Zeal for battle over bonuses waning in Washington

This story posted on AOL just about an hour ago.

As it happens, after all the moaning, groaning, whining and grandstanding of recent weeks, the powers that be (Congress) have now decided that we need those at the helms of large financial entities on our side, in order to release funds to Joe citizen to get the economy moving again. It is truly a matter of which came first - the chicken or the egg, or we all need each other to get along - take your pick.

I would have liked to see some appropriate penalties levied against AIG staffers for their grossly inflated and inappropriately timed bonuses, but apparently I am not going to see that in my lifetime. What we have all learned is a great deal - we are surely more aware of golden parachutes, stock options, corporate jets and most of all - bailout monies, who gets them and what is done with them.

In a recent conversation with an employee at UBS, he shared that he too had received a bonus that he did not want to see taxed - granted, his monies came from Switzerland, but I can't imagine that country has money to throw away any more than ours does at this time - speaking for taxpayers. It has become a debacle, a boondoggle, a tar baby that no-one knows quite how to handle - almost like the out-of-control preschooler having a tantrum in the grocery store - the parents are afraid to say anything for fear of sounding harsh - onlookers fear the wrath of the parents, and so, nothing is said at all.

Here is the link to the story if you can stomach it - I suppose it makes sense in the end, but it is a disappointing ending - I had surely hoped for a much different outcome. http://money.aol.com/news/articles/_a/bbdp/zeal-for-battle-over-bonuses-waning-in/398150

Former AIG head denies he started executive bonuses

It is beginning to sound like a game of "Who's on First?" I have no idea when that show started - I have never seen it, but in my 20 years of living in America, have had it quoted to me enough that I know vaguely how it works........enough said. I think you get the point.

"I started it - no - he did - no - she did - no you did!" Is this a squabble between preschoolers? No, these would be AIG employees, former and present, who are trying desperately to distance themselves from the bonus debacle that has Americans from all socioeconomic groups outraged, to say the very least.

The entirety of the story can be read here: http://money.aol.com/news/articles/_a/bbdp/former-aig-head-denies-he-started-exec/390945

Again, let me refresh your memories, dear readers - AIG received millions of dollars ($173 billion to be precise) in federal funds for a bailout - they were, we were told, too large to fail - and now we hear that those who essentially ran the company into the ground did not only that, but managed to get some $160+ million in bonuses - all this for "doing a heckuva job" - where have I heard that before?

I hate to sound like a scratched record, but as a taxpayer and part owner of AIG, I want those bonuses paid back - all of them - in their entirety and sooner rather than later and I really don't care how we go about doing it. If there are no laws in place to address such grievances, then let the Attorney General Eric Holder see about getting some written and forthwith! Am I angry about this? I can't remember the last time I was so heated about an issue I was blogging about.

Is it time to bring Eliot Spitzer back? He originally brought the misdeeds of AIG executives to light before his call girl shenanigans.

Congress looking at huge taxes on AIG

http://news.aol.com/article/congress-looking-at-huge-taxes-on-aig/386132 That is the link to the story posted earlier on the AP news wire.

AIG has become the proverbial tar baby of this economic fallout - huge bonuses, stock options, private jets and golden parachutes are commonplace, and the taxpaying public has decided - enough!

Congress is now looking to levy huge taxes on those at AIG who received the bonuses. Had I my druthers, I would like NY's AG Andrew Cuomo to "out" those rascals and publish their names in the Wall Street Journal or NY Times for all the world to see exactly where their wrath should be directed.

Please don't misunderstand - I am not against bonuses per se, certainly not those linked to performance, but in this case, not only did these executives pretty much run AIG into the ground, but the American public has bailed out AIG to a tune of significant proportions (more than $170 million) and I do not think that now is the time for any of the executives to dig deeper into the proverbial pot, particularly given the country's financial woes, and given that some of the workers are no longer still employed by the company.

I also particularly liked the following two quotes from prominent Democrats: "One way or another, we're going to try to figure out how to get these resources back," said Christopher Dodd, D-Conn., the panel's chairman.

Sen. Jon Tester, D-Mont., said AIG executives "need to understand that the only reason they even have a job is because of the taxpayers."

It is again, important to note that the taxpayers - yes, that's you, me and all the rest of the working public - out there - bailed out AIG before and we, the American public own about 80% of AIG.

I am with Harry Reid on this one - tax them to the hilt on those bonuses!