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#1 | |
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Bitter white Texan
![]() Join Date: Nov 2004
Location: in a hole building transmissions
Posts: 6,381
iTrader: (28)
Real Name: Mike
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AIG bonuses ..........
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#2 |
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You're gonna do what!?!
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How can people not know that this sort of thing was going to happen? It amazes me and then it doesn't about how naive that people can be. Unfortunately, because the mass public is a bunch of incompetent morons it will inevitably lead to the destruction of the nation. No matter how often people bring forward the truth about stuff like this, it will continue to happen. If we personally aren't the ones to pay for it, it will be our children or grandchildren.
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Daniel R.I.P. Walter Campbell Clarke Jr. 8/9/55 - 6/22/09 Walter Campbell Clarke III 8/7/79 - 1/14/03 2003 Ford Mustang SVT Cobra #420 2007 Ford F-150 FX4 2007 Suzuki GSXR 600 2009 Yamaha R-1 |
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#4 | |
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Back in the saddle again
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One of the crazy issues with this is the number of these executives that are outside the country or arent even with the company anymore!
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2007 Reflex Silver Wolfsburg Jetta - new hotness 1995 Canary Yellow GTS - Sold 12.81@106.2 w/1.80 60' Boltons/E303 + 3100 lbs + M&H 246 HP/ 290 TQ 12.57 @ 109.21 w/1.76 60' Boltons/GT40Ps/XE270 + 3240 lbs + 555Rs 295 HP / 321 TQ |
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#5 |
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LSS Regular
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Of the 165 million paid out in bonus $$,7 people recieved a million dollars in bonus money and one person recieved 3 million.What is his job?What does he do that warrants a 3 million $$ bonus!?The bonuses were paid out last Friday,its to late to do anything to try and stop the payout.I read and saw on the evening news last night that a few of the bonus recieptients have given back "part" of the bonus,but most everyone kept them.AIG has recieved more government help than any other company,GM is about to go tits up and the good folks @ AIG are cashing million $$ bonus checks.Even when taking a government handout,taxpayer money,our money,corporate america still find a way to put it in and snap it off.
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#6 |
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WHERE'S MY CHECK AT FOOL?????!!!!!!!!
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They wont let AID fail becuz they are the company that administers all of the fine folks in Washington's Retirement prog. for one thing and for another there are several people in mngmt at AIG with ties to Obama and others in the administration.
Our fine Prez took more than 150K from AIG board members in campaign contributions.
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#7 | ||
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Beer
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AIG is just an example of out of touch CEOs. Nothing new here. Everyone is just pissed because the government has stake in the company now. Too bad they aren't as angry at the fact that the GOVERNMENT has control right now....
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#8 | |
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what happened was????
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http://www.myspace.com/4650stanghttp://www.facebook.com/#!/?ref=home the only thing necessary for the triumph of evil is for good men to do nothing....Edmund Burke |
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#9 | |
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Back in the saddle again
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1 person 6.4 million + 6 @ 4 million+ 15 @ 2 million + 51 @ 1 million + 11 of these people who received retention bonuses were people no longer with the company :headscratch: Obama and the government Feel like they just gave a nice gesture of 10 bucks to a Bum that turned around and got in their Escalade parked around the corner. Now they have to figure out how to legally recoupe the money in a way that wont violate the constitution which prevents the government from unfair taxation such as the levies that britain placed on US 250 years ago. It is a sticky situation. They just cant tax one company's members. They have to figure out a way to tax all poorly performing companies that have bonused their Upper management. Which is ironic in the first place unless it is part of a contractual guranteed compensation which many CEOs VPs may have. Of the top of my head the only way to do it with out completely violating the constitution would create some luxory tax like the one placed on baseball teams. Again, this is shaky ground. |
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#10 |
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Beer
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Here is a good article on it: Stop this nonsense about AIG bonuses - Let them keep it.
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#12 |
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Back in the saddle again
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Such crazy ideas. People are so pissed that 160 million went out to bonuses. Thats like 50 cents for every american. When is the last time you dropped a dime or a hand full of change and didnt find all of it because it rolled under the coke machine?
It is like a witch hunt now. Even michael eisner of disney is getting scrutinized for his executive benefits that havent even been paid! stockholders are wanting a review of all their benefits. Especially noted was his golden Coffin provision that pays his family 4.6 million when he dies. Are you kidding me? 1. he is not dead or dying any time soon. 2. It is just a life insurance policy that the company makes probably 20k a year in premium payments too. Big deal! |
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#13 |
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simply here
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Zombie Company
1. A technically bankrupt company that is kept alive with large infusions of government money for the sake of "stability" in the U.S. financial system. 2. A large financial company with negative net worth that continues to operate, despite having no clear path to solvency. 3. The UnDead of Wall Street. "AIG is the premier example of a zombie company -- kept alive only by $120 billion in federal bailout money. Apparently, it's considered too large to fail." ![]() ..............
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#14 |
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Bitter white Texan
![]() Join Date: Nov 2004
Location: in a hole building transmissions
Posts: 6,381
iTrader: (28)
Real Name: Mike
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What pisses me off is that the government is the one screaming the loudest about these bonuses yet they are the ones that allowed it to begin with . The sorry SOB's have been in bed with AIG for some time now .
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#15 |
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You're gonna do what!?!
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This may be true, but what happens when nothing is done about this? Then another company sees, "hey it worked for them, why not do it ourselves?" Then the whole $800B is spent just on bonuses. And what will happen when the other $3.6 Trillion is given out by the government over then next 3 years? Personally I dont feel like paying money that I shouldn't have to pay to give some jackass in a high position a 6 million dollar bonus for doing his job.
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#16 | |
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Back in the saddle again
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So 800Billion couldnt possibly be spent on bonuses, not to mention its no where near 800 billion that is actually going to companies. It's science. |
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#17 |
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Bitter white Texan
![]() Join Date: Nov 2004
Location: in a hole building transmissions
Posts: 6,381
iTrader: (28)
Real Name: Mike
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None the less , its still rewarding people for producing shitty results . I understand contracts are contracts and they should be honored in most cases . In this case , I feel like any business that accepts bail out money should be looked at like a BK situation . All contracts and obligations should be reviewed by a judge to determine whether they stand or not .
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#18 |
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Back in the saddle again
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FYI the house is about to vote on whether to Tax exective bonuses of companies that received a certain $$ amount of bailout money.
This house of representatives, not house the Fox character, in case anyone is confused. |
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#19 | |
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Back in the saddle again
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Coughgmcough |
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#21 |
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LoneStarStangs Addict
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off topic...but if GM files for bankruptcy, will they still be required, or are they even required right now, to pay the money they received in the bailout back? if they don't have to pay it back, that would be pretty f'd up being that they were given the money and nobody even bothered to look into if they money would actually help them out. like when you apply for a loan, you won't get approved if you can't pay it back.
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2003 DSG Mach 1 - Pro 5.0 shifter, Magnapack catback, 31 spline Moser axles, 31 spline Ford Diff, FRPP 4.30s, and Diablo tuner Sold - 1992 LX 5.0 - TF HCI, other mods -280.6hp/325.5tq |
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#22 |
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Back in the saddle again
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Their CEO is on record the past few days as saying he doesnt think it is such a bad idea anymore. I think he sees the profits that can actually be made once they reorganize.
Think about all the improvements we could see in cheap american cars and the profits that can be made on the already profitable. |
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#23 | |
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Back in the saddle again
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Last edited by 95 GTS; 03-19-2009 at 01:33 PM. |
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#24 |
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LoneStarStangs Addict
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ok got it.
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#25 |
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Bitter white Texan
![]() Join Date: Nov 2004
Location: in a hole building transmissions
Posts: 6,381
iTrader: (28)
Real Name: Mike
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We would still have the unions to deal with . If Bush or a republican was in office , chances are they would have already filed . Obama made a lot of promises to the unions and in return they voted for him .
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#26 | |
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You're gonna do what!?!
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#28 | |
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This is my Baaaaaby!
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What I find amazing about all of this is that they (the Executives who are receiving the bonuses) are being given bonuses of something like 3x their salary [something I've never received in my life!!!] and that even after they have ridden the company into the ground - they are still receiving a BONUS!
What skewed logic...
How can they justify that their scale of bonuses are so different from the Rest Of the Real World?
__________________
================= 1996 GT Vert 1968 "Vanilla" Coupe ================= "Some mornings it just doesn't seem worth it to gnaw through the leather straps." - Emo Phillips Quote:
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#29 | |
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Back in the saddle again
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No that is pretty normal in the larger cap corporate world of assistant VPs, CEOs, etc etc.
there is salary and what is referred to as guranteed compensation. Then beyond that if they do very well they would have a very large bonus, sometimes 20x salary. For examples, Costco's ceo and the big 3 CEOs. Quote:
I remember when the big 3 were at their hearing, one of the CEOs agreed to cut his salary from 1million plus to 1 dollar. This didnt matter at all to me because his total compensation for the year prior was 26 million. The difference is, Costcos CEo is taking the majority of his compensation in stock options as opposed to a bonus. Read that article. He refused a 200k bonus when he felt he had caused an error in the ESPP. Despite all of this, It doesnt make sense to Bonus cash when your company has done poorly. Bonus in stock options so the Members have incentive to make the company powerful again. |
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#30 |
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LoneStarStangs Addict
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Absolutely true, Obama administration put the plan together for the bail out for AIG and they all signed it and it stipulated bonuses in the contract for the bail out. Why are they mad, they signed it. They didn't even read the whole document.
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#31 |
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Beer
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No one reads bills. That's why we have the patriot act.
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#33 |
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Beer
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