Apparently the president was "outraged" that AIG paid out $165M in pay and bonuses after his own congress forced $175B down their throats in the face of reported 10:1 to voter opposition (that was the low end).
I guess the president doesn't follow Goldman Sachs, which paid out $11B in pay and bonuses after grabbing $10B from taxpayers.
Gee, let's see...
$11B (GS) vs. $165M (AIG)
110% of taxpayer funds (GS) vs. 0.1% of taxpayer funds (AIG)
But isn't this the obvious problem with centrally managed Socialist/Marxist economies? A few people, especially those dumb enough to think they can manage the entire world economy in real time, cannot possibly understand a single company from an outsider's perspective, let alone the truly infinite complexity and often counter intuitive efficiencies of global capitalism, assuming it was ever tried.
It is also a shame the President of the United States feels the need to belittle his office by quarreling with the CEO of a penny stock, and apparently losing.
Monday, March 16, 2009
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"...those dumb enough to think they can manage the entire world economy in real time..."
ReplyDeleteego > capability = high entropy
RR
Somebody should nudge Obama and tell him the old: "better to remain quiet and appear to be a fool than to open your mouth and remove all doubt."
ReplyDeletemorons and thieves. Whats even worse is that the majority of tax payers also have not a clue which is why h=this happens. Ship of fools?
ReplyDelete"The ship of fools is an allegory that has long been a fixture and reminder in Western literature and art. The allegory depicts a vessel populated by human inhabitants who are deranged, frivolous, or oblivious, passengers aboard a ship without a pilot, and seemingly ignorant of their own direction.
"http://en.wikipedia.org/wiki/Ship_of_Fools
You've been slow as of late, but here you are on all four revamped cylinders. I can't catch up. I love it.
ReplyDeleteHow can Goldman Sachs be spoon fed $10 Billion tax payer dollars, while giving out $11 Billion dollars in bonuses?
ReplyDeleteSomething doesn't add up.
What doesn't add up is that the GS figure is stated as PAY and bonuses. Of course, base salary should not be included as a comparison.
ReplyDeleteWhat would be helpful is a line item of bonuses GS paid.
"What would be helpful is a line item of bonuses GS paid."
ReplyDeleteThey don't distinguish between "pay" and "bonuses" in their filings, and neither should we.
What's the difference?
Top traders, when there used to be investment banks, pulled down about $150-200K in base salary, the rest of a typical $2-3M compensation package took the form of bonuses.
Bonuses are a great way to compensate. Obama should embrace the bonus model for bodies in his state-run programs.
Personally, I find pulling a salary from a government-seized work program like AIG more disturbing than a bonus model.
The key issue is for the public understand the origins of the favored and priveleged status of Goldman Sachs. Track this back to Sept. 1991.
ReplyDeleteBonuses have been great for short-term profits. But have they been good for long-term investment and viability?
ReplyDeleteAIG only pays 73 people 165 M. GS pays basically every employee. They're equally outrageous.
ReplyDeletefdralloveragain said...
ReplyDeleteSomebody should nudge Obama and tell him the old: "better to remain quiet and appear to be a fool than to open your mouth and remove all doubt."
samuel clemons aka mark twain...nice.