Letterman - AIG Bonus Backlash

[dontneedjack]

Rachel Endowed Maddow..

[imthechasman]

Man, Drew Carey lost a lot of weight.

[icharisghost]

LOATHE HER. MSN IS NOT NEWS. ITS OPINIONS.

[RondoVenezianoHere]

Maddow reminds me of Tabitha Soren from MTV. Just a total loon. Jewish lesbians are everywere in America.

[phorse]

@icharisghost I love it when comments take the thoughts right out of my head like this. Yeah, they're so annoying...

[blacknyx19]

@icharisghost - I doubt you've watched it... FOX news is opinion based, although it's not advertised as such. They manufacture bogus stories for ratings. Doesn't take a genius to know that.

[anniegrewe]

After Rachel Maddow's explanation, the "rescuers" of AIG and their ilk had a lot to answer for. The outrage we all felt was because she cuts through the crap and explains well - and with humor. I'm going to pay more attention to MSNBC and Olberman & Maddow!

[SapphicCenturyCycle]

Sexy and intelligent, gotta love her!

[trufiend138]

this chic has serious case of penis envy...

and ALL of us are screwed...not left/right or demo/repub....the rich are ensuring their places at top to our detriment

[Brophan1ty]

The Obama Deception on youtube clears it all up.

[brh986]

oh dear who is this dyke? painful to listen to.

[michaelteter]

Well I'll tell you what she is. She's a witty woman who's infinitely sharper than you are, and her sexual alignment hasn't the slightest to do with whether you should listen to her or not.

But hey, thanks for making it immediately clear how valuable your contributions are to the internetz.

[brh986]

Oh dear what rock did you crawl out from under. Please go back and die, your very existence has a negative impact on the collective gene pool along with this disgusting specimen on letterman.

[michaelteter]

How about I just move to a "socialist" country and you enjoy your corporate screwing without me? :)

[brh986]

No just die please. Socialist countries won't be able to recover with idiots like you there screwing things up either.

[michaelteter]

You know what? This is the internet. You don't exist, and I'm not the least bit concerned about you. Mark my posts down, forget about me, and suck the Fox teat until you're fat with misinformation. What I say won't matter, and I realize that.

Just be aware that those of us who are intellectually superior identify you and your kind as sheep. There is no response, so save your breath. Farewell, and enjoy the Iraq tax bill.

[Atomsmasher777]

AIG bought the politicians.

Bush

Dodd

Frank

The American people are the losers. The 2-party system owns them.

[trufiend138]

actually...it is genuis..cause those dudes got more than 1 house im sure...

[trufiend138]

dave's a tool

[brh986]

he sure is, especially for having this filthy cunt on tv.

[jaybird321]

What a fiasco and our govt. hands are tied.

[lthom33]

I need to add - Exactly & we're not alone. Around the world they're having the same problems as we are. I'm not against rewarding someone who is a hard worker but these CEOs should not be rewarded for destroying the world's financial system. If they were legitimate we would not have to bail them out. With this in mind, we should examine the past to insure that K Street Fat Cats are rewarded (reasonably) on merit & not failure.

[srthrthwsg]

THE GOVERNMENT KNEW ABOUT THE BONUSES!!! what a perfect way to smokescreen REAL news! Not only that, but when the government taxes these bonuses, they win a free 165 million dollars!

[freddytk421]

165 millions dollars is nothing, That's what one really cool missile costs and we have more of those than we can keep track of. This is just to keep the US population angry at something and have a scapegoat so the government can grab power. Just like the Nazi party in the early days.

[iceman5815]

As u can see with AIG that the government has no experience in running a business. U can give AIG a trillion dollars in bailout money, but at the end of the day AIG will only look out for the interest of AIG, not the peoples'. And as well for any other financial and auto entities that we bail out. What happens when AIG or any of these entities comes back for more money? Where is it going to end?

[iceman5815]

First of all I don't like politicians..because they lied. There's honest ones too but the fact remains that politician only look out for their own interest, not the peoples'. Every one knows that Bush is a dumbshit president but I still don't agree with Obama's spending bill. It's just going to dig us deeper into economy melt down. It's going to maximize government growth which is not good. We don't need more government entities. we are a broken system because of too much government agencie

[lthom33]

We're a broken system because of wasteful spending such as the Iraq war which wasn't even in budget. Our national debt is @ $10Tn & this is what Obama has walked into. Thus far he's spent $700B to assist Americans keeping their homes, creating jobs & just existing -that's effect 4/1. Economists say it's not enough money but a start. We need to sit back & see what the stimulus does before we act again. Our banking system will never be the same again & we must all accept that.

[iceman5815]

Regardless of which administration was at fault or who to blame. We the people need to take a stand and not let these imcompetent politician throw away our hard earn money like toilet papers. With the amount of money that obama is proposing to spent. we are doom for sure. It's imperative that government not run our business but regulate. And not buy every failing institutions that are in trouble. They're spending money that we don't have....?????

[lthom33]

If President Obama doesn't save the world's financial system as you propose, what happens when we all lose our jobs, our homes, our cars, our savings, etc? Obama has spent $730B compared to Bush's national debt of $10 trillion. If you have a better plan to get us out of this mess, then by all means share it with us.

[irishsean2]

But her Liberal friend wrote this Bail out package ! what a cunT go away Bitch!

[lthom33]

Not true - The Bush admin passed a $840B Bill-this money went to the failed financial institutions including AIG ($68B). This money was used for the bonuses which were placed in a contract in '08. Obama's $700B stimulus eff 4/1 is to help middle-class families & economy. Obama gave $30B additional to AIG on 3/20 because at the time he wasn't aware of the bonuses-that came after the fact. Now that they know they're trying to get that money back. Get your facts straight.

[ganlohun]

762SLR762 : you need to repost your comments... get them back to the top of the page. People need to hear more reasoning and less crap concerning this issue. Tipping my hat to you.

[ganlohun]

Maddow: "and when we bailed them out we didn't get the authority to renegotiate those contracts i guess..."

Actually we did have the authority back when we were passing the bill. Back when the Obama administration was trying to rush it through without reading or examining anything. Yep, back then we could have made Libby's day a lot easier by taking the decision of "breaking contracts" right out of his hands. I think America's going to see a lot of similar problems come out of the REC. Bill.

[lthom33]

These contracts were written in '08. It was the Bush admin who rushed to fork out $840B to bailout these failed financial institutions. Obama's admin just found out about the contracts last week, which was after the additional $30B was given. They were not aware of these contracts & are now trying to find a legal way to get the money back. It's an injustice to blame Obama's admin for this colossal mess because it then allows those who are responsible to get away w/negligence. Let's not do that.

[ganlohun]

"They were not aware of these contracts & are now trying to find a legal way to get the money back."

According to senator Dodd, he wrote the amendment, at the request of the Obama administration, allowing these bonuses to go through. And your telling me that Geithner who worked with Paulsen during the Bush administration, which your trying to blame, just suddenly forgot once HE became apart of the Obama administration.

If they didn't know why did they change the wording in the bill?

[lthom33]

Paulson was the treasury secretary not Geithner. To add to this further these contracts were made back in '08. Geithner has said that he was concerned because of the legal ramifications of these contracts & lawsuits but there was nothing he could do. The government doesn't set contract bonuses for AIG employees - There's no way Obama would agree to these bonuses - they're trying to find legal ways to get out of it.

[ganlohun]

First, I never said Geithner was the Treasury Sec. I said he WORKED with Paulson.

Second,

(CNN) — Treasury Secretary Timothy Geithner told CNN Thursday his department asked Sen. Chris Dodd to include a loophole in the stimulus bill that allowed bailed-out insurance giant American International Group to keep its bonuses.

Means: Giethner LIED TO EVERYONE... but our President still has faith so it's ok... I guess for you.

[lthom33]

You made it sound as if Geithner & Dodd made the decisions while Paulson was the Treasury Sec @ the time of the bailout. Again these bonuses were a part of AIG contracts that were already placed -there was shit all they could do in fear of lawsuits.

[ganlohun]

Third: "There's no way Obama would agree to these bonuses - they're trying to find legal ways to get out of it."

-There are no more legal ways out of it now then there were then. So why do you buy the bullshit that Geithner "had no choice."

If you agree with THIS then you need to write Maddow and tell her that no actually... "when we bailed them out we DIDN'T get the authority to renegotiate those contracts" because Geithner "HAD NO CHOICE!"

[lthom33]

BS - where have you been? These contracts were signed in 2008. It was between AIG & its CEOS not the government & legally the gov can't come in & say those contracts are not binding. After the fact they had to find legal alternatives to get the money back without AIG employees suing them -that came way of 100% taxation. Watch the news!

[ganlohun]

(CBS Marketplace)When the auto industry asked for a bailout, the federal government demanded that auto workers give up some benefits first. But before they bailed out AIG, federal officials didn't insist executives there give up the bonuses in their employment contracts." (Yes I understand your trying to pound in these contract inside AIG were made back in 2008) and I'm saying Geithner (treasury department) knew about them and did nothing to stop them before we gave more ($30B)bailout money.

[lthom33]

The auto industry were drilled before bailout- when these failed private financial institutions were bailed out, why didn't Reps drill them in the same manner? K St is rich & auto industry is middle class that's why. These bonuses were placed before the bailout. The $30B was not the funds in which they took the bonuses.

[ganlohun]

your saying government couldn't, I'm saying it could and it did...

(CBS News)"The stimulus bill included provisions to LIMIT EXECUTIVE COMPENSATION AT COMPANIES RECEIVING FEDERAL BAILOUT MONEY. But it also STATED EXPLICITLY that the limits would NOT APPLY to bonuses agreed to prior to Feb. 11, 2009." This is a Grandfather Clause (yes this would include those 2008 bonuses that yes the company not the government created.) but why would it exempt these?...

[ganlohun]

(same article CBS News)"Dodd put the amendment in the stimulus bill limiting executive compensation with no grandfather clause. UNDER PRESSURE FROM the Obama administration and THE TREASURY DEPARTMENT (the same Treasury Department pointing its finger at Dodd), he was forced to add the grandfather clause or abandon his amendment altogether." (And the Treasury Department which you say couldn't have done anything also says it couldn't have done anything)....why?....

[lthom33]

I haven't read this but I haven't looked for it either. However I'm not going to be concerned with he knew & who didn't know while Bush' crimes are so much greater. It's trivial considering our national debt is @ $10Tn & our deficit is $1.7Tn. CEOs are doing the right thing & returning the money. That's all that matters.

[ganlohun]

(CBS News)"The Treasury Department, reeling from the bad PR associated with propping up AIG while letting the bonuses go forward, pointed its finger at Sen. Chris Dodd:

The administration official said the Treasury Department did its own legal analysis and concluded that those contracts could not be broken. The official noted THAT A PROVISION RECENTLY PUSHED THROUGH CONGRESS by Senator Christopher J. Dodd, a Connecticut Democrat, had an exemption for such bonus agreements already in place.

[lthom33]

I'm a paralegal & would have to look at these contracts & provisions. However as I've understood it these bonuses were already in contract before they announced they were going under. So when the Treasury Dept. (Paulson the secretary) comes along & sees that it's like "Oh Shit." They must bail them out but can't get around those contracts without legal ramifications. A contract is binding. Clever AIG. Obama requested a legal analysis which is all he could do to try & get around these contracts.

[ganlohun]

So you have to see where I'm a little confused when the treasury department (Geithner) says they couldn't do anything about these pre-existing bonuses because of a grandfather clause that exists in the recovery plan.... when they are the mostly the reason that the clause was there in the first place. That clause protects those pre-existing contracts making it almost impossible (shy of a possibly unconstitutional taxation) to stop government money going to those bonuses.

[ganlohun]

That being said, thanks for the other info. I need more on the Bush administration to research.

Don't make the mistake that I think Bush wasn't apart of this... or that I think his administration should go without blame.

I just want to know why when Bush does it: it's an atrocious act of stupidity, but when Obama does it: it's HOPE.

[lthom33]

It's not just a $840B bailout from Bush's own negligence of federal oversight but the Iraq war (we spend $356 a day & it wasn't in the budget), giving outrageous tax cuts to the wealthy, never saying "no" to Congress spending, etc. Repubs have pushed to increase our debt to nearly $9 trillion & have insisted on spending billions of dollars every year on budget-busting tax breaks for special interests & multi-millionaires. Our national debt is now $10Tn & our deficit is $1.7Tn.

[lthom33]

Bush has been borrowing tons of money from China & Japan -even small countries such as Spain. China is our largest foreign creditor & it worries me because we've never done this before. It really places us in a vulnerable position. President Obama inherited all of this & much more. So it's frustrating when those responsible walk away w/out the stigma of what they've done while passing the mess onto someone else they hope fails to fix it. It's pure madness

[romstarpow]

There are many medical docs, professors, & lawyers that make less than $250,000. The sense of entitlement of these corporate execs is disgusting! Their entrepreneurial mystique & "business smarts" don't impress me, for they ran their companies to the ground. "Brain drain" my ass...there are lots of smart ppl in America, & these losers can be replaced.  If I was general manager of a sport team, & my high price bust player suck, he will be shipped to the free agent market.

[AceOfSpade1234]

Buy AIG shares,... They'll skyrocket again,...

[jonn282]

someone shut this ignorant bitch up who the hell is she?

[northman1]

Fuck you. Pay me.

[cicero747]

What is most funny is reading Obama groupie posts BEFORE they found out that AIG bonuses were linked to the OBama administration... how outraged they were and everything. But now that they found out Obama's administration is implicated and then 2 responses: 1) Silence, 2) Excuses for Obama's administration. Dumb groupies.

[awsl]

those AIG executives are really too much. are the name list and their address available?

[iceman5815]

This whole situation has to do with this governments' incompetency not AIG. The Democrats knew about it and actually allow this to happen according to what's in the Stimulus bill that was passed. But because congress didn't read it. And now they're trying to point fingers and grilled CEO Liddy for nothing. This is a guy that makes $1/ year for his salary. These contracts were drawn before Liddy was even in the picture. Such political grand standings from these morons that represents us.

[lthom33]

Yes the incompetency of the Bush admin. AIG was permitted to gamble away trillions in company equity & assets using financial gimmicks called credit default swaps. This risky get-rich stunt was marketed to investors, the U.S. gov & their bosses as 'products.' When AIG ended up on the losing end of all those gimmicks, having brought down the entire AIG corporation in the process, the result was a mount of outstanding counter-party payments owed to other gamblers in other large corps.

[lthom33]

Do not pay attention to Reps in the media going @ the Obama admin. It's only a ploy to take your mind off of who's responsible. Truth is there was no federal oversight during the Bush admin. If this was known several years ago by Congress as argued, then why wasn't a Bill passed to protect the world's financial system? They're finger pointing isn't logical when they're in charge. It's just trying to pass the buck & it's getting old. Wake up

[apachemountain]

Rachel Madcow is not being entirely truthful...Dodd and the Administration wrote the contracts you ignorant gash.

[cicero747]

You must not know that Rachel Maddow is on MSNBC.

[TruthLightSeeker]

America as we've known it for the past several decades is no more. We are entering a new era and its going to be a rough one.

[FigurinItOut]

You know something? I don't think I'd have any problem with the AIG executives getting bonuses if the company were turned around and thriving again. The issue is not really the money, it's the timing. It's as if the executives said "Up yours, we'll do what we want. We'll take the money and run." I think it says they're a much bigger part of the reason why AIG was failing in the first place! The bonuses are an insult to all Americans. SEE PART 2

[FigurinItOut]

PART 2 - After watching this, I didn't realize the bonuses might have been contractual obligations. Two points about that:

WHAT IS THE DEFINITION OF "BONUS"? Don't you need to be GENERATING something to earn it? It's INSANITY to hear people saying the money is justified! If the bonuses are promised to retain great, sharp-minded individuals...well, AIG is in the toilet. How great are they?? Don''t call it a BONUS if it's part of an agreed upon salary! THIS IS SUCH CHILD'S PLAY!!!

SEE PART 3

[FigurinItOut]

PART 3 - A BONUS is something that is given for above and beyond service. AIG was almost bankrupt. No bonuses.

The second point is, if there were a slimy agreement about "automatic bonuses no matter what" (which sounds moronic), they should have been deferred.

We need to relax. The backlash from this is unlike a lot of other things in recent memory. The AIG people made a huge mistake with their greed. This is really going to bite them in the ass. (Their collective, flabby, overpaid ass.)

[RazaSiddiqui]

Thank you, someone needs to say that! The majority of ppl out there have no idea what's happened, and even fewer know the nature of a financial institution and its working. These are the ppl that love passing judgements!

[eufjoel]

hum 762slr762 ......they should be outta of a job .........period. screw there bonus