Bailout for Dummies – Part I

[Allan from Fallbrook]

[quote=flu][quote=Allan from Fallbrook]FLU: Outstanding post and spot on.[/quote]

I’m just trying to separate folks that are pissed off from the banking fraud fiasco from folks that are jealous because there are people that make/earn more them.

These days, especially with this Obama administration, the lines are pretty blurred.

*Rich/wealthy/business owner= bad,evil,dishonest
*Poor, welfare, overleveraged, bankrupt, credit card debt up the yazhoo = “hard working american”

If this isn’t Chairman Mao’s thinking, I don’t know what is. He must be laughing his ass off in his grave. Go figure.[/quote]

FLU: I don’t know if you’re a Christopher Hitchens fan or not. In my humble opinion, he’s one of the best political writers on the scene right now (you can find him at Slate.com and Atlantic Monthly). He’s also a reformed Stalinist who is pretty conservative now.

I just finished a book of his titled “Why Orwell Matters” and it’s chilling to say the least. It discusses demonizing one’s opponents Soviet style, Political Correctness and scapegoating, all of which are on full display in DC right now.

He who controls the language, controls the culture and he who controls the culture, controls the country.

For all his lofty rhetoric and promises of change, Obama is just as willing to engage in the politics of blame as anyone.

[jpinpb]

Wow! That was one hell of a resignation letter!

Edit – One of the posted comments on that link:

“So, basically everything collapsed due to a lack of oversight of one division. I’m sorry, but everyone – every executive above that division should have been aware of what was going on. Mr. DeSantis is far too willing to absolve himself and Mr. Liddy of any responsibility: “You are as blameless for these credit default swap losses as I am.” No way – if your co-workers or underlings are dismantling the company, you best be aware of it.

Another comment:

“Mr. De Santis,
You forgot to mention a little detail: AIG didn’t pay your $700,000 bonus. We taxpayers did. You may feel relieved and honorable in donating that money to charity, but that’s my money you’re giving away, and that is one more transaction of yours (and your company’s) that I did not approve. In fact, I’d rather have my money going to save the US economy than to some other cause of your choosing.”

Secondly, why does Mr. DeSantis believe that his company, on the brink of collapse, is healthy enough to pay ANYONE at all a bonus? “The profitability of the businesses with which I was associated clearly supported my compensation.” HA! No matter how profitible the “businesses with which [he] was associated” were, he was overcompensated. Everyone on Wall Street was/is. I mean, why were these contracts even in existence? A bonus is something special – not something routine. You can’t predict where a company will be or what employees will do in 6 months, so how did such contracts ever get drawn up? It boggles the mind!”

[jpinpb]

Wow! That was one hell of a resignation letter!

Edit – One of the posted comments on that link:

“So, basically everything collapsed due to a lack of oversight of one division. I’m sorry, but everyone – every executive above that division should have been aware of what was going on. Mr. DeSantis is far too willing to absolve himself and Mr. Liddy of any responsibility: “You are as blameless for these credit default swap losses as I am.” No way – if your co-workers or underlings are dismantling the company, you best be aware of it.

Another comment:

“Mr. De Santis,
You forgot to mention a little detail: AIG didn’t pay your $700,000 bonus. We taxpayers did. You may feel relieved and honorable in donating that money to charity, but that’s my money you’re giving away, and that is one more transaction of yours (and your company’s) that I did not approve. In fact, I’d rather have my money going to save the US economy than to some other cause of your choosing.”

Secondly, why does Mr. DeSantis believe that his company, on the brink of collapse, is healthy enough to pay ANYONE at all a bonus? “The profitability of the businesses with which I was associated clearly supported my compensation.” HA! No matter how profitible the “businesses with which [he] was associated” were, he was overcompensated. Everyone on Wall Street was/is. I mean, why were these contracts even in existence? A bonus is something special – not something routine. You can’t predict where a company will be or what employees will do in 6 months, so how did such contracts ever get drawn up? It boggles the mind!”

[jpinpb]

Wow! That was one hell of a resignation letter!

Edit – One of the posted comments on that link:

“So, basically everything collapsed due to a lack of oversight of one division. I’m sorry, but everyone – every executive above that division should have been aware of what was going on. Mr. DeSantis is far too willing to absolve himself and Mr. Liddy of any responsibility: “You are as blameless for these credit default swap losses as I am.” No way – if your co-workers or underlings are dismantling the company, you best be aware of it.

Another comment:

“Mr. De Santis,
You forgot to mention a little detail: AIG didn’t pay your $700,000 bonus. We taxpayers did. You may feel relieved and honorable in donating that money to charity, but that’s my money you’re giving away, and that is one more transaction of yours (and your company’s) that I did not approve. In fact, I’d rather have my money going to save the US economy than to some other cause of your choosing.”

Secondly, why does Mr. DeSantis believe that his company, on the brink of collapse, is healthy enough to pay ANYONE at all a bonus? “The profitability of the businesses with which I was associated clearly supported my compensation.” HA! No matter how profitible the “businesses with which [he] was associated” were, he was overcompensated. Everyone on Wall Street was/is. I mean, why were these contracts even in existence? A bonus is something special – not something routine. You can’t predict where a company will be or what employees will do in 6 months, so how did such contracts ever get drawn up? It boggles the mind!”

[jpinpb]

Wow! That was one hell of a resignation letter!

Edit – One of the posted comments on that link:

“So, basically everything collapsed due to a lack of oversight of one division. I’m sorry, but everyone – every executive above that division should have been aware of what was going on. Mr. DeSantis is far too willing to absolve himself and Mr. Liddy of any responsibility: “You are as blameless for these credit default swap losses as I am.” No way – if your co-workers or underlings are dismantling the company, you best be aware of it.

Another comment:

“Mr. De Santis,
You forgot to mention a little detail: AIG didn’t pay your $700,000 bonus. We taxpayers did. You may feel relieved and honorable in donating that money to charity, but that’s my money you’re giving away, and that is one more transaction of yours (and your company’s) that I did not approve. In fact, I’d rather have my money going to save the US economy than to some other cause of your choosing.”

Secondly, why does Mr. DeSantis believe that his company, on the brink of collapse, is healthy enough to pay ANYONE at all a bonus? “The profitability of the businesses with which I was associated clearly supported my compensation.” HA! No matter how profitible the “businesses with which [he] was associated” were, he was overcompensated. Everyone on Wall Street was/is. I mean, why were these contracts even in existence? A bonus is something special – not something routine. You can’t predict where a company will be or what employees will do in 6 months, so how did such contracts ever get drawn up? It boggles the mind!”

[jpinpb]

Wow! That was one hell of a resignation letter!

Edit – One of the posted comments on that link:

“So, basically everything collapsed due to a lack of oversight of one division. I’m sorry, but everyone – every executive above that division should have been aware of what was going on. Mr. DeSantis is far too willing to absolve himself and Mr. Liddy of any responsibility: “You are as blameless for these credit default swap losses as I am.” No way – if your co-workers or underlings are dismantling the company, you best be aware of it.

Another comment:

“Mr. De Santis,
You forgot to mention a little detail: AIG didn’t pay your $700,000 bonus. We taxpayers did. You may feel relieved and honorable in donating that money to charity, but that’s my money you’re giving away, and that is one more transaction of yours (and your company’s) that I did not approve. In fact, I’d rather have my money going to save the US economy than to some other cause of your choosing.”

Secondly, why does Mr. DeSantis believe that his company, on the brink of collapse, is healthy enough to pay ANYONE at all a bonus? “The profitability of the businesses with which I was associated clearly supported my compensation.” HA! No matter how profitible the “businesses with which [he] was associated” were, he was overcompensated. Everyone on Wall Street was/is. I mean, why were these contracts even in existence? A bonus is something special – not something routine. You can’t predict where a company will be or what employees will do in 6 months, so how did such contracts ever get drawn up? It boggles the mind!”

[Coronita]

[quote=jpinpb]Wow! That was one hell of a resignation letter![/quote]

Yeah…Something that I find disturbing about this administration and I know it’s naive to say….

I find it disturbing that they are playing the blame game so early…

As an enginerd that works in highly politically charged environments, I have learned very early in my career that

1)It takes considerable amount of time to build something from 0% to 99% (things are never done 100%)

2)If you fvck up or if that 1% you didn’t finish included something marginally important, you almost 99% of other people otherwise couldn’t have done what you did from 0-99% taking potshots at you to steal your hard work.

3)If this happens, either you quit or you get discouraged and the next time, rather than being on of those constructive people, you end up being the majority of the people trying to steal what the minority of the people did.

This administration is playing the blame game very well. I weep for America, because americans are going to get use to the blame crutch and nothing good is going to happen for the next couple of years.

And to your point Breeze, you don’t like it when folks pick apart what you post, despite your best effort, because obviously it’s easier to pick apart something…Welcome to Obama Nation.

is far more difficult to build something from ground

[Coronita]

[quote=jpinpb]Wow! That was one hell of a resignation letter![/quote]

Yeah…Something that I find disturbing about this administration and I know it’s naive to say….

I find it disturbing that they are playing the blame game so early…

As an enginerd that works in highly politically charged environments, I have learned very early in my career that

1)It takes considerable amount of time to build something from 0% to 99% (things are never done 100%)

2)If you fvck up or if that 1% you didn’t finish included something marginally important, you almost 99% of other people otherwise couldn’t have done what you did from 0-99% taking potshots at you to steal your hard work.

3)If this happens, either you quit or you get discouraged and the next time, rather than being on of those constructive people, you end up being the majority of the people trying to steal what the minority of the people did.

This administration is playing the blame game very well. I weep for America, because americans are going to get use to the blame crutch and nothing good is going to happen for the next couple of years.

And to your point Breeze, you don’t like it when folks pick apart what you post, despite your best effort, because obviously it’s easier to pick apart something…Welcome to Obama Nation.

is far more difficult to build something from ground

[Coronita]

[quote=jpinpb]Wow! That was one hell of a resignation letter![/quote]

Yeah…Something that I find disturbing about this administration and I know it’s naive to say….

I find it disturbing that they are playing the blame game so early…

As an enginerd that works in highly politically charged environments, I have learned very early in my career that

1)It takes considerable amount of time to build something from 0% to 99% (things are never done 100%)

2)If you fvck up or if that 1% you didn’t finish included something marginally important, you almost 99% of other people otherwise couldn’t have done what you did from 0-99% taking potshots at you to steal your hard work.

3)If this happens, either you quit or you get discouraged and the next time, rather than being on of those constructive people, you end up being the majority of the people trying to steal what the minority of the people did.

This administration is playing the blame game very well. I weep for America, because americans are going to get use to the blame crutch and nothing good is going to happen for the next couple of years.

And to your point Breeze, you don’t like it when folks pick apart what you post, despite your best effort, because obviously it’s easier to pick apart something…Welcome to Obama Nation.

is far more difficult to build something from ground

[Coronita]

[quote=jpinpb]Wow! That was one hell of a resignation letter![/quote]

Yeah…Something that I find disturbing about this administration and I know it’s naive to say….

I find it disturbing that they are playing the blame game so early…

As an enginerd that works in highly politically charged environments, I have learned very early in my career that

1)It takes considerable amount of time to build something from 0% to 99% (things are never done 100%)

2)If you fvck up or if that 1% you didn’t finish included something marginally important, you almost 99% of other people otherwise couldn’t have done what you did from 0-99% taking potshots at you to steal your hard work.

3)If this happens, either you quit or you get discouraged and the next time, rather than being on of those constructive people, you end up being the majority of the people trying to steal what the minority of the people did.

This administration is playing the blame game very well. I weep for America, because americans are going to get use to the blame crutch and nothing good is going to happen for the next couple of years.

And to your point Breeze, you don’t like it when folks pick apart what you post, despite your best effort, because obviously it’s easier to pick apart something…Welcome to Obama Nation.

is far more difficult to build something from ground

[Coronita]

[quote=jpinpb]Wow! That was one hell of a resignation letter![/quote]

Yeah…Something that I find disturbing about this administration and I know it’s naive to say….

I find it disturbing that they are playing the blame game so early…

As an enginerd that works in highly politically charged environments, I have learned very early in my career that

1)It takes considerable amount of time to build something from 0% to 99% (things are never done 100%)

2)If you fvck up or if that 1% you didn’t finish included something marginally important, you almost 99% of other people otherwise couldn’t have done what you did from 0-99% taking potshots at you to steal your hard work.

3)If this happens, either you quit or you get discouraged and the next time, rather than being on of those constructive people, you end up being the majority of the people trying to steal what the minority of the people did.

This administration is playing the blame game very well. I weep for America, because americans are going to get use to the blame crutch and nothing good is going to happen for the next couple of years.

And to your point Breeze, you don’t like it when folks pick apart what you post, despite your best effort, because obviously it’s easier to pick apart something…Welcome to Obama Nation.

is far more difficult to build something from ground

[Allan from Fallbrook]

Jp: Dave and I wrote about the complexities inherent to both these large market companies (like Citi and AIG) and the products they offer.

I’m not making excuses, but I’m willing to bet good money that AIG’s CEO didn’t have a clue as to how AIGFP’s products worked, other than that division was making piles of money. Further, he was reassured by all of his analysts, and the rating companies that the products were safe and low risk. Not wanting to look a gift horse in the mouth and not wanting to risk upending that cash register, he motored happily along with everyone else until AIG went into the ditch.

[Allan from Fallbrook]

Jp: Dave and I wrote about the complexities inherent to both these large market companies (like Citi and AIG) and the products they offer.

I’m not making excuses, but I’m willing to bet good money that AIG’s CEO didn’t have a clue as to how AIGFP’s products worked, other than that division was making piles of money. Further, he was reassured by all of his analysts, and the rating companies that the products were safe and low risk. Not wanting to look a gift horse in the mouth and not wanting to risk upending that cash register, he motored happily along with everyone else until AIG went into the ditch.

[Allan from Fallbrook]

Jp: Dave and I wrote about the complexities inherent to both these large market companies (like Citi and AIG) and the products they offer.

I’m not making excuses, but I’m willing to bet good money that AIG’s CEO didn’t have a clue as to how AIGFP’s products worked, other than that division was making piles of money. Further, he was reassured by all of his analysts, and the rating companies that the products were safe and low risk. Not wanting to look a gift horse in the mouth and not wanting to risk upending that cash register, he motored happily along with everyone else until AIG went into the ditch.

[Allan from Fallbrook]

Jp: Dave and I wrote about the complexities inherent to both these large market companies (like Citi and AIG) and the products they offer.

I’m not making excuses, but I’m willing to bet good money that AIG’s CEO didn’t have a clue as to how AIGFP’s products worked, other than that division was making piles of money. Further, he was reassured by all of his analysts, and the rating companies that the products were safe and low risk. Not wanting to look a gift horse in the mouth and not wanting to risk upending that cash register, he motored happily along with everyone else until AIG went into the ditch.

[Author]

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