We need a Revolution!
Posted by Frugal on March 15th, 2009
All these guys should be all fired, sued for paying back all past bonuses and compensation, and jailed for financial frauds. Why do US politicians continue to allow such ludicrous events to occur? If there is any plausible explanation, I can only think of two:
1. Either the politicians are totally incompetent,
2. or they are totally “in bed” with these financial executives.
All these hundred of billions of dollars are paying out of our pockets of common people. If we don’t stand up and voice our concerns, one day all these financial executives will simply take all of the bonus money and flee away a bankrupt USA without getting any punishment.
Who are these “daring” outside counsel that “advised the company that it must go through with” the bonus arrangement? Even if it’s somewhat “legally binding”, let these guys sue US government. I really want to see who are so daring and shameless to want to come forward and sue for these totally undeserved bonus.
99 out of 100 workers don’t get ever any bonuses. But we are all working our butts off to pay some ridiculuous bonus to these executives.
Something is seriously wrong at the top decision makers. We need a revolution!
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March 15th, 2009 at 9:51 am
We had one – the Ron Paul Revolution. You seem to have missed it. This was exactly the kind of thing he was fighting against.
March 15th, 2009 at 6:42 pm
Yeah, but the R3VOLUTION is always looking for more “terrorists” (http://www.kansascity.com/news/breaking_news/story/1086524.html).
And #2 would be correct by the way…
March 15th, 2009 at 8:21 pm
I still can’t grasp why people who utterly failed at business are deserving of bonuses. If I fail at my job, I get Fired. As in removed from the premises. No bonus, no paycheck, no severance, nada. What a joke this is…. What ever happened the America we thought we knew?
March 15th, 2009 at 9:12 pm
I was at the Money Bombs for Ron Paul, and continue to support Ron Paul. It’s just sad that this revolution is not bigger.
March 16th, 2009 at 3:40 pm
OPEN YOUR EYES!!
There is already a revolution going on. It is called Government takeover of free enterprise. In a free market the AIG’s of the world would have had to answer to the market for their mis-management. Their managers would not be getting their bonuses – they would be out of their jobs. Then along comes the soothing hand of Government to “help”.
Do not blame AIG, blame BO and his socialist pigs. Sure, stiff business at every opportunity. Limit executive’s pay. Let Government tell companies what they can make, what they can charge, who they have to hire, who they cannot fire, re-write contracts, etc. That will kill the productive forces that made this country so great. All that will be left are the tax cheats, freeloaders, Kings & Queens of Government and subsidized everything. All for the common good.
Then you will have something real to revolt about. Then you can rally the masses to try to save our country from tyranny, not some stinking bonuses!
March 16th, 2009 at 4:36 pm
Frugal,
we can have a silent revolution by pulling all of our cash out of the banks and watching them fail from insolvency. we can also sell all of our shares in the stock market and watch it fail. transfer all of your funds in your 401K out of the market and into the safest investment. the fed would be forced to throw in the towel, they would all be insolvent and would not be able to do anything about it. have you seen the Cramer playbacks where he admits manipulating the markets, he should be going to jail along with the rest of them.
someone is probably going to go postal on Wall street, watch all the rats jump ship when it begins.
Steve
March 17th, 2009 at 8:05 pm
Why does government “allow” this? It’s simple, they cannot override contract law. When two parties sign a legally binding agreement, that agreement is sacrosanct. Even Obama and all his glory cannot and should not use his judgement to force through the breakup of contracts.
March 18th, 2009 at 4:12 pm
Eric,
You need to study up on “mortgage cram down”. Breaking of contracts is exactly what Obama and the nut jobs in congress are going to do. The free market as we know it is toast!
March 19th, 2009 at 8:27 am
While they can’t brak up the contracts, it looks like they’re hoping to tax them at a 90% rate… will be interesting to see if that passes.
March 21st, 2009 at 9:01 am
Obama and Timmy Turbo tax Geithner wrote this.
If you want to talk about contracts and enforcing contract law then you need to enforce penalties for fraud in contracts. Like liar loans, misrepresenting the ability to pay when doing a credit default swap, etc. Funny those contracts were broken no problem, why the change of heart now?
PUNISH THE GUILTY!
-Mike
March 26th, 2009 at 4:06 pm
What I find amazing is that people are knee-jerking to the “outrage”, when Liddy explained it quite clearly.
- AIG failed primarily because of the derivatives trading. This is not unique to AIG, it hit the entire industry.
- AIG has taken $165+ billion (BILLION) in taxpayer money to the point that the taxpayers now own 80% of AIG.
- Now that we’re in for 80%, do we want it to fail? NO!
- The derivatives traders in the section responsible for all the losses are being villified (rightly or wrongly), and have no desire to stick around AIG, and in fact AIG would want them to go under normal circumstances because of the hardship they caused.
- Having said that, they are the only ones who really know how to undo what they did.
- So I ask again, now that we own 80% of AIG, do we want it to fail? NO!
- Rather than let these guys leave, AIG is paying them a retention “bonus” (read: FEE) to stay on until their book is clean and they’ve gotten rid of their mess.
- I would much rather spend $165M on these people to clean up the mess than lose $165B in taxpayer money because they let the only people who could clean up the mess leave.
Hell, most could use the “bonus” to pay for security with all the threats they are getting from it. If anything, the public outcry will force their backs up at the wrong time and they’ll not only say the bonus isn’t worth sticking around for, and say screw you and leave anyway. THEN what is AIG going to do with $1.6T in derivatives on the books they have no idea how to unload?
We’re beyond the point of should AIG fail since we’re invested to the hilt in this company now. People need to take a reality check.
May 19th, 2009 at 4:20 pm
Mike has it correct. The original post on this subject is incredibly ignorant knee-jerk nonsense of the worst kind.