Article

2010-02-04 Home Front: Politix

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Fred 2010-02-04 00:00|| || Front Page|| [3 views ] Top

#1 These are old grandfather contracts that have the legal force of law Such contracts are trumped by bankruptcy. They would have been voided had AIG gone under.

Posted by Anguper Hupomosing9418 2010-02-04 00:21|| 2010-02-04 00:21|| Front Page Top

#2 An excerpt from a history textbook, 2027: "...things were going from bad to worse during the czarist regime"...

Posted by twobyfour 2010-02-04 04:59|| 2010-02-04 04:59|| Front Page Top

#3 Obama should just issue an executive order nullifying those contracts. After all, he is the President (and above even the czars).
/sarcasm

Posted by Rambler in Virginia 2010-02-04 07:20|| 2010-02-04 07:20|| Front Page Top

#4 These are contractural obligations as I understand it, to not pay them would be breach of contract...outmaneuvered? Congress and President just handed out all that money without accountability or conditions. The theory was that even though the executives may or may not have been part of the problem they needed to stay in place as they were/are familiar with the system and needed to get it fixed. Does it look bad, sure, but this is what happens when negotiating without preconditions. If the grapes are sour, then maybe Congress/President should have taken an extra week or more to get the ducks lined up before signing a blank check.

Posted by swksvolFF 2010-02-04 10:57|| 2010-02-04 10:57|| Front Page Top

#5 You don't want them using government (our) money for bonuses? Don't give them government (our) money.

Posted by Ebbang Uluque6305 2010-02-04 12:31|| 2010-02-04 12:31|| Front Page Top

#6 The payments, confirmed by a source close to the matter, were part of a deal in which employees agreed to accept less than they were owed to in exchange for early payouts.

Just the other day Timothy Geithner called the AIG bonuses an "outrageous failure of policy." Ironic, isnt it, that it was Feinberg and Geithner himself who negotiated the terms. Lets be clear. The whole scheme was cooked to delay the publics outrage over the first bonus dough. Its also important to note that the agreement was that current AIG employees would accept 10 percent cutbacks to receive a bonus. And employees who already left the company must take 20 percent cuts. Just remember, when Obama feigns rightous indignation and calls for Bank fees to recoup taxpayer dollars it was his Treasury Department that cut this deal in the first place.

Posted by DepotGuy 2010-02-04 12:38|| 2010-02-04 12:38|| Front Page Top

#7 Legal. But wrong. Sort of like the tea tax etc. of 1773.

Posted by Glenmore 2010-02-04 22:10|| 2010-02-04 22:10|| Front Page Top

23:59 JosephMendiola
23:50 phil_b
23:48 JosephMendiola
23:30 ed
23:20 JosephMendiola
23:15 JosephMendiola
23:10 JosephMendiola
23:09 JosephMendiola
23:07 CrazyFool
23:05 JosephMendiola
23:03 JosephMendiola
22:40 OldSpook
22:39 Barbara Skolaut
22:37 OldSpook
22:34 Barbara Skolaut
22:23 Barbara Skolaut
22:21 Barbara Skolaut
22:10 Glenmore
22:10 gorb
21:59 tu3031
21:54 Frank G
21:52 Frank G
21:48 Glush Wittlesbach8127
21:44 Old Patriot