[USML Announce] Socialized Risk, Privatized Profit: No Bonus For Me, Baby
Bbuddhas at aol.com
Bbuddhas at aol.com
Wed Apr 1 18:32:48 EDT 2009
I'm starting to like this league!!
In a message dated 4/1/2009 11:06:22 A.M. Central Daylight Time,
mblocker at Sidley.com writes:
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_ (mailto:springkerb at aol.com)
<_springkerb at aol.com_ (mailto: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_ (mailto:Bbuddhas at aol.com)
To: _announce at usml.net_ (mailto: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_ (mailto:springkerb at aol.com) writes:
Republicans: Because at the end of the day, you know he's right.
Way right.
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