector is not always more efficient or competitive than the government sector. In such cases, we need more, not less, government regulation.

And while Obama is now wringing his hands with outrage over the bonuses, he and his staff knew full well of the bonus obligation before the bailouts, and he only objected after the public uproar.

I agree that "Obama is in over his head" in all this. God help us when he has to deal with his first major foreign crisis.

Anonymous said...

AIG gives out a ridiculous bonus to executive management who can't seem to get us out of this whole and then lays off 150 or so front line employees (who had nothing to do with the poor financial decisions) yesterday.


Thanks, AIG!