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Forget AIG Bonuses — The Next Bailout is Here
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Democrats from Andrew Cuomo to Barney Frank to Barack Obama are demanding that the 418 AIG employees who received bonuses give them back. Sure, it’s outrageous that the very people who drove AIG off the cliff, along with a whole lot of other financial firms, walked away with million-dollar bonuses paid with taxpayer bailout money. But as the Wall Street Journal opinion page points out, "Taxpayers have already put up $173 billion, or more than a thousand times the amount of those bonuses, to fund the government’s AIG ‘rescue.’"
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| Begging Barney Frank not to subpoena the names of the executives who got bonuses, AIG CEO Edward Liddy read aloud a death threat from an outraged citizen who would like to strangle AIG execs with piano wire. | |
And there is more to come.
The Obama Administration is putting the finishing touches on another big bank bailout. Called the Public Private Investor Partnership (PPIP), it is the brainchild of the Treasury Secretary from Wall Street, Tim Geithner. Under the plan, the government will give our money to hedge fund managers to buy "toxic" assets for more than they are worth. The banks that created these toxic turkeys will use the money from the sales to recapitalize themselves. Everyone comes out ahead except, of course, the taxpayers, who are essentially funneling money to hedge funds to buy bad assets for more than they are worth. The other bonus for the banks in this plan, as Yves Smith points out, is that they get to avoid giving the toxic assets any real market value. Less transparency and more transfers of wealth from taxpayers to hedge fund managers.
So much for the "free market."
Yves Smith writes: "This is what readers ought to be upset about. The AIG bonuses are rounding error, and a done deal. This (the PPIP) is billions to avoid price discovery . . . "
$750 billion, to be precise–plus what remains of the $700 billion bank bailout Congress already approved.
- A d v e r t i s e m e n t
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Smith reports that the bailout will likely have two parts: a subsidy to the hedge funds that buy the bad assets, and another one for the banks that sell them, to make up for the low prices investors are willing to pay. It’s socialism for bankers and hedge fund managers.
Meanwhile, as AIG CEO Edward Liddy testified on Capitol Hill Wednesday, members of Congress were up in arms about the bonuses he says he was "contractually obligated" to pay executives. Liddy once claimed he had to pay the money in order to retain the talented financial products executives who helped run the company into the ground. The fact that 52 of them left AIG, cash in hand, dampened that argument. On the Hill today, Liddy called on AIG employees to "do the right thing" and return "at least half" of the money if they got a bonus of more than $100,000. I guess a $50,000 bonus is what passes for punishment on Wall Street for putting your company into bankruptcy–or what would have been bankruptcy had the government not bailed out t AIG.
And speaking of bankruptcy, Liddy told Congress that had AIG gone bankrupt and been put into receivership, the contracts that awarded those bonuses would have been void. Bankruptcy would have saved the taxpayers not only $165 million in bonuses, but also the latest $30 billion in AIG bailout. Liddy pointed this out to the Fed a month ago, according to Brad Sherman, Democrat of California, in the Washington Post.
Begging Barney Frank not to subpoena the names of the executives who got bonuses, Liddy read aloud a death threat from an outraged citizen who would like to strangle AIG execs with piano wire.
The Obama Administration and Congressional Democrats are responding to outpouring of anger.
But the truth is, the bonuses to greedy execs are just a sideshow. It’s the government’s willingness to give away hundreds of billions of dollars in yet another massive bailout that people should be shouting about.
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March 21st, 2009 at 12:41 pm
It seems true that the info war is exploding everyday for the last few weeks. A lot of brilliant free minds starting to become aware of our fatal realities, but theres one question still for all of us and that is when are you actually going to take control of yourself and your surroundings get everyone you know and make sure you let them know about what is so obvious to all now. This thing will only end in a positive light for the masses only if the masses decide to create the outcome. The outcome from the current systems and forms of institutions will only lead us in one direction that is so obvious its wrong. You make the choice you create your own destiny no one else.
CauseChange Reply:
March 22nd, 2009 at 6:53 pm
I have an unpaid parking ticket that I was thinking about clearing today and then I thought, why should I have to pay a fine for parking on a public road just because I didn’t have a residents permit? Or why should I pay council tax when I do not agree with how it is spent. We all need to stick to our guns and refuse the corrupt system in all these small ways, the system will cease to function and grind to a halt.
what would happen if just 50% of 18-24 year olds refused to undergo national service.
What would happen if just 30% refused to pay property tax or income tax
What would happen if we all just said no to supporting the wars around the world.
The world could change very quickly indeed. we all just need to be on the same page to do it.
spread the word even if you get rejected because you know you are right!
I agree Reply:
March 23rd, 2009 at 12:31 am
Resist, be a man, don’t let them walk all over us! Close down your checking account. Deal in cash, stop feeding the monster ( income taxes, cannon fodder). Stop filing income taxes!!! Inform others!
March 21st, 2009 at 12:59 pm
I’m thinking the first aig murder will kick it all off.
Nate the great Reply:
March 21st, 2009 at 1:07 pm
Well you have to remember that freedom is eternal vigilance. If you understand that and the rights of the constitution I could see some serious freedom fighting resistance spring up.
hammernail1976@hotmail.com Reply:
March 21st, 2009 at 4:04 pm
if we the people would just reclaim our “sovereign citizenship” things of this nature could never happen, because as is stands as of right now if you have not reclaimed your “sovereign citizenship” you have no rights no declaration of independence rights, amendment rights, or any other right for that matter, THIS IS FACT that has been proven in the courts time after time,the only thing you have is 14th amendment privileges which can be given or taken at any time by the grantee.
see now i know that many of you think its just a null adhesion contract that was voided by the state or federal government abuse, but that is simply not the case, because as long as whatever is being done is being done to a people who have a “birth certificate” no matter what it is, they can do it with the backing of the courts because the grantees are sovereign people who are making things and restricting things from a non- sovereign people within a sovereign state within a united corporation. and so, by reclaiming your sovereign citizenship, it restores all the rights that you where given at birthright by the state in which your born, the sovereign people would be able to make decision with the full backing of the declaration of independence, and the amended rights which where exchanged for “privileges” through adhesion contracts, please i challenge anyone who does not believe me or think im in left field about this. please people it is the only other way then revolution to make the government get back into its proper smaller place working the the People!!!
Observer Reply:
March 21st, 2009 at 7:30 pm
We are way beyond any semantically defined solutions now. Do you think they are going to validate the sovereign citizen statement from anyone anyway.
hammernail1976@hotmail.com Reply:
March 21st, 2009 at 11:35 pm
observer, it is not possible to beyond solution/ and my response to your question is “it is not the responsibility of the Sovereign citizen to wear anything on their sleeve, for the act of Reclaiming “sovereign citizenship” alone is enough to make the “sovereign citizens” that control the power structure to freeze with fear, because that act alone is the same as a black slave before they where free grabbing the ownership contract that was exchanged from master to master from their current masters hands and burning it. and if any slave where to do that, the first thing that master would either do is panic, or extreme use of violent force, and if that master/corporation does either “panic”/”extreme force” it will give us “we the people” the perfect opportunity to make use of both forms of weakness against them, the weakness of panic i will not explain to you, but the weakness of “extreme force” i will. when one applies extreme force, one must only make use of “leverage” to find weak point.
Not On My Watch Reply:
March 23rd, 2009 at 2:36 am
It’s not the Constitution.
The Constitution is a CONTRACT Among the states.What is importat is the BILL of RIGHTS.This Constitution just constituted a Giant damned headache.There can be no Free Market when we really arn’t Free Men and Women to begin with.
Jeffersonian Reply:
March 21st, 2009 at 3:14 pm
agreed!
March 21st, 2009 at 2:08 pm
Just remember what it took our fore fathers to get freedom in this country – REVOLUTION! My family fought in the Revolutionary War (several of them) and if need be I will take up arms to take my country back! I WILL NOT let them have died in vain for some greedy bastards to take over this country – F@#$ THAT! They all need to be rounded up and tried as TRAITORS to this country!
March 21st, 2009 at 3:00 pm
Alex should have Bob Schulz on soon, we are hoping to hear him on his broadcast. Would be a good one.
As for the criminals ripping off good Americans. Their day is coming.
I have to agree with Gerald Celente when he said recently that the people who are starving to death will be storming down the gates to the rich people’s property first. Forget their security guards. Their little piss ant security guards won’t keep hundreds from storming down their gates and giving these criminals a taste of their own medicine.
March 21st, 2009 at 4:07 pm
The AIG bonuses are nothing. Did you know they printed another Trillion dollars? Well they did just the other day. They put things like AIG bonus in the news to distract you from what really matters the printing of more money. It is only a matter of time till they have paid everyone off that they want to pay off, before everything goes belly up. Do you people really think that printing money then handing it out to people is really going to fix anything? No it is not. It is a payoff before they collapse it. When the economy falls they would not get any money some would get a little about 2% to 20%. So they are paying them off now so the fat cat can still remain fat. Then they will collapse the economy and then come out with a new currency. We will be left without anything.So when you see that everyone is close to being paid off then you no it’s time for the economy to collapse and then they will usher in the new currency and all the new laws that come with it.
March 21st, 2009 at 5:07 pm
The PPIP is an excellent plant to help out the banks. Banks are what run the American economy, so priority one is to make sure these people have the necessary funds to keep things rolling smoothly. It might even take 3 or 4 more bailouts until everything is right again. Just be patient, people.
Smoke and Mirrors Reply:
March 21st, 2009 at 7:23 pm
Warning to all that are true believers. Three days of pure infiltration of Trolls! I have watched and posted at each fuck that I believe are Trolls. Yet, all my posting are gone today!
Nothing but scheming mf’s be warned!!!
I’m beginning to think they have a back door this site, it isn’t AJ doing this!
Richard Head Reply:
March 22nd, 2009 at 1:26 am
I am not a troll; I think trolling is wrong.
lonefrog Reply:
March 22nd, 2009 at 2:00 pm
Then you are asleep my friend. No amount of patience will help when “your” saviors spend money that doesn’t exist.
Debt is slavery.
No more use for slaves when technology can replace them.
Ricardo Beniña Reply:
March 21st, 2009 at 7:26 pm
Yeah, help out the banks. Nnever mind that a) real banks are solvent, and b) the leading recipients of funds (AIG, Goldman, Lehman Bros) aren’t banks.
– I love the name “PPIP” – in a partnership, shouldn’t each partner have a stake? These bailouts are like the partnership between a snake and a hamster.
premo the present prophet Reply:
March 23rd, 2009 at 9:21 am
your a fucking idiot
March 21st, 2009 at 5:15 pm
So true…… the FEDERAL RESERVE CORPORATION has been owned by the Hebrew Money Changers and they rammed it down our throats when they assaulted our Constitution in the early 1900’s. The FED dollar was designed to collapse after they had acquired most of the worlds GOLD as per the instructions in the Protocols of the Elders of Zion.
March 21st, 2009 at 5:30 pm
sooooooo whens that Amero thing gona kick in
lol Reply:
March 21st, 2009 at 11:49 pm
once our dollar is completely worthless.
March 21st, 2009 at 6:19 pm
Richard Head … are you on bankers’ payroll? Let the bad bankers fail, the good one will take over. Many local banks are doing businesses and make money, just the greedy banks are in trouble. Why do you want to save bad banks and give them funds to complete with good banks that are running the business the right way. Fed Reserve needs to be gone. Fractional reserve system of 10% should be move to 80% or 90%. It’s just wrong to print money out of thin air and charge people interest. Banks are the problem that the whole are facing today.
Richard Head Reply:
March 22nd, 2009 at 1:55 am
No, I’m not on the bankers payroll. I’m freelance if you want to hire me.
March 21st, 2009 at 7:13 pm
A NEW SITE TO HELP WAKE PEOPLE UP THAT ARE RESISITANT AND DON’T BELIEVE. ALL THE KEY CLIPS ARE THERE FOR THE TYRANNY! 911, FLOURIDE, ILLUMINATI, GOVERNMENT COVERUPS AND THE SPIRITUAL WAR. SEE HOW 2012 TIES INTO EVERYTHING!
http://www.thegrandawakening.com
March 21st, 2009 at 8:08 pm
It was a political pay off and Tim Geithner (Member of the CFR) was recommended by Henry Paulson that Geithner had talent to expermiment with the 2008 crisis.
March 21st, 2009 at 10:04 pm
Hi everyone. I’m from Sydney Australia and I’d like to offer some insight to what I see happening here. I read a lot of comments about how everyone is waking up and their gonna fight the NWO but in reality I reckon its all talk. If you have a family, are you really going to fight the NWO and put your families safety at risk? If you so much as do something that could be terrorist related in Australia or the US, they lock you up, and your labelled forever by the Government as a person of interest. I am fully converted, I understand that our leaders both here is Australia and around the World don’t necessarily have our best interest at heart but I’m not prepared to throw away my job, the safety of my family for a cause that so few Australians really understand. In my opinion, all these events are supposed to be happening, its a fight we cant win and I’d rather try my best to survive these difficult time than end up in jail. Unless we have a significant number of Australians that can band together to march on Parliament House in Canberra or their State Parliament to protest these actions then we are all doomed. Everyone I speak to about the issues are so blind to what is happening, many people believe that this recession will be over very soon in Oz and the good times will return for us all. So everyone is still buying houses at very high prices, still investing in the stock market because they believe that it will all get better. If what Alex Jones tells us is only half true, we are still all doomed by the global elite. I know its all a fraud and we live in the matrix of illusion, but nobody I know seems to what to change that. I’m losing interest too in fighting this battle and I’d rather just try and survive. I think the work of AJ is great and its good to know these things but unless Jesus Christ returns, I don’t think things will get any better for us.
JOseph Daniel Riley Reply:
March 22nd, 2009 at 9:53 pm
Hi Marcus, As I examine your letter, and others I never see the answers to shew a person how to escape the trap that is being set for mankind. Alex and the others never shew that the N.W.O was set in place to bring about and set in place a World Dictator. Yes, they never shew that the Son of Perdition who will be seated in TYRE. This is the Evil Work that no man can stop, for it must come to pass. We Can be a profitable Servant of the God of Israel, and Warn people that when This man is seated in TYRE, He will shew His Works to the World 6. then this Pope who is the False Prophet will shew His works to the 8 major Religions 6. Then Satan will get His Body from the Earth and stand up as a man and tell the World I directed these 2 men now you accept my 6. Satan is the fathers of lies. The 8 Major Religions and the Governments belong to Him. Yes there is a Way of Escape, It is to reject the Works of these 2 man and Satan 666, and I assure you there is an Angel will rescue you from a Tormented Hell. 5 more major things to be put in place and the people will face these Works. Wake up America! Warn the Wicked from their Wicked Ways. These lies that are being told is the last Work that needs to be put in place. then the Man will be chosen and seated in TYRE. Then a person had better have understanding , or He will perish. I Servant of the God of Israel. joedr@theriver.com
March 22nd, 2009 at 7:52 am
If any one has any money to invest, do so in stocks and shares of churches and bible publishers, people will get religious big time when the shit hits the fan, just as they did during the depression of the 30’s and when the born again movement really took off after 1873’s depression (worse than 1930’s- http://en.wikipedia.org/wiki/Long_Depression ) Jesus was supposed to come at those times, & years 1000, 2000, the second world war and other times, still waiting – no sign yet. as HES NOT COMING! he doesn’t exist, never has, was an Egyptian Fairy Tale 1st then it got hi-jacked and names changed.
ihuyfty Reply:
March 22nd, 2009 at 10:46 am
I think Jesus also said that people should just lay down and take their raping like little coward pussies. He said that you don’t have to do shit except just believe, he said he would be coming back to take care of things so we don’t have to.
March 22nd, 2009 at 8:32 am
We the people are to blame for AIG,We the people voted the people in office that said the bonuses were ok, that makes us wrong.Most people dont get it you should vote out the bad and try to vote some good in and not the same o same as we the people do over and over.
Is it not funny how the nuts on the hill can fly around and not pay tax and then point the finger.
Thank You We the people.
March 22nd, 2009 at 9:40 am
Someone breaks into your home and steals everything you own. The police, the news media, your neighbors… all make a big stink out of the fact that they stole your coffee maker. They then petition the criminals and get them to return the coffee maker and all the police, the news media and your neighbors pat themselves on the back and breathe a collective sigh of relief and tell you…”SEE ?!?!? We got you your coffee maker back.”
March 22nd, 2009 at 10:14 am
someone needs to start petitions collecting signatures for the impeachment of president Obama for his role in this financial disaster (his AIG bonuses etc) and for his refusal to supply a valid birth certificate (stoking fears he’s just the spiv frontman for an organised crime gang)
If a 100 people set up an impeach obama website and each gott 100,000 signatures in their state or county, then you’d have
10,000,000 signatures…
if 1000 people set up a website and got 100,000 signatures, you’d have 100,000,000,000
ARM-RESIST Reply:
March 22nd, 2009 at 12:07 pm
no, if 100 people got 100,000 sigs, youd have 1 million.. if 1000 people got 100,000 sigs, youd have 10 million.
please learn basic math.
lonefrog Reply:
March 22nd, 2009 at 2:07 pm
STFU
March 22nd, 2009 at 10:43 am
It’s such a joke to see people going to protests with costums and silly props and a big smile on the face.
When the protesters take it serious maybe others will also.
March 22nd, 2009 at 10:54 am
People read this:
http://money.cnn.com/2009/03/2...../index.htm
“Even as smaller, regional banks tumble, the government has made it a priority to prop up major financial institutions like Citigroup (C, Fortune 500) and Bank of America.”
THIS is outrageous! Put it on the front page of infowars.com!
March 22nd, 2009 at 12:03 pm
This fucking crinimal, obama, has given away enough of our hard earned money don’t you think?
March 22nd, 2009 at 12:31 pm
http://www.examiner.com/x-6012.....d-Examiner
All we can do is prepare as best we can for the storm that is coming. This is nothing but brilliant thievery while the whole world is freaking about 135m in bonuses…..such a great scam.
March 22nd, 2009 at 1:59 pm
The part where an AIG executive reads a death threat from an angry citizen wanting to strangle them with piano wire….that threat was on this site. The ceos are probaly reading infowars. The reason I think the greedy bastards should get their bonuses is because the dumbasses in D.C. obviously did not catch it in the stimulus, and who’s fault is that? I’m already sick of this new administration. But then when you’re aware of the setting up of the NWO, this is how they’re apparently doing it.
March 22nd, 2009 at 4:32 pm
go back to sleep..
the economy is fundamentally sound-Juan McCain
March 22nd, 2009 at 4:32 pm
Obama, Clinton and McCain all received large Contributions as Senators for thier yes votes so AIG, Goldman saks and other “country Club” members could steal more of our Independence.
I honestly believe Seccesion of the States is the only way to defend ourselfs. As long as we do not allow the Bankers to divide us and profit from civil war. Our advanced weapon systems must be taken back from those who’s loyalty is not to the Bill of rights.
March 22nd, 2009 at 5:01 pm
http://www.authspot.com/Poetry.....ams.608201
March 22nd, 2009 at 6:16 pm
Thanks, we are all aware of the site by now.
March 22nd, 2009 at 7:50 pm
http://www.cafepress.com/infowars
ALEX JONES IS MY HOMEBOY!!!
ALEX JONES IS MY HOMEBOY!!!
ALEX JONES IS MY HOMEBOY!!!
March 22nd, 2009 at 8:11 pm
This title is true. Over here in the Netherlands it’s the same. Everybody is mad about the bonusses and nobody talkes about the billions handed over to the banks. And everyone is happy now because our goverment promisis that with the next bailout they’ll put on paper that no bonusses are allowed. And everybody says finnaly some action is taken against the bankers. Still, they continue to get billions. Our secretary of treasure is Wouter Bos, former Shell employee. These puppets all over the world laugh at as. Voting doesn’t help.
March 22nd, 2009 at 10:49 pm
There names should all be made public. If any of us did something criminal, they wouldn’t hesitate to print and speak our names, and print addresses in the paper. Why should these crooks get special treatment? Let them get what they deserve.
ARM-RESIST Reply:
March 22nd, 2009 at 10:49 pm
Their.. typo.. for all you grammar cops
March 22nd, 2009 at 11:04 pm
I don’t think we are using the right defintion of the word “toxic”. I think by toxic, they actually mean businesses having to do with oil, minerals and chemicals.
The psychopaths behind the attack on our economy have it in mind for us to have a non-industrial, non-polluting economy – “pastoral”. Of course several hundred million of us will have to die to make that happen because there is no way for a “pastoral” economy to support the population. But that didn’t matter to the psychos who were behind the Morganthau Plan after WWII. It wasn’t under Herbert Hoover did a fact finding mission to Germany and figured out that 25 million people would have to die to implement that in Germany. So they went with the Marshall Plan to rebuild Germany’s industrial base.
They are trying to implement the Morganthau plan here – updated version of it.
March 22nd, 2009 at 11:10 pm
I think a lot of you are missing the absurdity of a for-profit corporation with a “social” mission.
I watched a forum on trade sponsored by the Competitiveness Enterprise Institute. There was a guy named Jorge Gerdau from South America who spoke. He said that in the future, corporations won’t compete with each other. Rather it will be regions of people competing against other regions of people.
Thank about that as you put on your gladiator costume to fight for your daily bowl of gruel.
Vicky Davis Reply:
March 22nd, 2009 at 11:11 pm
THINK about it… sorry I hate typos.
March 22nd, 2009 at 11:57 pm
If we allow contracts to be broken even if the recipients of them seem unworthy, then people, businesses, and the government can break any other contracts made including marriage certificates and any other signed agreement. It is ridiculous for the American sheeple to be asking the government to have the power to break contacts. It is also disgusting for the people to support the government taxing 90% of the bonuses of a small, select group of people. Ever hear of “taxation without representation”?! What is happening to this country?! Lastly, everyone WAKE UP! We all keep saying we’re awake, but apparently we are still sleeping. We need to stop clinging onto the mainstream media, as they spoon feed us crap about AIG. AIG isn’t the main issue. Instead of screaming “I hate AIG, they shouldn’t get money blah blah…” we need to be aware that our federal reserve is printing 1.25 TRILLION dollars, and is injecting it into our economy. Can you say INFLATION? Let’s focus on the real issues and not chase after the illusions placed before us every day.
Comments and feedback?
Vicky Davis Reply:
March 23rd, 2009 at 1:06 am
Contracts are broken all the time for cause. AIG promised the bonus when the company was solvent. The company is no longer solvent – therefore, they don’t have any money for bonuses.
But, I don’t care about the bonus money. I want to know their names and I want to know the details of the “Books” they are unwinding and I want to know the names of the parties and counterparties.
In the hearing, Liddy said that they’d already unwound the CDO’s. We need to know what AIG is on the hook for that will cause their exposure to increase by a half trillion dollars if interest rates go up.
March 22nd, 2009 at 11:58 pm
I HEARD CONGRESS SAID “A.I.G. STANDS FOR ARROGANCE IGGNORANCE AND GREED” .
March 23rd, 2009 at 9:23 am
this is bullshit