What should the government do about the AIG bonuses?

Right on !!! Let them take the issue to a court. I'd love to hear the arguments and justification for granting bonuses to people who have lost billions of dollars. In addition, if we as taxpayers own 80% of this company, how can they act without our permission? What a bunch of clowns.

I agree! Hold back the money!!!!

They won't come out from under there rock to collect it.

I like the way you think, refuse to pay the bonus, and le them sue, however then they would still be taking up tax payers dollars to use the justice system....I thought, that a "bonus" was paid to employees by employers for a job well done....how stupid am I? Run a company in the ground, and have a government bailout, and get a "bonus", yeah, that sounds right....sure, let's continue to reward bad behavior, LET ME SAY THIS LOUD AND CLEAR......I DONT GET A CRAP IF THEY HAVE A CONTRACT, they should just be greatful they have a job....many others DONT...where is their bonus for years of service...and commitment to helping a company to succeed!...oh that's right, they get unemployment....(didn't they contribute to that?) I could go on and on, I think you get my point.

you must remember , this is our money , we are the goverment , its our tax money, who didn't see this comming? could they be terrorest

This is all B.S. for politicians noise. The Constitution forbids making laws that negate ANY legal contract! The bed-wetters can legally pass a law taxing 99% of these bonuses, but not to stop payment due under contract. They should put up or shut up on this issue.

I say we all stop paying taxes. Then where would the government get the money to bail out these companies. I'm tired of the government officials taking care of all these big companies and themselves. The little guys are the ones footing these bills and it's ridiculous. I pray every month that I will be able to make my house payment. These people who are receiving bailout money, no worries for them. Where is the fairness in that?

I think we need more information. What are these bonuses, what period of time are they based on? Not paying could backfire in a number of ways. The Government has decided this company must not fail, so it's already decided to pay whatever bonuses or other contractual obligations had existed. If the Government didn't want to pay, they should have let AIG fail - and suffered whatever consequence ensued. The problem is with the "rules" that allow incompetent execs to write themselves big golden-parachute contracts in the first place.

If we the American taxpayer are the owners of about 80% of that corporation. Why can't we call for an emergency Board Meeeting, and with the proper proxies collected try to get rid of the Board and the CEO?

Geithner is a idiot; any first year law student knows how to stop the bonus; INJUNCTION, STOCKHOLDERS DERIVATIVE ACTION,

I am a Canadian Immigrant and was telling my Canadian collegues some time July last year how the US taxpayers are paying off the huge debts of a group of people. I don't understand how the American citizens didn't see the Henry Paulson factor in the creation of this mess. Henry Paulson worked for Goldman Sach, one of the biggest derivatives houses. When the money goes to AIG, Freddie Mac, Citibank, wouldn't the government try to determine if Goldman Sach is the counterparty who has an interest to ensure that these entities survive? That Henry Paulson could be a link back to the Goldman Sach on the bailout issues. Does any agency monitor if there are conflicts of interest in these deals.

While its presence is felt in the international market, I always thought that AIG is relative small insurance player in North America. If that is the case, why bother if AIG were to go bankrupt. Why does the American taxpayers have to subsidy the losses of FIs in other countries? Would these countries thanks the America for being such a "hero". I am afraid this is not likely to be the scenario. As a matter of fact, I think those countries that would benefits have always hated America and would continue to hate Americans. So why take the trouble to bail out these other institutions at the expense of its taxpayers.

This is not the fault of Obama. Give him a chance and he deserves it. The American taxpayers should go after Henry Paulson and George Bush for this mess. I strongly feel that the American should stop fooling themselves for being heroes that most of the people in the world doesn't appreciate or even mock at. I pray for America.

As I stated earlier, contractual obligations! Give me a break. Bonuses should be for exceptional performance or based on company profitability, none of which holds true here. All this says to these execs is that it is OK to screw up and you'll still get rewarded. They are worse than spoiled children. The vast majority of us go through life NEVER getting bonuses. Why give them money they don't deserve. I wholeheartedly agree with Toby and have many times stated to various friends and family that we all need to stop paying our taxes, where would that leave the government. As a taxpayer and hard worker, I don't believe these companies deserve to be bailed out, much less receive my hard earned money and paid taxes to do so. This no pay plan however would only work if all taxpayers would band together. We need to revolt and have the equivalent of another Boston Tea Party.

Hey folks, its AIG's money now, we gave ti to them thru the idiots we have in Congress. do you have people coming back for money they gave you telling you it was not spent right when they did not put any strings on it when it was distributed?

when is the government going to say enough is enough

the government needs to help out the tax payer for a change

they need to bail us for example those that owe taxes the irs should wipe the slate clean but we all no that will never happened

if it wasn't for us tax payer's these big co's would not be bailed out

un-happy tax payer

I don't get how a company that needs a bailout can even consider giving anyone a bonus !! with borrowed money, a bonus should only be given if they are makeing money and loans are payed off. I am sick to my stomach about this, I can't even keep up with my rent anymore and might be in the streets with my 10 year old daughter and this is going on? OMG my ulser herts... These bailouts should only made to keep the company a float not the greedy. This country is a complete wreck!!!

I think they should have a stack of boxes in the conference room and have everyone report to the conference room, one by one, to receive their bonus check. Everyone that accepts a bonus check is given a box and a Security escort to their office to clean it out. You're fired, no severance package, no nothing. Fight their claim for unemployment because they are fired, like they'll really need it like the rest of us Laid-Off workers. Let them search for new work. There are a lot of qualified people out there that would love a chance to get their jobs. Give them a chance to deplete their retirement accounts while searching for a job. My unemployment doesn't even cover my COBRA payments. Let's make them struggle!

Folks, Congress and the Obama administration, passed legislation which a majority of Congress never has read! They were so fired up about not letting these companies file for bankruptcy, they saw nothing else. Barry Franks wrote this legislation along with Queen Nancy in the US House. These companies have contract they are obligated to honor. Not like Obama during the campaign scolding Congress about earmarks, vowing never to allow them. But as soon as a Democrat Congress sends him budgets with them in them ( nearly 9,000 ), he doesn't hesitate to sign the bill. Where I come from he lied. Congress refuses GM to fail, bonus will be paid there too. This mess rests squarely in the lap of Congress and Mr Obama. They can cry about it and blame everyone else but themselves if they like. Next year, you can bet, just like this last year. Congress will give themselves raises without blinking a eye about it. This whole idea of stimulus money was just a cover up for sending billions out to liberal causes. It was a foolish idea to begin with, and it continues to be one now.

If these dont work Than I say send the IRS after every person who received a Bonus,and use what ever means possible.Also make all their names Public!

If they don't give back the money send then to jail!!!!!

The money they have received does not belong to AIG. Therefore this money should be given back. If AIG had made a profit, they should be entitled to a percentage of that profit. These people are theives. Any small business owner would not receive a bonus if the money was not there to pay one, neither should these executives.

Congress had already seen this bonus payout last year and put it in the stimulus package by Dodd. The Dems are just bringing this up now as smoke screen to the American people that Obama is mad about it now, when in reality they all new last year. This can be proved by those who take the time to research the stimulus package.

Let them sue and they will probably expect the taxpayers to pay their legal fees fire them don't they now work for us.

Although I would personally love to just fire them/hand them over to the unemployed masses, the most legal solution I think is to tax them at 100%, which means instead of AIG keeping it, it goes back to the Government.

Another thing, how can bonuses be in contracts, I thought that by definition bonuses were optional, and in no way mandatory. Can someone please explain the new definition of bonus?

I agree !! Let the people who made the bad decisions, but yet get bonuses....sue the company for money they don't have. However, maybe instead of high salaries & bonuses, maybe they should work on commissions only...much like other sales people do.

A bonus is normally give based on the net profit of the company. With the current economic state of AIG, you would think any profit would have gone to try to bail themselves out. Unfortunately, it was the taxpayers that had to bail them out. The individuals that received the bonus should have turned around and invested it back into the company. But then who would want to invest in a losing venture? In the current economic state of the economy it is time for all excessive bonuses paid to individuals running the company into the ground to cease. I feel it would have made more sense for the bonuses to be donated to charity than to squandering individuals.

Nice going Harry Reed and Nancy Pelosi, It is time you guys leave. You are distroying the government. $20,000 a week for Pelosi's jet plane to California, What about the GREEN. How can you guys complain about AIG when you made the rules. You are stealing from the taxpayer just like AIG.

I agree, Let them sue! While they are doing so take the time it takes to get to court to investigate every micro spot in their lives and prosecute them for the frauds they have undoubtedly committed. Taxes, jaywalking, not paying for stamps... They suck the ship, they should not be allowed to keep the lifeboats!

They should get bonuses for good performance only, not for failure......I think a legislation to prevent then to get the money is needed, and they should be exposed with names, the amount they got etc....so the american public could know who they are and what they did in AIG. IT IS TIME TO STOP CORRUPTION AND SET AN EXAMPLE BY FILING CHARGES WITH A NEW ANTI CORRUPTION LAW

As long as AIG had the money, it was a legal obligation. The politicians knew that, and gave them the money anyway. WHEN the issue would have been taken to court, AIG would have lost in every case, they'd have had to pay anyway, and they'd have to pay for court fees.

There are several ways in which this could have been avoided. I like the first method that comes to mind. The government shouldn't have gotten involved in a private business in the first place! Let 'em go out of business. We're all tired of insurance companies running the world anyway.

On an aside, to toby-713719, who suggested that well all stop paying taxes, I'm on to you. You're after a cabinet position, right?

Unfortunately in our every increasing "Liberal" country anyone can sue, including illegal immigrants...ILLEGAL IMMIGRANTS and is a waste of yet more tax payer dollars

John, $20,000 doesn't even get the plane off the ground, let alone to Kalifornia and back. The cost per week is over $500,000 for this perk that Pelosi demands!

This whole AIG thing is a smoke screen to hide the disaster that the BO administration is creating! Our present sec. of the treasury was responsible for setting these bonuses when he was in charge!!

A much bigger problem for this country is the appointment into a major security position a person who lost their security clearance because of their actions!

Why should they be paid bonuses when what the did was highly risky and possibly illegal. Most people are working for companies that would lay them off or terminate them for such a bad performance. Start by firing the execs. - none of them are so talented and valuable that we could not find good conscientious replacements willing to work for a reasonable amt. of money. Top bonuses with pay should have been limited to $200,000 for the year if they were to receive such. High level execs. in the USA are paid too much because they are greedy. Share the wealth with your employees and you will have a better organization. Obama is the first person to try to make things transparent and clean up some of these outrageous practices. Don't blame him for what has been going on not only during the last 8 years but for a long time. Some of the big money the execs. receive could have saved a lot of jobs for the working staff. It's time to clean house and fire them. The Board of Directors should be made up of shareholders not the CEO & Chairman's cronies.

What about corperate compliance? what about ethical behavior? Have they no responsibility to the American taxpayer. Is the meaning of corperate America corruption and greed! Pity this country.

For all the talk of taking back the bonuses and/or making them sue for it, have you considered that some of the articles have said that the majority of the bonuses are going to execs in profitable divisions and only part is going to the division that created this mess. AIG has a lot of profitable insurance divisions where their execs have done a good job. To punish them, for the sins of the few is unfair. You may consider their pay extreme, but their pay, and the contracts were signed before the current economic situation. These people have families also and I'm sure they budgeted for this money as they had a legal contract. Again, you may disagree with the amounts, but would you want the govt breaking a contract you had signed and were counting on.

I'm not justifying the amounts, but I don't want government voiding contracts under any circumstances as this opens the door for more abuse. As to passing a tax law to get the money back, do you want the government deciding what your pay should be and if they don't like it, to tax you an ungodly amount. (It could be used to put bankrupt industries, small business, etc.) This goes to the root of our constitution and form of republic. I don't disagree that it is unfair, but we should be holding our representatives, and especially Senator Franks and Dodd accountable. They created this situation when they messed with the laws in the first place. Throw all of them out when they come up for re-election.

I am very angry this has happened, however, if it was in their contract it's a little late to cry over spilt milk! We don't need the gov. controlling any more businesses with changed legislation. I blame obama and congress #1. for giving them money in the first place. Let them fail as they are going to allow us to fail! #2. There should have been stipulations put in place so this couldn't happen. We have billions and billions of dollars wasted. Thanks to pelosi, her crooks and obama.

I agree, but I can also see how it will clog up the system. Can these people sleep at night?? I've worked 3 years without a raise and bonuses have been cut dramatically to keep the company afloat. We get no help from the government and we are doing a good job!

What happened to using the words "Your Fired" They made the mess and I say fire them, no bonus, no severance, just get in the unemployment line. Do these execs feel they are the only ones who can run the company. We have so much talent here in the US that I am sure in no time we can find a replacement for any one of these jobs at half the pay. If the company can't stand the heat, drop out. Let it go under and someone will come along and replace it.

Definitely, let them sue for their "contractual" money. Even in the unlikely event they win their case, they will have to explain, on the record, in front of everyone, names in the public record, their actions. Even if the court rules it is legal, the government can appeal. It it ridiculously stupid to pay that money with the feeble excuse it's iin their contracts. Aren't contracts a two-way street? Don't you have to, say, function, to keep a contract from being invalidated? I say a cout case can be made that every person violated the contract by running the company into the ground. At the very least, those of us who lost half our asset base that we worked hard to save will know ALL the details.

No more bailout money. Let the chips fall where they may.

RON....shutup..... you don't live in this country therefore don't know what you are talking about

I agree! The thing is, they'd find some scummy lawyer to take it on and pay them with more of our $$!

Geithner knew about this months ago, Obama knew about this months ago, Chris Dodd put an amendment on the stimulus bill to protect the bonuses so he knew about them months ago, The Banking Queen Barney Frank knew about this months ago, so why the big stink now? What is the Obama administration trying to sneak through under cover of this distraction?

Obama sure fooled a lot of people, now listen to all the suckers whine. You

You're getting what you voted for!

Whats even more galling is the reaction by Barney Frank and Chris Dodd acting outraged at these bonuses, they new last year that these bonuses were coming in 2009. They new, and this whole act of being outraged is a big dog and pony show. Barney Frank is a criminal like all others, yet where is the scrutiny?

Don't you people ever read past the headlines? Those AIG execs are losing their jobs and those "bonuses" are not really merit compensation. These execs are in a contractual agreement to stay and work atAIG to keep the company going. Essentially,they are contract employees, much like any consultant hired by a company to do a specific job and then leave, not having a full-time employee status. If anyone is overpaid it is the US Congress. WE are their employers and we NEVER get a say-so in in matters of their salaries.

EXACTLY--If they dont get their bonuses, how many are going to sue the FEDs for it, and if so, what exactly is their story???

you are a liar just like Obama!

Are all of you idiots serious? I am surprised that you monkeys even know how to use a computer to comment! Are you really blaming obama for this mess???? the last time I checked, that idiot (probably your friend) Bush was in office while all of this started going down. Did you forget that Bush was in the White House for the last 8 years? Obama inherited this circus from the head of your monkey tribe! Thank God for Obama - he actually uses common sense! (Imagine that!) And if we are lucky, he, just like Clinton, will clean up the mess the Republicans made!

And as for you Mr(Ms) "troubled american" - are you in touch with reality? "They have families and probably budgeted for these bonuses"..... What exactly was that budget? For a yacht or a trip around the world or a lavish shopping spree..... Come on, now. Get real. Are you one of the people that received a bonus??? You have to be!

Blame Bush. Yeah, go ahead... liberals are so fixated on this, every thing in the world is Bush's fault!

The bonuses were agreed upon because the people receiving them are going to be let go as part of downsizing. The democrats are playing this dog and pony show to divert your attention. PEOPLE!!! THIS IS CALLED SLIGHT OF HAND!!!

Ask yourself this question: What does this really matter? When you compare the two numbers $157,000,000 to $3,000,000,000,000. it equates to .0052% of the debt Obama has rung up in just 57 days in office. Do you see why the government is making such a big deal about this? So you, the taxpayer can't see the big picture. The entire subject is ludicrous and Senator Schumer is patronizing us. Getting it back by a 100% tax on it... sheesh... will someone wake me up from this nightmare!

Our GOVERNMENT IS OUT OF CONTROL!

Who is to blame for the AIG mess? Look in the mirror, cause it's the majority of us that voted for these baffoons.

That they would give 170 million of taxpayer money to a company that ran itself into the ground...without asking what the intended use of these funds is completely unaccaptable.

At a time when most of us have been forced to evaluate every dollar that comes out of our pocket....they are throwing billions of dollars, OUR dollars into the wind.

Kind of makes someone look like a real for having the audacity to say holding a conference in Las Vegas was wasteful.

I'm guessing when Obama was making 16k in Chicago, he questioned what his kids wanted $10 bucks for.

Too bad we are not seeing him give the same consideration to our funds.

Have these entitled pigs been identified by our media and interviewed? Fox news, Dr. Phil, Oprah, Rush, CNN, HLN, Where are you? I would love to hear their side of the story, and also to learn about their struggles, and how they have been effected by the financial crisis! I dare them to reveal themselves and face the jury~ the AMERICANS that are FED UP with their gross greed and the donkey government that rushed to their aid.

Crash and Burn!

GO CAT 973216 GO!!!!!!!!!!!!!Bush started this mess now Obama has to fix it........

Brian. It's called 'sleight of hand'.

The sad thing that everyone seems to be forgetting is that these people worked for 1$ for the entire year. They too have families, homes, mortgages, etc., etc. Does anyone think you can live on the east coast and survive on 1$.

And excuse me smb but Bush did not start this mess! Bill Clinton started it with his stupid idea that "everyone deserved to own his own home"--what BS! Ask any mortgage broker, banker, etc., and they will tell you that it started when they were ordered by the Feds under Clinton to make loans to people that didn't have good credit, didn't qualify for loans and didn't have an employment history that indicated that they would be able to pay off the loans. Clinton wanted to suck up to the minorities and this is what has happened as a result. Bush was the one that inherited Clinton's mess and when he tried to get congress to put new restrictions in place he was ignored -- not because he was wrong but because they wouldn't do anything a Republican suggested. Barney Frank was too busy doing his boy-friend at Fannie Mae so he wasn't up for doing anything about it either -- except to lie to the people that were buying Fannie Mae stock and then stand by and watch those people lose millions too.....but no one is talking about his responsibility in all of this are there---gee wonder if it's because he's a democrat? The federal government was created to protect us from foreign invasions----not to run our businesses for us and give the lazy people hand outs! People need to get off their asses and work for a living and stop whining. We are not a country of cowards we are a country of whiners!

Where is my bailout??? Where is my bonus for being a good honest tax paying american citizen?? I am tired of being screwed out of my money!!! Give me my money back!! I say let the companies fall. Stop giving the flippin' money to people and companies who throw it away or give it to themselves in the forms of bonuses!!!

Here's an idea take the money back and use it to reopen Gitmo as an executive re-education facility.

I am basically Democrat in my political leanings but I love what Sen. Grassley from Iowa had to say, that is, let the SOB's apologize and/or commit hari kari. To he-- with AIG. I competed against them in business many years ago ( I'm now retired) and they always operated on the fringe of unethical practices. They have not changed their philosopy.

'Scuse me, judy vest, but you seem to have forgotten a lot too...like how the government works. The president can't do what you have suggested Clinton did all by himself. Congress is the body that makes these laws, and let me remind you, since you appear to have conveniently forgotten this too, Clinton dealt with a Republican majority in Congress that carried through the first 6 years of the Bush administration. Personally, I think both parties are dens of thieves, and anyone who blindly supports either of them is an idiot. Just lay the blame at the proper doorstep.

This is an assanine opinion. We have these things in America called laws. Think of them like rules. If the company signed a contract agreeing to these terms, then they must abide by them.

So, according to you, we should deny them the money they are owed, and then spend the time and money to fight a lawsuit they are guaranteed to win.

Simple math, I know us Americans struggle here, but these bonuses constitute less than a percent of the overall package, right or wrong, they are getting the bonuses.

Quit acting like you know how to run a multi-billion dollar company, or the country and go back to watching TMZ reruns.

I agree! It is unconscionable to make these payments with borrowed taxpayer money. We the taxpayers are in the drivers' seat here. Just like when Reagan fired the air traffic controllers in 1981. He took a stand and was accused of union-busting. However, the union had put the government in a strangle hold and continued to tighten it. We, the people, need to take a stand and say no more! Get rid of these con artists who restructured our economy on a bunch of non-existent assets called derivatives just so they could fatten their personal wallets. They are criminals who should be imprisoned for violating the anti-racketeering laws. And, any monies they have received could be seized and returned to the U.S. taxpayers.

I agree with Paula. Fire them! Take their bonuses back! Why give bonuses to people who didn't earn them? Bonuses are a reward for good work. Was their putting their company in such a position good work? FIRE THEM!

If we are truly the owners by 80% as we have been told. Why can't we as shareholders, call an emergency Board Meeting and with the proper proxies presented. get rid of the Board and the CEO

This is America, what is wrong with these people. What are they going to do with all there money.. People are doing without food and health care here in America and no one cares. Children are going to school hunger, and no one cares. I wish I could not pay my taxes to these thefts. My family has worked and died for this country and no one cares. I care and I will vote them out of office. I wished the whole counrty of good working americans would too.

The problem was created by the GSE's. the Congressional mandate to Freddie Mac is to make homeownership available to citizens who would not be able to qualify for private sector loans without the assistance of govt. (make bad loans and sell them to Freddie Mac) That is what created an industry designed to profit exorbitantly from loan fraud (stated income, no doc, etl al. loans). what the lending instrustry, led my Lehman Bros, Bear Sterns, Morgans Stanley, Countrywide, Wells Fargo, ABN Amro and First Union Home Equity did was take advantage of the greed of the credit rating companies (Standard & Poor, Fitch, Moodys) and ;;;;bundle them into colateralized debt obligations for sale as securites and therefore, turn a finite problem into a monster with no earthly boundaries.

if we are 80% owners..... where the hell is MY bonus??!! oh thats right.... i should be thankful i can pay half my mortgage with my unemployement benifits... sorry kids roman noodles for dinner again!

Bonuses can be negotiated into contracts. New employees will negotiate bonuses and in this industry, they can be guaranteed for up to 2 years at 100% payouts. They can also be negotiated by employees who are threatening to leave a company. In this case, I suspect, the employees are critical players who have had it, have lots of money socked away, and have decided to get out. The executives are freaked out at the prospect of losing their key people at a critical time and the bonuses were a last ditch attempt to plug the holes in the dyke...

It is unfortunate that the details and the rationale for the bonus payouts haven't been shared so that we can understand it better. It's possible that the employees who are leaving could make the situation worse for those remaining.

I'm with Paula...Fire at Will...that's what my state believes in...I should know. I am waiting on my first unemployment check...

You can use my pink slip...

With the way this "deal" is working - If these Execs were fired there would probably be huge severance packages paid out!

These bonuses have already been paid.Now we have to find a way to get the money back.I say we start investigating EVERYONE IN THE COMPANY and anyone who even broke wind in the wrong direction we jail and seize everything they own for compensation to the victims

I would go a step further and say "Jail them". It's criminal what they're doing, treat it as such.

yes, typical Republican - blame government, not corporate america for the mess we're in. Everyone is to blame for the economic mess, both political parties AND greedy consumers. But to receive 'retention bonuses' after running your company into the worst corporate meltdown in history, accept my taxpayer money to save your butt, and then pay bonuses is wrong. I say fire everyone in those trading/financial depts at AIG immediately. Sue them to repay their 'bonus'. Aren't there a lot of out of work financial folks who can step in and work at AIG?

You do realize that it was the Bush administration that initialized this bailout, don't you???

Disbelief - I can't believe you actually belive that government caused/created this mess by "sticking their fingers into it". Are you an imbecile?

Lack of regulation and oversight of greedy, self interested, crooks in the capitalist market did this. Stop being lazy... Do some reading and stop listening to Repugnant-con radio and talking heads...

Of course, if you were being sarcastic, never mind.

Well susan, the government IS to blame. The entire economic mess we are in is based on the crash of the subprime market which dumped billions of bad debt on the financial institutions and the American people. This began in the 1970's with Jimmy Carter and the Community Redevelopment Act providing mortgages to low income people who could normally not qualify for a loan. Then in the 1990's Bill Clinton took it a step further and actually fining financial institutions for not giving these loans to people with no proof of income and no financial disclosures. Most of these loans were then bought by Fannie Mae and Freddie Mac that were "guaranteed" by the government and run by Clinton appointees and former Clinton staff members. George Bush tried multiple times to get stricter oversight on Fannie Mae and Freddie Mac but was blocked in each attempt mostly by Democrats but also Republicans. Even Barney Frank is seen giving testimony in response to President Bushes proposal for stricter oversight stating that everything was fine with Fannie Mae and Freddie Mac and nothing needed to be done.

Of course Barney Frank didn't bother thinking what a conflict of interest it was, and still is, for being one of the highest recipients of campaign contributions from Fannie Mae and Freddie Mac !!!!

Sorry, but I don't think you can blame this on Republicans. Nancy Pelosi and her group passed this money for AIG so swiftly they didn't bother to include any rules for the money. That's how they choose to operate now. Move fast so no one has time to think about what they're doing. It's absurd! They're supposed to work for us!

Susan-932012-  Do you know for a fact that all of the people that have received the bonuses ran the company into the ground?  Can you name anyone that works for AIG that got a bonus that was not deserved?  Truth is you don't.  I think you don't like people that make a lot of money.  If you want to talk about wasting the money of the taxpayers have you thought about turning your sights on Congress.  They just wasted billions on over 8,000 PORK projects.  Are you angry at them for that?  What about common people that waste taxpayer money.  Should we monitor that as well and take from them?  Your anger is totally misdirected.  It is Congress that daily wastes more money than AIG and everyone is not upset at that.  Why?  Before you say it, that is both Dems and Reps waste the money.  Bush spent money like a drunken sailor but Obama has taken it to new heights.

what is wrong with YOU? LACK of government is the cause!!!!

Go back and look. They got the money from Bush and Paulson in September during the first "BAILOUT". They should have been allowed to go backrupt then and see what the executives got. Maybe it's time to consider the fact that Bush and Paulson not putting "restraints" on these "gentlemen (and I use the term losely)" are the problm and they need to be held responsible.

1. take some economics classes

2. the democrats have been running congress since 2006

3. if the bailout was wrong the first time, making it five times bigger is making it five times worse

4. I involuntarily pay into Social Security and KNOW that I won't get anything back, at least with corporate retirement I will get back what the government doesn't take.

5. Congress is running our country into the ground and they get paid to make speeches, sell autobiographies, they give themselves raises and get everything for free.

6. If you don't like corporations, STOP BUYING WHAT YOU WANT AND LIVE OFF OF FOOD STAMPS AND WELFARE. If you don't like capitalism HAVE YOUR EMPLOYER PAY YOU WITH THEIR PRODUCT. If you don't have health insurance GO TO THE HEALTH DEPARTMENT.

7. NOTHING the government has ever run has worked as well as it has in the private sector. The government runs entirely on the profit made by the private sector, but the only product that the government provids that is worth the money paid for it the is security it provides in the form of local and national security. Would you purchase anything that the government provides?

Mike Look back yourself! Bush and Paulson recommended it all congress had to do was say NO. Anyone can recommend someting but when the house and Senate both pass the legislation to actually move the bill into law, they are accountable for the mess, the only ones who were smart were the congress people who said no fromt he start.

Also, give your thought practice, then Obama is held now to the stimulus he is doing regardless if it took congress to pass it?

People are right, government is the failure as they were the ones to say AIG was too big to fail. AIG never promoted this so they should have thought a bit more before reacting to a situation, they all need new mirrors to stare into each day to see the failure we have now!

Full disclosure: I own AIG Stock. Thanks Obama and all those in congress who keep whinning about the bonus payments. I bought AIG at .33 a share and now its up almost 200% Not bad. On topic. The feds failed big time in this one. If I am going to loan anyone money, I would want to know what contractual obligations that company had not only in the near future, but long term. It's called due diligence. We threw money at AIG Citibank BofA and a host of others without ever looking at the contracts and what nots. Frank, Dodd the whole dem and repub parties have NO ONE else to blame bu themselves for NOT verifing the information prior to the bail out.

As yes..Government - "Of the people, by the people..." - We voted 'em in - now we'll have to vote 'em out. It'll be amazing to see how many politicians retain their seats...

and, yes, I'm agreeing with Mike - even though I'm no fan of Obama, you DO realize that this bailout is the Bush administrations legacy, don't you?

No kidding.... And of course every step the President takes and fails will get put on the shoulders of the previous Presidency.... blame someone else and reward the Idiots and let the common wokers suffer....

The big problem is that they got rid of regulation and allow all of these institutions to do what they want. The US has become one greedy nation and they keep trying to cover everything up. Guess what, it's all snowballing everyone now. It seems as though the only one's that win are the insiders. That means the banks and all of the politicians.

I don't understand how the government keeps increasing their pay and budget up at the top. We have got to get Washington to be transparent. That doesn't mean to hide the information on a web-page that you can't find or you don't know where things are posted. This has got to stop!

Money is power. These greedheads know that. They know that the working class in this country has little in the way of defense if they want to continue to price gouge and extort money from the rest of us. The only possible avenue is to barrage your representative until he focuses on these issues. Until then, the more you make, they more they take....one way or the other.

Our government (last time I looked, we were one country), both Dems and GOP, have responsibility to bear and so do corporations and individuals. Yes, everyone is responsible for this mess. OUR government has been running huge deficits for decades, individuals have been ringing up debt to buy huge homes, boats, and SUV's, and corporations have been involved in too many shenanigans in the pursuit of revenues. We all knew it was troublesome. It was so bad, someone went to the trouble to erect the huge electronic sign that counts up the US$ of debt that we have been accumulating. In future, anytime you see an excessive number of fat Americans smoking cigars in giant SUV's, sell the markets short and you'll make a bundle!

In any case, during the Great Depression, our government ran up huge debts as well. Unfortunately, they acted too late and we experienced a prolonged period of agony. It wasn't until they injected a huge stimulus (twice our GDP at that time), to get into WWII, that we came out of the depression and generated enough tax $ to eventually pay down the debt.

Today OUR government is attempting to avoid a repeat of the 30's with stimulus injections that will generate economic activity. All of the hype and panic is mis-placed. Frankly, regardless of which party had power today, we would still be in this same spot attempting to spend our way out of this. If people could be a bit more patient, they would see things begin to improve over the next 6 months...

Talk about wrong-headed - it was the government getting OUT of the regulation business that brought this on.

Yes, that too... although, the government doesn't have enough resources to regulate everything. Just because there are laws, doesn't mean that people won't break them. Just look at our prisons.

Millenium- WOW you really impressed me. I have been so pissed off since I heard about these bounses being paid out, that all I wanted to do was blame Bush because I think he sucked as a president, which he did....... Sorry I had to say that, but you have to agree that he is just as greedy as the rest of them....But you are correct we are all to blame. I ran up my credit cards and bought stupid stuff I did not need. Now I am paying for it with 24% interset on top. I have lived paycheck to paycheck for years now. I think a lot of Americans live that way and it sucks big time. Now we are all paying for it. What you wrote was more intellagent than anything else I've read. Thanks for helping me let go of my anger.......

The usual Republican smoke & mirrors. The Democrats still can't be listed as being in control because everything they do the Party of NO,aka The Republicans,stalls or filibusters or runs a bunch of BS stories in the news to hinder the efforts of Obama and the Majority Leadership.The Democrats were ABSOLUTELY not in control in '06 because everything they tried to do was either stalled and filibustered in Congress or vetoed by Bush.

To Susan:

So the people who stole the money, and created these fictitious loan scams bare no responsibility? Are you high?

Why do you even speak? You show that you never graduated from high school by opening your mouth.

Ridiculous. A kin to saying Osama bin Laden had nothing to do with 9/11.

Keep the idiots out of these adult discussions please.

Excellent Idea Duck!!!!!!!!

If the bonuses have are been received, the pas a tax on bonuses of 100%, when the company loses money.

This is robbery!!!! Citizens arrest needs to be in order. All these corperate big wigs are getting away with it. Think about it, what happen's when robbers keep steeling? they get caught, then it's up to a judge what happens next.

Ah Hello???? is everyone in America asleep?

The 100% tax on these greedy B****** would help the cause. Why do these people get severance packages when they screw up and run a company into the ground. Of course, the high level execs always claim they didn't know what was going on!!! so why are they in the position then.

The private sector doesn't want the government to interfere with their business when they are making money...I guess so they can hide the profits..., but when things get bad who do they run to and whine like babies for a hand out. I think we need big brother government to keep the private sector in line.

The health insurance industry has been a golden egg for that industry too long. They make big $$$$$ on insuring the little guy and limit his coverage while 47 million cannot even afford health insurance. The premiums should be based on income and convert insurance co. to not-for profits.

I thought a bonuse was given for a job well done. These crooks should have to give up their house's, cars, and any other bobble they bought with investors money. Infact they should go to jail for stealing money. Be treated like a common bank robber.

The reality is that the lobbyists of the HMO industries make the most profit from government. Call your local tax office and find out what percentage your property taxes pay for blue ribbon health care for government workers. You should be so well benefitted.

Only if we can start with Bush, Cheney and Rumsfeld. This started with with that mother@!$%#er Reagan. I hope he's burning in hell right now. Then 12 years of the republicans that began when Clinton was in office. Cut the bull @!$%#- the Republicans have run this country in to the ground. And those of you who suffer SWB syndrom are too @!$%#ing stupid and bigoted to see it. Next on my hit list: Citibank and Merrill Lynch. I want ALL that mother@!$%#ing bonus money back from those greedy @!$%#s too!

Lets keep Guantanamo Bay open for these idiots, and save room for 3/4 of the Bush administration. They hurt this country worse than any terrorist ever did.

This money was given to AIG under the Bush administration even before Obama took office.

Good point!! Everyone wants to play the blame game!

Just can't wait to blame Obama for Bush's actions, can you? Come on...it wasn't all that long ago that Bush pushed this bank bailout through. You can't have forgotten the details so soon. Could you? For real?

Thanks Fireman84200. We always blame Obama for everything he is trying to fix. And I believe I read that this money was given by the Federal Reserve based on a regulation that was enacted in the 1930's. So if we want to blame someone, we might have to raze them from their graves.

Regardless, i say put the bonus babies in a parade down main street USA if they feel they can hold their heads up and proudly take their contractual bonus money. Let the taxpayers that paid this money have their say. See if they make it to the end of the first block without being stoned.

If Obama is trying to fix it, then why is he doing the same exact thing Bush did during his last few months in office? Bush was stupid for giving all that money away when he was president and so is Obama now that he's in office.

Thinker, I believe that this is money that was already promised to them when Bush was still in office. The bank bailout was set up in installments. I'm pretty sure I read that some where, if I find it, I'll post it.

People forget that it was the Bush Administration that got us into this mess!!!! OBAMA has been in office all of 55 days and haters expect miracles. Give the guy a break for crying out loud.

He put more restrictions on than Bush and Paulson. If you listen and or read companies are refusing the money from Obama because they do not want to answer for how they spend it.

if bush is to blame then it is up to obama to fix it right. NOT HAPPENING! Hes a bonehead OBAMANOS WE ALL FALL DOWN we are in for a crisis. I am not paying my taxes ever again. What is the government smoking?

While it is true that Bush pushed through the initial bailout, obama is the one that authorized the payments. BTW the Bush administration worked on the bailout with obama from the election onward to the inauguration. The problem is these bailouts are pushed through without anyone really knowing what is included and what the future affects will be.

It seems there is plenty of blame to go around. Banks played their roll by lending too much to people who couldn't afford it. People played their roll by banking on tomorrow. Over extending themselves, taking for granted that they would always have a job, not saving anything for a rainy day, and playing "Keeping up with Jones's". The "I want it all and I want it now" syndrome and everyone's since of entitlement has come home to roost. If the banks had acted responsibly, and people had acted responsibly, there would have been no reason for government to step in. The American Dream is about working hard, SAVING UP for that dream home, car or whatever. It is not supposed to be about who can one up the other guy the most. Living with your means, providing for your family and being hardworking and honest. Isn't that what people should be focused on? If not, what's the point? How does one look at himself in mirror every morning. It all beyond my comprehension.

Sure you have to blame Bush, but you're right, I don't blame Obama, just the idiots that voted him in....:)

For those of you who want to bash bushy baby you are forgetting a small point. Bush, nor Obama for that matter have or had control of the money. CONGRESS is the one who voted it in and CONGRESS is responsible for the fall out. AIG execs are idiots to think this would slide by, but for the love of money, THEY, CONGRESS and in particular FRANK and DODD should have investigated all aspects of the companies that they bailed out. They are the ones responsible for our money. Not Bush, Not Obama.

Full disclosure I own AIG stock.

We are all playing into the politicians hands. They want people to keep blaming each other instead of making them all accountable for their actions. We really shouldn't be fighting each other. It's not dems against reps. It should be right from wrong. We are all just making bigger fools out of ourselves for fighting each other.

Actually, since AIG bailout occurred in November 2008, Bush and Cheney last big money funneled to their corporate cronies, maybe Bush and Cheney should be the ones to pay for this mess. After all, this didn't happen in the past 2 months, did it Rebecca?

The reason that things haven't changed concerning AIG is that the same people who were in charge during the Bush administration are still in charge... only more so. Bush couldn't stop the congress and BO is in bed with them. The 'leader' in this whole mess is congress and the idiots whose only real ability is to get elected! They have no clue as to what the outcome of their votes will be and refuse to take responsibility for the disasters they cause.

more political name calling. obama just gave aig 31 more bill.

It was under Bush, but Bush was the president, not in the democratically controlled congress... I fail to see the relevance....

You're being generous. He'd have to have Alzheimers to have actually "forgotten" that. It's more devious than that - it's blaming others for the mistakes (and crimes) of a malevolent Republican administration. Stefan's only following the King Toad, Cheney's lead.

Amen, apparently Stefan1023 started watching the news in 2009 and totally omitted 2008 where this bailout mess started or he lives under a ROCK!

Wow do you even know who authorizes the budget? Bush was not a conservative and his type of Republicans are almost as bad as the Marxist we used to call Democrats. If you look back at the vote on the stimulus package (golden parachute for bankers) you'll find the one's opposing the plan were 100% conservative Republican. We need to lock up all Democrats and half of the Republicans and allow the few remaining patriots to run the country. Of course your probably one of the Kool Aid drinkers who will put politics ahead of country. May God help America and the citizens that are so ignorant of what made this once such a great country!

Say Darryl, don't be too quick to label others until you've read what Grandpappies Herbert Walker and Bush did to become wealthy. It was no different than the greedhead mentality on Wall Street.

Hey Darrell you're right. W wasn't a Democrat or a Republican. He was a mother@!$%#ing idiot. Now that the Republicans have turned our economy into 'Camp Runamuck", maybe NOW we can get some healthcare, some union representation and keep these executives in line. THIS TIME, I want to see people in Leavenworth. For a REALLY LONG TIME...

Great idea! Also, let's not release any more funds to our politicians for their insane spending. That, too, comes directly from our tax dollars. When our politicians learn to LEAD BY EXAMPLE, they will no longer be throwing stones from that glass house they live in!

The last item on any federal budget should be congressional pay, and they could split whatever is left after the budget is balanced without deficit spending. Their golden parachute 'retirement package' should be rescinded, since they were there to 'serve' and not rule. No one serving in an elected position should be allowed to run for an elected position, as they are being paid to serve... not to 'reup'.

This bail out money was given to refloat and SAVE the company and the jobs of Americans. If not used accordingly it is certainly a fraud and all money should be returned. It is a good idea to have it taxed at 100% plus penalties included...Lets see how many others are so quick to default the American People who trusted them!

The governmet or congress should excrutinize and approve how the bail out money is used. They needed to implement clear rules, ongoing reports of company progress to access to escalating amounts of the approved money as shown and proven worthy. Never a whole amount at one time! Stop this bail out, it is the only way bad corporate is going to behave ethically. Support new bussinesses with new, better vision and ideals! Reorganize American economy. Corporate bussiness need to recapture their American roots; they also have to respond to America's highest law of the land.

A contract is a legally binding agreement. If the Gov't is allowed to randomly decide which contracts can be upheld or overturned then no agreement between two parties will be binding....these contracts were in place prior to any bailouts...

I agree with your comment Jim. But they don't deserve the bonus. If a company loses over $60 BILLION dollars in a quarter, how can they justify paying out bonuses? If a company if borrowing billions and billions of dollars in a weak attempt to keep the company from going under, there is no justification for paying out bonuses. Those people should be grateful they even have a job and just take their salary and be satisfied they're getting that much.

If they are really retention bonuses, then just don't retain them. If they are not paid a retention bonus then they can just quit or better yet be fired.

Actually, if they really are "retention" bonuses. Perhaps, they should be the ones with all those high level college degrees and financial geniuses to fix the mess at AIG. That way, AIG can retain them and make them work for a change.

madinla--EXACTLY!!

Retention--Retention for what??? Let the bastards that made the decisions quit. I can just imagine how they will spin this experience into their resumes. How many job interviews do you think they will be called for??

Give me a break. Dont pay the bonuses to the people that made the decisions. I understand that there are many employees that are getting smaller thousand dollar bonuses but, there are 7 employees getting more than 3million. Who are these 7 people and why do they deserve $3M in bonuses after they needed billions in bailout??

Go ahead sue me -- cause me and the rest of the tax payers are your boss now!!!

What do the carmakers have to do with AIG?

mike-969211

I worked for an auto supplier and now because of the mess nobody is buying so now im laid off. That's what is about. We are all affected by this.

Love the name-calling -- very classy.

What is your basis for alleging that Senator Dodd "put in" the clause allowing bonuses for AIG employees?

Where do I start? First you want to condemn a person for using rhetoric to emphasize their point, and then you suggest they do the same thing. Everybody wants to blame, no one wants to fix this problem. Stocks are at an all-time low, and now is the perfect time to invest in those that have the cash flow and ability to weather the storm. BUY STOCK! If you have a job, and there is no talk of lay offs, go spend, that's what stimulates the economy. Having government give anyone these large lump sums is like deferring business that isn't being conducted by consumers. Once the money runs out, due to operational costs of operating the business, consumers had better be spending, or the government will be faced with repeating this process all over again. This problem startede with fear, and a reluctance to spend and invest; and it will only be fixed by reversing those sentiments.

The Senator was using rhetoric to suggest they conduct themselves according to ancient Japanese customs in which honor and shame are powerful motivators.

It's obvious that anyone who would accept a bonus under these conditions possesses neither.

crossed the line???!!! it's the first thing he's said that i agree with!!!!

I have removed my retirement account from under the auspices of AIG. I could not in all good conscience leave it there after the way they screwed and disrespected the American tax-payers. When they got the first installment of bailout money then went on vacation and were living it up resort style while too many people and families were falling through the cracks I began to make arrangements to disengage myself from them because AIG is the epitome of a national disgrace.

Have you ever had to file a claim with AIG? If so, how'd that go?

Actually my husband is in the middle of a large worker's comp claim with AIG. He was an overseas contractor and AIG handles the worker's comp. They've paid most of his bills up until recently amazingly they are now questioning some of his bills. HE HAD HIS LEG BLOWN OFF IN IRAQ. Now a fraud investagation unit is coming to my house to question why he's had to go to the doctor so much. We're not talking invisible injuries here. HIS LEG IS MISSING! Are these people serious??? I am an insurance agent and I have a contract with AIG, but I cannot in good faith place business with this company, which by the way for personal lines insurance, like for you car and your house, is now know as 21st Century Insurance. I'm sure you all have seem the commercials and advertising blitz they've been doing. Read the fine print! It's AIG. Bonus-shmonus. Let Mr. Liddy provide proof of the contract. And what closet are the recipients on the bonuses hiding in? I haven't heard any of them stepping up stating why they deserve that money. They're probably too scared to cash the check.

Betty, I had AIG for insurance, years ago. When it came time to file a claim, though, it wasn't pleasant - that's all I'll say. When the talk about a bail out first came out, I told friends that I wouldn't give those crooks a dime......

Linda, your story should be on a front page somewhere. Have you contacted some local newspapers, or even the NYT? You deserve to be heard. What you and your spouse are going through is truly outrageous.

Indeed. There should be term limitations on the house and the senate. 4 years max. This is the only way we would rid ourselves of the augean stable that exists within our government now.

New government, right. As long as the conservatives run the show. This will be the only salvation for America. Send the Nobama socialists back to Europe.

Brittany-968453, RIGHT-ON. I am so mad I could explode. The nerve, the gaul. Where are we going as a people. Time for a revolution?

You have got to be kidding! i might agree with you with conservatism in our finicial institutions but NEVER EVER in our social order. The CONSERVATIVES are evil in our social order.

I agree. why give more money to crooks that know how to beat the system. They will be in trouble again. let them go under. A lesson to be learned. President Obama is being blamed for more of Bush mess. Bush and Paulson knew what was going on. that's why they pressed to have the bailout money before Bush left office. How much of a bonus did they get?

Great American health care system, right? I agree with Kathleen54. Your husband is a poster child for why the present health care system is greed driven and denies the right to proper health care. Whatever happened to "life, liberty and the pursuit of happiness"?

Contracts can be broken. This is an unusual situation that calls for unusual resolutions. I don't know who gets the bonuses (the same ones that are running the company into the ground?), but if you're operating in a zero profit, how do you get bonuses? When I received bonuses, they were NOT an automatic 'given' ~ it was more a 'surprise' gift.

I'd like to know more about the contractual obligations. Doesn't it make sense that the bonuses would be tied to performance or profit margins? Either way, it doesn't sound like the receipents would be entitled to the bonuses. I'm sure I'm missing something here because this is pretty basic, but it doesn't sound right that a company would be obligated to pay out bonuses if they didn't have the money to do it. If the company hadn't received the bailout money, where would the money for the bonuses come from? Other companies that didn't receive a bailout, like the one I was just laid off from, didn't have the money to pay my salary, much less any bonuses. AIG should be held to the same accountability as other companies.

I agree that they are Contractual Obligations, but I also would like to see them come out in court and show their faces.

My bigger question is why on earth would a company be stupid enough to agree to a contractual bonus of this size that wasn't tied to performance? I say fire the idiots that agreed to this sort of contract in the first place. That is mismanagement of company funds of the highest level.

Contractual obligations don't hold up if the company goes under which AIG did. They not only don't get their bonuses but they lose their jobs. Someone messed up when Government gave them that bail out. It should have said bail out money cannot be used for bonuses until all of that money is paid back. No one really thought they would be stupid enough to give themselves bonuses.

It is your tax payer money that not only bailed them out and saved these execs their jobs but now your saying we should be paying them bonuses because it was a contractural obligation. Contracts are changed all the time. They just passed a law giving judges the power to void mortgage contracts. UAW are rewriting their contracts with the auto makers. You must be one of the execs who is getting a bonus.

These contractual obligations were set over a year ago, before all of the bailouts started and if they were based on performance or profit they would NOT be paid out!!!

Yes, contracts can be broken through the courts and as I mentioned this is a costly battle and even Geitner and Obama said AIGs hands are tied !!!

By the way, AIG has since changed CEOs since this contract was set, and he, along with the top 25 highest paid employees are receiving $1 for their annual salary for 2008 and 2009!!!

The UAW "had" contracts with the auto-makers, but Congress insisted that they be renegotiated and concession be made before any dollars were loaned.

Why are the contracted retention bonuses of Wall Street not held to the same standards? Who would really want to retain the same people that drove the company into nationalization - WTF!

And all the angry people in the village lit their torches, grabbed their pitchforks and went after the monster. Sounds like we should just turn this over to an angry lynch mob. I'm all for it. A contractual agreement is only as good as the company. AIG would be gone if not for taxpayer money. Let them sue "us" taxpayers.

It would be nice to know the terms of the contracts for the bonuses, though. Most have criteria and milestones that must be met in order to receive the bonus. With the collapse of the business it could be the case that AIG wouldn't be held to the contract terms, due to inability to meet the codiciles of the bonus contracts. It could be argued that the Executives had no control over the economic chaos that has ensued, but the fact would remain that the criteria were left unmatched. On the other hand, if they weren't performance based, then they really ought to call them something other than bonuses, because they really aren't at that point.

Sorry to say this, but anyone thinking that their complete compensation model for 2008 and 2009 will be $1 is not thinking well, and should probably go get checked out. I'm sure these "bonuses" are guaranteed to them as well. After all, they have a lifestyle to maintain.

I would like to see the contract, first.

Yes, they were contractually agreed on in April 2008. There may, however, have been some obligations that needed to be met by the executives as well. In other words...Bonuses will be paid IF......

Let them sue, AIG is broke afterall, how can people be so stupid. AG can pay their lawsuit with their own money!!!

Contracts should be considered null and void after recieving money from the government just to stay afloat. If not the bailout they would not even be working. This is what has happenned to our system over the last 8 years, a CEO 10 years ago made on avgerage 8x the average workers pay, now the average is over 20x. There is only so much money to go around. Blame the Unions like everyone else, even so most workers have had a reduction in pay, loss of a pension to get a 401k which now most companies don't match. This is if they are lucky enough to even still have a job. Within 5 years most companies will not offer health insurance for the almighty CEO. IMO what really started this downturn was the price of gas. When gas hit $5 a gallon, middle to lower class workers where put out to pasture. They had to make a choice continue buying gas to go to work or miss a house payment? Catch 22? Now throw in the raising cost of food to go with this, unless you were making over 100k a year, the family could not survive. The average worker only received a 25 cent year raise over the last 10 years, in 3 months of gas prices took all this and some.

I understand about the contract situation but I am in the Steel Industry and the major steel unions up here in the North are working with the big Steel Makers and their employees and are agreeing to break some of the contracts they have to help keep them afloat in this economy. All our major executives have taken a 6 to 10% cut in pay along with a lot of us having to cut our hours. We don't like it but its that or watch the steel industry crumble. I think that any of the Executives who took this bonus should be ashamed.

dthur,

You are correct, but how do you pay a bonus when you do not have any capital to do so. The money they have right now is not money earned, it was given to them by us. We as tax payers did not make the contract with these greedy s-o-b's.

dthur - AIG is not paying out bonuses from profits. They are paying out bonuses from our bail out money, which they are receiving to counteract the downfall they helped create and the people's livelihoods they helped destroy. Bonuses are given when certain performance targets are exceeded. Do you really feel AIG has been successful in this regard?

This reminds me of when the fat cats flew their jets to Washington with tin cups in their hands. They don't feel the pain and they don't get it. No accountability.

The instant AIG received our money, the poorly written contracts should have been torn up. Any future contracts (especially within any publicly owned corporation capable of ruining world commerce) need to be scrutinized by outside parties to ensure poor and even harmful performance is NOT rewarded.

Contractural obligations or not, AIG was "loaned" money. This wasn't earned money. There are ways of getting out of contracts. GM/Delphi was also given contracts for their retired salaried workers to have health insurance for the remainder of their lives and some screwball judge in New York overrode their contracts. Those employees worked and put many years of their lives in for a company that made promises. Look where it got them.

There have to be stipulations in the contracts that outline breeches. If these are retention bonuses or performance bonuses, fire those responsible for the losses.

If these are somehow deferred salaries, then pay them and fires those responsible. Then the IRS can deny AIG from deducting these salaries as justifiable expenses...

Well said.

These contracts were made in early 2008 "before" the company was in trouble. Bull! They knew they were in trouble and created these contracts to protect the executive pay system that contributed to this companies downfall. At this point the government should make all loans to this company due effective immediately and let them fail along with any other company that took bailout money and pays out bonuses before the tax payers are paid back in full!

Surely those contracts include language stipulating that bonuses will be based on performance. Certainly AIG's performance over the past year does not justify ANY bonuses. As for AIG management's contention that it isn't possible to retain the "best talent" without these huge bonuses, maybe it would be better for AIG to make a clean sweep and start over with an entirely new staff. Hard to see how new people could do any worse.

Fine, but the bonuses have already been paid. I say, we as shareholders of a corporation that we have been told own 80% of their assets. Have also some rights.
One of those rights as shareholders is to call an emergency Board Meeting. start collecting proxies via a website, and get rid of the Board and the CEO. That is doing more and talking less.

You have made a good point but the world today is different than it was a year ago.What would these employees recieve if the Government let AIG go bankrupt?????Nothing.The point i am stating is that the greed with these financial institutions will destroy the world.

you don't pay someone for failing, not bonuses..

TARP. Section 1, Short Title, emergency stabilization act, Economic Stabilization Act of 2008. Section 2. Purposes. Provides authority to the Treasury secretary to restore liquidity and stability to the US financial system and to ensure the economic well-being of Americans. Folks, there were no strings. Congress attached no strings to the $700 billion TARP money, zilch, zero, nada. They gave the Treasury secretary, in this case Geithner -- at this point it was Hank Paulson last fall -- total czar-like authority to do whatever he wanted with that money. I warned you, I warned all of you back then about the unintended consequences of this. You know what I want to know? Here we have an outrage of $165 million, one-tenth of 1% of all the bailout money, because it's going to people that work at AIG, and they're Democrats. The vast majority of all these people getting bailouts are wealthy, filthy-rich Democrats. Look, I'm not playing the class envy card. I'm not doing anything of the sort. I'm just telling you who these people are.

The people getting this bailout money, the companies are for the most part headed up by wealthy Democrats; they are huge contributors; they are donors to Democrat Party causes. I have to laugh at these headlines, there's just a fascinating story here in the New York Times today: "Bracing for a Bailout Backlash." Let me read this first paragraph to you. "The Obama administration is increasingly concerned about a populist backlash against banks and Wall Street, worried that anger at financial institutions could also end up being directed at Congress and the White House and could complicate President Obama’s agenda." Now, forgive me for pointing this out, but may I ask you to remember, who in hell has been trashing Wall Street every damn chance he gets when he stands in front of his teleprompter? It is none other than the president of the United States, Barack Obama. He's the guy who's been saying, "No more trips to Vegas, no more flights on the corporate jet, those days are over." He has been blaming Wall Street since the campaign. He has been dumping on Wall Street, he's been dumping on the US economy -- that is, until I left, then the teleprompter told him that it was all positive and rosy out there.

Anger at financial institutions could also end up being directed at Congress and the White House? This story in the New York Times is reported as if Washington's unrelated to this mess rather than central to it. Washington is central to the story. They're not innocent bystanders, and yet they get to be portrayed and they portray themselves as innocent bystanders. Who do you think wrote the TARP bill? Barney Frank, Chris Dodd, Nancy Pelosi. They wrote it. Did they put any accountability in it? No. Did they put any strings in it? No. They gave total authority to the Treasury secretary.

above from Rush Limbaugh's website

Contracts usually involve 2 entities: the contractor and the contractee. What stands between them are "Terms of Contractual Agreement". The contractor is under no obligation to lavish a bonus, if that's what they really are calling such extortion these days, if the contractee has not benefitted the contractor with visible proof of increased revenue. So, yes. This contract can be broken.

I say every AIG policy owner go to another company LET THIS COMPANY GO BANKRUPT AND FIZZLE AWAY. WE WILL SURVIVE!!! and all those execs loose their jobs and NOT EVEN COLLECT UNEMPLOYMENT. let them see how it is to job hunt and have to settle for little pay. HELL they prob. have enough money to retire and live on....

hell all these company CEO's should take not. how come these CEO's and Politicians cannot live on 100,000 a year??? I can live on way less than 30,000 and I have 2 kids and a wife with the typical mortgage and bills.

It was the Federal Reserve and Treasury that gave the additional $30 billion...

REALLY MARIO !!! What part of the country do YOU live in ??? I want to move there !!!! I have a mortgage, bills, one in college and one ready to go to college and there is NO WAY I couldn't live on less than $30,000 a year !!!!

Could you live on $1 a year for 2008 and 2009 ??? That's what AIG's CEO and top 25 highest paid employees are earning for 2008 and 2009 !!!

It's curious you mention people should leave AIG and go to another insurance company...it sounds like you work for one of AIG's competitors and are trying to taking advantage of a bad situation and steal business !!!

Sure, let AIG fail. It only affects thousands of employees. And policy holders. And, oh yeah, PENSION FUNDS. I'm sure that the retiress won't care about being wiped out. But if doesn't affect YOU, who cares right? A little thought, insight and compassion is in order here.

Mario, you are right. We all should be able to live with $100,000 a year quite nicely. However, human nature is such that you tend to live just slightly above the level in which you can do so comfortably. If this wasn't the case, there would be no credit card companies, loans would be easily available, and not run the high risk of default; and the housing market wouldn't have kept raising home prices (or at least setting conditions that are conducive to this happening), and loosening requirements that allowed those that could never afford the level of housing they were purchasing to do so in the first place.

Unfortunately, we are greedy little souls, and want more than our fair share, me included.

I should take that back, my wife is the only person I actually know that would still shop the discount rack at Wal-Mart, even if we had no debt, and were making $1,000,000 a month!

dthur,

Sounds like you are one of the ceo's.

Yes I could live on $1 a year if I new I was going to get millions in bonuses, that is why they agreed to the $1 a year. If I made millions a year I believe I could live several years without pay.

wfrizz...it is NOT human nature to over extend ourselves. It is stupidity and greed and not everyone chooses to live that way. Alot of us out there are living within our means, paying our bills on time, and actualy waiting until we can afford something before we buy it. We under stand the condition of loan terms BEFORE we sign. Ignorance is not an excuse for indulgence. And it is that MORE, MORE, MORE kind of attitude that has put this nation where it is. DUH!!!

Disbelief - STOP trolling! Your partisan hackery is not what's need in this thread. You're such a Ditto-head...

I'm sorry, I just can't help it.

Barney Frank would probably enjoy jail...not that there's anything wrong with that.

I'm going to hell, I know it...

I guess the "frizz" is what's left of any grey matter you ever had. jerk. Hell's too good for you.

It might get lonely....

Hell is empty because all the Devils are here on earth - W. Shakespeare

Its better to burn out than to fade away - Neil Young Kurt Cobain

I totally agree with you...

Every single one of these companies should go under.. even if it causes more recession in the country.. eventually we would come out of it and maybe then all the crap corruption in wall street would be put to rest.. I believe the country NEEDS to rid these companies once and for all "without" giving them a dime. Kudos to Obama for taking a stand.. not like the previous idiot we had in office....

I agree we shouldn't bail out these idiots. And just for the record the last congress that spent our money was Democratic and the new congress is Democratic..........hmmm. As far as Bush is concerned he always spent like a Socialist and now we have a true out from behind the curtain Socialist. Obama and all of Congress should be thrown out and let's start over. Maybe next time we should try following the Constitution does anybody remember what that is? Oh one last thing here the last balanced budget was under Bill Clinton and a Republican congress led by Newt that wouldn't let the liberal spend like a bunch of drunken sailors.

So you're giving Newt credit for the balanced budget under Clinton? Now that is precious.

That is true, Newt's contract w/ America was handily passed by Clinton, he voted on every issue of the contract except one(I think), reason being- when he came to power congress was controlled by dems and they said do it our way or else, Clinton refused and did it his way and voted w/ the republican congress after they came to power, if you recall what major issus were passed in Clinton's first 2 years? answer is nothing. Doesn't this sound like what the dem congress is doing to Obama?

Besides what dem president does away with social security? Are you seriously saying that was all Clinton? Same goes with NAFTA. In hind sight Clinton was on of the better Republican Presidents.