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Thread: Sign the petition regarding the AIG bonuses

  1. #1
    Elite Member msdeb's Avatar
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    Default Sign the petition regarding the AIG bonuses

    Got this in my email this morning..

    uld do whatever it takes to get it back."

    Sign the petition.

    Dear MoveOn member,
    If you had to find one single group of people to blame for our economic crisis, you'd definitely have to consider the financial products division of AIG.

    They made huge, bad bets on the housing market that have cost taxpayers $170 billion...so far. That's more than $500 from every American.1
    But get this: The Washington Post just reported that these people are receiving $450 million in bonuses—and they got their first installment yesterday.2 They destroyed our economy, and now they're being rewarded for it with our bailout money!

    We can't let this stand. Treasury Secretary Tim Geithner and Congress need to do whatever it takes to get our money back.
    Can you sign our petition today and then pass it on? We'll deliver it to Secretary Geithner and the congressional committees that supervise AIG. Clicking below will add your name:
    MoveOn.org Political Action: Stop the AIG Bonuses
    After you sign, please forward this to friends and family to make sure the outcry is impossible to ignore. The petition says: "Under no circumstances should the AIG executives who helped create the financial crisis receive bonuses. That's our money and you should do whatever it takes to get it back."
    The government may need to get creative to recover these bonuses, but where there's a will, there's a way. And some folks in Congress get it. Representative Barney Frank and Senator Russ Feingold are already investigating ways to get the money back.3
    Secretary Geithner already shamed AIG into reducing the bonuses they planned on paying out. But seven executives in the financial products division still received bonuses of more than $3 million each. These people wrote literally trillions of dollars in insurance contracts—those infamous credit default swaps—that they could never hope to cover. And they're getting huge bonuses for perpetrating this fraud.
    AIG's main defense is that they have to honor the contracts with these employees. But let's be clear: AIG would be bankrupt and these folks would already have been laid off if it weren't for the government's massive infusion of money. The big car companies took far less taxpayer money, and they're modifying their contracts with autoworkers. AIG should do the same with its employees.4
    Geithner and Congress need to do whatever it takes to recover that money.
    Wall Street has proven over and over that it's incapable of policing itself. So our elected representatives need to. Sign the petition below and we'll deliver it to Secretary Geithner and Congress to let them know that we're counting on them to step up. Clicking here will add your name:
    MoveOn.org Political Action: Stop the AIG Bonuses
    Thanks for all you do.
    –Daniel, Eli, Peter, Tanya and the rest of the team
    Basic rule of Gossip Rocks: Don't be a dick.Tati
    Lighten Up Francis WCG

  2. #2
    Elite Member sparkly's Avatar
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    That is BULLSHIT! They shouldn't get away with that.

    ETA: I signed it.
    Everyone is entitled to be stupid, but some abuse the privilege.

  3. #3
    Elite Member B.C.'s Avatar
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    I get the MoveOn emails too
    I thought about posting it a minute ago...posters here are right on top of things!

  4. #4
    Elite Member Quazar's Avatar
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    It was my pleasure to sign this.

  5. #5
    Elite Member LynnieD's Avatar
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    Just saw that Obama is looking to stop the bonuses....so, hopefully this won't even be necessary. He's fucking pissed too.

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    Elite Member McJag's Avatar
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    Everyone is! Rewarding incompetence of epic fail.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

  7. #7
    Elite Member Quazar's Avatar
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    Quote Originally Posted by LynnieD View Post
    Just saw that Obama is looking to stop the bonuses....so, hopefully this won't even be necessary. He's fucking pissed too.
    Can you imagine our President actually doing this?!! How awesome is that!

  8. #8
    Elite Member LynnieD's Avatar
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    Quote Originally Posted by Quazar View Post
    Can you imagine our President actually doing this?!! How awesome is that!
    That would kick ass wouldn't it??

    Here is the info I saw. I didn't read the whole thing, just the headline so it might be a bunch of shit, but thought I would post it anyway.

    It's a matter of dollars and good sense.

    President Obama lashed out at AIG today and called on the Treasury Department to "pursue every legal avenue to block these bonuses" - arguing that the insurance giant has no business doling out more money to its executives.

    Obama's tongue-lashing came as New York Attorney General Andrew Cuomo slapped American International Group with subpoenas for missing his 4 p.m. Monday deadline for providing details about the payments.

    Cuomo said his office will investigate whether the employees who got the extra pay were involved in AIG's near-collapse or if the bonuses were a violation of state law.

    Cuomo said his staff was told by AIG that the company had mailed the bonus checks on Friday.

    Citi Boss Made $10.8M in 2008

    Obama Unveils $15 Billion for Small Businesses

    Barney Frank: Time to Fire People at AIG

    Earlier in the day, Obama said it's "hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. How do they justify this outrage to the taxpayers who are keeping the company afloat?"

    Over the weekend, AIG announced it was paying out the bonuses because it is contractually obligated to do so.

    The feds have allotted $180 billion in taxpayer funds to rescue AIG after it posted major losses because of the troubled housing market.

    Earlier this month, AIG announced a fourth-quarter loss of more than $60 billion, the largest corporate loss in history.

    "In the last six months, AIG has received substantial sums from the US Treasury," Obama said. "I've asked Secretary [Tim]Geithner to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole."

    Obama said that paying out the bonuses "isn't just a matter of dollars and cents, but it's about our fundamental values."


    OBAMA LASHES OUT AT AIG OVER BONUSES - New York Post

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    Elite Member Mel1973's Avatar
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    I signed it & I sent it to my friends for them to sign it too. fuckers
    Kill him.
    Kill her.
    Kill It.
    Kill everything... that IS the solution!
    П(_)П
    twitchy molests my signature!

  10. #10
    Elite Member ManxMouse's Avatar
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    Well, if they're contractually obligated to pay the bonuses (which they agreed to do before the bailout), what are they supposed to do, get the shit sued out of them? It's bullshit, but if it's in these execs' contract, they have to honor it unless there's some clause or the ability to fire them that gives an out.
    Santa is an elitist mother fucker -- giving expensive shit to rich kids and nothing to poor kids.

  11. #11
    Elite Member Sweetie's Avatar
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    I signed it. I just got a reply that only 225,000 people have signed it. That's depressing. Every taxpayer in America should be signing this petition.


    Since yesterday, you and 225,000 other MoveOn members have signed our petition demanding that AIG return the disgraceful bonuses it paid out. And President Obama ordered Secretary Geithner to use "every single legal avenue to block these bonuses and make the American taxpayers whole."
    But AIG isn't budging—they claim that even after hundreds of billions of dollars and a direct request from the President, their "hands are tied."

    Well, tomorrow we have a chance to confront them directly. The top executives of AIG—including Bush-appointed CEO Edward Liddy—are appearing before a House Financial Services subcommittee, where they're sure to get an earful.
    Will you submit a question for AIG executives—or better yet, an idea for how we should get our money back—below? If you do before 5 p.m. ET today, we'll make sure it gets to the committee in time for tomorrow's hearing.
    MoveOn.org Political Action: Stop the AIG Bonuses
    We can't promise anything, but last time MoveOn members sent questions to a House committee grilling bank executives, five representatives read them verbatim (and they were covered on The Rachel Maddow Show). So if you've got a question or an idea, please share it so we can deliver it to Congress.

    And after you've given the AIG executives a piece of your mind, pass this on to your friends and family to make sure AIG can't ignore us. We've included the original email with all the details below.
    Thanks for all you do.
    –Daniel, Peter, Lenore, Matt and the rest of the team
    P.S. Our friends at SEIU and ACORN are holding over 100 rallies nationwide on Thursday against the corporate excesses that got us into this mess. You can find a rally to attend near you at Take Back the Economy

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