F.U. American taxpayers...AIG to give $165 mill in bonuses

[Felix]

All those innocent drones working in that section would still have a yob. They might not have had big fat bonuses as the company that promised them no longer existed, but, too fukking bad. You, me and our kids and grandkids would have a shitload less debt.

typically, lower level workers don't receive bonuses, but in the instance of AIG, I'm not sure....as was said, business failures are a part of the economic system and as such should be allowed to occur naturally...but in the instance of a company like AIG, the failure has much larger economic ramifications than simply another business going bankrupt....but as mvs said, maybe we should simply bite the bullet now and let them fail now instead of postponing the inevitable-which is AIG most likely going under and taking a shitload of our money with it

[smackaholic]

All those innocent drones working in that section would still have a yob. They might not have had big fat bonuses as the company that promised them no longer existed, but, too fukking bad. You, me and our kids and grandkids would have a shitload less debt.

typically, lower level workers don't receive bonuses, but in the instance of AIG, I'm not sure....as was said, business failures are a part of the economic system and as such should be allowed to occur naturally...but in the instance of a company like AIG, the failure has much larger economic ramifications than simply another business going bankrupt....but as mvs said, maybe we should simply bite the bullet now and let them fail now instead of postponing the inevitable-which is AIG most likely going under and taking a shitload of our money with it

Sounds like we are pretty much in agreement then. Let bankruptcy sort it out. The solvent parts of the company will continue, the ponzi scheme section goes down the shitter.

Will it be a walk in the park?

Nope.

But it beats delivering boxcars full of money, then whining and bitching about how they won't tear up contracts.

There have always been 2 options, let them sink or swim or print a shitload of our grandkids cash and hand it over.

We choose option b. And now we think that chris dodd, barney frank, skeletor lady and a in way over his head cymbal clanking rpompter reading monkey with zero real world bidness experience can oversee it.

Gawd we're fukked.

Tom, have you picked out colors for the bunker yet?

[jiminphilly]

There are sections of this conglomerate that are doing OK. I write a fukking check to those bastards every few months or so for insurance. I assume that section of this monster is still working.

It is. I used to work in that section and still know people that work there. They recently changed their name to 21st Century Insurance in a rapid attempt to distance themselves from the AIG brand name. That unit is on the market along with their P&C segment and is likely to be sold.

A good sect. 11 house cleaning would have left it functioning, as a smaller company. All those innocent drones working in that section would still have a yob. They might not have had big fat bonuses as the company that promised them no longer existed, but, too fukking bad. You, me and our kids and grandkids would have a shitload less debt.

It's been 5 years since I last worked at AIG.. bonuses didn't make it very far down the ladder, even to the VPs of the personal lines segment. AIG has been top heavy for a number of years and they made sure to keep those fat cats around with heavy bonuses but didn't give 2 shits abouts the working drones who they knew they could replace.

Instead, that fukking monster still exists....on our dime. And you think a few hacks in DC that allowed this shit to get out of hand in the first place are suited to keep it under control?

No.

Like wags said, "fool me once...."

Here is my issue- I work for a direct competitor of AIG. The last thing I want to see is that segment of AIG fail. As much as the market is flooded with fly-by-night insurance shops offering shitty coverage for pennies on the dollar, the insurance market needs companies like AIG to help keep the competition honest.. Yeah funny word to be using in conjunction with AIG but in terms of providing a competitive and steady insurance market, AIG is a pillar. Insurance companies don't mind splitting up a given market- in a given cycle a company wants more or less of a given product but ultimately the market needs AIG in the insurance segment. They're very good at what they do.

[Derron]

As much as the market is flooded with fly-by-night insurance shops offering shitty coverage for pennies on the dollar, the insurance market needs companies like AIG to help keep the competition honest.. Yeah funny word to be using in conjunction with AIG but in terms of providing a competitive and steady insurance market, AIG is a pillar. Insurance companies don't mind splitting up a given market- in a given cycle a company wants more or less of a given product but ultimately the market needs AIG in the insurance segment. They're very good at what they do.

Choke on your own cock much ?

They are very good at what they do ??

You have parroted the perfect salesmen spew for selling insurance, and justifying your miserable existence...

AIG is a pillar....OK...why did they need massive amount of government ( mine and yours cash) infusion?...And then pay excessive bonus to executives to fleeced the business and taxpayer?...Yeah that falls right in line with the definition of a "pillar" business..Fuckin a dude...hit the deke some more this morning..

Bwwwaaahhhh..expect your plungering to commence on 3...2....1...go ahead and try and get your facts and links in order to try back up your bullshit and majorly flawed take...and since you are an insurance honk..let me be the first to tell you to go fuck yourself for being in an industry that makes huge coin, and looks for any way possible not to pay out..but your a pillar right ? And your going to keep everybody honest ??

And we are very good at what we do, so you need us to keep everybody honest....bwwahhaaa

Sin,

Oreinthal, Jeffery Dahmer, Alan Greenspan, Ben Bernake, Osama Obama, Jack the Ripper,The Great Depression, on and on and on and on

[jiminphilly]

They are very good at what they do ??

AIG's current status isn't a result of shitty underwriting on their core business of health, auto, property, and worker’s compensation insurance. It was the result of AIG getting involved in credit default swaps. They are not the only company to get involved in this- they are simply the largest and the other lines of business they write, which have proven to be profitable over a very very long period of time are now at risk, not necessarily from a solivency stand-point but when AIG's ratings were downgraded, that can be a virtual death-blow to a company.

You have parroted the perfect salesmen spew for selling insurance, and justifying your miserable existence...

Not an agent, never have been and never will. If my existence bothers you so much, please, by all means, extinguish yourself post-haste so that your pain will be gone. I, on the other hand, have plenty of living to do.

AIG is a pillar....OK...why did they need massive amount of government ( mine and yours cash) infusion?...And then pay excessive bonus to executives to fleeced the business and taxpayer?...Yeah that falls right in line with the definition of a "pillar" business..Fuckin a dude...hit the deke some more this morning..

AIG pulled off a major fleece job by asking for and getting the largest slice of gov't cheese from a newly elected gov't that was more interested in getting the hero lable plastered on their administration less than 90 days into office.

Bwwwaaahhhh..expect your plungering to commence on 3...2....1...go ahead and try and get your facts and links in order to try back up your bullshit and majorly flawed take

Nothing flawed about my takes- AIG's 80+ years of providing insurance products is proof enough that their core insurance operations were pretty sound.

...and since you are an insurance honk..let me be the first to tell you to go fuck yourself for being in an industry that makes huge coin..

Yes.. we do.. what's wrong with that?

and looks for any way possible not to pay out.

Let me guess.. your insurance company denied your claim for shit stains in the carpet when you discovered you were simply too drunk to make it to the porceilin bowl. Read your fucking policy language next asshole. Seriously, think to yourself what would happen to an insurance company that got the reputation of not paying claims?

.but your a pillar right ?

My company? In some segments, yes. Proud of it too and we're not going anywhere.

[quote[And your going to keep everybody honest ??

Didn't know that was a requirement but I'm sure I can make some money off of it if I wanted to.

[Derron]

AIG pulled off a major fleece job

One of the first things a "pillar" of the industry should be doing.

AIG's 80+ years of providing insurance products is proof enough that their core insurance operations were pretty sound.

But the core business was not sound enough to sustain the company during its deviation into credit swaps, and the other side decisions. Another sound decision by management and the "pillar" business. Brilliant decision for the shareholders.

It was the result of AIG getting involved in credit default swaps. They are not the only company to get involved in this- they are simply the largest and the other lines of business they write, which have proven to be profitable over a very very long period of time are now at risk, not necessarily from a solivency stand-point

" Pillar" companies don't make stupid business decisions like that. Idiotic mangers and executives do. " Pillar" business's stay true to a proven business model and product consistent profits.

Yes.. we do.. what's wrong with that?

Nothing..they are just too fuckin stupid to keep the money.

but in terms of providing a competitive and steady insurance market, AIG is a pillar.

Yeah I see where that has brought stability to the insurance business. :doh:

think to yourself what would happen to an insurance company that got the reputation of not paying claims?

They would start doing credit swaps, and other bogus shit and drive the core business into the ground, ask for a gubmint handout, fuck that away on hooker massages, go back and ask for more, threaten to take down the ENTIRE US economy if they don't get bailed out on their speculative decisions that went shit bag on them.

After you go buy and spark up your next crack rock from Tyrone on the corner, can you show those AIG exec's how to off themselves as was suggested yesterday? You can then gloss them as being a "pillar' of the business world.

[Cuda]

These bailouts and "stimulus" packages are being driven by political hysteria and sinister opportunism. They make absolutely no economic sense.

They make evwey bit of sense to me

-sin

[Felix]

Which is exactly why they should have gone Chapter 11 and spun off the healthy elements of the company.

that's what the new CEO is trying to do, but apparently their not finding a lot of buyers

These bailouts and "stimulus" packages are being driven by political hysteria and sinister opportunism. They make absolutely no economic sense.

if by "opportunism" you mean a grand standing ploy by the current admin, I think I'm beginning to agree...and you're right, it makes no sense from an economic standpoint....this whole thing is starting to blow up in their faces

[jiminphilly]

Which is exactly why they should have gone Chapter 11 and spun off the healthy elements of the company.

that's what the new CEO is trying to do, but apparently their not finding a lot of buyers

Think of it as a liquidation sale- everything has been marked up a bit and the real buyers are waiting till AIG gets desperate. I can tell you most insurance companies are pressuring agents/brokers to roll-over their book of AIG business to them.

[jiminphilly]

AIG pulled off a major fleece job

One of the first things a "pillar" of the industry should be doing.

You mean corporate america is full of 100% honest folks who never never dream of fleecing the gov't ? Tax shelters.. Ever heard of them?"

Yeah I see where that has brought stability to the insurance business

The insurance industry is slowly coming out of a soft market and having learned form the costly investment mistakes is going to return to it's core strength of underwriting the profitable insurance segments. AIG's insurance business is very sought-after right now. Ask any agent how many calls their getting from other insurance companies asking them to roll-over the AIG book to them.

Why?
Because it's profitable.

As I said, AIG is good what they do.

[Derron]

Think of it as a liquidation sale- everything has been marked up a bit and the real buyers are waiting till AIG gets desperate. I can tell you most insurance companies are pressuring agents/brokers to roll-over their book of AIG business to them.

Hmmmm..I would think that getting gubmint bailout money to stay " in business" and not "topple the entire financial system" pretty much says desperate to most rational people. But desperate in this case means that when you go to the gubmint a 3rd or 4th time and the gubmint tells you to go fuck up a rope..THEN you are desperate..because it really is the end of the line..

A liquidation sale is just what the American taxpayer expects to get for the fucking BILLIONS of dollars they just put into it. Put billions into it, pay out the bonus's, pay off the offshore banks and then pussy bleed all over the Congressional carpet and demand more to stay in business.

So where did you come up with the concept of a " liquidation sale" after having billions of cash infused ? I missed that day in business administration school...Infuse billions..devalue the assets even more...put the paper out trolling for the "REAL BUYERS", looking for good deals....SMOKE ANOTHER ROCK DUDE...

How do you mark up credit defaults and swaps ?, package them and say " Here's some credit paper...its marked up a bit, but you should be able to make money on it..."

The real buyers...those must be the dudes that are waiting with the "real killers" than Oreinthal has been looking for, for the last 14 years right ??

Just waiting to swoop in and pick AIG's bones for some devalued assets to buy for pennies on the dollar ?

Go ahead and flip on C Span or Fox Business right now...Liddy is stuttering and stammering and making excuses like a Catholic priest caught with his crank rammed up some altar boys ass...

http://www.c-span.org/

[Derron]

Why?
Because it's profitable.

As I said, AIG is good what they do.

Oh ..I get it now...

When the shit goes down..break off the profitable sections, and get it out of the collateral asset pool, and fuck the government and the American taxpayer out of billions of dollars..works for me...

Probably want to be prepared for AIG to rebrand.. :doh: :doh: :doh: because any sane American would not get within 10 feet of any AIG product..no matter how good it is...

Of course AIG would have to take a charge down for that re branding cost

The only thing worse than what AIG has done is that our Congressional delegations made up of crooked white men, fat Negroid women and negroid pimps, and other jerk offs, is that these dick heads all signed off on it...

[Derron]

You mean corporate america is full of 100% honest folks who never never dream of fleecing the gov't ? Tax shelters.. Ever heard of them?"



and having learned form the costly investment mistakes is going to return to it's core strength of underwriting the profitable insurance segments.

And the only reason they are still around to return to that core business, (which they never should have left) is that the American taxpayer bailed their asses out.

Most business's that deviate from the core business model, and fail usually end up in Chapter 11, or completely out of business, since they have no asset strength or collateral to support a loan with.

Unless you can get the crack smokers on Capital Hill to prop your ass up...and then you can party like a fuckin rock star on the bailout money..then ask for more...righhhtttt

And tax shelters are fleecing the gubmint ??

I have my accountant do as much as possible and legal...and I still pay a pretty good amount of tax...so that comparison it flawed as well...

Fuckin insurance honk...

[jiminphilly]

So where did you come up with the concept of a " liquidation sale" after having billions of cash infused ? I missed that day in business administration school...Infuse billions..devalue the assets even more...put the paper out trolling for the "REAL BUYERS", looking for good deals....SMOKE ANOTHER ROCK DUDE...

Some of those "devalued" assests have considerable value and the only reason why AIG is selling them in the first place is to be able to being to repay the gov't and build capital as they change their business structure.

How do you mark up credit defaults and swaps ?, package them and say " Here's some credit paper...its marked up a bit, but you should be able to make money on it..."

You don't. They weren't real insurance products anyway.

The real buyers...those must be the dudes that are waiting with the "real killers" than Oreinthal has been looking for, for the last 14 years right ??

Does this guy count?

Warren Buffett said his firm, Berkshire Hathaway Inc., would be interested in acquiring a couple of AIG’s assets depending on what the company was willing to sell.

http://archives.chicagotribune.com/2008 ... sale-oct03

Just waiting to swoop in and pick AIG's bones for some devalued assets to buy for pennies on the dollar ?

The only devalued assets are the credit swaps which were never a true insurance product to begin with. Ask yourself this- if AIG is attempting to sell off some of their profitable segments/assets of their company in order to build capital, are they going to hope someone is generous with their offer or are they going to try and upsell the asset attesting to it's profitability?

Go ahead and flip on C Span or Fox Business right now...Liddy is stuttering and stammering and making excuses like a Catholic priest caught with his crank rammed up some altar boys ass...

Liddy is in way over his head and the gov't is making him look like a fool, no doubt. Then again, the gov't looks pretty fucking stupid right now too.

[jiminphilly]

and tax shelters are fleecing the gubmint ??

I have my accountant do as much as possible and legal...and I still pay a pretty good amount of tax...so that comparison it flawed as well...

Actually, comparing yourself to a multi-billion dollar publicly-traded corporate entity is where you're flawed but carry on with that train of thought it if makes you feel better about yourself.

[Derron]

Some of those "devalued" assests have considerable value and the only reason why AIG is selling them in the first place is to be able to being to repay the gov't and build capital as they change their business structure.

Righhhtttt...I see that 165 billion being paid back out of profits ( which is where is had to come from BTW) in about, oh lets say a million years....Build capital??? Mother fuckers got 165 billion from the Feds..how much more capital can you build than that ?? How can you build capital with that much debt hanging on your balance sheet after you paid off your off shore investors ??.I will hang up and take your answer off the air now...

Change their business structure ?? Bwwaahaaaa...to what ??? A non profit ??

Does this guy count?

Warren Buffett said his firm, Berkshire Hathaway Inc., would be interested in acquiring a couple of AIG’s assets depending on what the company was willing to sell.

Don't see as where he has pulled the trigger on that deal yet ... That is because Warren is a bit smarter than that...hes gonna get them real cheap at some point in time...

Ask yourself this- if AIG is attempting to sell off some of their profitable segments/assets of their company in order to build capital, are they going to hope someone is generous with their offer or are they going to try and upsell the asset attesting to it's profitability?

Probably going to continue the cash drainage and make sure there is nothing left for anybody to recover...

Liddy is in way over his head and the gov't is making him look like a fool, no doubt. Then again, the gov't looks pretty fucking stupid right now too.

Totally agree here....the government is using the AIG thing as gorilla dust...remember that dude ?? To divert the focus from the government fuck ups who allowed this to happen....Osama Obama had this happen on his watch..but the press and his Democratic homeboys need to throw the gorilla dust in the air so it looks like AIG is totally the bad guy here...AIG just did what they could get away with..they knew the gubmint honks were just to fucking stupid and dumb to figure it out before the cash hit the bank and was paid out the next day.

[GOSD]

In his first month in office he has rammed through two pork stuffed monstrosities

How many pork stuffed monstrosities have you had rammed down your cock canyon?