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mises
Joined: 05 Nov 2007
Location: retired
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 Posted: Tue Mar 17, 2009 4:54 pm Post subject: |
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| In saying it is gone, I mean AIG does not have it (most of it). The cash was used to settle contracts with large banks. The bonuses are less than 1% of the money given. |
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Gopher
Joined: 04 Jun 2005
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| Posted: Tue Mar 17, 2009 5:17 pm Post subject: |
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| mises wrote: |
| In saying it is gone, I mean AIG does not have it (most of it). The cash was used to settle contracts with large banks. |
I understand that. The govt can still seize assets, merge or even liquidate the company. I would make an example of AIG. |
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Gopher
Joined: 04 Jun 2005
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| Posted: Tue Mar 17, 2009 10:54 pm Post subject: |
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And it looks like the B. Obama administration is indeed moving to recover the bonuses now...
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Insurance giant AIG will have to return to the Treasury Department the $165 million it just paid out in executive bonuses, Treasury Secretary Timothy Geithner said Tuesday in a letter to congressional leaders.
"We will impose on AIG a contractual commitment to pay the treasury from the operations of the company the amount of the retention awards just paid," Geithner wrote. "In addition, we will deduct from the $30 billion in assistance an amount equal to the amount of those payments."
That would be a double payment, essentially a $165 million penalty on AIG for issuing the bonuses... |
CNN Reports |
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bacasper
Joined: 26 Mar 2007
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| Posted: Wed Mar 18, 2009 9:04 am Post subject: |
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| mises wrote: |
| Further, the taxpayer money is gone Gopher. It was paid out to the counter parties on the OTC derivatives contracts. AIG doesn't have more than a small fraction of that money left. Only 43.5% of this money is even left in the United States, and much of that is likely now on an off balance sheet in some sunny island. |
Wait a minute. Bloomberg, the financial information services giant, is suing the federal government to find out where the bailout money went, but you know???
How did you do that? |
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Gopher
Joined: 04 Jun 2005
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| Posted: Wed Mar 18, 2009 1:51 pm Post subject: |
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Viva the Democratic president and the Democratic Congress and the "change" they have brought to Washington...
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And then there's Congress�When some lawmakers tried to prevent bonuses in the stimulus bill last month they actually made an exception for pre-existing contracts. Democrat Chris Dodd -- who proposed the executive compensation provision -- insists that he did not include that exemption clause. He says he doesn't know how it got there; as do several other Democratic sources.
Dodd and then candidate-Barack Obama were the top recipients of AIG political contributions in 2008 -- each getting more than $100,000.
And there's more�The Senate had passed a bipartisan amendment that would have taxed bonuses on any company getting federal bailout money if the company didn't pay back the bonus money to the government; but that was stripped from the stimulus bill during closed-door meetings... |
CNN Reports |
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