Too bad I wasn't an executive with AIG

[Leo Lakio]

Re: Too bad I wasn't an executive with AIG

Right, thanks, F.M. Perhaps your point got lost in the confrontational air of the thread itself.

I wish I could pre-emptively de-baboozify situations IRL; that would come in handy.

[StinkyTheGrump]

Re: Too bad I wasn't an executive with AIG

Well FM, it comes down to this - If someone cancelled their AIG policy because they were mad at AIG would they actually be taking out their anger and frustration on the employees working in AIG Hawaii's office? Yes, because those are the people who would be affected the most NOT the AIG financial products division. You even began your sentence with "But" and it was a continuation of the previous thought, not a separate thought as you contend. Moreover, why in the world would you come out of nowhere and say something about taking anger and frustration out on local AIG employees if it wasn't referencing the topic that you were replying to? If that wasn't it, what did you have in mind - a babooze beating up local AIG employees? Doesn't make any sense.

[Pua'i Mana'o]

Re: Too bad I wasn't an executive with AIG

*rubs temples from the microscopic hair-splitting surgery*

so anyhow...

This is interesting:

"(CNN) -- Twenty state attorneys general announced investigations Friday into the $165 million bonuses paid by insurance giant AIG last week, with Connecticut's top lawyer issuing subpoenas to CEO Edward Liddy and 11 other executives.

The attorneys general of Arizona, Delaware, Illinois, Kentucky, Louisiana, Maine, Michigan, Mississippi, Montana, Nebraska, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Texas, Washington and West Virginia have also launched investigations. New Jersey Attorney General Anne Milgram said all 19 state attorneys signed a letter to Liddy demanding names and documents concerning the bonuses."

Hawaii's AG did not file.

[Frankie's Market]

Re: Too bad I wasn't an executive with AIG

Well FM, it comes down to this - If someone cancelled their AIG policy because they were mad at AIG would they actually be taking out their anger and frustration on the employees working in AIG Hawaii's office? Yes (SNIP)

Obviously, you just want to nitpick and find any excuse to throw spitballs, even though none of it sticks. Whatever. I explained myself. If anyone wants to continue expressing mock outrage even after this explanation, go knock yourself out. As of this post, I'm done explaining and I don't care.

[Frankie's Market]

Re: Too bad I wasn't an executive with AIG

AIG is a global titan after all; it won't be such a cerebral stretch to understand the HI offices appeal to the public to hang tight and keep the faith, because their policies makes good financial (and socially responsible investment) sense.

But where is their appeal? The silence is deafening. That doesn't bode well for folks like me who look at their pennies and policies and this economy and think "why don't I give it to companies with better ethics, top<-->down?"

Here is the text of a letter that AIG Hawaii Insurance Company has issued to all of their customers that I just received today. The following is the complete letter, unedited.

March 16, 2009

Dear Valued Customer:

You may have read in the news that the AIG Holding Company may be paying out bonuses to employees of one of AIG's subsidiaries. Some of you have contacted us to express your concern, and we share your frustrations. And I want to tell you more about the situation, and assure you that it does not involve AIG Hawaii in any way.

AIG Hawaii operates independently from the AIG Holding Company. The bonus payout by the holding company does not have any financial implications to AIG Hawaii, nor does it have any effect on your insurance premium or policy coverage.

Last year we made a decision to stand by our customers in these tough economic times and we did not grant any performance bonuses in 2008. In addition, we made the decision that no employees of AIG Hawaii will receive salary increases or performance bonuses in 2009. As difficult as this is for our employees and their families, we believe it is the right thing to do for our customers and our community.

Thank you for your continued support of AIG Hawaii. We have been part of the local community for more than 50 years. We pledge to continue to do our best every day to provide the quality customer service that you deserve and expect from us.

Sincerely,

Robin K. Campaniano
President and Chief Executive Officer

This ends the interruption. We now resume with the fingerpointing and scapegoating already in progress.

[cynsaligia]

Re: Too bad I wasn't an executive with AIG

Well FM, it comes down to this - If someone cancelled their AIG policy because they were mad at AIG would they actually be taking out their anger and frustration on the employees working in AIG Hawaii's office? Yes, because those are the people who would be affected the most NOT the AIG financial products division. You even began your sentence with "But" and it was a continuation of the previous thought, not a separate thought as you contend. Moreover, why in the world would you come out of nowhere and say something about taking anger and frustration out on local AIG employees if it wasn't referencing the topic that you were replying to? If that wasn't it, what did you have in mind - a babooze beating up local AIG employees? Doesn't make any sense.

hmm.

FM posts with conviction. but when someone name-calls others because he doesn't agree with their position and later denies that was what he was doing, then that person is nothing but a limp dick coward.

[Frankie's Market]

Re: Too bad I wasn't an executive with AIG

a limp dick coward.

Oh heavens!! Now you've gone and done it. Equating a medical condition with cowardice. Tsk tsk! Expect outrage and demands for an apology from the Impotence and Erectile Dysfunction Support Group.

http://dailystrength.org/c/Impotence.../support-group



Ah! This whole thing is starting to remind me of the "lipstick on a pig" nonsense that the GOP used to keep Obama's presidential campaign off-message for a week. It was either that,..... or McCain's people spending the same week talking about Bush and the Republicans' splendid stewardship of the economy.

And so it goes with this thread,.... unless anyone has anything of substance to add on the thought that the folks at AIG Hawaii should share in the culpability of the parent company's handling of the executive bonus situation.

[LocalMotion]

Re: Too bad I wasn't an executive with AIG

Here is the text of a letter that AIG Hawaii Insurance Company has issued to all of their customers that I just received today. The following is the complete letter, unedited.

March 16, 2009

Dear Valued Customer:

You may have read in the news that the AIG Holding Company may be paying out bonuses to employees of one of AIG's subsidiaries. Some of you have contacted us to express your concern, and we share your frustrations. And I want to tell you more about the situation, and assure you that it does not involve AIG Hawaii in any way.

AIG Hawaii operates independently from the AIG Holding Company. The bonus payout by the holding company does not have any financial implications to AIG Hawaii, nor does it have any effect on your insurance premium or policy coverage.

Last year we made a decision to stand by our customers in these tough economic times and we did not grant any performance bonuses in 2008. In addition, we made the decision that no employees of AIG Hawaii will receive salary increases or performance bonuses in 2009. As difficult as this is for our employees and their families, we believe it is the right thing to do for our customers and our community.

Thank you for your continued support of AIG Hawaii. We have been part of the local community for more than 50 years. We pledge to continue to do our best every day to provide the quality customer service that you deserve and expect from us.

Sincerely,

Robin K. Campaniano
President and Chief Executive Officer

This ends the interruption. We now resume with the fingerpointing and scapegoating already in progress.

Well technically don't profits of AIG Hawaii reflect to AIG Corp?


Also these bonuses were explained as "retention" payments to the only guys that knew how to unwind these investments. so wasn't it the same guys that wound up all this crap?

So basically it's like extortion. "We made the mess, but we're the only ones that know how to reverse it, so now we're really valuable to you. we can just quit and you'll be stuck with it...."

[Leo Lakio]

Re: Too bad I wasn't an executive with AIG

Also these bonuses were explained as "retention" payments to the only guys that knew how to unwind these investments. so wasn't it the same guys that wound up all this crap?

So basically it's like extortion. "We made the mess, but we're the only ones that know how to reverse it, so now we're really valuable to you. we can just quit and you'll be stuck with it...."

In one of my old jobs, a co-worker described that kind of situation as "set a fire, put out a fire."

[StinkyTheGrump]

Re: Too bad I wasn't an executive with AIG

hmm.

FM posts with conviction. but when someone name-calls others because he doesn't agree with their position and later denies that was what he was doing, then that person is nothing but a limp dick coward.

I wouldn't go that far, you're being a bit harsh I think, haha.

[Frankie's Market]

Re: Too bad I wasn't an executive with AIG

Well technically don't profits of AIG Hawaii reflect to AIG Corp?

Sooooo,..... what should be done about that?

Also these bonuses were explained as "retention" payments to the only guys that knew how to unwind these investments. so wasn't it the same guys that wound up all this crap?

So basically it's like extortion. "We made the mess, but we're the only ones that know how to reverse it, so now we're really valuable to you. we can just quit and you'll be stuck with it...."

The problem exists on 3 levels here.

1) The bonuses are being paid to the people who engaged in the very derivative trading that put AIG and the entire economy in trouble.

2) It is extortion. If the company is "too big to fail," then it is simply too big, period. Since the govt. owns 80% of the conglomerate, it should break it up and spin off some parts.

3) Calling it a "retention" bonus is utter nonsense, since a number of those receiving the bonus have left the company.

http://www.huffingtonpost.com/2009/0..._n_176531.html

[Jewlipino]

Re: Too bad I wasn't an executive with AIG

2) It is extortion. If the company is "too big to fail," then it is simply too big, period. Since the govt. owns 80% of the conglomerate, it should break it up and spin off some parts.

LOL the problem is really that there are all sorts of companies running around who aren't technically in the business of banking, acting like banks! That and AIG is too damned big