Thank You AIG ~ dnd

AIG Bailout

AIG has become the fall-guy for this severe worldwide recession. The financial-products division has become the fall guy for AIG. The employees of the financial-products division who received retention bonuses are the fall guys for the financial-products division. There are four groups of people who should give a sincere thanks to these people.

First, every other organization that’s responsible for the recession should thank them for taking the heat, at least temporarily, off their organization.

Second, members of Congress should thank them. Now every member who can manage to get their face in front of a TV camera can say how outraged they are. They may have no clue what the issues are, but they know being outraged about this is good politics. It also serves to distract from other matters at hand which would require some difficult political choices they have made, e.g., all the pork and earmarks in the Omnibus Spending Bill they responsible for. Additionally it gives them a chance to point fingers at each other for blame. And of course everybody gets to pile on Secretary Geithner, even though Geithner is less culpable than Congress or Fed Chief Ben Bernanke.

Third, members of the press should thank them. Rather than performing any in-depth investigative reporting on what this is and how it came to happen, they find it far easier to interview those same outraged members of Congress, or some small town waitress who can’t understand why her tax dollars are going to people who got us into this mess, or someone who lost their job and wants to know why they are not being helped, etc., etc., etc.

Fourth, the pundits should thank them. This is fresh meat for those who traffic in innuendo.

The $165 million in bonuses is chump change in the scope of the AIG bailout. None of the groups listed above have a clue what’s at issue with the AIG conundrum, but bonuses to failed employees of a failed corporation is a symbolic issue all can latch onto.

Epilogue

This doesn’t mean I’m letting AIG off the hook. However AIG CEO Edward Liddy is a contrite and brilliant individual. If anybody can fix AIG, he can. And since we are all 80% shareholders in AIG, I’d prefer members of Congress who are using the mess for their own political gain, opt to figure out how they can help. I’d like a return on my investment.

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71 Comments

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71 responses to “Thank You AIG ~ dnd

  1. Congradulations to dnd for losing his “posting a thread” cherry, well done!

  2. Spot on dnd, this is nothing more than a dog and pony show. First off the amount of money we’re talking about hardly would make for a drop in the bucket, and as I’ve said this is nothing more than a stalling tactic for the repugs to use. The real culprit is Gramm-Leach-Bliley, and it’s time we start spending some energy at restoring what was once a secure finicial system in this country!

  3. I couldn’t agree more…dnd….

    In all reality, these bonuses are not making a bit of difference to the economic woes of the world.

    People are pissed because of how the economy is effecting them individually. This is a convenient fight for the average Joes, and they will point their fingers and bitch it up until the moment the next really important issue hits the fan.

  4. I like the photo…

    One good thing about the bonuses being exposed is how it will help to make better bail-out packages in the future months to come.

  5. dnd it’s looking like you, me, and Ed Schultz are on the same page on this one.

  6. yes nice photo, the kid did good!

    😉

  7. dnd

    “One good thing about the bonuses being exposed is how it will help to make better bail-out packages in the future months to come.”

    Sra Burrito,
    Very good point!

  8. dnd

    “dnd it’s looking like you, me, and Ed Schultz are on the same page on this one.”

    Brian,
    You forgot Sra Burrito! I’m thinking a lot of people are getting fed up with this bickering. We want progress in this mess. I was really impressed with Rep. Paul Kanjorski in the hearings today.

  9. I hadn’t seen UB posts, when I posted that remark, always glad to see UB riding along with us!

  10. Obama is shining right through this…..it is such a relief having him as our President.

    Nice to know my vote wasn’t wasted.

  11. Bill Clinton should be very grateful, the repugs are going to end up hating Obama far more than they ever hated Bill!

  12. I am curious at to what/who everyone thinks drives the news now-a-days…..years ago it was events, new events……that needed reporting…

    Who is driving the media machines now?????

    btw -AIG up 43.75% today

    & side note
    (- .6) biggest loser wed.

  13. I’m not sure I follow your question UB, can you site an example.

  14. I just find the news to be less about news (what has happened) in the world on any given day…. and more about whatever is a hot button issue of the day…..

    If one was to just watch television for instance, they really know nothing about events of the day and only hear sounds bites about the AIG hearing….

    News seems really limited in scope, I seek and search for news on the internet, all types of news…..CNN used to report news…..now every station has the same story, same people saying the same thing……

    I don’t think I am being clear….

  15. I wondered who or what is setting the tone/story they all following on any given day.

  16. Not sure what Geithner knew, but most of the information available was I feel not told to the new administration.

    Most of the moneys were set forth by Paulson and the Bush\Cheney Crime Family was still in power.

    Paulson got rid of the competition by letting Lehman Brothers fail while propping up Goldman Sachs and Morgan Stanley were he had deep ties.

    No different then Cheney and his energy task force planning the illegal Crimes Against Humanity and illegal occupation of Iraq.

    They sold our soldiers out and shed their blood for OIL.

    None of these folks have a soul, but they do have something in common. Their Hearts are Black as Coal.

    God Bless.

  17. Nah, I get your point, but also keep in mind that it’s really not that much people watching cable news. I for instance no longer watch network, I tend to look at cable news more as entertainment, it’s my version of ESPN, then I get the real news on line.

  18. Man now I feel like Brian…

    I didn’t take a nap when I got home and now I feel ready to fall out.

    I guess its nap time and I hope I wake up in an hour or so instead of 1am in the morning. If that happens I will not be able to go back to sleep which will mean a very long tiring day at work tomorrow.

    Try to catch you all later. If not see you tomorrow.

    God Bless.

  19. dnd

    Sra Burrito,
    I wathch the News Hour (for some reason I still call it the McNeil Lehrer Report) on PBS.

    I think MSM news is now focused on ratings, so they show the sensationalist crap.

    Great idea for your perspective on a thread post (wink, wink)!

  20. nannymm

    “dnd it’s looking like you, me, and Ed Schultz are on the same page on this one.”

    Brian,
    You forgot Sra Burrito!

    Hey! What about me? Didn’t you see my post on the previous thread?
    Mostly grandstanding, UB. I agree with Brian that Ackerman made sense and that Barney Frank was trying to shame AIG executives into giving those bonuses back. A few congressmen have thanked Liddy for his efforts, acknowledging that he came in AFTER the meltdown and is getting only one dollar a year and no stock or other compensation. Too many others (both repugs and dems) are acting like he is the bad guy and are tearing into him, grandstanding for their constituents. The talking heads haven’t been much better.

  21. nannymm

    Those congress critters wasted the entire day, posturing and preening for the camera. They could have spent the time trying to really understand the problems we’re facing and gathering info as to how these problems can be prevented in the future. But that would be real work and not very entertaining to their constituents. It wouldn’t make for great sound bites for the talking heads or for the members of congress to use in their campaign adds in 2010. So we got more BS and no real answers or solutions. I have no idea why I feel disappointed; it’s the same thing every time.

  22. nannymm

    I forgot to say that this piece was well written and spot on, dnd. I’m glad you expressed what we all seem to be thinking and feeling.

  23. Network news suffers the same homogeneous plight….and local news is really pathetic…

    I guess I feel the timing is ripe for a real news network to enter the playing field that reports news, the nuts and bolts of the events of the day.

    No opinion or speculation or interviews – just the who what and where…..I feel so old right now lolololol

    Nanny, I saw your post, it was good….thanks because I didn’t see any of the hearing.

  24. You know in a very subtle way Obama isn’t letting Clinton off the hook for where we are now. I loved that line about “no more bubble and burst economy”.

  25. news hour is better than the rest ….I catch it once in a while…

    I saw those winks…lol…

  26. Steve

    Obama remains on the right course. Taking the bonuses is bad business on the part of AIG, not to mention its a rip-off of the Feds. I do agree there is some political clowning going on, but what do you expect? They are after all politicians….

  27. Nanny said -“Those congress critters wasted the entire day”

    No kidding…..I am really tired of seeing them act like they are the end-all experts on finance.

  28. I just want better politicians….

  29. dnd

    Hey! What about me? Didn’t you see my post on the previous thread?”

    Mea culpa Nannymm. Point well taken!

  30. lol…dnd as a matter of fact I did you post…and just wanted to add—

    Dogs don’t understand cats, but cats understand dogs and cats.

  31. Hey I mentioned it two or three threads ago, that this was all bullshit!

  32. I think we should look at the positive – there won’t be an AIG hearing tomorrow.

  33. And btw all these people who keep yapping that they don’t know what is Timothy Giethner is up to haven’t been listening very well. I think he’s been very forth coming about the fact he’s looking to undo Reaganomics, and he’s willing to stand in the line of fire too while getting the job done!

  34. nannymm

    UB, better politicians? Sorry! There is no such thing.
    There is something about the power that changes them; put them in front of an audience and they become actors.

    Steve, I agree that Obama is on the right course. But the long knives are out for him. Just listen to the talking heads, read the opinion pages, and listen to those right wing loonies. We (all those who support Obama) need to stick together and support him. One way might be a “Letters to the Editor” campaign. Any other idea?

  35. “What lessons can we draw from AIG’s experience? There must be safeguards against the systemic consequences of failures of large, interconnected financial institutions. Where safeguards are lacking, such companies need to be restructured or scaled back so they no longer come close to posing a systemic risk.” -Edward Liddy

    from the WashPost article Nanny linked above.

  36. nannymm

    Excellent point about Giethner, Brian. He has been very clear about his goals and I for one support him wholeheartedly in undoing Reagonomics. It took years for those right wing crazies and their policies to nearly destroy this country and its economy. Giethner is going to need time to undo those policies and reverse the damage they caused.

  37. Natasha Richardson died, sad.

  38. On the upside Liam is single again!

    Too soon?

  39. nannymm

    So far, I’m very impressed with Edward Liddy. His record of success in prior employment is impressive; his reputation is impeccable; and he is said to be a man of the highest integrity. That he would take on this job without compensation (and leave a lucrative position to do so) is commendable. He is doing this to serve his country. He deserves better than the crap he is getting from idiots looking to feather their own political caps. He also seems to have some reasonably good ideas as to how we need to move forward and protect ourselves in the future. I hope Congress and the talking heads will shut up and listen. But I’m not holding my breath.

  40. nannymm

    BRIAN!!!! You need a good slap! Shame on you!

  41. dnd

    Thoughts and prayers to Natasha Richardson, her family, friends and fans.

    Life is precious.

  42. Come on, everyone knows the obits are the Craig’s list of the over 50 set!

  43. dnd

    I’m getting a serious burr in my saddle about those who are blaming Tim Geithner about all our current financial problems and his inability to solve all problems tomorrow.

    The conspiracy theory is that this move to pounce on Geithner is a political move to question the ability of the current administration and thus create an opening for the opposition.

    If Geithner screws up, he should be replaced, but it’s a little too early to make that assessment.

  44. Markets been up what 5 days in a row now? Geithner knows just where all the skeletons are burried, Obama brought him onboard for the same reason FDR brought on Joe Kennedy.

  45. dog's eye view

    with all the complaints about the egregious AIG bonuses: why was there no outrage over the billions that allegedly disappeared in Iraq?

    ==========

    Am genuinely sad about Natasha Richardson. She was one of the good ones, and I liked that she kept her family private.

    Maybe we will see cool-looking helmets for skateboarding and skiboarding and skiing as an outcome.

    There but for the grace ….

    Agree with dnd from last thread: Princess Diana likely could have survived that accident, had she worn a seatbelt.

    Tragedies are just that, but always glad when some good comes out of them, like people having heart checkups and not ignoring symptoms or safety precautions…

    (dog, who is likely to trip over her own elderly dog in coming months)

  46. nannymm

    Dog’s Eye,
    They already make very cool helmets for skiing, skating, etc. My grandson and his friends all wear them and really like them. (Of course, it wouldn’t matter as the other parents and I would make them wear helmets or not ski.) You can even get all kinds of wild and colorful helmet covers to change your look. My grandson has several of them.

  47. nannymm

    Hi Doots! Good to see you! Brian’s Fool was starting to bore me. 😉

  48. nannymm

    If we’re so boring, Brian’s Fool, you can always go back to your adoring fans on your blog. We’ll try to struggle along without you.

  49. nannymm

    Well done, Brian!

  50. Steve

    Good morning gang. Today is Earl warren’s birthday. I bet most of you are old enough to remember the “Impeach Earl Warren” billboards that were all over the south for a tiome decades ago….

  51. Steve

    I will be watching the stock market today. Lots of money is bveing put into treasury bonds, I believe…will be interesting to see if the banks keep going up. My business minded friends at work think this is a bear rally. We shall see.

  52. Steve

    Have a good one troops

  53. Wow Steve, you really do wake at the crack of dawn….I enjoy reading you early posts. 🙂

    Inspectors head to undersea volcano in Tonga
    Eruption in South Pacific not presently a threat to islanders, authorities say

    http://www.msnbc.msn.com/id/29769097/

  54. dnd

    Wow, cool pix Sra Burrito.

  55. dnd

    Ok Colbert nation, time is running out to name node 3 of the space station. Currently Colbert is #1. Let’s help push it over the top.

    http://www.nasa.gov/externalflash/name_ISS/index.html

  56. Are you going to suggest “no manned space flight” dnd?

  57. nannymm

    Good morning, everyone.
    Great pics of those volcanoes UB.

  58. dnd

    Wish I would have thought of that Brian.

    Actually, the space station may be worthwhile. Going to the moon and Mars, is stupid. Especially Mars.

  59. dnd

    “SANTA FE, N.M. – Gov. Bill Richardson, who has supported capital punishment, signed legislation to repeal New Mexico’s death penalty, calling it the “most difficult decision in my political life.””

    http://news.yahoo.com/s/ap/20090319/ap_on_re_us/death_penalty_new_mexico

  60. dnd

    For those who missed the News Hour last night, Julia Keller, had a brilliant essay: “Reluctant Goodbye to Winter” where she calls winter the Clint Eastwood of the seasons:

    http://www.pbs.org/newshour/bb/social_issues/jan-june09/essay_03-18.html

  61. dnd

    Bev,
    “Both Dodd and the official, who asked not to be named, said it was because administration officials were afraid the government would face lawsuits if bonus contracts were breached.”

    So I guess that makes Dodd a pragmatist. Funny it’s not being reported that way…

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