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My blog is simple . . . What?? Why?? Someone please explain this to me. Everyone is worried about the preservation of contract law. Does anyone realize that if we didn't bail them out, they would have been in bankruptcy and there wouldn't have been any bonuses??? I don't get it.

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Comment by George Kenner on March 21, 2009 at 10:45am
Get ready for more distraction from the real issue the Bonuses were just announced to be over 200 million so that will give them more to talk about next week. When the Bosses dont know about over a 40 million dollar difference it does not breed confidence.
Comment by George Kenner on March 19, 2009 at 2:48pm
My clients (buyers) are so on edge it is hard to close a deal... even thou prices are great and interest rates are killer.. they keep hearing GOLD, Silver and Copper.... I hope this gets better when Giethner finally releases his PLAN for the TOXIC ASSETS.. that plan has been in the making for some time. They keep talking public private partnership but so far everything we are seeing is PUBLIC.. Bail out money. 5 Billon more announced to go to Part Suppliers for the Auto Industry... When does the Average Real Estate Agent get a bail out.
Comment by Jamie DePauw, CDPE on March 19, 2009 at 2:04pm
George, you are absolutely correct!! On hindsight, that makes perfect sense and clearly the perfect detour to the perfect crime. I am with you: who knew what, when and where the heck was the media?
Comment by George Kenner on March 19, 2009 at 1:56pm
Who is going to investigate the Senate and what they knew and when they knew it. Did they know the AIG Bail Out money was going to out of Country Banks before the money went out? Where is our MEDIA forcing the hard questions. I for one am curious about what who knew and when.
Comment by Carlos H. Silva Sr. on March 19, 2009 at 1:23am
George is right! The real issue here is where the bailout money went to. The bonus is a smoke screen to try to hide the money trail. Just posted two blogs that will shed some light on the matter.
Comment by Gregory Urroz on March 18, 2009 at 10:19am
In reference to 90% tax on the bonuses paid. The government cannot target a group or individual for a special tax. The idea was floated as a "Red Herring", however, it is not legal and was quickly shot down. In my opinion the bail out, all bail outs should never have happened. Let the weak go out of business and the strong fill the voids. That is how capitalism works! We the people would be better served if our government focused on reducing and eliminating entitlement programs.
Comment by George Kenner on March 17, 2009 at 3:39pm
I have read a few things about this again today, beyond Sen. Grassley asking that AIG's exectutives either leave of kill them self. Seems our Government knew this was coming .. Including Giethner. They knew they would lose in court based upon the "CONTRACT". Now if the Government came in and did a BK or did debtor in possession in BK.. the peoples tax money would have been protected. But they wanted no strings. THE REAL story is in the coverage that was paid out to GOLDMAN and others including out of county banks. Do like the COPS do , follow the money, look at the BAIL OUT money not the Bonuses the real story is there.
Comment by Steve Adkins on March 17, 2009 at 3:11pm
There's a new article on now about this. Looks like the IRS is about to levy a 90% tax against all the bonuses paid out today. To add insult to injury, 11 of the 73 who received bonuses no longer work for the company. One receiving a $4.6 MILLION bonus! I think I'm in the wrong line of work!
Comment by Jamie DePauw, CDPE on March 17, 2009 at 2:41pm
I realize what the real issue is: Performance is based on performance. I question the people's performance that are up for performance bonuses. Please remember this: if we would not have bailed AIG out, it is highly probable that they would be facing bankruptcy or reorganization. Reorganization would be controlled by a Trustee where all contracts would be scrutinized, modified or possibly negated regardless of effective date, performance date and the like. Please remember that given that hypothetical situation, if AIG had any holdings, I question whether anyone would be receiving bonuses, in a bankruptcy court setting. The private sector is now being faced with pay cuts in order to keep its work force and colleagues employed. All is fair in love and war. Do you think that AIG is larger and bigger than the private sector where they should be given a different set of morality rules to follow because "someone" had committed their life to the contract and it was broken. What about our teachers who have committed, and continue to commit, their lives to our children. They had contracts which they voluntarily modified by taking pay cuts, not receiving bonuses. Nonetheless, it is true that the private sector never knew the exact damage. I do believe that the Government did made a serious mistake in providing those monies without certain guidelines being followed. Perhaps, by placing Big Brother in there, we can prevent those bonuses from being paid out. I don't care who is head of whom. Just because someone is head of something, who was head of something prior thereto, is still not a reason not to question what has happened here.
Comment by George Kenner on March 17, 2009 at 1:37pm
The bonuses were in employment contracts and were due. How would you feel if you commited your life to a contract and it was broken. The real issue here is that our Government gave them this money with no strings attached. They were to fearful of Nationalizing them (AIG) and that has bit them in the butt. But this allows them to ignore the real issue that being that the money they gave out to AIG was sent to BANKS. So the BIG Banks were in worse trouble than we the citizens ever knew. By the way Giethner is the one that did the AIG bail out plan and now he is Sec. of the Treasury..... Now back to REO work. Change comes to us every day.

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