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03-14-2009, 06:58 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 6,258
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A.I.G Bonus Round
A.I.G. to Pay $100 Million in Bonuses After Huge Bailout
Quote:
Despite being bailed out with more than $170 billion from the Treasury and Federal Reserve, the American International Group is preparing to pay about $100 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year.
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__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
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03-14-2009, 07:12 PM
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#2
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Moderator Emeritus
Join Date: Dec 2005
Posts: 10,125
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You have to retain the talent that got AIG there. Going to make for some interesting talk shows. I would be calling for Liddy's resignation.
__________________
Angels danced on the day that you were born.
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03-14-2009, 08:31 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,072
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You would think the government could stop this. That is flat out bs.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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03-15-2009, 07:30 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,434
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So the one's causing the problems are still employed
Anyone else sick and tired of idiots/crooks being considered the best and brightest in this nation?
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03-15-2009, 07:43 AM
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#5
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Recycles dryer sheets
Join Date: Jun 2008
Posts: 184
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I say we should not have given them a dime. Let the chips fall where they may. End of story.
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03-15-2009, 07:51 AM
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#6
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Recycles dryer sheets
Join Date: Nov 2005
Posts: 331
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What you guys are looking at, the screwup by the banks and AIG is probably the largest bankheist in history.
Taxpayer money, courtesy of our largest bank, Fed Res, is paying for the losses and bonuses of the follies of gamblers posing as professionals. It's the socialization of capitalism's losses.
What amazes me the most is that the American people are not massing around the Capital demanding heads and blood. Guess the numbness prevents them from doing so, or is the the overdosing on Bud.
Interesting little Republic we have here.
jug
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03-15-2009, 08:06 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,434
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jug, The American people still believe there are free lunches delivered from the rear end of politicians and business magnates.
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03-15-2009, 08:15 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 6,258
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The NYTimes editorial staff has some questions. (Well, wouldn't they?)
Following the A.I.G. Money
__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
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03-15-2009, 08:26 AM
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#9
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Recycles dryer sheets
Join Date: Nov 2005
Posts: 331
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Quote:
Originally Posted by Tadpole
jug, The American people still believe there are free lunches delivered from the rear end of politicians and business magnates.
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The American Sheeple are politically very unsophisticated, almost primative and naive in their belief that those in power and authority know what's best for you.
What's needed here is a healthy dose of skeptism and the intense questioning and scrutiny of authority figures.
Case in point, the bailout itself. No one in government has demonstrated to us that failure to bailout the banks and AIG would result in systematic failure. The sheeple simply accept it, and stew in their juices.
What the politicians and thieves in this country need is a good dose of genuine fear. This can only be brought about by the people taking to the streets in masses and demonstrating angrily. That is only a start, this thing is going to take years to shake out, and it may very well lead to civil unrest if things deteriorate more.
Just because the market picks up a few points here and there does not mean the massive debt being incurred borrowing all this money to cover the bets of idiots has gone away.
We are just too trusting, it's almost like an abused wife identifying with her abuser. Time to make Washington and Wall street shake in their boots a bit.
jug
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03-15-2009, 08:36 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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For someone who works in that industry today, just having a JOB is a bonus.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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03-15-2009, 03:11 PM
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#11
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Recycles dryer sheets
Join Date: Oct 2008
Posts: 295
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Well, the way I understand the AIG situation? It goes back to our Congress, droping many Banking Regs ( Barney Frank & The Dems) to Let More $ go to the Poor...( Subprime anyone?) and the Previous Administration Telling our SEC and other Agencies to keep hands off.. And There was Alot of 'Behind Closed Doors" deals going on in 04-07' to fund other Projects, we may not know about for decades.. Listed as Top Secret..
And don't you love it how Our Politicans THINK they are as smart or smarter than Big Business...? It was Big business Who Put them in office in the first place!.. Just for this reason... Wonder why Big business Doesn't want a Business Wise Politician...
Remember how the Insurance Co.'s Controlled Congress? They still do.....
and AIG? Guess who insures the Congressional pension program and Most of The rest of Goverment Workers..?
And You Wonder wonder why Mr. W. Buffet is in the Insurance business...?
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03-15-2009, 03:20 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Quote:
Originally Posted by ziggy29
For someone who works in that industry today, just having a JOB is a bonus.
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From my experience yours is a minority opinion. Most of the folks I know feel quite entitled to six, seven and even eight figure compensation and are quite beside themselves that anyone would dare question this.
Here's one for you . . .
http://www.bloomberg.com/apps/news?p...Gr4&refer=news
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03-15-2009, 03:40 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 6,258
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Quote:
Originally Posted by ziggy29
For someone who works in that industry today, just having a JOB is a bonus.
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That's what they think. Oh! I am sorry. I misread. I thought you said "deserves a bonus."
__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
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03-15-2009, 04:51 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 2,844
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Having just watched a clip of Treasury Secretary Paulson on Fox News on the 2 Trillion show, they asked how did you come up with the original 700 billion as the bailout? His response: "Well, I could sit here and tell you I thouht 5% of the GDP was necessary to stabalize the situation, but hte truth is we knew we had a big problem and I thought 700 billion was the largest amount I could get successfully through Congress.
__________________
But then what do I really know?
https://www.early-retirement.org/forums/f44/why-i-believe-we-are-about-to-embark-on-a-historic-bull-market-run-101268.html
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03-15-2009, 06:10 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,912
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Quote:
Originally Posted by Running_Man
"Well, I could sit here and tell you I thouht 5% of the GDP was necessary to stabalize the situation, but hte truth is we knew we had a big problem and I thought 700 billion was the largest amount I could get successfully through Congress.
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That's just about what I thought. I knew it wasn't any rational examination of the problem followed by a well thought-out solution. The only thing that's difficult to believe is that Paulson would be so honest. Of course, it could be even worse. He might have figured we would buy this 'stupid' answer while we wouldn't believe the 'actual' answer. Who knows?
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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03-15-2009, 07:16 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Quote:
Originally Posted by Hal3
On the bright side we have saved the wooden arrow manufacturers.
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Yup. Congress is made up of a bunch of a holes. But had that bill not passed, things would be a whole lot worse right now.
So on the bright side, we still have a functioning financial system.
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things would be a whole lot worse right now.
03-15-2009, 07:28 PM
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#18
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Recycles dryer sheets
Join Date: Jun 2008
Posts: 184
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things would be a whole lot worse right now.
Quote:
Originally Posted by . . . Yrs to Go
But had that bill not passed, things would be a whole lot worse right now.
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You may be right.
They would certainly be a lot worse for some people ... right now.
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03-15-2009, 09:50 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,765
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Quote:
Originally Posted by ziggy29
For someone who works in that industry today, just having a JOB is a bonus.
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There was an interesting blurb in last month's Forbes where an anonymous Wall Street trader defended the bonuses saying if he brought in $100M, why shouldn't he be entitled to a 1% bonus? I just saw a response in the new issue where a reader said they wouldn't have a problem with that as long as the trader put up a $25M bond of their own money up front so they could be penalized 5% when they lost $500M (since the loss hurt more than the gain helped). Otherwise just be satisfied with making $400K for playing with other people's money.
Sounds good to me.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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03-15-2009, 11:38 PM
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#20
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Thinks s/he gets paid by the post
Join Date: May 2007
Posts: 1,525
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The best idea I've heard is what Credit Suisse has done: ZURICH/NEW YORK, Dec 18 (Reuters) - Credit Suisse Group AG will pay senior executive bonuses with troublesome, illiquid assets, forcing employees to take on the risk that at least some of them put on the Swiss bank's books.
The new plan will cut the bank's risk exposure by linking most of its top executives' bonus payouts to some $5 billion in illiquid and often opaque assets, which have tumbled in value amid the credit crisis.
UPDATE 3-Credit Suisse execs get bonus in risky assets | Global Industries | Financial Services | Reuters
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