Wednesday, March 18, 2009

AIG's Still Bitch Slapping Us & Barney Frank Says Stop

House Finance Committee Chair, Rep. Barney Frank, tried to explain from a CNN hot seat today how it is that the Federal Government owns 80% of troubled insurance giant AIG and yet may not be able to collect funds the company's already mismanaged. In other words, how he wishes reality would change to suit the American taxpayer and AIG would stop bitch slapping the people of the United States of America.

I've already shared my opinion on AIG, its fat bonuses, bank list, and how the government must chase it down to get the money.You can read the transcript of Frank's discussion with CNN's Kiran Chetry at this link in which he discusses nationalization of a financial institution. You may also watch the video provided below.


In CNN's words, Frank "shared what was legally and legislatively within the government's power on recovering the AIG bonuses and reforming the whole financial incentive system." Frank says he doesn't have confidence in AIG's CEO Edward Liddy and would like to invalidate the company's bonus contracts.

As discussed in one of my earlier posts, an anonymous Treasury official told CNBC that the Federal Government has to jump some huge hurdles if it wants that bonus money back from AIG. And I still think we'd understand this issue better if someone explained it in terms of sluts, whores, and pimps.

Hmm, AIG the fat sow with under-performing execs sucking at its $165 million tits, or AIG the corner pimp holding the American people upside down by the ankles, or AIG the player with a harem of exotic and domestic blank sluts. So many analogies, so little time.

And look at this, Liddy's asked AIG execs to give back "half" of their bonuses.
“I have asked the employees of AIG Financial Products to step up and do the right thing,” Mr. Liddy told lawmakers. “Specifically, I have asked those who received retention payments of $100,000 or more to return at least half of those payments.” (The New York Times)
It's Liddy's audition for Saturday Night Live.

The last time I looked at the nationalization issue and tried to understand was during the fall bailout; here's the 411.

2 comments:

msladydeborah said...

VP,

What really knocks me out about this whole situation is the fact that the we own 80% of this company and we are powerless.

I believe that the wrong part of the stockholders are talking to AIG. We the people need to mount a direct hit campaign and let them know how we feel as the income generators for this tired money whore.

underOvr (aka The U) said...

Hi Vérité Parlant,

This gets more infuriating each day as the AIG drama continues to unfold.

How can the CEO of AIG stand in oath before congress and say, "I've asked anyone who received a bonus of $100K or larger to give back half"? This is BS on an unprecedented scale.

Why can't AIG officials be charged with "misappropriation of funds"? Since 80% of AIG is owned by the American Taxpayer, those AIG exec's would have to be classified as public officials.

This isn't a game and yet, its being played out as if it were.

U