President Obama to Bailed-Out AIG: I Will Pursue 'Every Single Legal Avenue to Block These Bonuses'

AIG Bonuses

At a time when unemployment, bankruptcies, and foreclosers are the norm for the average American, the AIG fiasco is a major blow. Although I am one of the lucky ones to still have a job and a home, my company is asking the employees to volunteer for either an alternating temporary time off without pay or to volunteer to take a voluntary cut in pay to help prevent layoffs. Either measure would probably guarantee my family joining the above statistics.

I had looked foreward to an early retirement this year and now I can not afford it. My 401K has been cut in half with stock market losses. At my age, I can not recoup this back. My wife is disabled and a high medical expense. My daughter and Grandchildren need our help just to keep food on their table.

This is the tale of just another average American trying their best to keep the status quo while the rich get richer.

This is just another example of why the goverment does not belong in big buisness. When will they learn?

AIG

Obama is just blustering -- again. He and his Treasury Secretary knew about these bonuses BEFORE the bailout -- and proceeded anyway, withholding bonus information from the public.

But Congress is not to be excused in this handout fiasco, either. Our elected officials were so quick to rush forward with the handout money -- they made sure no one knew who was getting what, or that no controls were in place to ensure the bailout funds would be properly utilized.

A nation of sheep has come forward again -- and we have been duly shorn by Congress and the carpetbaggers at AIG, FannieMae, and FreddieMac. Doesn't it make all of us feel good to know while we are all struggling with the current financial crisis, the losers at AIG will be getting rich(er) with their exhorbitant bonuses.

Criminal prosecution? Don't make me laugh. If anyone should be prosecuted, it should be our elected officials who have run our financial ship aground. Barney Frank should be the first one indicted!

Public Relations Faux Pas

Like most everyone else, I don't know the facts behind the bonus payments, but AIG is certainly guilty of a massive public relations fiasco at the very least. If anything illegal has been done, or if AIG violated the terms of the "bailout", then let the guilty be brought to justice, or appropriate damages be awarded after due process procedures are followed.

As a sidelight, it seems to me that another problem is highlighted here, and that is that we have politicians trying to run businesses when they have never managed or run anything other than constant campaigns for reelection. When politicians posture, our cynical natures should be on alert.

AIG follow up

And, by the way, how much do you suppose it's going to cost us to get the money back? Throwing good money after bad???

AIG

Let's face it. This is all political posturing so everyone can say they were vehemently opposed when the truth is, they can't do a damn thing about it.

Re AIG and Justice

The AIG do not represent the Taxpayers, the middle class or our struggling lower class workers so why should we let them steal our bread and butter..... they should get payed for the honest work they have done but nothing if they themselves have brought about their own collapse through mismanagement,mismanagement and mismanagement....

AIG

I'd just like to know one thing....even though the bonuses were approved months ago, surely they knew LONG before that AIG was in big trouble. Why in the name of all that is holy would they approve bonuses for such a poor showing & disgraceful spectavle? Who are the idiots approving bonuses for these stunning failures? Let's start begin to address these problems by starting to fire all those who encourage this type of shocking behavior & greed. Maybe that will send a message. Good luck with getting back the bonuses already awarded. It would cost far more in litigation to recover it, so why bother? But I would suggest doing away with the SEC and other so-called 'regulatory' agencies. Their gross incompetance and total ignorance of the red flags in the Bernie Madoff scandal more than demonstrate their complete dysfunction and sheer ineffectiveness. Think of how much money we'd save right there.If the President is serious about his reforms he'd batter start focusing on these rogue banks, investment companies & regulatory agencies before he finds himself invited to another Boston Tea Party. Taxpayers have had it & I shudder to think what's coming down the pike if this runaway greed isn't reigned in pretty soon. They guys need to be prosecuted & their assets seized. Obama sure has his work cut out for him & I wish him well....as the saying goes, "we have seen the enemy and it is us."

AIG and our Congress

It is iteresting to hear the hypocrisy from all our screaming politicians about someone taking tax payer money unjustly when they by their silence just voted themselves a raise. But oh well we have come to expect kind of treatment from our repesenatives. By the time this administration finishes we will be lucky if our dollar will is worth twenty five cents and our children will be wondering where they go from here when they pay 8 to 10 dollars for a loaf of bread. The bright side is we will be able to pay back China with worthless dollars.

Obama should have stayed with his original strategy

That is, every day he reads the paper and doesn't do anything about it. Actually, that is adapted from a quote from Condoleeza Rice during a recent interview. She was asked how it was now that she was no longer Secretary of State.

AIG Executive Bonues

Obama may scream and holler about these AIG bonuses, but legally I don't believe he can do much to reverse them. These are contracts that apparently are legally binding, since they were entered into before the bottom fell out on AIG. Obama will pick a big fight though primarily for political expedience but he will not prevail. His power goes just so far.