haha balls dropped.
Read again, it is not about him receiving the money. Its about management reassuring about the bonus, and letting Congress set them on fire when the time came. Honestly I dont know who to blame: Liddy can be at fault but he’s only there because of his call of duty. People and politicians are moronns. You need capable ppl, not mobs, to dismantle AIG. Liddy’s getting alot of heat/heartattacks that he shouldn’t be getting.
The problem is that resolving this financial crisis is turning into a witch-hunt, with all the analysis and distinctions of earlier hunts. This guy worked 12-14 hour days for a year, for an annual salary of $1, turned down other opportunities in the meantime. I’m not saying he deserves $750k for this, but he does deserve something, had at the very least deserves to be protected from the lynch mob that would bundle him in with the CDS crowd.
You guys are missing one of the key parts to the article- Like Liddy, he agreed to work for a $1 annual salary. If he agreed to stay because there was a promise of paying this bonus, I’d be upset if they tried to renege at the last possible minute as well. If he still got his regular salary, then I agree, the concept of a ‘guaranteed bonus’ is pretty moronic, and I wouldn’t feel too bad, but given that it is essentially his salary (just backloaded to this March), then he may have a valid argument.
ancientmtk Wrote: ------------------------------------------------------- > Read again, it is not about him receiving the > money. > > Its about management reassuring about the bonus, > and letting Congress set them on fire when the > time came. > > Honestly I dont know who to blame: Liddy can be at > fault but he’s only there because of his call of > duty. > > People and politicians are moronns. You need > capable ppl, not mobs, to dismantle AIG. Liddy’s > getting alot of heat/heartattacks that he > shouldn’t be getting. i see your point, but im not sure why these employees would expect their bonus anyway and be counting on it. i dont think anyone in the current economy expected or counted on much in terms of a bonus, regardless of your company’s promises (since they’re usually to save face, especially if they’re publically traded). and i just find it hard to believe hes seriously going to take the holy-er than now route, and speak for his innocent employees of financial products… hes more worried about himself, thats what gave him the ambition to get to where he is now anyway.
I agree though, there should be some protection from the mob.
KJH Wrote: ------------------------------------------------------- > There was no uber evil person or people at AIG > that screwed the whole pooch. I think AIG was > given too many blank checks by society and, just > as water runs down hill, the easy money flowed > into the stupid hands and what’s left is … Could you please provide at least one concrete example instead of talking in nothing but broad ignorant populist propaganda? Every point you’ve made on this thread could easily be refuted with 5 seconds worth of logic. It’s quite easy to see who to blame: The Government. They made an ill-conceived loan, and are now complaining that they didn’t do their due diligence. Taxpayers should be outraged at the actions of all branches of the current and prior administration. This crap at AIG should be just a distraction.
NakedPuts Wrote: ------------------------------------------------------- > KJH Wrote: > -------------------------------------------------- > It’s quite easy to see who to blame: The > Government. They made an ill-conceived loan, and > are now complaining that they didn’t do their due > diligence. Taxpayers should be outraged at the > actions of all branches of the current and prior > administration. This crap at AIG should be just a > distraction. Agree about the ill-conceived loan. Maybe this is the distraction to the more looming issue.
The can do whatever he wants but I call BS on his innocent act. Everyone knows about the little department that represents 1% of the company as a percentage of costs but is making 20% of the profits. Everyone knows they are taking on tons of risk to pull this off. Nobody says anything and everyone wants to claim ignorance later. But the whole company benefits with salary increase, bonuses, perks, etc. He benefited too no doubt. I’ve seen all this before working in subprime in 02. Everyone says it wasn’t their fault, they were just pulling the one lever they were assigned to pull in the corporate machine.
Ok facts. If the guy has to pay 90% of his $750k bonus in taxes then that leaves him with $75k after tax ($140k pretax normal taxrate)… which is still more than a year of his labor is worth GIVEN that he made fat profits in the past years AND he knew it was coming, and his company sucks. Period. Fact. The guy is a self-entitled whiner and I’m glad to see him squirm. You are a fool to have pitty on him. There are plenty of other people who are seriously feeling the hunger in this mess that didn’t work for one of the prime culprits.
KJH Wrote: ------------------------------------------------------- > There was no uber evil person or people at AIG > that screwed the whole pooch. I think AIG was > given too many blank checks by society and, just > as water runs down hill, the easy money flowed > into the stupid hands and what’s left is … Maybe not one, but not more than about 15…
KJH Wrote: ------------------------------------------------------- > Ok facts. If the guy has to pay 90% of his $750k > bonus in taxes then that leaves him with $75k > after tax ($140k pretax normal taxrate)… which > is still more than a year of his labor is worth > GIVEN that he made fat profits in the past years > AND he knew it was coming, and his company sucks. > Period. Fact. > > The guy is a self-entitled whiner and I’m glad to > see him squirm. You are a fool to have pitty on > him. There are plenty of other people who are > seriously feeling the hunger in this mess that > didn’t work for one of the prime culprits. So this guy should be screwed over and vilified because he made money in the past and is guilty by association due to where he worked? Brilliant…
KJH, who is taking pity on him? I am just saying he is absolutely correct. And how did you decide whether his year’s work is not worth $75,000?
tobias Wrote: ------------------------------------------------------- > KJH, who is taking pity on him? I am just saying > he is absolutely correct. And how did you decide > whether his year’s work is not worth $75,000? He made too much money in prior years. That’s how we decide. And even though he says nothing on the subject, KJH has determined he knew it was coming, “Period. Fact”.
He should be thrilled he had a job at all and could earn $140k (I get $140k by grossing up his $75k after bonus-tax take home). And Yes, $140k is a damned GENEROUS salary for a hard working finance guy working at a bankrupt, gov’t subsidized failure of a company - given that a good 1/4 of the people in the finance industry AT HEALTHY NON-GOV’T SUPPORTED FIRMS are getting laid off… and their firms did no wrong! THAT is the perspective he should have. He knew it was coming because he stashed cash so that when it blew he wouldn’t be effected. He doesn’t even need the cash. He just wants to control how it’s given back!?! What a whiner. He needs a real job.
We should all be making $250,000 max. Anything over that amount should go directly to the poor.
KJH Wrote: ------------------------------------------------------- > He should be thrilled he had a job at all and > could earn $140k (I get $140k by grossing up his > $75k after bonus-tax take home). And Yes, $140k > is a damned GENEROUS salary for a hard working > finance guy working at a bankrupt, gov’t > subsidized failure of a company - given that a > good 1/4 of the people in the finance industry AT > HEALTHY NON-GOV’T SUPPORTED FIRMS are getting laid > off… and their firms did no wrong! THAT is the > perspective he should have. Did you miss the part of the letter where he discussed turning down job offers because of his deal with AIG? > He knew it was coming because he stashed cash so > that when it blew he wouldn’t be effected. He > doesn’t even need the cash. He just wants to > control how it’s given back!?! What a whiner. He > needs a real job. Wait, so if I save part of my paycheck it means that I’m making a market call?
ShouldBeWorking Wrote: ------------------------------------------------------- > We should all be making $250,000 max. Anything > over that amount should go directly to the poor. yeah and how did u come up with that figure, eh?
Then the poor would be making 250k. Listen to Liddy’s testimonies. He is like rambo fighting off the lynching mobs of stupid (some) politicians. We all know AIG is distasteful, but we don’t benefit from the collapse of AIG.
I agree that the guy was overpaid. But I also agree that he is entitled to keep every penny since his employer signed a guaranteed contract. It sets a bad legal precedent if you can just go around breaking binding contracts willy nilly. Imagine any time your employer wants to renege on any future compensation you’re entitled to, they can just cite the AIG precedent and it would be hard to challenge in court.