In all, AIG disclosed payments of $105.3 billion between September and December 2008. And some of the biggest recipients were European banks. Societe Generale, based in France, was the top foreign recipient at $11.9 billion, Deutsche Bank of Germany got $11.8 billion and Barclays, based in England, was paid $8.5 billion.

Well that's who they owed money to. Who did you think they were in debt to?

They got bailed out so the world wide economy didn't fall apart in an instant. We made the system, we benefited from the system, and when the system was about to fail, we had to use our own bubble gum and duct tape to try patching it together.

Since we now own 80+% of AIG, we should start selling off assets to recoup our investment. Get some of that $$ back from the rest of the world.

Odumda's Sec of Treasury Tim "Tax Cheat" Geithner was the mastermind behind the AIG bailout. Great plan Tim! And the Dems neglected to put anything in their legislation (they're running congress) about specific spending guidelines or bonuses. Oops!


Oh well, Odumda can use it for a week to distract attention from HIS MASSIVE (X 10,000) spending fuck ups. How about that trillion diollar "stimulus"? Only 23% of it will hit the economy this year, so IT'S NOT A STIMULUS. It was an unnecessary liberal wish list. They were taking advantage of the situation (Rahm Emanuel - "never let a crisis go to waste!"). By the way, did you hear the Dems are saying we already need another stimulus? Yay!

So, AIG and other companies are expected to alter spending while they owe the government money. Why are all the welfare/food stamp freeloaders able to buy junk food, beer, Kool cigs and the National Enquirer while they're taking handouts? Unlike the non-producing welfare leeches, the corporations are at least required to pay the money back in the future. Taxpayers have lost TRILLIONS to welfare parasites over the years and we haven't heard a squeak from "fiscally responsible" liberals. AIG's 170 billion is pocket change compared to the TRILLIONS Odumba is incinerating.

news.yahoo.com


Reports: AIG to pay out $100 million in bonuses
AP

NEW YORK – American International Group Inc. is set to pay out about $100 million in a fresh round of bonuses to employees of its financial products division, the unit whose risky bets helped sink the company leading to a $180 billion government bailout, according to reports published Tuesday.

AIG agreed to cut the retention bonuses by $20 million but will still hand out $100 million Wednesday, The New York Times reported, citing people with knowledge of the negotiations.

The Washington Post, also citing people familiar with the situation, said the retention payments are for employees at the division who agreed to accept 10 to 20 percent less than AIG had initially promised them two years ago. In return, they are getting their money more than a month ahead of schedule.

AIG is still due to pay out tens of millions of dollars more in March, mostly to former employees who did not agree to the concessions, the Post reported.

A message was left with an AIG spokesman seeking comment.

New York-based AIG faced intense public and Congressional criticism last March when it paid out hundreds of millions of dollars in retention bonuses to employees months after receiving the government bailout.

When the credit crisis hit in the fall of 2008, the U.S. government rescued AIG from the brink of collapse in exchange for an 80 percent stake in the insurer. AIG's near collapse was not due to its traditional insurance operations, but instead risky derivatives contracts written by the financial products division.

Not all of that is probably cash, right? Aren't some bonuses cash and stock.

I forgot now....what was it.... Bear Stearns or Lehman Brothers....who was the one to FAIL before the great bailout of AIG, GM....ETC, ETC????


or as wiki calls it the "Financial crisis of 2007–2010".

Lehman Bros. CEO (Fuld?) everyone hated, and didn't participate in a previous bailout (90's recession?). He was punched in the face by a former employee while on a treadmill shortly after.

Should be called "the Financial Crisis of 2007-201?"

I forget what the 1st bank they were worried about was going to go under, but they infused capital somehow and saved it. Was that the JP Morgan buy out of Bear Sterns? The 2nd in trouble was Lehman brothers. Henry Paulson (govt guy, secretary of treasurey was his position?) and the CEO of Lehman Brothers had a big stand-down. You could look at the finances and tell it was going to go under. Paulson demanded Lehman be sold. The CEO said no and held out for a govt hand-out. Paulson didn't help and Lehman went under. Lehman going under hurt a lotta banks that was doing business with them and it really hurt the entire system. That was what made Paulson freak out and start helping all the banks with the whole TARP thing that the banks made off like bandits with.

There's a Frontline PBS documentary about it that explains the whole thing. Go check out pbs.org and it shouldn't be hard to find.

Yeah, Morgan took over Stearns not worried about the potential losses because of government guaratees and they got Stearns' building. Morgan was in the process of putting up there own building, a deal I believe they walked away from.

I like how a lot of the Merril execs were ashamed to be going to B of A, "the Walmart of Banking".

Great Lehman story told by Dominic Barbara on the Howard Stern Show. He handled the wifes end of a divorce from a major Lehman exec. Guy was worth over 100 mill (almost all stock), wife got 17. Dominic made her take cash since stocks can go down in value. After Lehman collapsed the ex husband called her up and asked if he could have a couple mill to live. She laughed and hung up. To make matters worse, the hubby took a loan from Lehman to pay her off. Since he was out of work and no stock to cash out to pay it back, he was going to be taxed on it as income. Double fucked.

You folks have my sympathies, your banking institutions (the large ones) help to tank your economy, Then when the tax-payer is asked to help them out the banks then turn around and go back to thier usual crap. they mae the porn business look comparitively Saintly with what they do