Obama seeking ways to block AIG bonuses

Mar 16, 2009 Full story: www.msnbc.msn.com 1,090

President Barack Obama said Monday the government will try to block millions of dollars in bonuses for American International Group Inc. executives, calling the payments "an outrage to the taxpayers" who bailed out the giant insurer.

"In the last six months, AIG has received substantial sums from the U.S. Treasury. I've asked Secretary Geithner to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole," Obama said.

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“E.L.E. ... it's coming ...”

Since: Apr 07

Location hidden

#1 Mar 16, 2009
Unfortunately, if these are in legally binding contracts as they say (from EARLY 2008, who was in OFFICE THEN?) what can he do. Unless you GOP-ers want him to suspend the law (wouldn't that be socialism, gasp?).
Lee

Tulsa, OK

#2 Mar 16, 2009
Its pretty simple. We gave AIG millions. Stated simply, if they go through with the bonuses, we collect now. That means repayment of every penny to the federal government immediately. If that means AIG goes down, that is their choice. The IRS is very good at working out this kind of repayment plan. Put them to work doing something we need done for a change.

“It's about the American People”

Since: Jun 07

Flushing, NY

#3 Mar 16, 2009
The stealing of the American taxpayerís money in daylight by the worst executives in US history is not a coincident. It is another selfish interest of politicians and liberal unions and interest groups who has part in the AIG debacle and who cannot care less about hardworking American people money going to private pockets and then coming back in a circle back to finance the politicianís re-election. The corruption of our government and Congress exceeds any known record. Washington DC is worse than Sodom and Gomorrah.
Thomas

Vernon Hills, IL

#4 Mar 16, 2009
Did president Obama join the GOP?
It's the liberal socialist that want to force the termination of contractual obigation.
This is the equivelent to breaking up a union.
Obama should be ashamed of himself for suggesting this.

Now, none of us would be heartbroken if the executives who signed the contracts were terminated and those receiving bonuses were terminated also for gross incompetence.

We the people, own 80% of AIG, it's time for the shareholders to terminate the deadweight.
Iria wrote:
Unfortunately, if these are in legally binding contracts as they say (from EARLY 2008, who was in OFFICE THEN?) what can he do. Unless you GOP-ers want him to suspend the law (wouldn't that be socialism, gasp?).
LocalBoy

United States

#5 Mar 16, 2009
Its simple
First off the administration, both of them, knew these contracts were in place before the charity was handed out. They should have addressed these issues instead of using fear to push through legislation that was poorly written and left the citizens on the hook for bonuses.
Secondly, these contracts could be voluntarily dismissed if the bailout was contingent on no bonuses. That would have put the management of AIG on the hook, either they abolish their contracts or go broke and lose their jobs....seems simple.

This is all grandstanding by the federal government, they intervene and screw it up and blame themsleves for they write the laws.

Get used to trash like this - It is all predicatable effects of fascism, corporate controlled central government based on fear and security.....both lacking.

We go get a loan at the bank and they tell us, pay the bill that lowers your credit score or receieve no loans...it happens all the time. Why not tell AIG to clear their bonus contracts or suffer the fate of bankruptcy ?

Typical move a central government run amuck, out of control.

These people who run our federal government are idiots, plain and simple
LocalBoy

United States

#6 Mar 16, 2009
Makes you wonder if these bonuses are really hush money.

Does the federal government allow these bonuses to keep the management of AIG quiet as to what is really going on here ?

Have these executives of AIG been bought by the federal government so the taxpayers do ot find out AIG and the feds were in bed together the whole time....insuring credit default swaps that were toxic, insuring bonds that were sold to foreign nations and insuring their own pensions......makes you wonder.

Gab

“Surrounded by Libs.”

Since: Jun 07

Location hidden

#7 Mar 16, 2009
Let's put it in perspective,Iria.
As you stated the bonus's are contractual.
The Gop-ers,as you say,can't just suspend the law.
If the money is somehow blocked,which it will not be,it will be settled in the courts costing taxpayers hundreds of millions.
Don't get me wrong,165 million $ is a lot of money.
But in the scheme of things its chump change.
I still say it's wrong but were missing the bigger injustice.
AIG received 173 billion dollars.
They sent 93 billion dollars to Goldman Sachs and other European banks.
How is that not the bigger issue?
Shouldn't,at least,American tax payer money go to Americans and American companies?
Obama's rants are nothing more than lip service/damage control.
And Barney Frank should be tarred and feathered.
Frank,Pelosi,Dodd and Biden sponsored the TARP bill.
They knew AIG would get a hefty sum and knew about the bonus's on contract.
Yet they released the money with no restrictions how TARP money could be spent.
They did the same thing with the stimulus bill as well.
Plus they removed the e-verify from the bill.
Again,the money doesn't even have to go toward American interests.
cali-dontCareAbo utTypos

Palos Verdes Peninsula, CA

#8 Mar 16, 2009
Iria wrote:
Unfortunately, if these are in legally binding contracts as they say (from EARLY 2008, who was in OFFICE THEN?) what can he do. Unless you GOP-ers want him to suspend the law (wouldn't that be socialism, gasp?).
a democrat congress approved it and bush signed it.

it took a team effort on both parties,

crap its the only thing our govt can do bi partisan way is screw taxpayers.

quit thinking democrat vs gop, its stupid/ugly.

wake up smell the corruption and start viewing this the way sane people do. Not dems vs gop is americans vs greed.
Les Claypool

Denver, CO

#9 Mar 16, 2009
"Legally" the company should have folded.
tomyupw

United States

#10 Mar 16, 2009
One way to block these bonus payments may be for the Attorney General to put an injunction on any payments, until Mr. Cuomo's Office has fully investiagted the issue of possible fraud committed by AIG's officials.
JusticeShouldRul e

Crestview, FL

#11 Mar 16, 2009
Just don"t give them anymore money.Let them give out all the Bonus"s they want.
fed up with the mess

United States

#12 Mar 16, 2009
White lies and greed=AIG. White lies and greed in action.

“Truth to Power!”

Since: Apr 07

United States

#13 Mar 16, 2009
You would think this IDIOT Obama WOULD HAVE HAD THE FORESIGHT TO HAVE WRITTEN PROTECTIONS IN as a US Senator.

We all told you so...Moron in chief:-(
Still sane for now

North Olmsted, OH

#14 Mar 16, 2009
The "Ain't It Grand" executives have the law behind them. I doubt there's anything Obama can do except to threaten to cut off any more bailout money in the future.
But I doubt he'll be able to do even that because he would have to pick a fight with Bernanke. The Fed chief thinks very highly of AIG and is dead set on their survival.

“Truth to Power!”

Since: Apr 07

United States

#15 Mar 16, 2009
tomyupw wrote:
One way to block these bonus payments may be for the Attorney General to put an injunction on any payments, until Mr. Cuomo's Office has fully investiagted the issue of possible fraud committed by AIG's officials.
Stop falling for Obama's shell game.

They have no right to stop it.

The idiot should have written US Taxpayer Protections In while he was sitting in the majority party of the US Congress!

It's Obama's fault as much as idiot Pelosi & Reids that we're being raped. This was all easily preventable by people that had a clue...that excludes the 3 idiots mentioned above.

Since: Jan 07

Location hidden

#16 Mar 16, 2009
Iria wrote:
Unfortunately, if these are in legally binding contracts as they say (from EARLY 2008, who was in OFFICE THEN?) what can he do. Unless you GOP-ers want him to suspend the law (wouldn't that be socialism, gasp?).
who cares who was in office. a legally binding contract is a legally binding contract. what the hell does bush have to do with it? obama is the president but even he does not have the authority to override those contracts. unless of course he suspends law.... hmmm last i recall Obama was a Democrat, not a GOP. so why are you even remotely hinting at it being a GOP fault.

god damm people will reach for any fucking thing they can to pin on Bush.

Since: Jan 07

Location hidden

#17 Mar 16, 2009
cali-dontCareAboutTypos wrote:
<quoted text>
a democrat congress approved it and bush signed it.
it took a team effort on both parties,
crap its the only thing our govt can do bi partisan way is screw taxpayers.
quit thinking democrat vs gop, its stupid/ugly.
wake up smell the corruption and start viewing this the way sane people do. Not dems vs gop is americans vs greed.
didn't AIG get money from the latest stimulus? if so you cant pin shit on the GOP for that. it was presented by democrats, passed by democrats, signed by a democrat. the GOP's hands are free and clear of the latest stimulus bill.
Dick Johnson

Bethpage, NY

#19 Mar 16, 2009
Too bad Obama is not going after butterfly gardens, frisbee golf courses and pig-odor studies with equal enthusiasm.

“Truth to Power!”

Since: Apr 07

United States

#20 Mar 16, 2009
cali-dontCareAboutTypos wrote:
<quoted text>
a democrat congress approved it and bush signed it.

it took a team effort on both parties,
crap its the only thing our govt can do bi partisan way is screw taxpayers.

quit thinking democrat vs gop, its stupid/ugly.
wake up smell the corruption and start viewing this the way sane people do. Not dems vs gop is americans vs greed.
Agree.

These idiots somehow "forgot" about protection of US Taxpayer while writing the bill.

I wonder why?

The AIG employee bonus contracts will stand up to any legal scrutiny for that reason AND IF OBAMA HAS HIS IDIOT WAY, we'll be paying not only their bonus but their LEGAL FEE'S TOO!

Obama is an idiot.
Biwi

Houston, TX

#21 Mar 16, 2009
Does anyone here think that these politicians are serious about their outrage over AIG bonus. It is pretended outrage for public consumption. The fact is that the politicians are in league with the financial institutions to legally steal from the tax payers. Momies are then funneled into institutions that these politicians will then benefit from.
The entire plan is a systimatic destruction of the current commercial apparatus so that they can institute a new one to their benefit. How about a unification of South Central and North America with one currency?
Do you think I am joking?
Stay tuned....Wall Street is not finished rocking yet.

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