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Bailout fraud starts early

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Bailout fraud starts early

puppybreath
Unbelievable! <sarcasm> It's a good thing the government felt they had to step in and save these guys. </sarcasm>


http://apnews.myway.com/article/20081008/D93M0K6G3.html
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    Tig2

    And glad to know that I am not the only person disgusted by all of it.

    The only good news to come of any of this mess is that they were able to hook the bailout to Mental Health Parity. THAT is something that has really been needed for some time.

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    cupcake

    ... I guess they can justify it by keeping the folks at the spa
    in their jobs for another day.

    Did we expect anything less?

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    cupcake

    Read this in the paper this morning... guess handing over
    billions is just too much temptation for some...


    AIG executives spent thousands during hunting trip

    http://ap.google.com/article/ALeqM5g3InVeHoYnmXZnM2A
    CXSgjG0-nIQD93R68VO0

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    The Scummy One

    there woulda been a few hunting'accidents'

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    jmgarvin

    http://www.youtube.com/watch?v=1JRJVlg6X7s

    On that note, there is some justice:

    **** Fuld got knocked the %$#@ out!
    http://consumerist.com/5060063/lehman-brothers-ceo-got-punched-in-the-face

    I personally think we should pull out the pitch forks and torches....Just like the good ol' days...a little tar and a few feathers never hurt anyone.

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    Tig2

    But I got a strange sense of satisfaction on reading that story. While I realize that doesn't say much for my character, I also realize that I am only human.

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    Oz_Media

    I mean it is absolutely atrocious that thes ethings happen, AIG is now majority owned by the US governmment, meaning 'you' the tax payer.

    Did yuo go and have and ncie week long holiday at a spa too?

    Sick little 'kers need a swift boot. Yet another great effort by the Bush clan to see the rich folks through hard times and screw teh rest of America while smiling that classic "f'k you very much' smile of his.

    Needs a swift kick in the teeth, I'll happily do it if someone coughs up airfare.

    Now THAT would be a fun TR discussion, "Oz finally gets his shot at Bush." I can only dream.

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    santeewelding

    Your having come to the attention of important people.

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    OnTheRopes

    That's dangerous talk boy.

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    The Scummy One

    or the execs at AIG?

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    jmgarvin

    He helped to deregulate and make this mess, then he helped get the bail out boondoggle...so Bush is responsible.

    AIG execs are responsible because apparently they are full retard, and we all know, you NEVER go full retard.

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    Nah

    w2ktechman

    Although deep rooted this could be blamed on Bush, this is not a situation to blame him directly over.
    This was a company party for getting a bailout and getting away with everything. This particular event was all AIG execs.

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    OnTheRopes

    Ninety percent of the people think he should've been punched. That was over 24.400 people when I voted. I voted punch. So I'm not a nice guy. <br><br>
    I heard testimony that one of the AIG exec.'s received a $34,000,000 golden parachute along with a $1,000,000 monthly consultancy fee. Seems a little steep to me. Every time I've screwed up at my work I got in trouble. No consultancy for me.

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    Tig2

    It would seem that if you fck up really bad that you would have consequences to face. That has certainly been my experience and I know I am not alone. But these yodas? Obviously they get to live by very different rules than we mere mortals.

    If this is the price tag for Mental Health Parity, it is WAY too high. Parity should have been passed long ago. Bailing out idiots should not have been the entrance fee.

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    0 Votes
    w2ktechman

    have been getting larger and larger pay, bonuses, and Leaving fees. They get fired and take home $$$$$$$$.
    Often they leave getting more than they got as salary for several years -- + parting gifts/bonuses.
    It has gotten too bad in my opinion. The law dont touch em, the companies bend over backwards for them and they pull scams like this

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    drowningnotwaving

    It may be immoral bordering on criminal, but it's a logical conclusion in every sense.

    Shareholders get a Board notice saying "we have to pay bonuses (or issue a new round of options at 3c instead of $27) otherwise we will lose all our talented executives with their years of experience and inside knowledge. Your board, whilst cognisant of the current issues and shareholder displeasure with their recent performance, unanimously agrees that this is in the best interest of the stability of the company and its shareholders".

    Your average shareholder doesn't know any better to argue with the Board.

    Even belligerent shareholders think "gee, if we sack this lot, how will we attract new people and give any sense of them making their high salaries?". Answer, you hire new people with the promise of sign-on bonuses, high salaries and options at 3c.

    A few key executives fall on their swords (generally with nice little agreements signed between themselves and other directors) but inertia almost always wins.

    There was a strong (and obviously winning) argument for the bailout, but failure would have got rid of lots of the troublemakers.

    As Delbertpgh (I think) said, Banks do not and never have acted morally. They act only (for the most part) within the laws that bind them.

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    jmgarvin

    They've acted counter to being profitable. They should all rot in jail.

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    0 Votes
    drowningnotwaving

    ... or at least wallow in their own mortgage **** on the unemployment line.

    I just doubt it.

    I do agree (and have learnt from) Maxwell's / other's writings about the source of the issue being wayward government policy.

    But no-one held a gun to the banks' (or their financiers') heads saying give the money away to bad borrowers.

    It's ironic that whilst this was and is all happening, major banks around the planet are spending billions updating systems for Basel II compliance, an objective of which is to limit or repel situations like the one we now find ourselve dealing with.

    We sell software to banks and finance companies. Life isn't particularly rosy right now but we just have to hang out. Well I guess I could sell a few of those shares I accumulated ... Doh!

    :) Keep on smiling/drinking (circle your choice).

  • +
    0 Votes
    Tig2

    And glad to know that I am not the only person disgusted by all of it.

    The only good news to come of any of this mess is that they were able to hook the bailout to Mental Health Parity. THAT is something that has really been needed for some time.

    +
    0 Votes
    cupcake

    ... I guess they can justify it by keeping the folks at the spa
    in their jobs for another day.

    Did we expect anything less?

    +
    0 Votes
    cupcake

    Read this in the paper this morning... guess handing over
    billions is just too much temptation for some...


    AIG executives spent thousands during hunting trip

    http://ap.google.com/article/ALeqM5g3InVeHoYnmXZnM2A
    CXSgjG0-nIQD93R68VO0

    +
    0 Votes
    The Scummy One

    there woulda been a few hunting'accidents'

    +
    0 Votes
    jmgarvin

    http://www.youtube.com/watch?v=1JRJVlg6X7s

    On that note, there is some justice:

    **** Fuld got knocked the %$#@ out!
    http://consumerist.com/5060063/lehman-brothers-ceo-got-punched-in-the-face

    I personally think we should pull out the pitch forks and torches....Just like the good ol' days...a little tar and a few feathers never hurt anyone.

    +
    0 Votes
    Tig2

    But I got a strange sense of satisfaction on reading that story. While I realize that doesn't say much for my character, I also realize that I am only human.

    +
    0 Votes
    Oz_Media

    I mean it is absolutely atrocious that thes ethings happen, AIG is now majority owned by the US governmment, meaning 'you' the tax payer.

    Did yuo go and have and ncie week long holiday at a spa too?

    Sick little 'kers need a swift boot. Yet another great effort by the Bush clan to see the rich folks through hard times and screw teh rest of America while smiling that classic "f'k you very much' smile of his.

    Needs a swift kick in the teeth, I'll happily do it if someone coughs up airfare.

    Now THAT would be a fun TR discussion, "Oz finally gets his shot at Bush." I can only dream.

    +
    0 Votes
    santeewelding

    Your having come to the attention of important people.

    +
    0 Votes
    OnTheRopes

    That's dangerous talk boy.

    +
    0 Votes
    The Scummy One

    or the execs at AIG?

    +
    0 Votes
    jmgarvin

    He helped to deregulate and make this mess, then he helped get the bail out boondoggle...so Bush is responsible.

    AIG execs are responsible because apparently they are full retard, and we all know, you NEVER go full retard.

    +
    0 Votes

    Nah

    w2ktechman

    Although deep rooted this could be blamed on Bush, this is not a situation to blame him directly over.
    This was a company party for getting a bailout and getting away with everything. This particular event was all AIG execs.

    +
    0 Votes
    OnTheRopes

    Ninety percent of the people think he should've been punched. That was over 24.400 people when I voted. I voted punch. So I'm not a nice guy. <br><br>
    I heard testimony that one of the AIG exec.'s received a $34,000,000 golden parachute along with a $1,000,000 monthly consultancy fee. Seems a little steep to me. Every time I've screwed up at my work I got in trouble. No consultancy for me.

    +
    0 Votes
    Tig2

    It would seem that if you fck up really bad that you would have consequences to face. That has certainly been my experience and I know I am not alone. But these yodas? Obviously they get to live by very different rules than we mere mortals.

    If this is the price tag for Mental Health Parity, it is WAY too high. Parity should have been passed long ago. Bailing out idiots should not have been the entrance fee.

    +
    0 Votes
    w2ktechman

    have been getting larger and larger pay, bonuses, and Leaving fees. They get fired and take home $$$$$$$$.
    Often they leave getting more than they got as salary for several years -- + parting gifts/bonuses.
    It has gotten too bad in my opinion. The law dont touch em, the companies bend over backwards for them and they pull scams like this

    +
    0 Votes
    drowningnotwaving

    It may be immoral bordering on criminal, but it's a logical conclusion in every sense.

    Shareholders get a Board notice saying "we have to pay bonuses (or issue a new round of options at 3c instead of $27) otherwise we will lose all our talented executives with their years of experience and inside knowledge. Your board, whilst cognisant of the current issues and shareholder displeasure with their recent performance, unanimously agrees that this is in the best interest of the stability of the company and its shareholders".

    Your average shareholder doesn't know any better to argue with the Board.

    Even belligerent shareholders think "gee, if we sack this lot, how will we attract new people and give any sense of them making their high salaries?". Answer, you hire new people with the promise of sign-on bonuses, high salaries and options at 3c.

    A few key executives fall on their swords (generally with nice little agreements signed between themselves and other directors) but inertia almost always wins.

    There was a strong (and obviously winning) argument for the bailout, but failure would have got rid of lots of the troublemakers.

    As Delbertpgh (I think) said, Banks do not and never have acted morally. They act only (for the most part) within the laws that bind them.

    +
    0 Votes
    jmgarvin

    They've acted counter to being profitable. They should all rot in jail.

    +
    0 Votes
    drowningnotwaving

    ... or at least wallow in their own mortgage **** on the unemployment line.

    I just doubt it.

    I do agree (and have learnt from) Maxwell's / other's writings about the source of the issue being wayward government policy.

    But no-one held a gun to the banks' (or their financiers') heads saying give the money away to bad borrowers.

    It's ironic that whilst this was and is all happening, major banks around the planet are spending billions updating systems for Basel II compliance, an objective of which is to limit or repel situations like the one we now find ourselve dealing with.

    We sell software to banks and finance companies. Life isn't particularly rosy right now but we just have to hang out. Well I guess I could sell a few of those shares I accumulated ... Doh!

    :) Keep on smiling/drinking (circle your choice).