Quote:
Originally Posted by Daradon
Do you do only things your told to do? Or do you sometimes try to do the right thing? Especially if someone else is helping you?
If I'm getting taxpayer money to fix my company, a a problem my company helped created, not just for us mind you, but people ALL OVER THE GLOBE, you can bet I'm trying to skimp everywhere STARTING at the places and people responsible for the mess.
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They weren't getting taxpayer money when they signed the contracts.
So, how exactly should they get rid of the contracts, ESPECIALLY if the government didn't even ask them too?
If a contract is supposed to be void or invalid, both parties have to make an agreement. In this case, neither AIG, nor the employee EVER did that.
I'm not sure about the specifics, but as far as I know, the 'retention bonus' basically covered what the employee would have received in terms of salary pay. But, because AIG had no money to PAY salaries prior to the 'bailout' they recieved, they made a deal to pay the salaries at a set date, after they got some help.
Which is a smart move, considering they would either get bailed out, or they go bankrupt, where IIRC, each person with a 'contract' that couldn't be filled can make a claim and hope they get their money after the banruptcy is settled.
The Obama adminstration knew about this, Dodd knew about it, everyone involved KNEW that these bonuses were going to be paid out in March of '09, and they never made ANY restrictions, or even TALKED to AIG about possibly restructuring those contracts. Given that most AIG employees that recieved the bonus money have since returned it of their own free will, we can assume that they would have gladly negotiated a better contract if given the chance. But they couldn't, because neither side of the contract ever brought it up.
I think some people are looking at AIG as a company that is the incarnate of Satan himself, with a bunch of evil henchmen sitting at the helm trying to figure out a way to screw over the taxpayer as much as possible. And Obama is trying to manipulate the public as much as possible to direct their outrage at those 'evil henchmen'.....instead of putting the blame where it belongs. With those people that worked on the original bailout deal.
But no, that would be admitting a 'mistake'.....and he can't do that. So much for a open, honest and transparent government. When it really counts, he can't be honest like he said he would be.
Too bad the general public is too stupid and ignorant to really realize what is going on.
It doesn't take 4 years of law school to understand how contract law works. Most of us have at one point or another signed a contract for one thing or another. House mortage, bank loan, car payments, etc, etc. Imagine if you 'breached' that contract. The bank, car dealer, etc....has the RIGHT to go after you in a court of law and get back what is rightfully theirs.
Imagine what would happen if you couldn't make the payments on your house. With time, the bank has the right to take it away from you. Your utility bill? Enmax can turn off your power. On, and on.
There is a standard that NEEDS to be upheld. Those laws were specifically put into place to protect both sides of the equation. Just because the Obama administration didn't do their homework, that doesn't mean AIG is suddenly in the wrong.
Put the blame where it belongs. At the feet of the government. And with those AIG people that were involved in the original bailout deal.