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(KNBC 4 Los Angeles)   Obama vows to block AIG bonuses   (nbclosangeles.com) divider line 633
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14080 clicks; posted to Main » on 16 Mar 2009 at 3:44 PM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2009-03-16 04:42:04 PM
img21.imageshack.us.
 
2009-03-16 04:42:23 PM
Dinki: I really hope you aren't implying that we couldn't fire these guys. Because if you are, you'd be very very wrong

Oh, right. There's the old "I don't care that you have an employment contract, I get to fire you if you insist on me complying with its terms" exception in labor law. I keep forgetting about that.

Look, the government made a decision that they didn't want AIG to go into bankruptcy, and I'm paying the price for that (along with some 60% of other American farkers). But what you get in bankruptcy, which you don't get otherwise, is the right to modify (certain) contracts. So I find it hugely ironic that the government would be crying foul about these contracts when, if it had just stayed the hell out of things, a bankruptcy court could have addressed them meaningfully. Which is all just rearranging Titanic's deckchairs, but WTF, apparently it's important enough for the Leader of the Free World to talk about at length.
 
2009-03-16 04:42:24 PM
lunchinlewis: excuse me, where do you see me saying that?

um...that's what obdicut has been talking about for the entire thread.

You joined halfway through when you started talking about whether an at-will employee has a contract.
 
2009-03-16 04:42:26 PM
NYZooMan: Socialism is all about rewarding failure.

Socialism also produces the highest standard of living.
 
2009-03-16 04:42:38 PM
thepatriotaxe.com

Mr. Christ quite busy today, likely to be busier tomorrow...
 
2009-03-16 04:42:38 PM
Yeah,it sounds like there are a lot of people who know, completely, what these contracts say.

What are the bonuses tied to (I assume there's a bit more than "you get a bonus if the company still exists at the end of the calendar year")? WHO is "guaranteed" a bonus? What "bonus" is guaranteed (ie: is it possible to reduce the bonus, basically to one pennye)? A lot of people are talking out of their asses, when there are pertinent questions to be asked.

All things considered, I like the idea of "if you don't refund every penny of bonuses paid since September, we're going to make sure you're all out of a job."

By the way, I guess I just completely misunderstood what a "bonus" was in the corporate world. I used to think it was an add-on that you'd be provided if a company (or you, personally) had a successful year, and there were no guarantees.
It sounds as if these "bonuses" are simply extra piles of cash that are given to these individuals just because they exist. If you ask me, that's not a "bonus."
 
2009-03-16 04:42:55 PM
Bhasayate: gallo caldo: PascalsGhost: Obama didn't bailout AIG. Bush did you stupid bastard.

Well, technically, Bush gave the first $85 billion to AIG, but the gov't got 80% of AIG stock in exchange. Bush then cleared $56 billion of bad (at least nominally) debt from AIG's books. Then Obama gave them another $30 billion, cash. So depends on your definition of bailout, but it looks to me like there's plenty o' blame to go around here.

the truthiness is VINDICATED!!!!


That Bush is resposnbile for the initial AIG bailout before Obama was even elected?
 
2009-03-16 04:43:34 PM
DaShredda: pixistick: Shut up and keep mopping Shredd

If there wasn't somebody picking fruit there wouldn't be space shuttles.

Think about it.

A Mexican picking tomatoes does more for me than someone building airplanes.


Unless, of course, you want to buy fruit in the winter, in which case it would have to be flown in from New Zealand.

/What about a Mexican building airplanes?
//Wait, why does he even have to be Mexican in the first place?
 
2009-03-16 04:43:47 PM
theknuckler_33: Bhasayate: i didn't remember and i just went on 'rant' mode for no good reason, because it seemed like the right thing to do

my post still has truthiness in it goshdurrnit!

/jk

Careful, 'rant' mode is right next to 'full retard'.


true, but on fark, i think being right to 'full retard' is fairly common, so it's all good
 
2009-03-16 04:43:59 PM
pixistick: topcon: The irony is 90 percent of the people posting in this thread probably aren't even worth $1,000, $10,000, or any positive amount of money, yet think they know what's best for the economy.

So only people who are worth money are intelligent?


Gen-Y shiatbag armchair politicians and economists don't know how to fix the economy better than the people currently in power, or the ones previously in power.

And yeah, I hate to break it to you, but everyone in charge of policy is not poor. Money does tend to scale with intelligence.

However, macroeconomics has little to do with intelligence. The brighest minds in the world in the field of economics don't know how to fix things, and didn't forecast a problem in the first place. No one really ever knows what is going to happen, or how to fix it when it does happen.

Least of all the blowhards on Fark. Don't take it personally, tramp.
 
2009-03-16 04:44:12 PM
The Icelander: Write a law: "Any bonuses received by employees at a company that receives TARP money are to be taxed at 100%."

The cut of your jib, I like.

/even though I got a bonus this year
//Fed forced my company to take the money
///company has already payed Fed back 1/2
 
2009-03-16 04:44:22 PM
img13.imageshack.us.
 
2009-03-16 04:45:04 PM
I read in the paper this morning that the US Govt owns about 80% of AIG. So if these bonuses are paid (which I agree doesn't pass the smell test), it'll just mean that it'll take a tiny bit longer for AIG to repay their government loan dollars.
 
2009-03-16 04:45:37 PM
PascalsGhost: Bhasayate: gallo caldo: PascalsGhost: Obama didn't bailout AIG. Bush did you stupid bastard.

Well, technically, Bush gave the first $85 billion to AIG, but the gov't got 80% of AIG stock in exchange. Bush then cleared $56 billion of bad (at least nominally) debt from AIG's books. Then Obama gave them another $30 billion, cash. So depends on your definition of bailout, but it looks to me like there's plenty o' blame to go around here.

the truthiness is VINDICATED!!!!

That Bush is resposnbile for the initial AIG bailout before Obama was even elected?


YES that and the extra $30 billion too
 
2009-03-16 04:45:38 PM
Nabb1: That's not it at all, but what's it to you, anyway?

Well, I make a point of reading your posts and Kapono's posts with regularity. And, I greatly enjoy watching you two talk about things with obdicut because there is usually a reasoned solution that comes about after an hour or two of semantic gameplaying from both sides.

I enjoy reading the posts from both sides and it's the third or fourth time I've seen you guys refer to him like that. I was just wondering why someone would start a conversation like that when, by and large, everybody is a reasonable person.

You and Kapono pride yourself on being above the general fray of a normal fark thread...but then you go and abandon it because you don't like obdicut?

It's just interesting to me, that's all.
 
2009-03-16 04:45:51 PM
Nabb1: Must have flown right over your head.

I'm just trying to get some clarification on the rules. You've told me in at least two threads that name calling is proof that one has no valid point to make. I'm wondering if this rule applies to you as well?
 
2009-03-16 04:46:07 PM
topcon: Gen-Y shiatbag armchair politicians and economists don't know how to fix the economy better than the people currently in power, or the ones previously in power.

And yeah, I hate to break it to you, but everyone in charge of policy is not poor. Money does tend to scale with intelligence.

However, macroeconomics has little to do with intelligence. The brighest minds in the world in the field of economics don't know how to fix things, and didn't forecast a problem in the first place. No one really ever knows what is going to happen, or how to fix it when it does happen.

Least of all the blowhards on Fark. Don't take it personally, tramp.


Do you have to be at the gym in 26 minutes or something?
 
2009-03-16 04:46:52 PM
theknuckler_33: Bhasayate: Obama is making some funny mistakes, if they weren't so seriously bad mistakes.

You can't make things up as you go at this level. Give a handout without conditions that specify how it is to be used, then this shiat is gonna happen.

Hmm, I seem to remember the AIG bailout taking place prior to the election.


Do you think these dumb @ss republicans and fark indi's care. They blame everything on him regardless of the fact this was Bush's deal.

Butthurt hypocrits and biggots they are.
 
2009-03-16 04:46:57 PM
Lt. Cheese Weasel: Kinda late with this bs. The farking horse is already out of the dam barn genius.

How hard can it be to have some safety and controls BEFORE they get the farking money????? DUH!



/Change is all you have left.


You'll have to ask the Administration that bailed them out, which is not the current Administration.
 
2009-03-16 04:47:23 PM
what is the downside of the president publicly making a statement like this? Worst case scenario is they get the bonuses anyway. Best case scenario...they're shamed into adjusting their plans.

I guess some people just like to whine about junk
 
2009-03-16 04:47:24 PM
img21.imageshack.us.
 
2009-03-16 04:47:29 PM
Ace Rothstein: [to the winner] All right, I'm gonna give you a choice. You can either have the money and the hammer or you can walk out of here. You can't have both. What do you want?


/anyone else thinking along the same lines?
 
2009-03-16 04:47:50 PM
bulldg4life: Nabb1: That's not it at all, but what's it to you, anyway?

Well, I make a point of reading your posts and Kapono's posts with regularity. And, I greatly enjoy watching you two talk about things with obdicut because there is usually a reasoned solution that comes about after an hour or two of semantic gameplaying from both sides.

I enjoy reading the posts from both sides and it's the third or fourth time I've seen you guys refer to him like that. I was just wondering why someone would start a conversation like that when, by and large, everybody is a reasonable person.

You and Kapono pride yourself on being above the general fray of a normal fark thread...but then you go and abandon it because you don't like obdicut?

It's just interesting to me, that's all.


I see. It just sort of stuck. A bit of a non sequitur. He said it doesn't bother him and when he said he had gone by it before I thought it was rather amusing. It's meant in good fun.
 
2009-03-16 04:48:24 PM
obzerver: theknuckler_33: Bhasayate: Obama is making some funny mistakes, if they weren't so seriously bad mistakes.

You can't make things up as you go at this level. Give a handout without conditions that specify how it is to be used, then this shiat is gonna happen.

Hmm, I seem to remember the AIG bailout taking place prior to the election.

Do you think these dumb @ss republicans and fark indi's care. They blame everything on him regardless of the fact this was Bush's deal.

Butthurt hypocrits and biggots they are.


/anacrchy!
 
2009-03-16 04:48:27 PM
bulldg4life: You and Kapono pride yourself on being above the general fray of a normal fark thread...

If anyone's interested, I can forward the series of angry messages Kapono sent to my personal email address when I reminded him of the time he tried to convince me John McCain is pro-choice.

Above the fray? Not so much.
 
2009-03-16 04:48:51 PM
mrtoadswildride: Ace Rothstein: [to the winner] All right, I'm gonna give you a choice. You can either have the money and the hammer or you can walk out of here. You can't have both. What do you want?


/anyone else thinking along the same lines?


great...now every Independent will whine that Casino is a love letter to socialism
 
2009-03-16 04:49:06 PM
If it takes $165M to retain their "best and brightest", I would be willing to let the worst and dimmest have a shot.
 
2009-03-16 04:49:23 PM
sloppy shoes: DON'T PAY THEM. Screw the contract. It is now void.

Anybody who complains- lock them up in Guantanamo and charge them with financial terrorism. Send a message to American financial service sector that they are now government property. Failure to comply will result in termination. Of life.

Do not tolerate this nonsense. Inform these fools that they are now in it for the long haul. That they will spend the good part of a decade working for pennies to help fix our system. That the punishment for failure that catastrophic is paid not in prison, not in bankruptcy, but compliance and servitude. When the government is forced to step in and fix your failures for the benefits of America, your petty grievances no longer matter.


Isn't most of the US all about at-will employment? Even if they have an employment contract with stiff penalties for the employer firing the employee there must be a clause for nonperformance. I mean they cannot be stupid enough to not have something like that... right?
/right?
 
2009-03-16 04:50:41 PM
The Why Not Guy: Nabb1: Must have flown right over your head.

I'm just trying to get some clarification on the rules. You've told me in at least two threads that name calling is proof that one has no valid point to make. I'm wondering if this rule applies to you as well?


Playfully calling someone "Clarabell" when they call you "Bozo" is quite a bit different than calling someone, say, an "irredeemable, ignorant, waste of oxygen" as an argument, don't you think?
 
2009-03-16 04:50:46 PM
img67.imageshack.us.
 
2009-03-16 04:51:06 PM
lunchinlewis: bulldg4life: That's his entire point. You guys were making the argument that having a contract nullified the idea of them being able to be fired at any point for any reason.

excuse me, where do you see me saying that?


I guess I'll restate my question in plain English and your words: Where did I post that having a contract nullified the idea of being fired at any point for any reason?
 
2009-03-16 04:51:08 PM
The Why Not Guy: bulldg4life: You and Kapono pride yourself on being above the general fray of a normal fark thread...

If anyone's interested, I can forward the series of angry messages Kapono sent to my personal email address when I reminded him of the time he tried to convince me John McCain is pro-choice.

Above the fray? Not so much.


sending personal email to farkers about fark postings and such is serious business

www.ratemyeverything.net
 
2009-03-16 04:51:23 PM
The Why Not Guy: Above the fray? Not so much.

You've got to remember...I'm probably setting the bar pretty low. I know of no one that posts regularly on this site that is capable of reasoned debate on a consistent basis, that's why I find moral superiority in debates to be a silly concept.

Excluding mutilato. He's just oddly reasoned at all times.
 
2009-03-16 04:51:46 PM
Nabb1: Ex post facto, Equal Protection Clause, just off the top of my head.

Apparently, that doesn't apply to tax increases. Clinton famously proposed and saw passed, a retroactive tax increase in 1993.
 
2009-03-16 04:52:24 PM
ignorance is running crazy in this thread.

/I hope every industry in life is run like my local post office or DMV
//by the Goberment
 
2009-03-16 04:52:50 PM
img1.fark.net tag for that?!?

he's the one who gave them our money. we need a [DOUCHEBAG] tag.
 
2009-03-16 04:53:07 PM
Tofu: Nabb1: Ex post facto, Equal Protection Clause, just off the top of my head.

Apparently, that doesn't apply to tax increases. Clinton famously proposed and saw passed, a retroactive tax increase in 1993.


I thought the "ex post facto" part was in haste, but if it just applied to these executives, I think you might have an Equal Protection problem, not to mention the Contracts Clause issue as it could be interpreted as a law that abrogates the law of contracts.
 
2009-03-16 04:53:24 PM
Rhetoric aside, you'd have to wonder if nationalizing these institutions isn't a good idea after all.

Leaving the rats who sunk the ship in charge doesn't seem to be a great idea. Giving them vast sums of money without oversight was a bad idea too, though you'd have to wonder if that wasn't a political poison pill by the outgoing Bush Administration.

In the short term, it sucks, in the long term, actions like this only help Obama out. By the end of the year, if corporations keep acting like this (and I'm sure they will), Obama will have to public support he needs to make vast and sweeping changes to the system.

The private sector haven't lost much of their hubris, despite where they've landed the economy.
 
2009-03-16 04:53:29 PM
sending personal email to farkers about fark postings and such is serious business

Not really. I can take it, and besides I thought it was kind of funny, actually. It just doesn't strike me as something someone who is "above the fray" would do.
 
2009-03-16 04:54:18 PM
Nabb1: Playfully calling someone "Clarabell" when they call you "Bozo" is quite a bit different than calling someone, say, an "irredeemable, ignorant, waste of oxygen" as an argument, don't you think?

I think he's referring to you calling obdicut "fluffy" for no apparent reason. But, I'm just guessing.lunchinlewis: Where did I post that having a contract nullified the idea of being fired at any point for any reason?

I'm sorry. Do you not like being part of the "you guys" reference?

Didn't know you were going to freak out about that part.

I grabbed the post that made obdicut's point and pointed out that he's been arguing against people denying that point for a few hours.
 
2009-03-16 04:54:31 PM
tgregory: [img1.fark.net image 54x11] tag for that?!?

he's the one who gave them our money. we need a [DOUCHEBAG] tag.


uh no Obama did not give them money.
 
2009-03-16 04:55:45 PM
Jormungandr: Isn't most of the US all about at-will employment? Even if they have an employment contract with stiff penalties for the employer firing the employee there must be a clause for nonperformance. I mean they cannot be stupid enough to not have something like that... right?
/right?



Yes - but that doesn't mean much of anything if the terms of your bonus were to accomplish X, Y, and Z. As long as you did, it's irrelevent what the other parts of the company did. Obviously, that changes somewhat as you go up the ladder (certain execs have contracts that stipulate that they get paid X no matter what), but in general, as long as their performed their subset of tasks adequately, they're owed the money.

The problem here is that the gov't didn't precondition the money (yes, that would be Bush) and as such, Obama's attempting to grandstand a bit on this issue. It's unsure why he's doing so, but my guess is that something like this can take the focus off of the pork-laden bill that he signed into law, his budget, the fact that he's not really doing anything differently in Iraq, etc. Gets folks rallied behind him about something that seems intuitively wrong until one actually thinks it through.
 
2009-03-16 04:56:27 PM
I don't remember which Sunday morning program it was... but there was one of the Obama Admin Officials talking about how 'getting out the pitchforks and guillotines' won't solve the problem..."

Oh yeah...? Let's give it a whirl.... and see.

When there's no real down-side to one's extreme bad behavior and greed --- I can see why these 'execs' are saying they are 'entitled' to the 'bonuses.' What do they have to lose? Their heads?

/ not likely...
// but I'd like to see some roll....
 
2009-03-16 04:57:26 PM
DaShredda: A Mexican picking tomatoes does more for me than someone building airplanes.

Damn, how many Mexicans do you own?
 
2009-03-16 04:57:27 PM
bulldg4life: Nabb1: Playfully calling someone "Clarabell" when they call you "Bozo" is quite a bit different than calling someone, say, an "irredeemable, ignorant, waste of oxygen" as an argument, don't you think?

I think he's referring to you calling obdicut "fluffy" for no apparent reason.


I don't know. It seemed odd to go back to some tangential comment from hours ago.

As for the "you guys" issue, if you lumped me in, I said it sounded like he had a contract with an at-will provision. I don't think the two are necessarily mutually exclusive.
 
2009-03-16 04:57:32 PM
Bulldg - or the names he's called me.

But again, I don't care. I can take it as well as I give it, and like anyone else I often behave poorly online. I can own that. I just want to hear Nabb say whether his "name calling equals you lose!" rule applies to him as well. The fact that he's dancing around an answer leads me to believe he doesn't think so.
 
2009-03-16 04:57:59 PM
Jormungandr: Isn't most of the US all about at-will employment? Even if they have an employment contract with stiff penalties for the employer firing the employee there must be a clause for nonperformance. I mean they cannot be stupid enough to not have something like that... right?

Actually no. They can be terminated for poor performance, but get all back pay and a nice severance package. Severance on wall street provided the company didn't go out of business can be over 1 year's pay + benefits.... so it's not really a painful parting. If you get a new job in

They should have required these banks to declare bankruptcy first so that they can get in line and go to court with everyone else. IIRC NY State treats bonuses like any other creditor. It's not separated out like payroll is.
 
2009-03-16 04:58:06 PM
If we don't pay for AIG's bonuses, well be paying for litigation once the company gets sued for breech of contract, then possibly the bonuses on top of that.
 
2009-03-16 04:58:08 PM
puffy999: Yeah,it sounds like there are a lot of people who know, completely, what these contracts say.

What are the bonuses tied to (I assume there's a bit more than "you get a bonus if the company still exists at the end of the calendar year")? WHO is "guaranteed" a bonus? What "bonus" is guaranteed (ie: is it possible to reduce the bonus, basically to one pennye)? A lot of people are talking out of their asses, when there are pertinent questions to be asked.

All things considered, I like the idea of "if you don't refund every penny of bonuses paid since September, we're going to make sure you're all out of a job."


I haven't seen the contracts, but Larry Summers, the former President of Harvard (whose Law School didn't see fit to admit the lowly likes of me, and therefore has at least SOME standards), was all over the press saying that the contracts were iron clad and even though it was horrible, they were going to have to pay the bonuses. So I assume someone who works for him has an assistant who has a lawyer on staff that actually read a representative sample of the contracts. So yes, we're well equipped to analyze the law here.

And the "at will" employment issue is a red herring, even if you assume that these guys just had "bonus contracts" that didn't address any other employment terms. Barney Frank has pretty much made out a prima facie case of retribution for anyone who (1) gets a bonus, and (2) then gets terminated.
 
2009-03-16 05:00:01 PM
Hmm, does the bonus have to be cash? Does it specify cash?

Maybe give them some worthless stock?
 
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