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

Wed Apr 1 19:17:17 EDT 2009

Skip the speach. ?It's like Ayn Rand thought we had somehow missed the point of the rest of the book.

-----Original Message-----
From: Richard Robbins <RERobbins at iTinker.net>
To: 'USML Announcements' <announce at usml.net>
Sent: Wed, 1 Apr 2009 5:30 pm
Subject: RE: [USML Announce] Socialized Risk, Privatized Profit: No Bonus For Me, Baby

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 ba
nks 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
o
f 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 w
as 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".

0

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.

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