Tuesday, March 17, 2009

AIG Bonuses



So the President and Congress are pissed off that AIG is paying out bonuses using tax payer money. Definitely a bad call on AIG's part considering they are constantly in the media and political spotlight. But the real issue here is why do they have our tax dollars in the first place? Because first Bush bailed them out and then Obama followed suit. They are both idiots. You don't give money to a failing company...there is a reason that they ran out of their own money, because the company sucks. Same goes for the automakers, if they can't figure out how to become profitable companies then they either need to close their doors or reorganize under Chapter 11 with a new direction, as a new company, with new leadership. This of course all happening has Congress passes another pay increase for themselves in the middle of a recession. I don't know about you, but most of my friends are getting laid off, pay reductions, or have meager prospects for any hope of bonuses or pay increases this year. Congress is a bunch of jackasses.

10 comments:

  1. Perfect cartoon for the topic! The worst part of this entire thing is that in this “democracy” we can’t do anything about it but write our congressman. So in order for my voice to be heard first I have to write my congressman and then he has to actually get / read it and then decide to act upon my wishes...yeah right, good luck with that. So my next thought is that there has to be a massive amount of people that feel the same way to persuade our government to actually act upon what we want...well 9 out of 10 people that I talk to feel that AIG, GM and any other company that is asking to be bailed out should just go under and that the government should stop pouring money into the black hole that resides where those companies use to be, yet still this continues. At what point do the riots begin?
    I don’t even want to begin to talk about Congress giving themselves an increase in pay. That is just plain stupid.

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  2. But the question is have you written your senator and representative? No one gets to complain on this blog until they do. The ones that are doing a good job need to hear that we agree (both of our TX senators are doing awesome). The ones that suck like my US rep. need to hear that you disagree and that as their constituent you demand a change. Usually you will get a response from their office, whether your comment is good or bad.

    Below are the contact links to both of our senators and the bottom link will allow you to look up your US rep. by zip code. Mine is unfortunately Al Green.

    http://cornyn.senate.gov/public/index.cfm?FuseAction=Contact.ContactForm

    http://hutchison.senate.gov/contact.cfm

    https://writerep.house.gov/writerep/welcome.shtml

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  3. I am going to comment on both the AIG and We Surround them posts.
    I am becoming more and more disappointed with everyone in Washington. Although I didn't vote for Obama I was open minded and decided to give him a fair shot at making a difference. I listened to most of his speeches about "hope and change", etc. I, like most Americans I am sure, hope and want change in this country. I believe we are all tried and discouraged about where we are as a country right now. It isn't about who wants change....we all do....it comes down to how we are going to make this change. I do not agree with how Washington has and is continuing to handle this issue. I do not agree with spending more of our tax money on bailing out failing businesses and bad choices people have made. I am starting to feel that we are breeding a country of people who are not learning from their action or discussions, and no longer having to pay the consequences. Why? Because we continue to clean up the mess, continuing to make reasons or excuses of why it happened and why it isn’t there fault. Americans are beginning to think they are entitled to the “American dream”. That is not the case…..we have the opportunity to go out there and get the American dream.

    I agree with Jake….let me have the choice on how my money that I earned will be spent. I also agree with Justin’s statement that opportunity is not the same across the board, and I think that is definitely an issue. With that said, I would rather see our taxpayers money go to reforming welfare and our education, but for some reason our government feels AIG, GM, and other failing companies are in more need of the million upon millions of dollars.

    What upsets me to most on the AIG issues is this quote in a report I read. “The president's team ponders strict limits on the next installment.” What is there to ponder?! How about “They will no longer get the next installment”?! Once again, a slap on the wrist and we clean up the mess.

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  4. Yea, I am amazed how one company has managed to piss off every American. I tell you, if I an insurance by AIG...I would pull it on moral grounds. But this will at lest make you a little happier. Congress today, has interduced a bill that will tax 100% of bonus income from any company that takes bailout money from the government. They set the limit at bonuses over $100,000 (not sure why that high). I do agree with Jake, I like our Senators...I think they both have done great jobs and I pray that the rumors are correct and Hutchinson will run for Gov. and kick out the ass of Rick Perry. As for the Obama train, I will wait a year before I make any comments on his presidency...I personally feel it is too early to judge on any president that just took office. I don't blame the treasure for the AIG issues like a lot of Republicans are saying...its just the point and blame crap they are always doing. After all, I don't think anyone though "oh, I am sure a company about to go under will take our money and give it as bonuses"

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  5. Wait a whole year before commenting about a new president? I think as soon as someone steps into that position we should evaluate every action and decision they make...they should not get a one year free pass. I agree that you cannot judge their entire term this early but you can have an opinion about the decisions they make starting on Day 1.

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  6. Maybe I did not write that correctly. I meant, I wont judge how good of a President he is until a year after elected. I do how ever start judging his choices from day one as you said. I have never been in favor of the ball out plans for example that both Bush and Him have created. I can see however some points people make about bailing out GM, but I just disagree.

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  7. Kevin - to make sure I am understanding what the senate has said....they are only taxed 100% if their bonus is over $100,000? Also, why are anyone in a company that needs a bailout getting a bonus in the first place? Regards of the amount!

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  8. That is correct, why its set at a 100,000 I don't know. I guess because they are going after the high bonus earners, not sure. I agree, no company getting a bail out should be giving bonuses...so I guess this is how congress is going to keep that from happening. They can't legally bar a company from giving a bonus sense it was not in the original bill by Bush...but they can tax the heck out of it if it passes. So far several republicans have already said they will vote against it because the democrats should have thought about that in the first place...another example of why I hate both parties.

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  9. I agree Kevin. AIG took the money and so they should have to play by Uncle Sam's rules. If they don't want their every decision scrutizined by Congress and the President then they should give back the money.

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