[USML Announce] Socialized Risk, Privatized Profit: No Bonus For Me, Baby

Wed Apr 1 11:11:45 EDT 2009

I have no problem taking shots at the gov't, but don't limit the criticism
to it promoting home ownership, please; let's not forget the gutting of
Glass-Steagall, the SEC asleep at the switch, and most of this nonsense
"regulated" by the OTS,  of all agencies.  I agree, screw 'em, but  for
those reasons, too.

As for the morons who bought houses with poor credit, well, I'm not quite
sure how many are getting bailed out by the federal gov't, but I do know
that when Goldman Sachs (average employee salary in '08: $350,000 plus) was
suddenly faced with prospect of losing $$ on unregulated (surprise)
insurance deals connected with its insane housing bets, the gov't was there
in a heartbeat.  Rich bankers bailing out rich bankers, using taxpayers'
credit card.
And are you seriously suggesting that AIG's problems and incredible losses
were caused by people with poor credit wanting to own a home?  Puh-leeze.

But I do think the AIG bonuses *are* amusing: they were needed to retain the
very "experts" who basically destroyed the company, at an average of $1.1
million  each in taxpayer-backed money.

Yeah, the joke's on us alright.

On 4/1/09, springkerb at aol.com <springkerb at aol.com> wrote:
>
> In the case of AIG, the bonuses in question were not for performance.  They
> were apparently/supposedly retention bonuses paid to people who were needed
> to manage the restructuing--although there are admittedly some questions
> about whether that was universally true, since some of the bonuses went to
> people who left the company.  In any case, the Treasury knew about
> it.  Eventually, word got out about the bonuses, and the Treasury suddenly
> was "shocked, shocked" to find that bonuses were being paid.  So now the
> government pretended it knew nothing about what was going on and forced AIG
> to break its promises and screw the people who stayed around in reliance on
> the bonuses.  Part of the fallout of this is that a couple of those key
> executives have left one of AIG's affiliates in France, and as direct
> fallout of their departure, AIG was recently in danger of defaulting on $234
> billion worth of derivat ive transactions as a result of a "change in
> control" provision.  (Don't know if that has worked itself out yet.)  If AIG
> does default, pulling back those guys' bonuses will be one of the
> stupidest moves in history.
>
> As for the "mess they created," what about the government itself?  We had
> about 15 straight years for which the official US government policy (on both
> sides of the aisle, by the way) was to promote cheap mortgages and home
> ownership for everyone.  Then the same sanctimonius bastards (sometimes
> known as congressmen) that pushed that policy get to hold a Salem witch
> trial for the executives of all the banks and investment firms
> that underwrote the cheap mortgages the government itself was promoting.
> Screw them, too.
>
> And what about all the morons that bought houses they couldn't afford,
> because they thought there was absolutely no way you could fail to make
> money hand over fist buying real estate.  They are now supposedly the
> victims.  Screw them, too.
>
> Hey, Bhudda, let's go out for a beer!
>
> Mark
>
>
> -----Original Message-----
> From: Brad Jansen <bljansen at gmail.com>
> To: USML Announcements <announce at usml.net>
> Sent: Wed, 1 Apr 2009 9:51 am
> Subject: [USML Announce] Socialized Risk, Privatized Profit: No Bonus For
> Me, Baby
>
>  Today's thoughts:
> Hey, if all those greedy SOBs at AIG have to worry about these days is
> other folks' "jealousy," they should be happier than pigs in shit.
>
> As a public sector employee, I don't get bonuses, but gee in the private
> sector aren't bonuses supposed to be based somewhat on performance. I mean,
> *good *performance?
>
> Mark, I appreciate your concern about gov't getting involved in managing a
> business, (especially since AIG Financial Products did such a great job
> managing itself), but as a fellow taxpayer watching our tax dollars
> subsidize a bottomless sinkhole created by some financial "geniuses" I for
> one am more troubled by the fact that I've become an involuntary shareholder
> in a business run by insiders now charged with the task of fixing the mess
> they created.  And I am watching my country's future "managed" by these
> self-dealing insiders who build nothing, create nothing and care about
> nothing except turning money into more money (and now are using mine as
> well).  Screw 'em.
>
> And, by the way, you're dead wrong about Morrow, too.
>
>
>
> Oh, April Fools. Just kidding. Really. Some of my best friends are hedge
> fund managers.
>
>
>
> On 4/1/09, springkerb at aol.com <springkerb at aol.com> wrote:
>>
>> You won't get much of a fight out of me on this one, Bhudda.  I'm OK in
>> principal with the gov't restricting bonuses, etc., when they are bailing
>> companies out, but if they do it too much they won't attract the talent
>> needed to make these companies viable again.  And, when the gov't starts
>> getting directly involved in managing a business, that business is as good
>> as dead with or without bailout money.  I'm generally more of a libertarian
>> than a true liberal.
>>
>> Mark
>>
>>
>> -----Original Message-----
>> From: Bbuddhas at aol.com
>> To: announce at usml.net
>> Sent: Wed, 1 Apr 2009 12:02 am
>> Subject: Re: [USML Announce] USML Today: Who's Up, Down and Holding Steady
>>
>>  no no   this socialism thing is really working well......i was wrong
>> Go get those AIG guys....and the TARP recipients too!!!!!!
>>
>> A Rasmussen poll (taken in these United States of America) said 30% think
>> the Federal Government should enact a law that caps athletes and
>> entertainers pay at $1 million........... 36% think executives pay should be
>> capped at $1 million....... that's what this country was built
>> on....jealousy.
>>
>> I think that Mickey Robinson's squeeze liked to quote Lincoln....try this
>> one
>>
>> *I don't believe in a law to prevent a man from g etting rich; it would
>> do more harm than good. So while we do not propose any war upon capital, we
>> do wish to allow the humblest man an equal chance to get rich with everybody
>> else.*
>> --March 6, 1860 Speech at New Haven, Connecticut
>>
>> OR
>>
>> "Property is the fruit of labor...property is desirable...is a positive
>> good in the world. That some should be rich shows that others may become
>> rich, and hence is just encouragement to industry and enterprise. Let not
>> him who is houseless pull down the house of another; but let him labor
>> diligently and build one for himself, thus by example assuring that his own
>> shall be safe from violence when built."
>> -- March 21, 1864 - Reply to New York Workingmen's Democratic Republican
>> Association".
>>
>>  In a message dated 3/31/2009 9:12:30 P.M. Central Daylight Time,
>> springkerb at aol.com writes:
>>
>>
>> *Republicans: *   Because at the end of the day, you know he's right.
>>
>>
>> Way right.
>>
>> announce mailing listannounce at usml.nethttp://lists.usml.net/mailman/listinfo/announce
>>
>>
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