Alarming News

March 26, 2009

“None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house.”

A must-read from all those who want blood from anyone having anything to do with AIG.

I don’t even want to quote from it because the whole thing is such a necessary read. Our Attorney Generals are out of control and our disaster of a federal government has no idea what’s going on. It’s all knee-jerk reaction and it’s a total failure.

Posted by Karol at 12:31 PM |
Technorati Tags:
Comments

No, it’s not a knee-jerk reaction. It’s planned effort for shifting the blame.

Posted by: Tatyana at March 26, 2009 at 12:45 pm

I loved this op/ed. Jake is everything that is right about working hard, seeking up and expecting due payment. People are so dumb – they all wanted a bail out – now they don’t want to live with the consequences. If I had the resources, I’d donate $100 to every member of Congress who voted against the bail out. It just isn’t smart – it’s socialist! When has anything socialist ever been the right thing to do?
Seriously – Cuomo should just put a “paid for by Cuomo 2010″ at the bottom of his AG press releases. I hate that piece of $hit so much – he is such a grandstanding jackass. His attitude toward anything entrepreneurial is so ridiculous. And it’s so annoying because if his dad hadn’t been Governor, he’d be a nothing little $hit-shifting lawyer at some mediocre trial law firm. So annoying!

Posted by: I can't say b/c I will never get another job in my field, sorry at March 26, 2009 at 1:00 pm

Jake, life isn’t fair. You may have worked hard but your company failed miserably. You did well during the economic boom profiting on the bad asset trading that lead to this crisis, now it’s time to pay the reaper. The taxpayers should not be paying your bonus. Life isn’t fair, cry me a river.

Posted by: PAUL at March 26, 2009 at 2:37 pm

That would be “attorneys general”. Ahem.
But I agree with him. If AIG went into bankruptcy it would be one thing, but the government bought the liabilities when it bought in to the company. The people who caused the problem are mostly long gone, and stealing bonuses is probably unconstitutional anyway.

Posted by: Eric at March 27, 2009 at 12:52 am

Paul, that’s like punishing all cops for the plunger Louima incident. Yes, all cops share the authority, but no not all of them should be punished for the actions of a few.
If the taxpayers shouldn’t be paying the bonus, that’s something that should’ve been worked out ahead of time before passing the stimulus. Instead we rushed and set no guidelines at all. These people were promised compensation for difficult, thankless (other than the money they may now not get) work. It’s not right.

Posted by: Karol at March 27, 2009 at 1:09 pm

I agree and I see Jake’s point that what happened to him and some other executives at AIG is not fair but I also say,tough life isn’t fair.
Unfair things happen to people when the company they work for falls apart. That’s just how it goes. His company went bankrupt that is unfortunate for him and all their employees but it’s also life. If their was not bailout then:
AIG gets no Fed money- they go bankrupt and he gets no bonus.
Just like they are asking the union autoworkers to take a cut to keep the company going- when its profitable again THEN they can make some money.
IF AIG is profitable again then they can have their BONUSES- AFTER they have paid back everything they owe.
The Taxpayers shouldn’t be paying the bonus as if it were business as usual. And it should have been worked out ahead of time.
If you are going to take Federal Money and the Feds now own most of the company then the old contracts should have been torn up and these people should be paid the same rate as federal civil servants.

Posted by: PAUL at March 27, 2009 at 6:44 pm

“Paul, that’s like punishing all cops for the plunger Louima incident.”
I can think of many times when people are “punished” because of something somebody else did. The whole of the health and safety regulations depend upon this happening, because one person (or a small number) had an accident.

Posted by: bryan at March 27, 2009 at 10:16 pm

AIG gets no Fed money- they go bankrupt and he gets no bonus.
At which point he does not further work for them that keeps him apart from his family, etc. Result is the same, but it’s unfair that he worked for this money and now won’t get it.

Posted by: Karol at March 27, 2009 at 11:00 pm

Karol, the contracts were agreed to a year ago. This guy all ready did the work before and during the company collapsed. The federal bailout came after the fact.
The truth is executives have the power to take company money and take care of themselves, and that is exactly what this guy was banking on happening.
Company bankrupt and laying off all employees, owes millions in debt… If your an executve, no worries! Executives still leave with millions of dollars in bonuses. Just look at what Merrill Lynch just did.
The guy knew the risks when he agreed to the contract. The company is doing so badly that we can only afford to pay you $1 annual salary but if you stay we will give you a really big bonus, promise! He bet on a sinking ship and knew the risks but did it anyway because executive entitlement culture states we got our payday anyway. But in this case the company got taken over by the feds with the public media all over the shananigans so it’s no longer business as usual.

Posted by: PAUL at March 28, 2009 at 3:53 pm
Post a comment