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

Brad Jansen bljansen at gmail.com
Wed Apr 1 17:43:41 EDT 2009


Wow. You finished Proust?

On 4/1/09, Richard Robbins <RERobbins at itinker.net> wrote:
>
>  Am I the only one re-reading Atlas Shrugged these days. . .
>
>
>  ------------------------------
>
> *From:* announce-bounces at usml.net [mailto:announce-bounces at usml.net] *On
> Behalf Of *Blocker, Mark B.
> *Sent:* Wednesday, April 01, 2009 11:04 AM
> *To:* USML Announcements
> *Subject:* RE: [USML Announce] Socialized Risk,Privatized Profit: No Bonus
> For Me, Baby
>
>
>
> Amen to the second paragraph of Kerber's e-mail.  The whole idea for years
> was to make mortgages available to people that who did not qualify for
> mortgages in the past.  When the system cratered, the people who offered the
> mortgages were blamed, and the people who could not afford them in the first
> place were portrayed as victims.  What sense does that make?
>
>
>  ------------------------------
>
> *From:* announce-bounces at usml.net [mailto:announce-bounces at usml.net] *On
> Behalf Of *springkerb at aol.com
> *Sent:* Wednesday, April 01, 2009 10:47 AM
> *To:* announce at usml.net
> *Subject:* Re: [USML Announce] Socialized Risk,Privatized Profit: No Bonus
> For Me, Baby
>
> 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 list
>
> announce at usml.net
>
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>
>
>  ------------------------------
>
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>  ------------------------------
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