Obama Threatens to Abrogate AIG Contracts (house, quote)

sleepy jack · 03-23-2009, 02:44 AM

Quote:

Originally Posted by mr dave

no.

it's like asking for a student loan then not enrolling in school and buying a car instead. you're misappropriating your loan and ignoring the primary stipulation of your contract.

these companies asked for bailout money to keep from going under, not a handout from the public coffers to pad their pockets.

here's the real stumbling block though.... seems most of the people who got paid bonuses actually worked in departments that turned a profit last year (at least that's another one of the rumors circulating the issue)

i'll try laying it out in terms most of us can understand here (movies and video games). the vivendi group owns both universal studios and blizzard entertainment, let's say everyone stops going to movies because they're all playing WoW instead. now universal studios is tanking, and they're such a large part of vivendi that now they're looking at tanking too, but blizzard is still rolling in cash. do the blizzard execs have to lose their bonuses to pay for universal studios operating costs so their parent group stays afloat? is that 'right'?

the list of AIG execs who got the big bonuses hasn't been released to the public yet, and until it does it's really all speculation as to who got what and where it came from. some people might actually deserve a bonus this year, but it definitely should NOT come out of the bailout money.

This idea that we don't know who the bonuses are being given to, or which department they're being given to, is simply not true. The accusation you make earlier in your post, that they're going to departments who turned profits, is also simply not true. We know it's going to the Financial Products Unit; who are the same unit which brought AIG to the state they're in now.

mr dave · 03-23-2009, 04:08 AM

do you understand what the word rumor means?

are you familiar with the concept of an example?

sleepy jack · 03-23-2009, 04:10 AM

The problem with that rumor is there's knowledge contradicting it...factual knowledge. Do you know what the word fact means?

mr dave · 03-23-2009, 04:24 AM

do you really think there are no other smaller departments within something called the financial products unit?

either way, knee jerk reactions bad, 'all' the information good. i don't care to do the research necessary to find out which commodities market sucked the least last year and where that would be handled within an investing giant.

~~The Unfan~~ · 03-23-2009, 04:30 AM

Quote:

Originally Posted by mr dave

i don't care to do the research

This explains it.

sleepy jack · 03-23-2009, 04:31 AM

I think you're unaware of what the Financial Product Unit is and what they did. This was the unit whose credit default swaps were what put AIG in the situation it is now. There's no way you can say that they did a good job, turned a profit and deserve bonuses.

Yukon Cornelius · 03-23-2009, 11:29 AM

Greed, this is the basis of all crap that will rub our economy against the diamond and reduce us to dust.

~~someonecompletelyrandom~~ · 03-23-2009, 11:58 AM

Did anybody catch Obama on the Tonight Show? Said something about placing "checks and balances" within bail out companies to make sure they're spending money correctly.

My question: WHAT TOOK SO LONG TO THINK OF THAT!

sleepy jack · 03-23-2009, 02:05 PM

It didn't take that long. The Democrats had asked for it when the first bail out came about and Paulson said no. Which means, instead of not giving it, they caved in like always.

~~someonecompletelyrandom~~ · 03-23-2009, 02:18 PM

Still remaining optimisic at this point... I think what happened with AIG was bound to happen with one of the companies, and I think the public backlash, presidential anger and the (hopefull) tearing up of these contracts should prevent this from happening again. But then again theres no telling what greed will do.

03-23-2009, 11:29 AM	#17 (permalink)
Yukon Cornelius Music Addict Join Date: Jan 2009 Location: Texas Posts: 625	Greed, this is the basis of all crap that will rub our economy against the diamond and reduce us to dust. __________________ Attempting to find a cure for Stupid...

03-23-2009, 11:58 AM	#18 (permalink)
~~someonecompletelyrandom~~ Account Disabled Join Date: Nov 2008 Posts: 4,538	Did anybody catch Obama on the Tonight Show? Said something about placing "checks and balances" within bail out companies to make sure they're spending money correctly. My question: WHAT TOOK SO LONG TO THINK OF THAT!

03-23-2009, 02:18 PM	#20 (permalink)
~~someonecompletelyrandom~~ Account Disabled Join Date: Nov 2008 Posts: 4,538	Still remaining optimisic at this point... I think what happened with AIG was bound to happen with one of the companies, and I think the public backlash, presidential anger and the (hopefull) tearing up of these contracts should prevent this from happening again. But then again theres no telling what greed will do.