Follow us on...
Follow us on Twitter Follow us on Facebook Watch us on YouTube
Register
Page 1 of 3 123 LastLast
Results 1 to 15 of 35
  1. #1
    Sinner's Swing!
    Join Date
    10.19.03
    Location
    Lees Summit, MO
    Posts
    3,472
    Last Online

    10.27.17 @ 06:31 PM
    Likes
    2
    Liked 22 Times in 17 Posts


  2. #2
    Atomic Punk
    Join Date
    01.29.02
    Age
    49
    Location
    somewhere over the rainbow
    Posts
    22,946
    Last Online

    12.11.17 @ 04:37 PM
    Likes
    842
    Liked 1,229 Times in 448 Posts

    Default

    After Bailout, AIG Execs Head to California Resort
    Rescued by Taxpayers, $440,000 for Retreat Including "Pedicures, Manicures"


    October 7, 2008—

    Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

    "Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

    AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

    "They're getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).

    "This unbridled greed," said Cong. Mark Souder (R-IN), "it's an insensitivity to how people are spending our dollars."

    Appearing before the committee, Martin Sullivan, the AIG CEO until June, said the company was overwhelmed by a "financial global tsunami," and that "no simple or single cause" was to blame.

    "I am heartbroken at what has happened," Sullivan said.

    Robert Willumstad, the CEO from June to September, 2008, maintained AIG was a victim of a "crisis in confidence" and an "unprecedented global catastrophe." "Through the first week of September we were confident AIG could weather the crisis," Willumstad testified. He said the federal government offered its $85 million bail out on the afternoon it prepared for bankruptcy. Willumstad said the Federal Reserve demanded he resign, and will turn down his AIG retirement package of several million dollars.

    But Congressional investigators raised question of "mismanagement" and whether AIG executives sought to "cook the books" and hide negative information from outside auditors.

    On Dec. 5, 2007, Waxman said, CEO Sullivan told investors, "We are confident in our marks and the reasonableness of our valuation methods."

    Documents obtained by the committee show that one week earlier, auditors Pricewaterhouse Cooper had "raise their concerns with Mr. Sullivan&informing him that PWC believed that AIG could have a material weakness relating to the risk management of these areas."

    In March, 2008, the Office of Thrift Supervision wrote AIG, "We are concerned that the corporate oversight of AIG Financial Products&lacks critical elements of independence, transparency, and granularity."

    Asked about the letter by the committee, the SEC's former chief accountant, Lynn Turner, said the letter reflects "a serious problem from the top down of management, that can bring an organization down."

    Former AIG CEO Sullivan said accounting rules required AIG to mark down the value of its holdings, even though it had no plans to sell them, the "mark to market" provision.

    AIG had to sell at "fire sale prices," he told skeptical members of Congress. "Suddenly a company with a trillion dollars in assets" was in trouble, said Sullivan.

    Waxman questioned both former CEOs about a former AIG auditor who claimed he had been blocked from reviewing the books of a London-based division that has since been blamed for a large share of the company's downfall.

    Former CEO Willumstad, chairman of the AIG board at the time, said "I honestly don't remember" the concerns raised by the former auditor.

    "I find that very disturbing," said Congressman Waxman.

    Waxman also said there is evidence the two men changed the bonus schedule once the company began to post losses, so that executives under the "Senior Partners Plan" would continue to make multi-million dollar salaries.

    "Mr. Sullivan and the other top executives should have had their bonuses slashed due to poor performance," said Waxman.

    Sullivan said it was "substantially reduced" by the board in 2007 due to poor performance.

    Sullivan was given a $15 million "golden parachute" payment after being replaced as CEO in June.
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  3. #3
    Good Enough pal1800's Avatar
    Join Date
    10.30.07
    Age
    45
    Location
    Mandeville, LA
    Posts
    1,731
    Favorite VH Album

    Too hard to choose
    Favorite VH Song

    Too hard to choose
    Last Online

    06.02.16 @ 09:13 AM
    Likes
    0
    Liked 0 Times in 0 Posts

    Default

    No morals, no class, no nothing. But I'm not suprised at all.

  4. #4
    Atomic Punk LLFHS's Avatar
    Join Date
    03.08.04
    Location
    Secret Witness Protection Location
    Posts
    31,731
    Favorite VH Album

    Anything Mike played on
    Favorite VH Song

    Anything Mike played on
    Last Online

    07.30.17 @ 08:59 PM
    Likes
    34
    Liked 60 Times in 35 Posts


    Donor

    Default

    Cough up that 440 grand, fuckahs.
    LowLifeFlatHeadScum

    [sigpic][/sigpic]


    Your Hacked Nude Photo Here!

  5. #5
    Atomic Punk ZeoBandit's Avatar
    Join Date
    01.29.02
    Age
    41
    Location
    Chicago
    Posts
    17,830
    Favorite VH Album

    F.U.C.K.
    Favorite VH Song

    Humans Being
    Last Online

    12.13.17 @ 06:12 AM
    Likes
    54
    Liked 40 Times in 29 Posts


    Donor

    Default

    No kidding. Pay up, bitches.

    They should be relieved of their management duties and thrown to the curbs.
    "What we are dealing with here, is a complete lack of respect for the law" - Jackie Gleason, Smokey and the Bandit

    www.geocaching.com - The site where you are the search engine.

  6. #6
    Good Enough cabomiro's Avatar
    Join Date
    03.11.08
    Location
    Calgary AB
    Posts
    2,613
    Favorite VH Album

    OU812
    Favorite VH Song

    Dreams
    Last Online

    12.13.17 @ 09:14 AM
    Likes
    2,946
    Liked 650 Times in 369 Posts

    Default

    And they have the nerve to ask for more

    The New York Federal Reserve is lending up to $37.8 billion to American International Group to give the troubled insurer access to much-needed cash.

    In exchange, AIG is giving the New York Fed investment-grade, fixed-income securities that it had previously lent out to other institutions for a fee. Those institutions are now returning these securities and want their money back.

    The new program, announced Wednesday, is on top of the $85 billion the federal government agreed to lend to AIG last month to prevent the global company from collapsing. AIG said last Friday it had drawn down $61 billion.

    The lending program is a way for AIG to get funding for its businesses, said a New York Fed spokesman. The system is similar to lending facilities the Fed provides to banks, which can also exchange collateral for cash.

    The latest announcement does not jeopardize the government's ability to recoup its loan to AIG, experts said.

    "AIG will repay the loan," said Stewart Johnson, portfolio manager at Philo Smith, an investment bank specializing in insurance. "It's just a matter of how much of themselves they will have to sell."

    Paying back a big debt
    Cabo x 20
    Van Halen x 11
    Sammy x 20+
    DLR x 2

  7. #7
    Atomic Punk LLFHS's Avatar
    Join Date
    03.08.04
    Location
    Secret Witness Protection Location
    Posts
    31,731
    Favorite VH Album

    Anything Mike played on
    Favorite VH Song

    Anything Mike played on
    Last Online

    07.30.17 @ 08:59 PM
    Likes
    34
    Liked 60 Times in 35 Posts


    Donor

    Default

    Kinda makes me wanna pee on the next Mercedes I see.
    LowLifeFlatHeadScum

    [sigpic][/sigpic]


    Your Hacked Nude Photo Here!

  8. #8
    Good Enough The J Man's Avatar
    Join Date
    06.15.06
    Age
    28
    Location
    Raleigh, NC
    Posts
    2,559
    Favorite VH Album

    Fair Warning
    Favorite VH Song

    Sinner's Swing!/Little Guitars
    Last Online

    06.13.16 @ 04:44 PM
    Likes
    2
    Liked 28 Times in 15 Posts

    Default

    THE REVOLUTION WILL NOT BE TELEVISED!

  9. #9
    Atomic Punk Viking's Avatar
    Join Date
    02.21.03
    Age
    52
    Location
    Mound Valley, Kansas
    Posts
    9,043
    Favorite VH Album

    5150, Fair Warning
    Favorite VH Song

    Dance The Night Away, Dreams
    Last Online

    11.02.17 @ 09:45 PM
    Likes
    37
    Liked 28 Times in 9 Posts

    Default

    I'm kind of wondering if I still have to pay for my insurance premium to these fuckers!

    I'd hate to pay for the same thing twice.
    "Viking - last to sleep, first to rise, last to leave, that's how the Nords of old rocked the house." ~ timmac in the 'Texas Linkers' thread talking about yours truly. :-)

  10. #10
    Sinner's Swing! Jesus H Christ's Avatar
    Join Date
    05.20.07
    Location
    Boston
    Posts
    3,884
    Favorite VH Album

    Van Halen II
    Favorite VH Song

    Outta Love Again
    Last Online

    12.13.17 @ 08:31 AM
    Likes
    903
    Liked 1,689 Times in 644 Posts

    Default Money? What money

    Another good swift kick in the balls to all of us. Unbeliveable....



    WASHINGTON — It's something any bank would demand to know before handing out a loan: Where's the money going?

    But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they either can't track exactly how they're spending the money or they simply refuse to discuss it.

    "We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,"' said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. "We have not disclosed that to the public. We're declining to."

    The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what's the plan for the rest?

    None of the banks provided specific answers.

    "We're not providing dollar-in, dollar-out tracking," said Barry Koling, a spokesman for Atlanta, Georgia-based SunTrust Banks Inc., which got $3.5 billion in taxpayer dollars.

    Some banks said they simply didn't know where the money was going.

    "We manage our capital in its aggregate," said Regions Financial Corp. spokesman Tim Deighton, who said the Birmingham, Alabama-based company is not tracking how it is spending the $3.5 billion it received as part of the financial bailout.

    The answers highlight the secrecy surrounding the Troubled Assets Relief Program, which earmarked $700 billion — about the size of the Netherlands' economy — to help rescue the financial industry. The Treasury Department has been using the money to buy stock in U.S. banks, hoping that the sudden inflow of cash will get banks to start lending money.

    There has been no accounting of how banks spend that money. Lawmakers summoned bank executives to Capitol Hill last month and implored them to lend the money — not to hoard it or spend it on corporate bonuses, junkets or to buy other banks. But there is no process in place to make sure that's happening and there are no consequences for banks who don't comply.

    "It is entirely appropriate for the American people to know how their taxpayer dollars are being spent in private industry," said Elizabeth Warren, the top congressional watchdog overseeing the financial bailout.

    But, at least for now, there's no way for taxpayers to find that out.

    Pressured by the Bush administration to approve the money quickly, Congress attached nearly no strings on the $700 billion bailout in October. And the Treasury Department, which doles out the money, never asked banks how it would be spent.

    "Those are legitimate questions that should have been asked on Day One," said Rep. Scott Garrett, a Republican House Financial Services Committee member who opposed the bailout as it was rushed through Congress. "Where is the money going to go to? How is it going to be spent? When are we going to get a record on it?"

    Nearly every bank AP questioned — including Citibank and Bank of America, two of the largest recipients of bailout money — responded with generic public relations statements explaining that the money was being used to strengthen balance sheets and continue making loans to ease the credit crisis.

    A few banks described company-specific programs, such as JPMorgan Chase's plan to lend $5 billion to nonprofit and health care companies next year. Richard Becker, senior vice president of Wisconsin-based Marshall & Ilsley Corp., said the $1.75 billion in bailout money allowed the bank to temporarily stop foreclosing on homes.

    But no bank provided even the most basic accounting for the federal money.

    "We're choosing not to disclose that," said Kevin Heine, spokesman for Bank of New York Mellon, which received about $3 billion.

    Others said the money couldn't be tracked. Bob Denham, a spokesman for North Carolina-based BB&T Corp., said the bailout money "doesn't have its own bucket." But he said taxpayer money wasn't used in the bank's recent purchase of a Florida insurance company. Asked how he could be sure, since the money wasn't being tracked, Denham said the bank would have made that deal regardless.

    Others, such as Morgan Stanley spokeswoman Carissa Ramirez, offered to discuss the matter with reporters on condition of anonymity. When AP refused, Ramirez sent an e-mail saying: "We are going to decline to comment on your story."

    Most banks wouldn't say why they were keeping the details secret.

    "We're not sharing any other details. We're just not at this time," said Wendy Walker, a spokeswoman for Dallas-based Comerica Inc., which received $2.25 billion from the government.

    Heine, the New York Mellon Corp. spokesman, said he wouldn't discuss spending details, but added: "I just would prefer if you wouldn't say that we're not going to discuss those details."

    The banks which came closest to answering the questions were those, such as U.S. Bancorp and Huntington Bancshares Inc., that only recently received the money and have yet to spend it. But neither provided anything more than a generic summary of how the money would be spent.

    Lawmakers say they want to tighten restrictions on the remaining, yet-to-be-released $350 billion block of bailout money before any more cash is handed out. Treasury Secretary Henry Paulson said the department is trying to step up its monitoring of bank spending.

    "What we've been doing here is moving, I think, with lightning speed to put necessary programs in place, to develop them, implement them, and then we need to monitor them while we're doing this," Paulson said at a recent forum in New York. "So we're building this organization as we're going."

    Warren, the congressional watchdog appointed by Democrats, said her oversight panel will try to force the banks to say where they've spent the money.

    "It would take a lot of nerve not to give answers," she said.

    But Warren said she's surprised she even has to ask.

    "If the appropriate restrictions were put on the money to begin with, if the appropriate transparency was in place, then we wouldn't be in a position where you're trying to call every recipient and get the basic information that should already be in public documents," she said.

    Garrett, the New Jersey congressman, said the nation might never get a clear answer on where hundreds of billions of dollars went.

    "A year or two ago, when we talked about spending $100 million for a bridge to nowhere, that was considered a scandal," he said.
    "The less I needed, the better I felt." ~ Charles Bukowski.

  11. #11
    Atomic Punk
    Join Date
    06.15.06
    Location
    Houston, TX
    Posts
    13,741
    Favorite VH Album

    VHIII/WACF/OU51BALUCK
    Last Online

    07.24.11 @ 04:36 PM
    Likes
    0
    Liked 1 Time in 1 Post

    Default

    amazing to think how little difference there is between these greedy bastards running billion-dollar corporations and the welfare riding katrina refugee bastards that used their FEMA debit cards to buy booze, boob jobs and visits to strip clubs.

  12. #12
    Atomic Punk edwardv's Avatar
    Join Date
    12.13.01
    Age
    59
    Location
    hanover pennsylvania
    Posts
    10,034
    Favorite VH Album

    diver down
    Favorite VH Song

    drop dead legs
    Last Online

    12.13.17 @ 08:34 AM
    Likes
    4,482
    Liked 2,385 Times in 1,488 Posts


    Premium Member

    Default

    Fuck these bastards......send them to jail

  13. #13
    Atomic Punk Viking's Avatar
    Join Date
    02.21.03
    Age
    52
    Location
    Mound Valley, Kansas
    Posts
    9,043
    Favorite VH Album

    5150, Fair Warning
    Favorite VH Song

    Dance The Night Away, Dreams
    Last Online

    11.02.17 @ 09:45 PM
    Likes
    37
    Liked 28 Times in 9 Posts

    Default

    Quote Originally Posted by broken9500 View Post
    amazing to think how little difference there is between these greedy bastards running billion-dollar corporations and the welfare riding katrina refugee bastards that used their FEMA debit cards to buy booze, boob jobs and visits to strip clubs.
    And those of us in the middle end up paying for it all. Sucks, doesn't it?
    "Viking - last to sleep, first to rise, last to leave, that's how the Nords of old rocked the house." ~ timmac in the 'Texas Linkers' thread talking about yours truly. :-)

  14. #14
    Atomic Punk
    Join Date
    06.15.06
    Location
    Houston, TX
    Posts
    13,741
    Favorite VH Album

    VHIII/WACF/OU51BALUCK
    Last Online

    07.24.11 @ 04:36 PM
    Likes
    0
    Liked 1 Time in 1 Post

    Default

    Quote Originally Posted by Viking View Post
    And those of us in the middle end up paying for it all. Sucks, doesn't it?
    it really does because as far as I'm concerned both ends of that spectrum are deadbeats who leech off the rest of us. This is NOT what Ayn Rand had in mind when she wrote about allowing capitalism to run its course without any interference or concern for the greater good.

  15. #15
    Sinner's Swing! Jesus H Christ's Avatar
    Join Date
    05.20.07
    Location
    Boston
    Posts
    3,884
    Favorite VH Album

    Van Halen II
    Favorite VH Song

    Outta Love Again
    Last Online

    12.13.17 @ 08:31 AM
    Likes
    903
    Liked 1,689 Times in 644 Posts

    Default

    A $6.5 million bonus for an executive of AIG...that's a bone-us all right. If we as taxpayers own them now, frig the previous contract. That's a total ripoff and an example of the pure greed that got the country in this mess.

    Let's go bonus-pig hunting!

    March 15, 2009
    A.I.G. Planning $165 Million in Bonuses After Huge Bailout
    By EDMUND L. ANDREWS and PETER BAKER (NY Times)

    WASHINGTON - The American International Group, which has received more than $170 billion in taxpayer bailout money from the Treasury and Federal Reserve, plans to pay about $165 million in bonuses by Sunday to executives in the same business unit that brought the company to the brink of collapse last year.

    Word of the bonuses last week stirred such deep consternation inside the Obama administration that Treasury Secretary Timothy F. Geithner told the firm they were unacceptable and demanded they be renegotiated, a senior administration official said. But the bonuses will go forward because lawyers said the firm was contractually obligated to pay them.

    The payments to A.I.G.'s financial products unit are in addition to $121 million in previously scheduled bonuses for the company's senior executives and 6,400 employees across the sprawling corporation. Mr. Geithner last week pressured A.I.G. to cut the $9.6 million going to the top 50 executives in half and tie the rest to performance.

    The payment of so much money at a company at the heart of the financial collapse that sent the broader economy into a tailspin almost certainly will fuel a popular backlash against the government's efforts to prop up Wall Street. Past bonuses already have prompted President Obama and Congress to impose tough rules on corporate executive compensation at firms bailed out with taxpayer money.

    A.I.G., nearly 80 percent of which is now owned by the government, defended its bonuses, arguing that they were promised last year before the crisis and cannot be legally canceled. In a letter to Mr. Geithner, Edward M. Liddy, the government-appointed chairman of A.I.G., said at least some bonuses were needed to keep the most skilled executives.

    "We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses - which are now being operated principally on behalf of American taxpayers - if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury," he wrote Mr. Geithner on Saturday.

    The senior government official, who was not authorized to speak on the record, said the administration was outraged. "It is unacceptable for Wall Street firms receiving government assistance to hand out million-dollar bonuses, while hard-working Americans bear the burden of this economic crisis," the official said.

    Of all the financial institutions that have been propped up by taxpayer dollars, none has received more money than A.I.G. and none has infuriated lawmakers more with practices that policy makers have called reckless.

    The bonuses will be paid to executives at A.I.G.'s financial products division, the unit that wrote trillions of dollars' worth of credit-default swaps that protected investors from defaults on bonds backed in many cases by subprime mortgages.

    The bonus plan covers 400 employees, and the bonuses range from as little as $1,000 to as much as $6.5 million. Seven executives at the financial products unit were entitled to receive more than $3 million in bonuses.

    Mr. Liddy, whom Federal Reserve and Treasury officials recruited after A.I.G. faltered last September and received its first round of bailout money, said the bonuses and "retention pay" had been agreed to in early 2008 and were for the most part legally required.

    The company told the Treasury that there were two categories of bonus payments, with the first to be given to senior executives. The administration official said Mr. Geithner had told A.I.G. to revise them to protect taxpayer dollars and tie future payments to performance.

    The second group of bonuses covers some 2008 retention payments from contracts entered into before government involvement in A.I.G. Indeed, in his letter to Mr. Geithner, Mr. Liddy wrote that he had shown the details of the $450 million bonus pool to outside lawyers and been told that A.I.G. had no choice but to follow through with the payment schedule.

    The administration official said the Treasury Department did its own legal analysis and concluded that those contracts could not be broken. The official noted that even a provision recently pushed through Congress by Senator Christopher J. Dodd, a Connecticut Democrat, had an exemption for such bonus agreements already in place.

    But the official said the administration will force A.I.G. to eventually repay the cost of the bonuses to the taxpayers as part of the agreement with the firm, which is being restructured.
    Last edited by Jesus H Christ; 03.15.09 at 08:15 AM.
    "The less I needed, the better I felt." ~ Charles Bukowski.

 

 

Similar Threads

  1. Live Free or Die Hard (Die Hard 4)
    By ZeoBandit in forum VH Fans Meeting Place (Non-Music)
    Replies: 79
    Last Post: 11.27.07, 10:58 PM
  2. work, work, work, work, retire and then die...
    By voivod in forum VH Fans Meeting Place (Non-Music)
    Replies: 17
    Last Post: 04.17.06, 06:44 AM
  3. Who WILL be getting your concert Dollars?
    By lilred in forum VH Fans Meeting Place (Music Only)
    Replies: 30
    Last Post: 05.03.01, 06:05 PM
  4. Who WILL be getting your concert Dollars?
    By lilred in forum VH Fans Meeting Place (Non-Music)
    Replies: 4
    Last Post: 04.22.01, 08:46 PM
  5. 600 Dollars
    By kpl in forum Guitar Room
    Replies: 9
    Last Post: 04.19.01, 03:23 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •