Financial bonuses
Posted By: Backwards typist on 2008-11-14
In Reply to: I think the problem with the bailouts... - Just the big bad
Two days ago on C-Span they seemed to congratulate the bigwigs of the financial companies who got BILLIONS in BONUSES. They ran down the list of those that were being questioned and how much they received. It's absolutely sickening. I had to turn it off.
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The execs who took the big bonuses...
and cooked the books were democrats...(Raines and Gorelick). Can't blame this one on the Bush administration. Fannie/Freddie is the Dem's Enron. The "reform" bill that the Dems wrote and passed this year was the nail in the coffin of Fannie/Freddie. The Bush admin not responsible for that either. What the Bush Admin is responsible for is putting it under Fed control before it completely crashed and burned. I don't like having to pay for those cooked books bonuses; however...to preserve the nation's economy since over half the housing market is in Fannie/Freddie (another thing pushed along by the so-called "reform").
Tammy Bruce and her "ilk." At least she is an honest feminist and gives credit where credit is due. Hard line party first never mind if it is good for America feminists...yes, we are for promotion of women, but only if they stand directly on OUR platform and espouse only OUR views. Democracy? Not hardly. lol.
Trying to stop CEO bonuses
The White House on Friday threw its support behind a plan to speed release of $25 billion in existing loans to the Big Three automakers but rejected a Democratic proposal to use money from a financial bailout to help the troubled industry.
The $700 billion financial rescue package was never intended to help automakers and shouldn't be now, White House spokeswoman Dana Perino told The Associated Press. But since Democratic leaders in Congress are pressing forward with a proposal to carve out a piece of its for the auto industry, she said the White House has decided to pursue a different approach: accelerating the availability of federal loans Congress first approved in September.
Those loans were approved to help automakers build more fuel-efficient vehicles and become more competitive companies in the global marketplace. The administration now supports allowing the loans to be released more quickly than the original legislation prescribed and to be used for more urgent purposes as the companies struggle to stay afloat.
"Democrats are choosing a path that would only lead to partisan gridlock," she said. "We are now actively calling on Congress to amend the loan program."
yes, it's one of the bonuses of working for the Q -nm
x
Know what makes me mad about the AIG bonuses?
My boyfriend is drawing Workmans Compensation. They are wanting to settle his case. The "negotiation" amounts were at about $130,000 settlement last fall when he found out he had to have another surgery and they put him on hold. Now, they are negotiating again, but can only $75,000 because the company does not have funds to pay anymore. Guess who the company is -
You guessed it ---- AIG!!!!
Bank executives will be getting bonuses
and we are fighting over crumbs and religion.
Obama recalling bonuses from AIG
Thank you!!!!
http://www.msnbc.msn.com/id/29714402/
From what I read, he's not recalling the bonuses
but trying to get that money back which might be impossible. For the first time in my life, I agreed with Barney!!!
Gee, wonder if Barney is going to receive some of that payout and just trying to throw everyone off the track. After all, he, Pelosi, and Reid were the ones who put this stupid bailout together, and without thinking about it, either. Real smart on their part.
Good for Gov. Cuomo. Hope he finds something. All this crap has to stop.
Wall street bonuses expected
http://www.foxbusiness.com/story/markets/industries/finance/wall-street-bonuses-expects-come-season-despite-bailout/
Paying bonuses this year is likely to result in a lot of backlash from the average American. After all, even with bonuses down dramatically, they are still higher than the average American, who is losing his or her home, makes. Not to mention the government bailout of financial firms, which seems to change daily, is coming from taxpayer dollars. Concerns abound—rightly or wrongly--that some of the $700 billion bailout could go to pay bonuses this year.
He has no legal recourse to "recall" bonuses.
Unfortunately, because these are private companies, they have contracts with the CEOs and they are absolutely within their rights to honor those contracts. However, if Obama can find a loophole to keep them from getting paid, then we'll see what happens then.
This is why the government shoulder NEVER get involved in private businesses. Once they start handing on money, they think they own private businesses and dictate everything to them, so now we are caught in a catch 22 so to speak; government has no business in private businesses but yet they have given private businesses OUR money with NO stipulations beforehand and are now "surprised" the bonsues will continue?! Pleeeze!!!
Taking 700B to give to executives bonuses.NM
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AIG Employees Starting to Give Back Bonuses
WASHINGTON -- The chief executive officer of failed insurance conglomerate AIG told lawmakers Wednesday that he has asked executives to give back at least half of their bonuses.
Edward Libby, chairman and CEO of the American International Group, said that some workers there already have volunteered to return the money.
http://www.foxnews.com/politics/2009/03/18/aig-chairman-faces-congressional-grilling-bonuses/
Kind of like the mega-rich CEOs that see nothing wrong in billions in bonuses...sm
while the company disintegrates, faithful workers pensions and futures are taken away, and they basically rape the company for all it is worth, to he!! with the workers who made the company prosperous! In my mind, it is the same mindset---ENTITLEMENT. Get as much as you can as fast as you can and screw everyone else! FDR DID devise welfare as a safety net so families would not starve to death in desperate economic times, it was never meant to be a career or a way of life, we as a country have looked the other way, as with the illegal alien problem, far too long and must make sure our legislators DO something about it OR GET OUT!
I know everyone's focus is on the financial...sm
news of the last several days just heard about a special on CNN tomorrow night and Sunday where Colin Powell, Madeline Albright, Henry Kissinger, Jim Baker and Warren Christopher engage in a forum and talk about foreign policy. I heard a few sound bites and it sounds very interesting. I am glad to see a forum where respected people from both parties with experience get together and express their views, agree or disagree respectfully. I will definitely be watching.
A financial attack?
Tell that to the thousands who lost their lives or their loved ones that day. Wow, how cold can you be?
I think most know that Air America has had financial woes.
Once it was learned that they had misappropriated monies which were supposed to have been used for charity, they lost some good backers. I would think it most probably is financial. There is not a plot behind every business dealing.
mcCain blames financial
crisis on Obama. Get that man a posey and some Aricept.
We have had our financial plan in order
for quite some time for just such a thing. We haven't spent foolishly or lived above our means. New toys and technology don't impress us much. We have been fortunate and blessed.
Well....buck up little soldier. I think the financial...
well being of the country trumps your party. Oh wait...what am I thinking.
I do agree with you about financial irresponsibility
they need to find some sort of middle ground ......
looked at her financial records lately?
she is definitely not a poor girl in my opinion. I think she could afford to buy her own clothes...
Financial crisis meeting;
November 14, 2008
World leaders dine in style as they discuss financial crisis
(CNN) – The global economy may be undergoing a significant downturn, but the White House's dinner budget still appears flush with cash.
After all, world leaders who are in town to discuss the economic crisis are set to dine in style Friday night while sipping wine listed at nearly $500 a bottle.
According to the White House, tonight's dinner to kick off the G-20 summit includes such dishes as "Fruitwood-smoked Quail," "Thyme-roasted Rack of Lamb," and "Tomato, Fennel and Eggplant Fondue Chanterelle Jus."
To wash it all down, world leaders will be served Shafer Cabernet “Hillside Select” 2003, a wine that sells at $499 on Wine.com.
The exceedingly pricey wine may seem a bit peculiar given leaders are in Washington to discuss a possible world financial meltdown, but Sally McDonough, a spokeswoman for Laura Bush, said it "was the most appropriate wine that we had in the White House wine cellar for such a gathering.
McDonough also said the White House purchased the wine at a "significantly lower price" than what it is listed at.
"Of course the White House gets its wine at wholesale prices," she said. "Given the intimate size of the group, it was an appropriate time for The White House to use this stock."
The leaders of the U.K., France, Russia, China, India, Brazil, Saudi Arabia, South Africa, Turkey and 11 developing economies have all come to Washington at the behest of President Bush in an effort to express confidence in the fundamental underpinnings of the world's economy.
– CNN's Becky Brittain contributed to this report
With the looming financial situation...... sm
I don't think Obama's current "plan" will hold much water. A plan is just that....a plan, and we know what John Steinbeck had to say about that. Even if he could tax the upper crust enough to cover the financial crisis, his redistribution of wealth would be moot point because there would likely be nothing left to distribute.
Whether Obama or McCain were elected would make no appreciabe difference in our tax situation because this huge bailout has to be recouped in some fashion and it will be off the backs of ALL Americans.....at least the ones who pay taxes.
No, unions DO put them in a financial hole.
nm
Right back at ya...with the addition of financial ruin...
if Obama and Biden are "hired."
Financial crisis a democratic scandal....sm
http://www.floppingaces.net/2008/09/16/financial-crisis-a-democrat-scandal/
Read all the comments underneath this, if you have time.
financial disaster, war, health care
You decide what is most important to think about.
How The Democrats Created The Financial Crisis....sm
How the Democrats Created the Financial Crisis: Kevin Hassett
Commentary by Kevin Hassett
Sept. 22 (Bloomberg) -- The financial crisis of the past year has provided a number of surprising twists and turns, and from Bear Stearns Cos. to American International Group Inc., ambiguity has been a big part of the story.
Why did Bear Stearns fail, and how does that relate to AIG? It all seems so complex.
But really, it isn't. Enough cards on this table have been turned over that the story is now clear. The economic history books will describe this episode in simple and understandable terms: Fannie Mae and Freddie Mac exploded, and many bystanders were injured in the blast, some fatally.
Fannie and Freddie did this by becoming a key enabler of the mortgage crisis. They fueled Wall Street's efforts to securitize subprime loans by becoming the primary customer of all AAA-rated subprime-mortgage pools. In addition, they held an enormous portfolio of mortgages themselves.
In the times that Fannie and Freddie couldn't make the market, they became the market. Over the years, it added up to an enormous obligation. As of last June, Fannie alone owned or guaranteed more than $388 billion in high-risk mortgage investments. Their large presence created an environment within which even mortgage-backed securities assembled by others could find a ready home.
The problem was that the trillions of dollars in play were only low-risk investments if real estate prices continued to rise. Once they began to fall, the entire house of cards came down with them.
Turning Point
Take away Fannie and Freddie, or regulate them more wisely, and it's hard to imagine how these highly liquid markets would ever have emerged. This whole mess would never have happened.
It is easy to identify the historical turning point that marked the beginning of the end.
Back in 2005, Fannie and Freddie were, after years of dominating Washington, on the ropes. They were enmeshed in accounting scandals that led to turnover at the top. At one telling moment in late 2004, captured in an article by my American Enterprise Institute colleague Peter Wallison, the Securities and Exchange Comiission's chief accountant told disgraced Fannie Mae chief Franklin Raines that Fannie's position on the relevant accounting issue was not even ``on the page'' of allowable interpretations.
Then legislative momentum emerged for an attempt to create a ``world-class regulator'' that would oversee the pair more like banks, imposing strict requirements on their ability to take excessive risks. Politicians who previously had associated themselves proudly with the two accounting miscreants were less eager to be associated with them. The time was ripe.
Greenspan's Warning
The clear gravity of the situation pushed the legislation forward. Some might say the current mess couldn't be foreseen, yet in 2005 Alan Greenspan told Congress how urgent it was for it to act in the clearest possible terms: If Fannie and Freddie ``continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road,'' he said. ``We are placing the total financial system of the future at a substantial risk.''
What happened next was extraordinary. For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets.
Different World
If that bill had become law, then the world today would be different. In 2005, 2006 and 2007, a blizzard of terrible mortgage paper fluttered out of the Fannie and Freddie clouds, burying many of our oldest and most venerable institutions. Without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed.
But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.
That such a reckless political stand could have been taken by the Democrats was obscene even then. Wallison wrote at the time: ``It is a classic case of socializing the risk while privatizing the profit. The Democrats and the few Republicans who oppose portfolio limitations could not possibly do so if their constituents understood what they were doing.''
Mounds of Materials
Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable. Many who opposed the bill doubtlessly did so for honorable reasons. Fannie and Freddie provided mounds of materials defending their practices. Perhaps some found their propaganda convincing.
But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.
Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.
Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix.
There has been a lot of talk about who is to blame for this crisis. A look back at the story of 2005 makes the answer pretty clear.
Oh, and there is one little footnote to the story that's worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess.
http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_hassett&sid=aSKSoiNbnQY0
Actually, McCain was in financial meetings all morning....sm
and what I read on CNN is that McCain wasn't told of the content of Obama's first call. I can't find the link to it now, because their news keeps changing.
I believe McCain decided this on his own, without any input from Obama, or even knowing about the call.
I'm willing to bet that he won't give a darn if he loses the debate if he doesn't show up, as it sounds as if Obama refuses to cancel the debate to another time.
Just proves to me that McCain does, indeed, put the country first. He's acting like a true leader.
Okay....let's see...McCain picked the financial meltdown...
as the #1 issue. OBama picked his run for the Presidency. Meaning he is always going to put Barack first. McCain put his country first. End of story.
I am not in favor of the financial institution bailout either..... sm
I think it was just the first in a long line of folks parading to the White House with their hands out. I think we have opened a huge can of worms by bailing them out and there does not seem to be an end in sight.
I'd sure like to know when MTs are going to get their bailout! I'd probably get in line for that one! LOL
25 people to blame for the financial crisis
You can vote on each of these.
http://www.time.com/time/specials/
I'm sorry, you are aware of what caused the financial crisis aren't you?
or you will just blame BUSH BUSH BUSH/CHENEY.
Please, do some research.
If my memory serves me, it started going downhill when a democratic congress took over.
Not only that, this MORTGAGE crisis was set into effect by the CLINTON administration and helped by a DEMOCRATIC congress.
Now let me be clear, I do not think Bush was a great president and he made mistakes, but DO NOT tell me that this financial crisis was his doing. I know you are going to flame me, but don't ignore the facts! Actually, that's what liberals do so nevermind, go ahead anyway.
I agree. I am helping the victims with all the financial support I can spare BUT
if we don't ask the question what happened to the levees, what can we do to make sure this doesn't happen again, where did the funding go? then we will find ourselves in the same position again. We can not afford to be policing other countries when the funding is bankrupt for our own needs. That's just the truth.
Best friend to Hillary, a democratic supporter and financial contributer,
a member of the DNC's (Democrat) platform committee has decided to endorse John McCain. Lynn DE Rothchild is best friends of Hillary and gave her 100,000 for Hillary compaign. She had not even spoke to Hillary yet about her news, but Lynn announced on CNN today that she was resigning the DNC and voting for McCain. Lynn stated that our country is divided due to the Democrats and Congress. She also stated that we need to vote only for the president who will get us through what is going on with our country (which is a lot of things currently) and she stated the only one would be McCain and Palin. She stated, "I care more about my country right now than I do my democratic party." Wolf Blitzer stated to Lynn "You know you are are going to get a lot of flack from this?" Lynn stated that she knew this and just cares more about our country. Even Joe Lieberman endorses McCain who used to be AL Gore's running mate. I am sorry, but I agree that our country is divided.
war, depression, recession, collapse of financial system, people losing
homes, natural disasters unattended to, collapsing bridges, earmark bridges. Address those first, save flag for later.
who could possibly care? War, financial ruin, health care needs.
nm
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