AIG gets taxpayer bailout...BONUS?

[lvpets2002]

I too used to think that you were a jerk, but I can say that I view you in a different light now.

You are obviously a very intelligent man, rather opinionated, and definitely controversial. Does that mean that your views are wrong while others' are right? I personally don't think so. I don't necessarily agree with a great deal of what you you say, but I see no need to accuse you of trying to pick a fight or stir up trouble. You are entitled to your opinion, and to be able to state it without being attacked and accused, as is everyone else who posts here. The pendulum swings both ways also.

This is The Dog House - a place for not only controversial subjects, but controversial people as well. Slinging mud at each other accomplishes nothing more than more of the same.

I so aggrree.. Could we have a Ref please..

[Catty1]

I so aggrree.. Could we have a Ref please..

Orc?

[lvpets2002]

Orc?

Good One Candace.. Ok Orc is going to be the Ref here for now..

[pomtzu]

Good One Candace.. Ok Orc is going to be the Ref here for now..

I think it's a shame that we should need one in the first place! IMO of course.

[lvpets2002]

I think it's a shame that we should need one in the first place! IMO of course.

Yup I think children could DeBate better than this.. And just think we are the Adults here & to teach the children how to act.. MMmm whats wrong with this picture.. Like you said we need to read & see more deeper than the Cover of a Book or Person..

[moosmom]

Puckstop,

How about we agree to disagree. Fair?? Friends??

[pomtzu]

Ready for Round 2.........

[lvpets2002]

Ready for Round 2.........

Yup let the Mud Slinging Begin.. I see why this chick has shorts on..

[momoffuzzyfaces]

One of my issues with the situation is with the use of the word "bonus." If it is a contractual obligation (as has been represented) then it is not a bonus. The phrase "guaranteed bonus" is an oxymoron. It is not a bonus if it is guaranteed. A bonus is something extra - usually based on results or some unknown (at the time the potential bonus is established)outcome.

This imprecise use of the word "bonus" only further confuses the situation.

I agree. AIG knew it was in big trouble long before the rest of us heard about it. Why on earth would they write contracts guarenteeing big bonuses when they knew they were sinking? Can they not spell the word DUMB?

Of course, the Bush administration didn't help anything by giving them the first bailout with no restrictions.

[RICHARD]

I vote for Pay-per-view Seppuku!

I'd even buy front row tix for that one!

Of course, it would take a while to saw thru all the fat on them bees turds!

--------------------------

My satisfaction is knowing that they all had become accustomed to a lifestyle that should end real soon.

11 top level managers left AIG overnight. The list of 'goodies' that they made that were to be purchased with their BONUSES/MERIT RAISES is worth about 2 cents or the price of the paper it's written on.

What people do not understand is that they are all panicking trying to figure out how they are going to pay for the maids, kid's college tuition, town cars, vacations, gardeners and spa treatments.

Good, I hope they all find out what the 10 most popular Top Ramen flavors are.

----------------------

That's the scariest part about climbing that corporate ladder. Sometimes the people holding on to the base have had enough and go to lunch.

Hold on, it's a long way down.

----------------------


Add and "e" to Bonus and you get the answer to the bailouts.

[Puckstop31]

Puck, you seem to have all the answers. AND you are right! Why don't you go to DC and discuss your thoughts with the politicians? They might understand it better than the folks here.

I haven't enjoyed reading many of your comments because you come off as a Mr. Know-it-all. You are abrasive and brash and simply not a gentleman.

You cannot ram facts down people's throats and expect them to have fun with it. You take the fun out of debating. You insult people.

You need a new style Puck. It is getting old.

<sigh>

I clearly do not have all the answers. Also, I have said before that I enjoy posting here because most of the opinion differs from that of mine. I am here to LEARN things. But also on that note, I AM a political, history and news junkie. As such, I think I am up to speed on the current goings on. Also, I read a LOT of history books by a lot of authors. Its just my thing.

Yes, in the past I was way more abrasive than I should have been. I have, repeatedly, apologized for it and am trying to move on.

My last responce to you... What did I say that makes you think I am all the things you called me? I honestly want to know. I thought I was very civil. You made a good and well thought out post, offering your opinion. I replied to it with mine. It was not an attempt to insult you, or one up you.... It is debate/discussion.

Discussion might be more fun when you are talking to people with whom you agree, but that is not debate.

I think, perhaps, you need to give me a chance top prove to you all that I have changed a bit?

[Puckstop31]

Puckstop,

How about we agree to disagree. Fair?? Friends??

Fair Dinkum.

[sasvermont]

I found this on the internet and don't know how accurate it is or is not, but none the less, it makes me feel a tad better, knowing that this banking fiasco and financial meltdown was just about due!

A sample of great financial and economic crises since 1870:

2008-09

Global credit crisis arising from U.S. mortgage markets

1999 to 2002

Argentina economic and banking crisis; GDP fell 15% in two years

2001

Tech bubble bursts

1998

Russian ruble crisis

Collapse of Long Term Capital Management fund

Japan bank rescue

1997-98

Asian currency crisis

1995

Mexico peso crisis

World Bank bailout of Argentina's banks

1989-93

Finland's per capita GDP falls 12.4% in wake of Berlin Wall falling

1991

Japan real estate bubble bursts

Early 90s

Swedish banking crisis

1989-91

U.S. Savings and Loan debacle, rescue cost 5% of U.S. GDP

1944-47

U.S. per capita GDP contracts 16.5%

1939-45

Second World War

1929-33

Great Depression: U.S. per capita GDP drops 29%;

Canada's falls 34.8%

1918-21

U.S. financial panic; 11.8% drop in per capita GDP

1906-08

Failure of U.S. banking trusts, per capita GDP falls 10.5%

1914-18

First World War

1893-97

U.S. recession and banking failures

1873-78

U.S. recession and banking failures

1874-78

11.7% contraction in per capita GDP in Canada

- - -

[smokey the elder]

I see your point about economic booms & busts. I think some things make this one different (all this strictly my lay opinion):

1. I thought the option ARMs were so much rope a number of years ago (as in give someone enough, they'll hang themselves.)

2. Point #1 was exacerbated by greedy brokers writing fraudulent mortgage paper.

3. This fraudulent paper gets mixed in with perfectly legit, albeit risky, other subprime paper and gets sold to a hedge fund.

4. Said hedge fund is insured by AIG.

5. Housing prices crash, and ARMs reset, setting off the detonator!

6. Banks become super risk-averse, not lending. Credit enters an Ice Age.

7. The whole economy is dragged down by this mess.

Here's why I think the "bailouts" are the best of a bunch of lousy options: a. Very early data suggest that they may be working. b. This won't be the first time (S&L meltdown, anyone?) that the Fed has had to step in.

Maybe my crystal ball has a bog divot in it. But I think letting the economy "right itself" may take a lot longer (like Japan); but Americans do have a different temperament, and the oil shocks and recession have demonstrated that we can change our habits.

OK, I've rambled on WAY too long!

[RICHARD]

1998

Russian ruble crisis

Barney Rubble Crisis-BamBam and Pebbles caught playing doctor.