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1A.I.G. and Congressional blowhards 2 Citations « Gay rights are civil rights; cafeteria Christians | Main | Introducing: The Omnibus Gay Rights Bill » March 18, 2009Posted by: AndoniIt's amazing to see the tirade in Congress over the $165 million in bonuses that have been paid to employees of A.I.G.'s credit swap derivatives division in London. That's the division that took the company to insolvency and the world to the brink of financial disaster.Am I happy about these bonuses? Absolutely not. I'm very angry about it. In fact I'm sick ove, technorati.com
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1 Citation ?Clawback? Bang-bang beauty of language in image! In practice, say you made a killing with Bernie and cashed out? Some of that cash mine, since I got to party late. (& you know such Ponzi fates.) So, cough up, unless you, too, criminal. Good luck to me: you won?t let go. Your attorney claims American Dream just spicier, living off such schlemiel fops as I., technorati.com
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Ian Welsh: The AIG Bonus Clawback Bill Won't Work--Here's What Will 1 Citation Last week the House passed a bill designed to claw back any bonuses over 250K from recipients of TARP money. Now I'm a class warfare guy (on the side of regular folks, as opposed to the rich, who are winning the current war and won the last one) but this bill is counterproductive and won't work. First, the clawback only affects on bonuses, so TARP recipients can just switch bonuses to salaries. Second, if the clawback applied to all income, then employees would be moved to contract or to compan, technorati.com
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1 Citation CLAW FOR A CLAW: ?there ought to be a law??After a really bummed-out day, Senator Chris Dodd and Treasury Secretary Timmy Geitner enjoy "Seafood Nite" in the AIG executive dining room with host; Ed Liddy, CEO of AIGWASHINGTON - After earlier vehemently denying all knowledge whatsoever, Senate Banking Committee Chairman Chris Dodd admitted in a full reversal on Wednesday he was indeed responsible for a legislative loophole that let AIG pay executives $165 million in bonuses, adding that he acte, technorati.com
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Bonuses? Corporate America says, 'We're not worthy' 1 Citation Think they talked to the folks at AIG for this one? A new survey from Watson Wyatt has found sharp increases in the number of companies that are freezing salaries, eliminating bonuses and adding "clawback policies" that reclaim portions of executive pay in the wake of poor financial performance. In December, 21 percent of companies surveyed said they were freezing executive salaries; that number jumped to 55 percent in the most recent survey. Forty-eight percent of companies are planning t, technorati.com
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1 Citation Edward M. Liddy grew up in New Brunswick, New Jersey, earned a bachelor's degree from Catholic University of America in 1968 and a master's in business administration from George Washington University in 1972. He then began a long career in corporate America, including stops at the Ford Motor Company in Detroit, drug maker G.D. Searle & Co in Skokie, Illinois, and Allstate Corporation in Northbrook, Illinois. During Edward Liddy's apprenticeship in the buccaneering life he was exposed t, technorati.com
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Fortress Investment Posts Net Loss 1 Citation Fortress Investment Group LLC's fourth-quarter net loss ballooned as the hedge-fund operator set aside $299 million for the potential clawback of obligations and the write-down of various assets . Meanwhile, the company continued to suffer under a continued surge in redemptions and falling asset values as the hedge-fund operator amended its credit facility and repaid $125 million in borrowings to $604 million. Like most investments in 2008, hedge and private-equity funds have been hurt by, technorati.com
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1 Citation Edward M. Liddy grew up in New Brunswick, New Jersey, earned a bachelor?s degree from Catholic University of America in 1968 and a master?s in business administration from George Washington University in 1972. He then began a long career in corporate America, including stops at the Ford Motor Company in Detroit, drug maker G.D. Searle & Co in Skokie, Illinois, and Allstate Corporation in Northbrook, Illinois. During Edward Liddy?s apprenticeship in the buccaneering life he was exposed t, technorati.com
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1 Citation The cover of Time?s April 6 th edition proclaims ?The End of Excess: Why This Crisis Is Good for America.? Kurt Andersen, author of the cover article, boils it down to a story: ?You know the story of the ant and the grasshopper? The ant is disciplined, the grasshopper parties as if the good times will last forever-and then winter descends? It?s time to ratchet back our wild and crazy grasshopper side and get in touch with our inner ant.? Having visited the insect house at the Cincinnati, technorati.com
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Cuomo Sues Ezra Merkin for Fraud, calling him a glorified mailbox for Bernard Madoff 1 Citation The 55 page complaint is here: THE PEOPLE OF THE STATE OF NEW YORK By ANDREW M. CUOMO, Attorney General of the State of New York -against- Plaintiff J. EZRA MERKIN and GABRIEL CAPITAL CORPORATION, Defendants. Update: The Times has 687 pages of the complaint posted with the exhibits as an adjunct to their article on the Cuomo filing. We call it "Tractate Prevarication." In the complaint one victim calls J. Ezra Merkin a "glorified mailbox" for Bernard Madoff - because all Merkin did was "passove, technorati.com
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