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rofgile (98.99)

Tell AIG how you feel about them giving out bonuses.. then tell your congressmen.

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March 15, 2009 – Comments (7) | RELATED TICKERS: AIG , OMG

 Hi everyone here at CAPS.  We all are trying to work to become better investors and share our ideas.  I think many of us question the US govt. bailouts given to the banks and AIG.  I think even more of us would agree that it makes no sense for this money to be used for bonuses, compensations, and fancy trips for some guys who think they are too important to find new jobs.   

 I am a hard working individual, I doubt that I will ever be rich, I may never own a house, and I am just trying to save up enough to be able to retire, support kids one day, and be able to pay for major medical emergencies.

 I will most likely never see a bonus of $20,000 or 100,000, or 1,000,000 in my life.  Will you?

 I pay my taxes ever year... the people making these decisions on bailouts.. do they pay their taxes?  (Ahem, Geitner...) 

 We should start participating in these decisions.

 Contact AIG: Link here. 

 Contact Congress: Link here.

 

 This is your money, your government, and your market system.  You can sit back and let things fall as they will.. or you can get involved, make yourself heard.  I'm writing to both AIG and my congressmen today.  Why don't you all do the same?

 -Rof 

7 Comments – Post Your Own

#1) On March 15, 2009 at 12:35 PM, djkumquat (55.70) wrote:

oh, and here...

http://www.whitehouse.gov/contact/

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#2) On March 15, 2009 at 12:48 PM, rofgile (98.99) wrote:

Here is my letter I wrote to Spencer Bacchus, of Alabama:

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I'm am writing to you on this Sunday, March 15th, because I read that the A.I.G. corporation that has received hundreds of billions of dollars in government money is up to no good. This corporation previously has had posh conferences on government money, and now is continuing to give its executives and employees large bonuses. This is akin to robbing the poor to pay the rich. I may never see a $10,000 bonus in my life, yet my tax dollars are going to pay these and larger bonuses to executives who are already living the high life. And these people have dragged our economy, the world economy, our savings down the drain. These people took high risk gambles and lost. They are failures. If AIG is legally obligated to pay bonuses - I want you, my representative to pass a law to break those legal obligations for ANY corporation receiving bailout money. I want you, Spencer Bachus, to take action and put some of these people in jail. Our system is at risk. If there are no consequences for these misdeeds, it will fail from lack of trust. If taxpayer money is used to pay for bonuses and fancy trips - you will have spent more than $700 billion, you will have destroyed your trust from the people and helped bring down the US economic system. Spencer Bachus, I want you to go out and get your fellow Republicans to not just spout anti-bailout political statements. I want you and your fellow Republicans to go and become the party that brought accountability back the bailouts, and put some of the crooks behind this (Executives of AIG would be a great place to start) in jail. If you and your fellow Republicans don't act on this, and don't work to make changes in how this business is done (hint: general opposition to bills is not helpful) - you will have sunk your political party for a decade.  

Get up, get out there and bring in the regulation and consequences for AIG, now! 

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#3) On March 15, 2009 at 2:20 PM, BradAllenton (31.68) wrote:

Contact Congress: Link here.  <---- good luck with that. I'm pretty sure congress has proven that they don't give a rats butt about what you think. They also believe that they know better than you.

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#4) On March 15, 2009 at 2:48 PM, rofgile (98.99) wrote:

I targeted my email to my Republican congress-critters.  They usually just spout off some bullshit about Bailouts and Spending being bad.   I wish I had some Democratic representatives here in AL in the House/Senate - because the problem really is of regulation, and the Republicans really don't want to be regulating industry.   Get the Republicans to become the party of regulation and pro-business at the same time - and you'd have a decent political party.  Gotta find the balance between those two. 

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#5) On March 15, 2009 at 3:51 PM, eldemonio (98.81) wrote:

rof,

I am not saying that I disagree with you, but some of this bonus money must legally be paid out because of contractual obligations. 

As far as congress, I think Brad is right.  Congress will do whatever they want because they know that we won't do anything about it.

My bonus is just that, a bonus.  It is not guaranteed, and it depends on my performance.  If the company as a whole doesn't perform, we are all out of luck.  Last year my company lost money - which meant no bonus for me. 

I am still trying to negotiate that guaranteed bonus that will come whether or not my company or I perform well. 

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#6) On March 16, 2009 at 6:55 AM, Gemini846 (88.73) wrote:

I'm against bailouts, but I want to tell you what "legally obligated bonus" is in the broker/insurance industry. In sales we call it commission. Its not some middle manager or some fat cat sitting on a pile sucking the system dry (not that they haven't done this in the past). Its joe sales guy making money for his company pounding pavement who gets paid a Draw (minimal salary) and gets a commission. That commission is called a "Bonus" for whatever reason. Now whether or not you think that army of sales people gets paid too much the odds are they likely don't get paid a lot more than you. There's just a lot of  them so it ends up being a really large amount.

It is my opinion that CNBC and others are looking for someone to crucify and this "bonus" issue is so charged that its the spike.

Do I agree with bailouts? No. Do I think that executives should hang out at posh resorts while their company is crumbling from CDS obligations? No. Do I think that since the company is in receivership and 80% owned by the government that the panel in charge of restructuring knows what is going on with the federal money at this point? I would hope so. Just saying get all the facts. 165M in bonuses afterall is chump change. Its less than 0.05% of the bailout money they've taken.

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#7) On March 16, 2009 at 8:45 AM, rofgile (98.99) wrote:

Gemini846:  These were bonuses for the financial products division.  These were the people who sunk AIG.  Screw them!  If you made money on a commission for selling something that crashes your company - why should you still get a commission?

 There needs to be consequences. 

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