Millions in AIG bonuses ignite bipartisan fire

[F91]

I don't disagree with that.
BTW- The White House proposed several substantial proposals for Small businesses including Capital Gains tax cuts and Tax Credits for Health care.

Originally Posted by crasmus22

I think before any bonuses should be returned, politicians should have to return all campaign donations from these companies.

[crasmus22]

Originally Posted by F91

I don't disagree with that.
BTW- The White House proposed several substantial proposals for Small businesses including Capital Gains tax cuts and Tax Credits for Health care.

Lets hope they know more than what they did about AIG before they gave them $30 billion just two weeks ago.

[daleb]

Lots of checks and no balances. This has historically been the way 'buyouts' go regardless of the administration in power. Lockheed & Chrysler probably a couple of exceptions some 30+ years ago.
If the abuses are at the top, they need to sharpen those axes.

[tcarcio]

[quote=crasmus22;841076]Obama also threatened a veto if strings were attached to the bill he signed.

Don't confuse the libs with facts, it gives them a headache......

[unotis]

Originally Posted by tcarcio

You are so typical, When you can't figure out what to do you blame Bush. The Dems, lead by your hero Barny Frank were the ones who forced loans to be made to people who couldn't pay them back and that is where the housing crises that started this downturn began. I, unlike you, know that it was the business as usuall crowd of both parties that have contributed to this crap session we are in and until we get them to change it will not stop. But then again liberals don't want it to stop, they want to control everyone and their plan is to make everyone dependant on government. Bush is gone, get over it and pull your blindfold of or when you can't take care of your family the way you would like because the government won't allow it, it will be too late. You have been warned.......

I'm a life long Democrat, but unfortunately you're correct (at least partially) the Democratic party did force the lenders to loan to people who previously would not have gotten loans because it was obvious they couldn't afford them so the lenders made the loans and then sold off the toxic loans to other companies and when of course they started to default on the loans and the houses started to be foreclosed the housing market and lending market went into free fall and collapse which in turn really started the domino effect on our economy that caused our recession.

Now, the Democrats aren't alone at fault in this mess, the Republicans have for years pushed for less restrictions on the market and that lack of oversite allowed the intial lenders to slip all those bad loans (they had been forced to make) easily into loan bundles and sell them off to other investment companies who had to eat the failures and caused them to collapse.

But, in a simple way you could say it all started with the Federal Government forcing lenders to approve and give loans for homes to unqualified individuals in the first place who couldn't afford them and wouldn't have qualified in the first place.

[daleb]

What it is really about, is how government has always done business. Even attempts to make good on campaign promises does not change that. The disbursement and accounting offices of the Federal gov have been in need of a major overhaul for ages.

[1955]

Originally Posted by F91

Let me get this straight- A politician supports a bailout that 80% of the American public disapproves of and they do this to IMPROVE their chances of re-election?
Uh....What???

Get this straight...money gets incumbents elected.

[1955]

Before you libs bring Bush into this, lets get the record straight. Bush was (and is) NO conservative, he's a Republican, there's a BIG difference!!!

[Nevada_MO_Guy]

Originally Posted by Cygnus

But they agreed it was unclear what, if anything, the government can do to cut the bonuses since the contracts seem legally binding.

They will probably let them have their bonuses, unless to much public pressure is put on them.

To get the money back they could change the tax code. Any business that uses TARP money for bonuses will be taxed 101%

[crasmus22]

Originally Posted by Nevada_MO_Guy

They will probably let them have their bonuses, unless to much public pressure is put on them.

To get the money back they could change the tax code. Any business that uses TARP money for bonuses will be taxed 101%

They could just let them go bankrupt and let them fight it out in court. Then it wouldn't be our tax money paying for incompetence

[tcarcio]

Originally Posted by unotis

I'm a life long Democrat, but unfortunately you're correct (at least partially) the Democratic party did force the lenders to loan to people who previously would not have gotten loans because it was obvious they couldn't afford them so the lenders made the loans and then sold off the toxic loans to other companies and when of course they started to default on the loans and the houses started to be foreclosed the housing market and lending market went into free fall and collapse which in turn really started the domino effect on our economy that caused our recession.

Now, the Democrats aren't alone at fault in this mess, the Republicans have for years pushed for less restrictions on the market and that lack of oversite allowed the intial lenders to slip all those bad loans (they had been forced to make) easily into loan bundles and sell them off to other investment companies who had to eat the failures and caused them to collapse.

But, in a simple way you could say it all started with the Federal Government forcing lenders to approve and give loans for homes to unqualified individuals in the first place who couldn't afford them and wouldn't have qualified in the first place.

I agree 1000%, As a conservative I have always believed that it is Politicians in general who make bad decisions for reasons both personal ans due to outside pressure from groups like out of control unions. I never believed one party to be at complete fault, but if something isn't done soon it doesn't look good for any of us.

[hatt]

Originally Posted by Nevada_MO_Guy

They will probably let them have their bonuses, unless to much public pressure is put on them.

To get the money back they could change the tax code. Any business that uses TARP money for bonuses will be taxed 101%

Grandstanding in front of the idiot masses is all this stuff is. Those bonuses where clearly written into the law and now "oh the horror."

Also:

Return that taxpayer money Mr. Dodd.

Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.9768, 0.1967, 25.21%) bonus recipients so the government could recoup the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.

While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009,” which exempts the very AIG bonuses Dodd and others are seeking to tax. The amendment is in the final version and is law.

Also, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.

http://michellemalkin.com/2009/03/17...-against-them/

[crasmus22]

Originally Posted by hatt

Grandstanding in front of the idiot masses is all this stuff is. Those bonuses where clearly written into the law and now "oh the horror."

Also:

Return that taxpayer money Mr. Dodd.


http://michellemalkin.com/2009/03/17...-against-them/

What do you think the odds are that the network news will cover this fact at all?

[1955]

Originally Posted by crasmus22

What do you think the odds are that the network news will cover this fact at all?

Exactly 0%

[hatt]

Originally Posted by F91

Let me get this straight- A politician supports a bailout that 80% of the American public disapproves of and they do this to IMPROVE their chances of re-election?
Uh....What???

Also, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.

http://michellemalkin.com/2009/03/17...-against-them/[/quote]

Maybe this will help your understanding a little.