73 AIG Bonuses over a Million Bucks each ?

18 03 2009

Absurd. This is the first article I have ever commented on that I made a judgement in the first word. But there it is. For Federal Regulators to allow these complex and incredibly dangerous financial hustles was bad, really bad. To bail the perpetrators out is still undecided… it may have been a mistake or it may have been prudent. We will not know for a few years. But to allow 165 million dollars in guaranteed bonuses while AIG is the largest single recipient of bailout funding is 100% ABSURD.

aig-baby

Adding insult to injury, the AIG spokesman told reporters that they were not going to release the names of the millionaires because they would be targets for violence. That’s interesting. I wonder who was going to go after them? Taxpayers? Getting more absurd by the minute there are almost 10 execs getting more than 4 million a piece for last years hard work. And 22 execs are getting more than 2 million a piece.

When I was an Officer at a number of Wall Street financial firms we were members of a “bonus pool”. That is to say if the company was profitable, we all got a bonus, and our bosses divided up the bonus pool based on individual performance. For the US Government to allow a guaranteed bonus system to prevail knowing well that AIG was going to get the biggest bailout of them all is beyond reason. To say these people are necessary to unwind their complicated financial schemes is also totally absurd. Like they are the only rats that know where the cheese is hidden?





Is Bernie Madoff Continuing to Live in Luxury Absurd?

6 03 2009

A 50 billion dollar ponzi scheme. There are so many issues that can be considered ABSURD that it boggles the mind.

  • It’s absurd his company was able to get away with this for so many years.
  • It’s absurd that the US Justice system would allow Bernie to continue to live in his life of luxury after being caught.
  • It’s absurd that Bernie’s attorney has a possible conflict of interest but has continued to represent the alleged criminal.
  • It’s absurd Bernie has only been charged with a single crime so far.
  • It’s absurd that Bernie filed to protect over 50 million dollars in personal assets he got as part of his crimes.

the-ponze

This will continue to be a case that will test the nation’s resolve into what seems like an absurd and almost bizarre miscarriage of justice. Can we change the law to protect financial victims better and prosecute perps better?





Are Executive Bonuses in Bailed Out Companies Absurd?

30 01 2009

Many of the companies that received funds during the first wave of bailouts paid billions and billions of dollars in executive compensation. I think that is ABSURD. In any company being bailed out, I think the board and executive management should loose their absurd compensation. Thy should get reasonable compensation. But the underlying problem of course is that the laws are too loose and the managers of these companies acted freely to line their pockets with case and bilk investors with no fear of prison or loss of their windfalls. When a company is publically held I believe the board should be held to higher standards of accountability for their success or failure. In addition, there is obviously way too much collusion and not enough independant review of corporate books.

biden21





Are the Lawyers Quitting the Blagojevich Impeachment Trial Absurd?

26 01 2009

Blag’s lawyers quit the impeachment proceedings citing they were not given enought time to present their case and they did not have subpoena power to call their own witnesses. Also mentioned was they were concerned that “due process” law had not been followed.

I find this ABSURD. This is not a criminal trial, it is an impeachment proceeding in the Illinois Senate. As such it is not subject to criminal court practices.

Governor Blagojevich was caught red handed apparently trying to sell the vacant Senate seat illegally, and eventually he will face criminal prosecution for the crime. Sure he might turn the tables on the prosecution but what the nation saw on TV was shocking. Blag uses vulgar language incessantly and it’s a true indication of his base character. He will receive due process but that is going to be in his criminal trial – this has nothing to do with the impeachment hearing on the State of Illinois Senate floor.

congress-photo-blagojevich





Is Huffington Post SO Political that it’s ABSURD?

16 10 2008

Some would say “overwhelmingly YES, the Huffington Post is so incredibly biased and political that it’s purely ABSURD”. But personally, I feel like the Huffington Post is the Enquirer of the Internet. It’s the “supermarket rag” of the internet.

First I have to say I am neither for nor against either Presidential Candidate in terms of this argument, but they are advertising for one candidate and twisting the truth to and manipulating stats to smear the other candidate.

But their blog tried to make it look like they are objective reporters rather than satirests providing humorous social criticism. I get a good laugh sometimes – other times I am angered looking at their pranks that appeal to less aware observers.





Was the first bailout ABSURD?

30 09 2008
An American version of London cartoon that den...

Image via Wikipedia

How can American tax payers be so stupid that they are willing to sign a blank check to the same Robber Barron’s that caused the financial disaster in the first place? The answer is they are NOT THAT STUPID. The Senators were willing to sign immediately… Hey their friends are set to loose lots of money. Friends and campaign supporters that is. The Congress killed the first bailout plan and I am proud of them for doing so. That was becasue too many taxpayers said NO BLANK CHECKS for this garbage. I want executives to go to jail to do hard time. I don’t want to shell out a penny before I know someone is going to jail.

Bravo Congress for holding back on teh first Bailout !!! The first bailout with it’s blank check and 3 page vague details was TOTALLY ABSURD.

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Is the AIG bailout Absurd?

17 09 2008
A woman exits the Ame...Image by Getty Images via Daylife

AIG: The Biggest Bailout

September 17, 2008 10:00 AM ET | Kirk Shinkle | Permanent Link

The Federal Reserve extended an $85 billion loan to American International Group to be paid back as AIG sells off some business in the biggest government takeover so far in the ongoing credit crisis. The deal is designed to let the Fed unwind AIG’s hugely complex business in an “orderly manner, with the least possible disruption to the overall economy.” The government will take a 79.9 stake in the firm, along with the right to suspend dividends.

I think every time the government does a bailout it is ABSURD !!! There are probably a thousand investors that all have multi-million dollar investments in the firm and they HAD TO have exerted personal pressure to get this chunk of cash.

So US firms can gamble, give mega paychecks to it’s top executives, loose big in high risk markets, and then get bailed out by us taxpayers. That’s ABSURD.

There should be some NEW LAWS unfortunately. But first let’s cap executive salaries… it’s disgusting when guys like RIchard Grasso get almost 200 million dollars from a non-profit corporation and dirt bags like Robert Nardelli get half a billion for loosing half a companies stock value. Put some kind of cap in law.

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