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No - They are sucking our blood.
They are suckers -- but they like hot blood.
They want Billions for running a company in such a bad shape.
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AIG continues to sink...and SUCK!
AIG is once again planning on awarding bonuses to the tune of $235 million of your dollars in what it AIG refers to "retention" bonuses.
But there's still the $235 million in retention bonuses owed to about 400 employees of AIG's Financial Products (FP) division that the company has to deal with. Public furor erupted in March when it was revealed that AIG had paid out $165 million of retention bonuses to those employees.
Now, when I received a bonus it was to award me for the exemplary work I had done and as an incentive to keep up the good work. And to keep me there.
Let them fall, fail, collaspe, hit the bread lines, shine shoes on the street, move from their $4.5 million dollar house to a paltry 5 bedroom for $2.4 million. In other words, **** em!
The medical center my wife works at has dumped AIG as their 401K and 403B vendor. It would have been nice to have done this awhile ago. But this medical center has over 20,000 employees. There has to be a selection process (RFP - Request for Proposal) and that has been accomplished.
At its low, my wife's accounts had lost nearly 55% to 60% of its value. For someone with 24 years at the same place, you can imagine what those figures must have looked like. The accounts are still not near the figures of the free fall and remain 25-30% down from a year ago.
Yes, many pension funds look like this.
But now there is an issue of retention bonuses. Retain those employees for what purpose?
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
No - They are sucking our blood.
They are suckers -- but they like hot blood.
They want Billions for running a company in such a bad shape.
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i agree Doc. let that b*tch sink without a trace
this bonus thing sickens me
I wonder...
Will AIG ever go under?
How long will it take?
How much more $ will it suck out from our pocket?
So much money has been sunk into them already. It is a laughing stock of a company - they are laughing at us.Originally Posted by copper
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
That's it? One of my 401Ks form when I worked at a grocery store is down close to 90% and my main one now has gone from about $25K to less than $10K. I'm glad I'm not at retirement age but my parents are and it's killing them. I wonder how long it will take my 401Ks to even start to recover.
I agree. Many Americans are in trouble financially (my wife hasn't had a job since June of last year). It's funny how if an individual has financial troubles it's because they were "irresponsible" and Uncle Sam will do very little to help but when large companies poorly manage themselves you see them flying to DC in their private jets to play poor in front of congress - and walk away with billions. I'm sure I could do a lot more to the economy with just $1 million than these companies do with billions.
They will continue to take money from us and our tax dollars until the government puts a halt to it - but since companies like AIG are HUGE political contributors, that's not likely going to happen.
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Please follow the rules or suffer the wrath of Thor's Hammer.
One of the biggest concerns over AIG is they are international with many brick and mortar banks.
So, if that's the concern - where are the contributions from the other countries?
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
More I read, more I think govt, fed, banks, wall st, they are all in this together
The company directors are working very hard to suck as much as possible out of the dying carcass before they let it go under. The latest scam is to have Kennith Feinberg, the government "pay czar" to take the heat for collecting their bonuses.
So far, AIG has taken 185 billion.
How much will they suck out of your pocket? As much as they can get of course.
They dont pay lobbyists and bankroll elections to put any money in your pocket.
And probably laughing at us.More I read, more I think govt, fed, banks, wall st, they are all in this together
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Funny, just this morning I was considering setting up a blog on stopthesh*t.com about this crap. Or maybe on stopthissh*t.. or stopthat.... But I agree wholeheartedly. All of these companies should have been allowed to fail, as well as GM, Chrysler, and so on.. They are robbing us, our kids & our grandkids blind. Insanity. Maybe it's time to study Chinese.
Assets to sell in the bankruptcy.
Correct.
Last edited by south; 07-14-2009 at 03:44 PM. Reason: Automerged Doublepost
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FYI.....These bonuses that you all ***** about isn't just for the big wigs but the small fry to. The company is obligated by contract to pay most of these bonuses. That's how they retain good employees. You need to separate the bonus money issue from the bailout money given to these companies.
What do you all not understand about that???
Heres what I dont understand about it. If a company goes broke, there is no money to pay bonuses. When other companies go bust, everyone gets screwed. Why should AIG employees be any different?
Where would they be getting their bonuses from if there was no bailout money?
Don, I understand ( and agree with you) on that. My whole problem is the bailouts themselves. They all should have been allowed to go under, just like any other mismanaged company. Only the strong survive. True capitalisim. Of course, it goes a lot deeper than that. I also feel freddie & fannie have been wasting our money for years as well, and have no use for a "quasi government agency" being in the banking business, or most other businesses for that matter. And so on..
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BD,
Read the link carefully.
How many people are earmarked to share in the $235 million.
Take that number of inept, counter productive, money draining nitwits and divide that number of do good "retention" people by $235 million.
Now, tell me what the average bonus is per individual.
And then try to convince me that all of those people TO A PERSON deserves this bonus.
And convince America that,
oh no no no no no...hold on. This is not bail out money being paid in the form of a bonus. This is money that they earned. Earned by virtue of staying on with the company when the company guaranteed their bonuses were good by the feds no matter how much ****ing money they lost.
Isn't this kind of like GM? When GM must declare bankruptcy then all of a sudden they can trim out 1100 dealerships? Am I missing something here??? The billions and bail out money went to what??? To keep those same 1100 dealerships that were not producing afloat???
Isn't this similar to what we are seeing with AIG??? Paying good money to bad positions?
And since when do you uphold a promise to pay someone a bonus to keep them when these same someones are capable of losing billions of dollars a quarter. All at a record pace.
And they want to keep them out of the hands of the competition? They do not want their competition to get a hold of these employees? That is what a retention bonus is. Someone who is a true asset to the company that they are irreplaceable.
I have news for you.
The whole damn structure from the top down needs to be replaces. Not because they are irreplaceable. But because they are irresponsible.
Last edited by Gerry; 07-14-2009 at 06:43 PM. Reason: Automerged Doublepost
"Just a lot of embarrassment, embarrassed to be part of group of domainers who would do this to their fellow man.",
Condemnation of Mobee boys and investors by our precious Mother Theresa of Domaindom
"The Contract" was never to get government money, so sticking to the letter of the contract means Bonus=$0.
There ARE no "good employees" at AIG, that's why they failed.
The bailout was to give them a shot at a turnaround, not keep doing the same thing with the same inept employees.
It's like a cruise ship is sinking, and the lifeguard rescues passengers in lifeboats and spends a few hours getting them back to safety. If you stand up in the middle of the liferaft at 5PM and DEMAND the Coast Guard serve you a lobster dinner because that's the contract you made, you're just an idiot. The 'deal' changes when your life is being saved.
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