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This is a fucking shame. The guvment props this noble institution up because they believe it’s failure would pose a systemic risk to the worldwide economy. Then the company tries to operate the business in such a way as to provide a good return to it’s “shareholders” (read: the taxpayer; AKA the guvment), then the “Board of Directors” (read: hipocritical asshats in Congress) thrashes the management for honoring it’s contracts with it’s employees. Then, in doing so, the Board of Directors (read: guvment) and the shareholders (read: those who have threatened to kill high level employees of the company with piano wire wound about the neck) do their honest to goodness damnest to demonize and vilify their “investment”. These fuckers are asshats of the first order…
lol, is that real?
100% real internal memo
Most people at AIG are just working stiffs and did not get any bonus money. They will all pay for the few a-holes that did get bonuses or what I like to call it.. Legalized embezzlement.
The memo makes sense from a security standpoint.
Chart Addict: no predictions on direction today?
Junk Spread wrote:
Then the company tries to operate the business in such a way as to provide a good return to it’s “shareholders” (read: the taxpayer; AKA the guvment), then the “Board of Directors” (read: hipocritical asshats in Congress) thrashes the management for honoring it’s contracts with it’s employees.
Junk, the terms of the bonuses were established in 2007, and provide guaranteed bonuses in 2008 and 2009 regardless of the performance of AIGFP.
To recap:
1) AIGFP geniuses made gobs of money in 2007 (and prior years) by selling “insurance” under the crazy assumption that they wouldn’t have to pay any claims
2) By late 2007, their positions were showing losses and clients were starting to demand that AIG put up collateral
3) December 2007, the AIGFP geniuses get a new bonus contract that says they will get at least as much bonus in 2008 and 2009 as they did in 2007 no matter how badly AIGFP and its geniuses performed in those years
In simple terms:
1) get lots of bonus money for making huge stupidity presented as brilliance
2) stupidity begins to show through the brilliance
3) get contract saying: “Don’t worry, we will keep giving brilliance bonus no matter how much stupidity shows through.”
I will put up charts when I sober up in a few mins.
AIG = Alcohol Induced Gayness
AIG… if anything, they should at least find a way to prop the stock themselves… so we can short them.
first rule about AIG, you do not talk about AIG.
LMAO @ Manchester Utd and thier supporters
hahahaha
Even obstetrician/ gynecologists get death threats (everyone assumes they all perform abortions which they do not) and are constantly cautioned to hide badges, keep phones unlisted, keep a low profile and pretty much follow every one of the precautions on that list. And ob/gyns as a group 1) have more education than insurance execs, 2) work at least as hard, 3) make more important decisions 4) perform technically more difficult procedures 5) make a fraction of the pay and 6) DON”T WHINE ABOUT IT.