Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Frank: Retention Bonuses Are Extortion
http://www.cbsnews.com/blogs/2009/03/22/politics/politicalhotsheet/entry4882484.shtml ^

Posted on 03/22/2009 1:42:24 PM PDT by kcvl

Congressman Barney Frank (D-Mass.) told CBS News’ Harry Smith on Face The Nation Sunday that the executive branch ought to use its leverage as a majority shareholder in AIG to sue the company for its wrongful use of retention bonuses.

Retention bonuses are to a great extent extortion, Frank argued. “I think there was an element, frankly, with some — not all of them — of almost extortion, where they said, 'We know what you need to know and we will quit if you don’t bribe us,'” Frank said.

He argued that there is a large pool of very talented people who have lost their jobs in the financial crisis and that AIG could replace the bonus recipients (some of whom are responsible for creating the firm's now-toxic assets) rather than bribe them with retention bonuses.

Frank said he did not agree at all with Chairman of Bank of America Kenneth Lewis’ assertion that the proposed taxation of bonuses for employees of companies receiving U.S. government bailout funds could “have the potential to damage the ability of the government to engineer a financial recovery.”

The congressman defended Treasury Secretary Timothy Geithner saying that he inherited an economic fiasco.

“I know some of my Republican colleagues believe in creationism in which the world started 4,004 years ago. But I don’t think any of them want us to believe that it started on January 20, 2009,” Frank joked, arguing that the initial loans to AIG (totaling more than $173 billion) came from the Bush administration “without any Congressional input.”


TOPICS: News/Current Events
KEYWORDS: 111th; aig; banking; barneyfrank
Navigation: use the links below to view more comments.
first previous 1-2021-4041-57 last
To: kcvl

Frank is a pain in the ass.


41 posted on 03/22/2009 2:45:42 PM PDT by maggief
[ Post Reply | Private Reply | To 1 | View Replies]

To: lady lawyer
What is wrong with the voters in Massachusetts?

Up here further north we call it Massholechusetts. Does this answer your question?

42 posted on 03/22/2009 2:45:53 PM PDT by sirchtruth (Gravity Of The Situation...)
[ Post Reply | Private Reply | To 13 | View Replies]

To: cripplecreek

Retention bonus are not extortion. When a company is in trouble and the are afraid that good employees will leave for other jobs because they will be offered a new job at a more stable company at the same or better pay (some times less in trade for the stability)they make an offer to the employee. If you stay for X period of time we will pay you your salary + Y (this can be done in increments). If the employee stays for the agree upon time they are paid the “bonus.” It’s a payment for risk. In Frank’s view the employees have to be forced to stay in their positions even if they want to leave. In his view apparently involuntary servitude is allowed. There is nothing the employee can be offered to stay longer and they also apparently can’t leave. You can tell he’s never been in the private sector. Well, except for the short time when his boyfriend was running the “escort service” out of Frank’s home. I’ll bet his boyfriend provided “escorts” for Barney’s friends and people who were lobbying him too.


43 posted on 03/22/2009 2:47:06 PM PDT by airedale ( XZ)
[ Post Reply | Private Reply | To 2 | View Replies]

To: kcvl

Leave it to liberal idiots not to know the difference between “extortion” and “incentive.”


44 posted on 03/22/2009 2:48:37 PM PDT by Future Snake Eater ("Get out of the boat and walk on the water with us!”--Sen. Joe Biden)
[ Post Reply | Private Reply | To 1 | View Replies]

To: kcvl

A real miracle would be seeing his fat, perverted posterior leveraged out of his seat!


45 posted on 03/22/2009 3:14:22 PM PDT by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
[ Post Reply | Private Reply | To 1 | View Replies]

To: kcvl

Don’t he have some bugs to chase?


46 posted on 03/22/2009 3:15:16 PM PDT by Uncle Meat
[ Post Reply | Private Reply | To 1 | View Replies]

To: kcvl

Extortion is what Frank does to us through taxation. Then he uses the money to buy votes for himself.


47 posted on 03/22/2009 3:17:25 PM PDT by popdonnelly (The biggest crimes in history were committed by governments. You've been warned.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: cripplecreek

Ha! Is it extortion when the Treasury Department and the Congress okays it? I’m just wondering, because the Democrat members of Congress never do anything wrong, supposedly.


48 posted on 03/22/2009 3:18:31 PM PDT by popdonnelly (The biggest crimes in history were committed by governments. You've been warned.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: exit82
No one is upset that...
Could you define "No one", 'cause I know a bunch of people who are livid about the things you mentioned...as well as some thing you didn't mention.
49 posted on 03/22/2009 3:21:19 PM PDT by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
[ Post Reply | Private Reply | To 37 | View Replies]

To: kcvl

Barney Frank:
Individual extortion - bad.
Organized extortion - good.

And he’s supposed to be the “brightest” Democrat in congress...


50 posted on 03/22/2009 3:30:31 PM PDT by DB
[ Post Reply | Private Reply | To 1 | View Replies]

To: kcvl
“I know some of my Republican colleagues believe in creationism in which the world started 4,004 years ago. But I don’t think any of them want us to believe that it started on January 20, 2009,” Frank joked, arguing that the initial loans to AIG (totaling more than $173 billion) came from the Bush administration “without any Congressional input.”

what a smarmy asshat.

hey bahney, how goes the nambla pimp trade? reporting all the 'income' and any uncompensated 'benefits'?

i think his home needs to be camped by a busload of irate people demanding he pay back their losses

51 posted on 03/22/2009 4:05:26 PM PDT by sten
[ Post Reply | Private Reply | To 1 | View Replies]

To: lady lawyer

“What is wrong with the voters in Mass.?” They support the Kennedy Clan as well as Bawney. Obvious answer: Voters in Mass. are largely morons due to inbreeding.


52 posted on 03/22/2009 4:16:02 PM PDT by pankot
[ Post Reply | Private Reply | To 13 | View Replies]

To: philman_36

It seems other than us here at FR and a relatively small percentage of the population, “no one” in general is upset at these things.

What makes it worse, is that the GOP has hole so wide in Obama’s armor that it could drive a fleet of trucks through, and other than Shelby and one or two others...silence.


53 posted on 03/22/2009 4:40:02 PM PDT by exit82 (The Obama Cabinet: There was more brainpower on Gilligan's Island.)
[ Post Reply | Private Reply | To 49 | View Replies]

To: kcvl; informavoracious; larose; RJR_fan; Prospero; Conservative Vermont Vet; ...
+

Freep-mail me to get on or off my pro-life and Catholic List:

Add me / Remove me

Please ping me to note-worthy Pro-Life or Catholic threads, or other threads of interest.

Obama Says A Baby Is A Punishment

Obama: “If they make a mistake, I don’t want them punished with a baby.”

54 posted on 03/22/2009 4:41:18 PM PDT by narses (http://www.theobamadisaster.com/)
[ Post Reply | Private Reply | To 1 | View Replies]

To: kcvl
Retention Bonuses Are Extortion

I just finished my taxes today. The IRS Code is extortion.

55 posted on 03/22/2009 4:45:23 PM PDT by Ditto
[ Post Reply | Private Reply | To 1 | View Replies]

To: cripplecreek

No Bawny...what you’re advocating IS extortion...that’s what putting a gun to a man’s head and relieving him of contractually derived earnings. My grand ancestors fought a war because of a king or two who could’nt keep their hands off of their subjects earnings. Sorry you regret signing the contract. As a taxpayer, I regret you signed the contract. But be grateful... contract law, if followed, will spare you from the king’s fate.


56 posted on 03/22/2009 7:20:17 PM PDT by mo
[ Post Reply | Private Reply | To 2 | View Replies]

To: exit82
That's par for the course and to be expected. Since so many folks get their news from the MSM you can't expect too much.
IMO the GOP is biding its time as the PTB figure the next election is still too far off.
Many will have forgotten what happened in another year.
57 posted on 03/23/2009 2:24:29 PM PDT by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
[ Post Reply | Private Reply | To 53 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-57 last

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson