Posted on 03/19/2009 12:10:57 PM PDT by ConservativeMind
While you're absolutely right, No bailouts would have been necessary if the SEC hadn't handed the fraudulent naked shorters the banking industry in the first place...Naked Short Fraud took down Bear Stearns and Lehman in today's Bloomberg.
Oops I take that back.
Whew!
I keep posting this and saying this too:
Republicans had crafted a piece of legislation that would have taken back 100% of these bonuses. They stated this several times during the course of debate today.
Be wary and Be careful where you place your expectations.
You have literally millions of people in this country reading the news today and, for now very real reasons, realizing that they may indeed have to act, rather than talk. It’s a very scary point in any countries history where action is the only reaction. Very good post, thank you.
I don't give a damn what that failure says on behalf of his good buddies. Were's the contract with the American taxpayer?
"When a business in purchased, that business assets and liabilities are assumed by the purchaser."
AIG is an unsuccessful business. It is a big failure and is so, because of the thoughts, decisions and actions of the clowns demanding the bonuses! They were rescued from bankruptcy by fed gov. What part of that don't you understand?
"Do you not understand the most fundamental principles of business law and practice? Really, this is business 101."
Business law? Here's contract law 101. The party with the greater assets wins the case. Fed Gov to the losers-sue me!
BTW. Conservative philosophy maintains that responsibility for one's acitons is required. That means you don't get cash bonuses for efforts that result in failure.
It most certainly is.
Paging Claire Wolfe .....
How about standing up for principle? What you advocate is the root cause of what we now have in Washington. When elected officials do what they feel is popular, not what they feel is right, it's the people that ultimately suffer.
Yes, I agree. My only additional question would be is "Who's going to have the guts to sue?"
Would you want to bring all that heat upon yourself by suing the Federal government for this "bonus" money in this political climate. It could be literal suicide as AIG is already receiving death threats.
If the sue, they win and it costs the US Taxpayer hundreds of millions more in legal fees. But that is a big "if".
According to Greenburg, it wasn't the contracts AIG held that were all bad rather they had too many contracts to cover when they were required to put up additional equity for the contracts due to the downgrade... all the Fed really needed to do was act as a backup guarantee to AIG on the contracts. Instead AIG received TARP and then funneled the money through to the chute to satisfy equity requirements -- many of which were foreign banks.
Where is the contract with the American Taxpayer...
AGAIN
The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary [of the Treasury] or the designee of the Secretary.
The amendment as modified by the conference committee was included in the final recovery bill passed by Congress and signed by President Obama.
Are you that slow?
Make no mistake about it.
I am skeptical of the Republican party.
I’m the one who constantly says if Republicans behave like Democrats, why do we need two parties?
I have hopes for Jim Jordan to at least uphold the Constitution.
I'm thinkin' yeah.
There's no bill of attainder, because the principles are not mentioned by name. The LAW, since you're grasping at LAW straws is that the bonus money paid for failure, because of the efforts of the WH through Dodd, will end up being returned to the treasury in a LAWFUL manner.
But they won't and can't.
They won't and can't for the same reason the Dems won't and can't.
They are GLOBALISTS. They are thinking internationally. Their primary interest and focus no longer on the well-being of America and the American citizen.
All of them in both parties are culpable of conspiring to ruin American citizens by allowing or encouraging off-shoring of our industrial capacity, importation of cheap foreign, non-citizen labor, kow-towing to the U.N. and “world opinion”.
America needs its industrial base and its jobs back. We need to start buying and using American made products. We need to re-assess all our trade agreements and only continue with those in which AMERICA and Americans benefit.
We need to stop supporting financially people who hate us, whether Saudi Wahhabists or Red Chinese Communists, with our export dollars.
But you will have a difficult time finding ANYONE in EITHER party who supports that thinking.
The facts are that these bonuses were set up in a department unrelated to the credit default swaps group that took AIG under. The people who were getting ready to leave when AIG went under were asked to stay in this other trading department to close out positions without losing money in the process....those that stayed and ‘saved AIG’s butt’ were given ‘retention contract payments’ that Congresscritters are calling bonuses. ie, after these good samaritans saved the world financial system from itself they are being attacked by a class envy strawman (not the facts). The ‘hanging mob’ is alive and well in Congress, hoping that the mob keeps it’s eye on AIG and doesn’t notice them.
I'm thinkin' yeah.
It's clear, he's that slow.
Find me a janitor that gets bonuses, or regular salaried employees with Bonus clauses in their contracts wise guy.
The bonus money did NOT pay for failure. My gawd, you are stupid collapsed in on itself! The bonus money paid people to PREVENT further failure...and those people were NOT the people that got AIG into trouble in the first place!
Those of you in favor of lynching AIG had better think seriously about that. In your zeal to "get 'em" , you may be shooting yourself in the foot.
Just another thought. Your employer, your kids' schools, your favorite mall and other commercial ventures may suddenly find themselves without insurance, and forced to suspend operations, when AIG goes. No one is big enough to take on all of AIG's risk in those markets.
Too bad the Republicans fall for populism over the rule of law. I’m no fan of the bonuses, but the fact is, they were allowed by the stimulus. To say the IRS can now seize them is VERY DANGEROUS.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.