Archive for the ‘executives’ Category

Protesters At Homes Of AIG Execs (Organized by ACORN?)

March 21, 2009

A busload of activists representing working- and middle-class families paid visits Saturday to the lavish homes of American International Group executives to protest the tens of millions of dollars in bonuses awarded by the struggling insurance company after it received a massive federal bailout.

By JOHN CHRISTOFFERSEN, Associated Press

About 40 protesters — outnumbered by reporters and photographers from as far away as Germany — sought to urge AIG executives who received a portion of the $165 million in bonuses to do more to help families.

“We think $165 million could be used in a more appropriate way to keep people in their homes, create more jobs and health care,” said Emeline Bravo-Blackport, a gardener.

She marveled at AIG executive James Haas’ colonial house, which has stunning views of a golf course and the Long Island Sound. The Fairfield house is “another part of the world” from her life in nearby Bridgeport, which flirted with bankruptcy in the 1990s and still struggles with foreclosures and unemployment.”

“Lord, I wonder what it’s like to live in a house that size,” she said.

Read the rest:
http://news.yahoo.com/s/ap/2009
0321/ap_on_re_us/aig_bonuses

Organized by ACORN?
http://bellalu0.wordpress.com/2009/
03/22/acorn-organized-fake-protest
s-at-aig-homes/

Related:
Did ACORN Organize Protests At Homes of AIG Execs?

The activist group ACORN provided liberal causes with protest-for-hire services and coerced donations from the targets of demonstrations through a mob-style “protection” racket, according to one of their former lawyers. 

ACORN called it the “muscle for the money” program….

See:
http://www.washingtontimes.com/n
ews/2009/mar/19/hill-panel-testi
mony-to-accuse-acorn-of-mob-tactic/

Advertisements

Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

March 18, 2009

Despie President Obama’s many anti-big business, anti-executive and anti-Wall Street pronouncements, he never could gain much traction with the public and the congress until just this week.

That, and the view that we should “Never let a good crisis go to waste” makes one wonder why the AIG bonus crisis was left unreported until just now?

And Obama’s faux outrage at AIG reminded me of the movie “Casablanca” when Captain Renault said, “I’m shocked, shocked to find that gambling is going on in here!”

Why do we have our national panties in a bunch over less then $200 million while we are spending trillions?

The answer could be that this is the crisis, the tool, the White House was waiting for to open the door to tougher standards on pay, bonuses, aircraft and other perks for an army of top executives….

This may be about government intrusion into corporate life in America much more than it is about AIG and Geithner.

But Geithner is a friend of Wall Street and Summers is a friend of both and Obama hired them both…..

Obama: Why Are We Saving Geithner and His Incestuous Relationship With Wall Street?

I mean, the president is offering in his budget to intrude upon every other corner of American life — why not the captains of Wall Street?

You don’t think the term “Big Oil” was an accident, do you?

“This is a manipulation of the media and the public, simple as that,” a long time political operative told us.  “Don’t underestimate these guys.”

Treasury Secretary Timothy F. Geithner, left, President Obama and Vice President Joseph R. Biden Jr. in the Oval Office. Rahm Emanuel is just outside the camera’s view.  Photo: Stephen Crowley/The New York Times

From The New York Times, January 29, 2009:
“Obama Outraged, Calls Wall Street Bonuses ‘Shameful'”
http://www.nytimes.com/2009/01/30/
business/30obama.html

*************

By JULIE HIRSCHFELD DAVIS, Associated Press

Cue the outrage. For months, the Obama administration and members of Congress have known that insurance giant AIG was getting ready to pay huge bonuses while living off government bailouts. It wasn’t until the money was flowing and news was trickling out to the public that official Washington rose up in anger and vowed to yank the money back.

Why the sudden furor, just weeks after Barack Obama’s team paid out $30 billion in additional aid to the company? So far, the administration has been unable to match its actions to Obama’s tough rhetoric on executive compensation. And Congress has been unable or unwilling to restrict bonuses for bailout recipients, despite some lawmakers’ repeated efforts to do so.

The situation has the White House and Treasury Secretary Timothy Geithner on the defensive. The administration was caught off guard Tuesday trying to explain why Geithner had waited until last Wednesday to call AIG chief executive Edward M. Liddy and demand that the bonus payments be restructured.

Neither Obama nor Geithner learned of the impending bonus payments until last week, senior administration officials told The Associated Press late Tuesday, speaking on condition of anonymity about internal discussions.

Publicly, the White House expressed confidence in Geithner — but still made it clear he was the one responsible for how the matter was handled.

“I do know that Secretary Geithner last week engaged with the CEO of AIG to communicate what we thought were outrageous and unacceptable bonuses,” White House spokesman Robert Gibbs said. Gibbs declined to provide a timeline that would show when members of the administration — including the president and others at the White House — became aware of the bonuses.

In an interview with The Associated Press, Obama’s chief economic adviser Lawrence Summers said: “In the context of what we’re doing, Secretary Geithner was notified, he has said, last week. As he reported to the rest of us, he moved aggressively and immediately, aggressively and immediately, to recoup whatever could be legally recouped. He recognized that you can’t just abrogate contracts willy-nilly, but he moved to do what could be done.”

The bonus problem wasn’t new, as many lawmakers and administration officials knew only too well. AIG’s plans to pay hundreds of millions of dollars were publicized last fall, when Congress started asking questions about expensive junkets the company had sponsored. A November SEC filing by the company details more than $469 million in “retention payments” to keep prized employees.

Back then, Rep. Elijah E. Cummings, D-Md., began pumping Liddy for information on the bonuses and pressing him to scale them back. “There was outrage brewing already,” Cummings said. “I’m saying (to Liddy), ‘Be a good citizen. … Do something about this.’ ”

Around the same time, outside lawyers hired by the Federal Reserve started reviewing the bonuses as part of a broader look at retention and compensation plans, according to government officials who spoke on condition of anonymity. The outside attorneys examined the possibility of making changes to the company plans — scaling them back, delaying them or rescinding them. They ultimately concluded that even if AIG’s bonuses were withheld, the company would probably be sued successfully by its employees and be forced to pay them, the officials said.

In January, Reps. Joseph E. Crowley of New York and Paul E. Kanjorski of Pennsylvania wrote to the Federal Reserve and the Treasury Department pressing the administration to scrutinize AIG’s bonus plans and take steps against excessive payments.

Read the rest:
http://news.yahoo.com/s/ap/2009031
8/ap_on_go_pr_wh/aig_what_di
d_they_know

http://michellemalkin.com/2009/0
3/18/the-kabuki-theater-of-aig-outrage/

Obama: Fire Geithner

Related:
 AIG Bonus Flap: Lawsuit to Get Back $165 M Could Cost $300 M or More

Obama White House Issues “Lamest” Confidence Statement Ever for Geithner

Amid AIG Furor, Dodd Tries to Undo Bonus Protections He and Geithner Put In

 Biden Off Mic: “Gimme a f*&$#ing break”

AIG Bonus Flap: Lawsuit to Get Back $165 M Could Cost $300 M or More

 Obama Dead Wrong On Stimulus, Caterpillar Company Jobs, Recovery

Obama, His Outrage in Legal, Political Quicksand Over AIG Bonuses?
.
Obama Wants To “Unclog Blocked Lending Arteries” — Here’s The Problem

 Finance, one of America’s great industries, being destroyed by Congress during crisis?

 Bankers Press Case Against Punitive Tax

 President, Treasury, Congress “undermining efforts to shore up the economy”

AIG Bonuses: Pure Distraction
http://axisofright.com/2009/0
3/18/aig-bonus-outrage-is-a-distraction/

http://porcupinerim.wordpres
s.com/2009/03/21/obama-spokesman/

Nationalization of Select Businesses: U.S. Government Perilously Close

December 9, 2008

Congress and the President-elect are doing a deal to “bail out” or provided “loans” to major American industries and businesses.  Then there is an idea that perhaps the Chief Executive Officers need to retire — a decision made for decades in America by stockholders and Boards of Directors…not by legislators or other politicians.  Are we on the slippery slope?  And to what?

****

When President-elect Barack Obama talked on Sunday about realigning the American automobile industry he was quick to offer a caution, lest he sound more like the incoming leader of France, or perhaps Japan.

“We don’t want government to run companies,” Obama told Tom Brokaw on “Meet the Press.” “Generally, government historically hasn’t done that very well.”

By David E. Sanger
The New York Times

U.S. lawmakers Barney Frank, left, and Nancy Pelosi, right, speaking at a news conference on the proposed bailout of the U.S. automakers on Monday. (Doug Mills/The New York Times)

But what Obama went on to describe was a long-term government bailout that would be conditioned on government oversight. It could mean that the government would mandate, or at least heavily influence, what kind of cars companies make, what mileage and environmental standards they must meet and what large investments they are permitted to make — to recreate an industry that Obama said “actually works, that actually functions.”

It all sounds perilously close to a word that no one in Obama’s camp wants to be caught uttering: nationalization.

Not since Harry Truman seized America’s steel mills in 1952 rather than allow a strike to imperil the conduct of the Korean War has Washington toyed with nationalization….

Related:
Government Picks Winners, Losers, Calls Other Shots and Pays The Bills: Happy Now?

Read the rest:
http://www.iht.com/articles/2008/12/09/business/09nationalize.php

Iacocca says US auto execs shouldn’t be ousted

December 9, 2008

Lee Iacocca, the man who led Chrysler through a government bailout in the late 1970s, says the CEOs of Detroit’s automakers should not be forced to quit as a condition of getting government loans.

Iacocca, Chrysler’s retired chairman and chief executive, said in a statement Tuesday that now is not the time to make executive changes, as suggested by Senate Banking Committee Chairman Chris Dodd, D-Conn.

“Having been there, I do not agree with the sentiment now coming out of Congress that the management should be changed as a condition of granting loans to the Detroit automakers,” Iacocca said. “You don’t change coaches in the middle of a game, especially when things are so volatile.”

He added that the auto industry has been hit by an unpredictable series of events beyond its control.

“The companies may not be perfect but the guys who are running them now are the only ones with the experience and the in-depth knowledge and understanding of how the car business really works,” he said. “They’re by far the best shot we have for success.”

Dodd said over the weekend in a television interview that Wagoner “has to move on” as part of a government-run restructuring. President-elect Barack Obama, without naming names, said current auto industry management should be ousted if it doesn’t understand the need to make changes. Dodd didn’t name Ford Motor Co. CEO Alan Mulally or Chrysler LLC’s Bob Nardelli.

Chrysler, General Motors and Ford are seeking up to $34 billion in loans to help them weather the worst auto sales climate in 26 years. Congress may vote this week on a plan to give them temporary relief while being held accountable for restructuring.

Related:
Government Picks Winners, Losers, Calls Other Shots and Pays The Bills: Happy Now?

Read the rest from the Associated Press:
http://news.yahoo.com/s/ap/20081209/ap_on_bi_ge/congr
ess_autos_iacocca;_ylt=Amr3e15ePZxEO9g9usxQNISs0NUE