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Sunday, 22 March 2009

AIG, Have You No Shame?

manchester united aig funny picture federal reserve cristiano ronaldoAmericans should stick to what they know best and specialise in the things they are good at rather than intruding in matters they have little or no knowledge about in order to make a fast buck. Especially when it comes to sports and team ownership. It's especially infuriating when they can't even get the name of the sport right. I'm talking of course about football. We call it this for a very simple reason, it is played using your feet.

The Glazers turned up at Old Trafford and turned it into a giant commercial exercise. While I appreciate the fact that the money funds new players etc etc the fact that the real value of the hardcore fans is being diminsihed by Glazer and his money grabbing family. Manchester United has been around for 137 years and have a very colourful history, which is probably half the appeal with the Glazer family, after all, America has very little history in comparison to the UK and Europe.

Alongside Glazer we also have another American company sponsoring our shirts and these people are nothing short of liars, thieves and con men. They are so atrocious at their job they needed the US government to bail them out of their own mess to the tune of $152 billion in order to stop a collapse.

Now, all the top employees, or should I say all the idiots who got them in the mess have accepted bonuses, yes BONUSES can you believe !!!

These bonuses in some cases amount to 100s of thousands of $s.

That is theft of the money of US citizens and should be given back with a sincere apology for even thinking they are due this money. It is purely and simply immoral to even consider these bonuses and it defies belief they paid the bonuses out.

So, if you worked for AIG, would you take the money?

The company has taken billions in taxpayer bailout money, and AIG workers still think they are entitled to bonus money, in large part just for sticking around. Except, of course, for the people who left and who are still getting retention bonuses.

Understand, these people getting millions in bonuses aren't exactly broke. They've got nice salaries, and they work in a corporate headquarters that reportedly has a gym, tennis court and gourmet restaurant. But the company is dead broke and is taking many Americans down with it.

And what message does it send to the rest of us about incentive when these folks are taking millions amid such economic disgrace and mismanagement? They failed. Yet, they're cashing in.

Fail this miserably at your job and what do you risk? Everything. That's why we work so hard to save a job or an industry. And to save our way of life.

That, apparently, didn't apply at AIG. So what if you mismanage the investment accounts of your customers? So what if you take big chances that imperil your entire company? You walk away with millions anyway. They risked nothing.

How hard would you work if you knew, win or lose, you could walk away with millions? That's a big problem in professional sports, and it's a big problem in too many of our glass offices and boardrooms.

What should an AIG employee who got a bonus do? How about an agreement promising future bonuses if and when the company recovers and they perform? Even more simply, how about attempting to look grateful for the taxpayer help in trying to keep their company and their jobs afloat?

With the world watching AIG, why on Earth would they be so arrogant? Why would they give the government or House Speaker Nancy Pelosi a reason to wag a finger at them?

Where is the personal responsibility and accountability?

The United States government doesn't need another reason to think that American people can't make smart decisions on their own without its help and oversight. U.S. Rep. John Dingell last week proposed a 95% tax on the bonuses. Now what happens when someone actually deserves a bonus? AIG has kicked the door wide open for public scrutiny of private business. Good grief, what is wrong with you people?

AIG says they are contractually obligated to dole out the bonuses to avoid lawsuits. Please. There may be contracts, but no one is contractually or morally obligated to take it.

One of my favorite movie scenes is in "Saving Private Ryan." At the end, a dying Captain Miller, played by Tom Hanks, tells Private Ryan, played by Matt Damon: "Earn this. Earn it."

As the world's economy is dying, the folks at AIG should watch that scene, because as far as I can tell, they've earned nothing.

You people at AIG are a fucking disgrace, get your shitty logo off our shirts and go crawl under some rock in America where you belong and stay the fuck away from Football in Europe. We love this game and it has a very interesting and eventful history with very, very few things to blemish it - that is until the American money men and their greed invaded it !!!

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The Arsenal Labradoodle said...

Not a bad post. The Bonuses though - while completely inappropriate - are nothing compared to the money they have gotten to bail them out.

I get that it is the point of it, but the reality is that the US Gov bailed out a company that was a failure in the market place - it shouldn't be a surprise that they would have in place stupid and inappropriate things like the bonuses in place.

What AIG should have done - is not paid the bonuses - and then said to the people who were supposed to get them - hey we wrote these contracts before we essentially collapsed -except for the Fed Govt bailing us out - and while you still have the right to sue us for not paying them - then you go ahead and sue us.

The funny part about that is that the rule of Law is with the people who would not have been paid -in fact, the way it is written they would have been paid 3X the amount originally owed. However I believe that the public embarrassment surrounding bringing the suite would have prevented a number of them. Then again they are Lawyers - so who knows.

That being typed - your point on the 95% tax proposed was totally an effort to just save face by the cunts in congress. That will be shot down in court and they know it - but they will then be able to say - well we tried to do something.

Yeah - Something like pass that bailout bill without reading any of it - like the part about these guys getting paid.

Its a joke - The best part of being an American for me is that I was able to see the 80's 90's and most of this decade because the next 30 years are going to suck.

Oh - how did you loose to Fulham

Anonymous said...
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sucka99 said...

2 things:

1. AIGFP, the source of the "systemic risk" problem, was based in London

2. the game of football originally had both kicking (association) and handling codes (rugby). The handling (arugger) codes is eventually what became prevalent in the US and Australia (and Ireland to an extent) while the kicking (assocer) codes took over Europe.

Association football also had a handling law called the mark (still in Aussie Rules) that was removed from the game 1.5 centuries ago and as such only the keeper can touch the ball now.

Gridiron football (American/Canadian) grew out of the rugby codes and overhand throwing was introduced as a way to reduce the violence and deaths that were occurring.

I do agree with the sentiment about American involvement, but certainly when you look at football ownership, the russians and sheikhs are just as bad.