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3/17/2009
Burri: So we're all ticked off at AIG right now

We shouldn’t be, maybe. More on that later.

AIG is the American International Group, the “insurance giant” that has received – what is it, four different government bailouts now? Something like that, adding up to over $170 billion in taxpayer dollars.

But no, not taxpayer dollars – that $170 billion is really bond revenues. So the total tab for AIG will be far more than $170 billion, and it’ll be our grandchildren and great-grandchildren who pay it. Not us.

Anyway, AIG went ahead and paid out $165 million in executive bonuses last week. Part of “a larger total payout reportedly valued at $450 million.” Oh, and they also lost $61.7 billion in the fourth quarter of 2008 alone.

And we’re all pretty ticked off about that. I’m ticked – and yes, I know, the bonuses were part of contracts that had already been signed. They were one part of the compensation packages offered to those employees. AIG probably has a legal obligation to pay them.

Tough noogies. I’m still mad, even if I shouldn’t be. People on food stamps have no business buying t-bone steaks. Companies getting huge taxpayer subsidies have no business paying out enormous bonuses, especially when their multi-billion dollar losses are being subsidized by young Lance Burri IV.

That someone like me is mad about bonuses is a new development – liberals and Democrats are always mad about it. Big CEO payouts, perks, “golden parachutes.” Normally, that’s just fine. I’d rather having them kvetching about corporate salaries than competing with me to get one.

Now, though, they’ve got a real kvetch. And you know what? They can probably do something about it.

President Obama says he’s going to stop those bonuses. Normally, we’d wonder how. We’d laugh and say: he can’t do that. He’s just blowing smoke. He’s got no business meddling in their business.

Normally, though, the corporations are spending their own money. Their stockholders’ money. Their stockholders can revolt, if they think it’s necessary.

By taking the taxpayer money, they’ve made us all stockholders. That means we all get a say in their business and, naturally, we’ll do so through our elected representatives. Our elected representatives happen to be, mostly, liberals and Democrats, who’ve always hated corporate America.

Still glad you took that money, AIG?

Well, I am. As angry as I am, I’m also thankful. Thankful that you’ve shown everybody else just what taking that handout might mean.

WASHINGTON - A small but growing number of community banks are backing out of the government's bailout, which they see as fraught with hidden strings and government interference.

About 20 banks so far that applied for or had been approved to receive about $1 billion combined in taxpayer money have reversed course in the past month and refused to take the money.

…"These are the guys who brought you Hurricane Katrina. These are the guys who were supposed to be watching Fannie and Freddie," Ross said. "I've not seen anything like this, where they really are talking about nationalizing banks."

Banks are turning the money down. Ford turned it down. GM is turning it down, at least in Canada.

Some companies say they’re fine without it. Others are citing government interference as the reason.

So go ahead, President Obama. Put your foot down. Stop AIG from paying those bonuses. Show those corporate hogs who wears the pants in this country.

Show them that government aid comes with strings attached to their own hands and feet, and they won’t always like the people holding onto the other end.

Lance Burri is a contributor to the Badger Blog Alliance and The TrogloPundit.

COMMENTS

Next I suppose, Obama will be going after many of those who make many more millions than a poor branch manager that does well in finance or insurance. Like NFL, NBA, Major League Baseball, NHL players making upwards of a 100 million. Or how about the many movie stars, TV stars, Directors, Producers, etc. who can make many millions every time a new movie comes out. Just the first week of showing. I guess we can't make big money without Obama screaming, the press screaming, the politicians all screaming (to get votes). Everyone falls in line. Could this be the end of anyone becoming a millionaire. Isn't satire wonderful?

John Hyland (Tue Mar 17 08:45:06 2009)

BULLSEYE!!!

I can not believe how many have boughten into the mantra that it is deregulation and the free market run amok that caused this crisis. Even if it were true, the answer is to let the market teach a lesson to one and all: Let the SOB's fail.

Note that now it is not us true free marketeers who are bailing out the rich, but the socialistically inclined Democrats (and not a few Republicans, at least before they were in the minority.)

To be sure, a lot of people will be hurt by a financial meltdown. But if we had let these corrections occur back in 2001 instead of inflating our way out of that, and creating even bigger bubbles, we would not be in the mess we are today.

And contrary to both GB II and BHO, some of us DID see this coming.

Ken Van Doren (Tue Mar 17 08:46:03 2009)

WE NEED "THE WUSS PLAN".

Getting mad isn't going to solve anything and hoping to recoup any of the money we threw down the 'Tarp' black hole is wishful thinking of a rather grand scale. What's done is done.

We all know how silly it is, however, to expect that hitting one's head against the wall won't hurt the next time because we're going to hit it harder. Not so much. Same with throwing more money at this loser.

Equally impractical is to expect that the government is going to immediately put a stop to all handouts, bailouts, and other interference in the private sector. Nice fantasy - but eventually we all open our eyes to start a new day.

So how about this? You, as a business or individual enterprise make a choice. You choose to run your business responsibly and take your chances on the free market. Build a better mousetrap and all the world will beat a path to your doorstep. If your mousetrap stinks, you had better start building something else.

OR you can choose to sign on for "The Wuss Plan" and suck in all the government money available for your 'business'. (I really feel cheapened calling GM, AIG, and others who have gone down this road _businesses_. They seem to me to be an insult to the word.) Anyway, The Wuss Plan will nurture your fragile little mistake along ... BUT there are a few strings attached.

1) The first 10% of gross revenues goes to the government for interest (then principle if you make enough to cover all the interest).
2) Nobody in the company can make more than government pay grade for a similar job.
3) All purchases for services and supplies MUST be made through the lowest bidder with a priority on buying from non-Wuss Plan businesses if there are two bids that tie.
3) Any money left over at the end of the year goes back to the government for repayment of your 'assistance'. Sorry, no bonuses, no profit-taking until you have repaid your debt to society.
4) No expenditures can be made for travel. We have phones, we have the internet. Make it work. Need to go to Washington to beg for more? Buy the ticket on your own dime.
5) Until fully repaid, a company can not issue additional stock or seek other bonding. The Wuss Plan owns you.

There is a third option, one that's kind of old-school, but seems to have worked fairly well over the years. Man up, admit your mistakes, file for reorganization in Bankruptcy court and get it right the next time.

Works for me ... you want "my money" to sustain your lousy management? Fine ... but I own you until you pay me back. And best of all - it's the Wuss's choice to sign up.

Maybe a logo on the door, products, websites too so we can all pity-buy when we're in the mood.

Jeff Riedl (Tue Mar 17 11:00:24 2009)

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