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the New York Fed, but officials described the information as extremely complex and not easily understood. AIG had more than 100 compensation policies for more than 116,000 employees throughout the world.
On March 9, 2009, the Federal Reserve Bank of New York sent full details and supporting documentation to the Treasury Department about the Financial Products retention program.
Originally posted by vonholland
someone wanna make a list of obama lies so far to date? (while hes been in presidents seat)
egh he is disgusting.
Originally posted by LucidDreamer85
Originally posted by vonholland
someone wanna make a list of obama lies so far to date? (while hes been in presidents seat)
egh he is disgusting.
Are you guys acting like McCain would have done any different?
It didn't matter who was elected the choices that have been made would have been the same. The plan is bigger than any one man.
Originally posted by nixie_nox
reply to post by mecheng
yea, a hundred thousand dollars is such a massive amount of money. People are gonna deliberately give a company billions of dollars for 100k. Think about that. Chump change.
when I worked as a waitress in a hotel I would have brokers come into the bar who have lost more then that in a day.
It was made clear the administration and congress okayed any bonuses up until the signing of the new bailout on 2/11. (what is with 11?)
But AIG has a complex system of payments, bonuses, and retention payments. This round of bonuses was disguised as retention payments. They were not labled as bonuses.
When the first bailout was passed in October, it was done by the New York Fed, who oversaw the lone. there were stipulations about bonuses and compensation for executives. Then in November, AIG slipped in a new "retention payments" program
the New York Fed, but officials described the information as extremely complex and not easily understood. AIG had more than 100 compensation policies for more than 116,000 employees throughout the world.
The gov compiled the laon on 2/23 and 2/24. Then the said NYFR started compiling information for the next loan for AIG. The NYFR and AIG didn't present its info to the ratings agencies till 2/27 where it got an A rating.
It wasn't until the 2/28 that the NYFR sent information to the treasury department that there were outstanding issues relating to compensation, but that was all. In an email I might add.
It wasn't until 3/5 that they informed the treasury department of the 165 in "retention" payments.
On March 9, 2009, the Federal Reserve Bank of New York sent full details and supporting documentation to the Treasury Department about the Financial Products retention program.
I really think you need to put your energy into what the heck the NYFR is trying to pull.
Originally posted by FritosBBQTwist
reply to post by Noccy
(snipped....)
Well, now on top of ridiculous democratic policies (G.W.B is in his own class of retardness), we got a president that lies.
My beef about the president is that he was supposed to be bringing change and he is not.
Originally posted by sos37
Originally posted by nixie_nox
reply to post by mecheng
yea, a hundred thousand dollars is such a massive amount of money. People are gonna deliberately give a company billions of dollars for 100k. Think about that. Chump change.
when I worked as a waitress in a hotel I would have brokers come into the bar who have lost more then that in a day.
It was made clear the administration and congress okayed any bonuses up until the signing of the new bailout on 2/11. (what is with 11?)
But AIG has a complex system of payments, bonuses, and retention payments. This round of bonuses was disguised as retention payments. They were not labled as bonuses.
When the first bailout was passed in October, it was done by the New York Fed, who oversaw the lone. there were stipulations about bonuses and compensation for executives. Then in November, AIG slipped in a new "retention payments" program
the New York Fed, but officials described the information as extremely complex and not easily understood. AIG had more than 100 compensation policies for more than 116,000 employees throughout the world.
The gov compiled the laon on 2/23 and 2/24. Then the said NYFR started compiling information for the next loan for AIG. The NYFR and AIG didn't present its info to the ratings agencies till 2/27 where it got an A rating.
It wasn't until the 2/28 that the NYFR sent information to the treasury department that there were outstanding issues relating to compensation, but that was all. In an email I might add.
It wasn't until 3/5 that they informed the treasury department of the 165 in "retention" payments.
On March 9, 2009, the Federal Reserve Bank of New York sent full details and supporting documentation to the Treasury Department about the Financial Products retention program.
I really think you need to put your energy into what the heck the NYFR is trying to pull.
So what you're saying is that no one involved in the bailout, meaning Congress, or Obama who by the way is supposed to be one of the smartest men to ever hold the office of POTUS, ever put two and two together and realized that bonuses were going out to AIG executives?
Okay so let's say they weren't that smart.
What's their excuse for not writing anything into the stimulus in the first place saying if this money was used for executive compensation that it could be yanked back by the fed and AIG or any other company taking handouts could and would be liable for that money? Why wasn't THAT written into the stimulus?
I'll tell you why - the same reason that the Democrats did NOT keep their promise to allow the public 48 hours to review the stimulus package publicly before it was signed - they had the stupid thing so munged up with garbage and they rushed it through.
And now, they're foolishness and carelessness is coming back to bite them all in the @$$ and Obama and Congress have the audacity to try and push the blame on someone else - in this case it's AIG.
Pathetic. Absolutely, positively, PATHETIC!
So what you're saying is that no one involved in the bailout, meaning Congress, or Obama who by the way is supposed to be one of the smartest men to ever hold the office of POTUS, ever put two and two together and realized that bonuses were going out to AIG executives?
when your through with obama bashing and actually look at the facts,
read my post.
Intelligence has nothign to do with it. You can't work with information you don't have.
AIG remodeled their pay infrastructure so bonuses didn't look like bonuses, esentially. And when the new york federal reserve figured it out, they didn't tell the government until everything was said and done.
What's their excuse for not writing anything into the stimulus in the first place saying if this money was used for executive compensation that it could be yanked back by the fed and AIG or any other company taking handouts could and would be liable for that money? Why wasn't THAT written into the stimulus?
It was. The problem here is the contracts were written long ago. You can't break a contract. And the last thing anyone wants this country to start doing is ignoring legally binding contracts. Then a few bonuses is the least of your worries.
I'll tell you why - the same reason that the Democrats did NOT keep their promise to allow the public 48 hours to review the stimulus package publicly before it was signed - they had the stupid thing so munged up with garbage and they rushed it through.
because it is emergency funding. And emergencies are exempt.
Plus the NYFR ...AGAIN won't reveal everyone who they are lending too, still. The other reason being is that there doesn't need to be a run on the banks who are borrowing money and causing another public panic when they see their bank is in trouble.
Funny how nobody mentions that several bills that have been made public promptly.
I thought this was a conspiracy board. And one that dis trusts the federal reserve at that.
I think folks are missing the big picture here.
Originally posted by nixie_nox
I really think you need to put your energy into what the heck the NYFR is trying to pull.
"Senate Banking committee Chairman Christopher Dodd told CNN Wednesday that he was responsible for language added to the federal stimulus bill to make sure that already-existing contracts for bonuses at companies receiving federal bailout money were honored." "Dodd acknowledged his role in the change after a Treasury Department official told CNN the administration pushed for the language."