Peekaboo! “It is hard for us, and without being flippant, to even see a scenario within any kind of realm of reason that would see us losing $1 in any of those transactions,” – Joseph Cassano, Head of AIG Financial Products, August 2007 This may be the most important and prescient quote you could…
AIG Bonuses
TGIF: Definition
This week was all about Definition. Defining what contracts really allow for was at the center of the debate over the AIG bonuses. Congress did the right thing and defined its power by approving a 90% tax on the bonus money, essentially negating the BS contracts anyway. I also tweaked the definitions of certain finance terms the…
The Career Politician Who Sucks at Politics
I’ve really only heard Christopher Dodd‘s name peripherally over the years. The Career Democratic Senator from Connecticut’s name has been popping up more and more now that his constituents are starting to learn about how much he loves rogue financial corporations. From the New York Times: Across Connecticut, anger is erupting against Mr. Dodd, the…
FOR SALE: AIG World Headquarters at 70 Pine Street
FOR SALE: Charming 2-bed, 2-bath 66 story office tower in scenic downtown New York. Built in 1932, previous occupant was quaint insurance company, very neat. Property includes 5 star chef-staffed “breakfast nook”, on-site vault for holding bonus cash, and super computers to calculate CDS risks, available for new tenant purchase, please inquire. Breathtaking…
This Just In: Cuomo Wants AIG Names by 4PM
Headlines from Reuters: March 16 (Reuters) – New York Attorney General Andrew Cuomo issued a letter to American International Group Inc AIG Chief Executive Edward Liddy: * Cuomo threatens to subpoena American International Group Inc AIG over bonuses * Cuomo says has requested list of individuals who are to receive payments under retention plan, as…
Rage Against the Bonus Machine
Now we are being told that our officials are unable to curb $400 million in bonus payments to AIG because the payments are “contractually obligated” to be made. There’s a great scene in the movie Major League where Corbin Bernsen‘s character Roger Dorn complains to the GM of the team about his contract and what he’s…
