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View Full Version : Re: AIG SET Up for Failure by CEO and Obama - NY Times Open


March 26th 09, 12:53 AM
On Wed, 25 Mar 2009 13:54:05 -0700 (PDT), Wide Eyed in Wonder
> wrote:

>It took me all day to figure out why AIG was so far down, today, in
>the market, when the rest wasn't that bad off. That was because an
>open letter in the NY Times was being kept quiet to those that didn't
>get the paper....
>
>http://www.nytimes.com/2009/03/25/opinion/25desantis.html?_r=1&ref=opinion&pagewanted=all
>
>The letter is a resignation from a senior VP of AIG to the CEO of the
>company. In it, it LAMBASTS both the CEO and the Political ATTACK
>being launched on the execs...calling it betrayal and worse.
>
>Here's a few details from the letter.
>
>-Out of the 400 employees of the FP division, only a few had anything
>to do with credit swaps, and they had left the company BEFORE the
>bonus crisis had popped up.
>
>-Many of the execs doing 10-14 hour work days were working for
>$1...that's right ONE DOLLAR salary. To keep them working there, they
>were promised THREE TIMES that they would get bonuses for future
>performance. Then, they DID create profit in their divisions,
>justifying the bonuses. However, despite putting in 10-14 hour
>workdays for months on a single dollar salary, they not only didn't
>get their bonus pay (being THREATENED to return it) but they were
>politically lambasted in the press, at their houses, in the
>Presidential speeches, and more.
>
>-These workers are ordinary people coming from humble backgrounds,
>just like Obama. This VP was the son of school teachers in an area of
>steel mills, who had to get financial aid to be able to attend
>college. He worked his way up to his position through a lot of hard
>work, and he was treated like this. THIS is the kind of man being
>demonized by the press and Obama as being the greedy rich. Indeed,
>this VP mentioned that he had lost a lot of his savings in the failure
>of AIG, just like everyone else.
>
>-As stated above, the bonuses were for performance, and this VP HAD
>created a profit for the company. He HAD done his job, and THIS is
>the performance that the American public feels is robbery of the
>poor. Had he failed at his job and sunk the company to get no bonus,
>he would have been better off.
>
>-The leter point out that the CEO had, in fact, sped up the payment of
>the bonuses. THAT is why they were so large. They got the bonuses
>three months AHEAD OF SCHEDULE. Why? The letter doesn't say, but
>isn't it interesting that there were paid and coordinated ACORN
>protests of AIG ready to go? This was an entire setup. As I jokingly
>suggested at the start, it appears that Obama DID tell them to pay the
>bonuses, so that they could use them as an excuse to GET MORE POWER
>over industry. He set it up, acted outraged, and got the public to
>back a government expansion, on the backs of overworked and underpaid,
>honest and hardworking, employees of blue collar descent.
>
>THIS is what Obama find offensive. I find Obama offensive for setting
>it up.
>
>Kenneth Clifton

Interesting.

ted