Isn't it getting to be about that time?

For the past 24 hours or so I've desperately tried to wrap my brain around the whole idea that the perpetually bailed out with taxpayer money AIG, the very corporate body that wouldn't exist today had it not been for the hundred or so billions of dollars of bailout money infused into their coffers, is essentially telling the American people to go fuck themselves by paying out $450 million dollars in bonuses, much of which to its top executives, many of whom run the very department that created the financial clusterfuck they became mired in to begin with. They claim that the bonuses are needed to retain these employees, and that the company is contractually obligated to pay them out.
In what other world would something like this happen?
Probably the most basic thing about all of this that I've been simply unable to grasp mentally is this...why the fuck would you want to hold onto any of these people in the first place? Why not use this money to attract better employees? I could maybe even understand using some of the bailout money for severance pay and telling them to hit the road because they're a bunch of fuckups. But to reward them so greatly for such colossal incompetence? What gives?
I mean, throughout the history of commerce, I suspect that the most prevalent reason for termination of employment is incompetence. Millions, perhaps even billions, have been fired from jobs that they were simply unqualified to perform up to an adequate level of performance expected by their employer, with far less collateral damage accumulated upon others within the company or outside of the company due to their incompetence.
Let's say the captain of an oil tanker gets hammered behind the wheel of the ship and runs it aground, slashing one of its sides on a bed of jagged rocks in the process, spilling millions of barrels of oil out into the environment. Wouldn't it be a reasonable expectation for that captain to be fired?
Now, what would you think if the company employing that captain then stepped forward to say that not only were they not firing him, but that they were giving the guy who wrecked the ship a raise because he was the only person within the company who knew how to steer this particular type of vessel, rather than find someone outside of the company who did? Wouldn't that just seem, oh, I don't know, fucking retarded?!?!
Yes? Good, because that's what all of this is...FUCKING RETARDED!
From everything that I've read and been told there are two main reasons this is happening, the first being that these people had some sort of employment contracts that specified these bonuses be paid to them.
Fuck the contracts!
Since when is a contract worth anything these days anyway? If professional sports teams can get out of paying multi-million dollar contracts to dumbass athletes for morality slip-ups like running illegal dog-fighting rings, surely these pricks can hire lawyers crafty enough to figure out a way to avoid paying bonuses, FUCKING BONUSES, not even their actual salaries for the love of God, to the very fucksticks whose actions on the job contributed mightily to the collapse of the world economy. So take these contracts and tell them to go wipe their asses with them. Fuck that. The government of the United States of America is now involved because they took an shitload of money from it to save their asses. Hell, if it wouldn't be for the United States government, THEY WOULDN'T HAVE JOBS! And since when does the United States government let contracts interfere with imposing their will? Just saying. And was their not any sort of "you don't get paid if the company bleeds cash out of its asshole" clause written into these contracts? Were the lawyers who wrote them THAT stupid?! Give me a break. Fuck you and your contracts!
Now, the second most prevalent reason for retaining these people and paying them enormous bonuses is a bit of a dirty little secret, but an equally retarded one nonetheless...That AIG has to hold on to these people because the financial instruments that they created which led to this whole clusterfuck are so complex, so mindbogglingly labyrinthine, that they're the only ones who have a prayer of figuring out the whole mess and fixing it.
Let's think about this for a second, and pardon me while I use another analogy in the process of us all contemplating this collectively. Imagine if you will that you've got a huge fucking nose. I mean, this thing is a lifeform of its own, and it makes you uncomfortable socially and you can't even get hookers to have sex with you and all that, so you decide one day that you're going to have some plastic surgery, a nose job, rhinoplasty I think is the appropriate medical terminology. So you prospect around and find a plastic surgeon to perform the operation for, let's say $5000, and on the specified day of the surgery, you go under the knife.
Later in the day, a few hours after the procedure's completion, you wake up, walk over to a mirror and discover that your flaccid cock is now where your nose was, one of your ears is now attached to your asshole, and in the place of your dick you now have what appears to be make-shift vagina whose lips have been created with thick slices of honey-baked ham from a nearby deli.
You're in complete shock. "What the fuck happened to me? Somebody has got to fix this!," you plead to a nurse walking by.
"I'm sorry son, but this all looks too complicated for anyone to handle except for the person responsible for it...I suggest you go see the surgeon who did this and see if he can fix it," she says.
So you go back to the guy who originally performed the procedure and he says, "well yes, I can fix it, but it's going to cost you another $5000."
Would you do it? Would you trust this assclown to correct the once in a lifetime botching he did previously? FUCK and NO. Nobody's that fucking stupid!
That's essentially what we're doing here. It should be criminal. And what kind of person would even accept one of these bonuses to begin with? Where is the conscience within this person's mind and soul? Does such a thing even exist?
So what are we to do? Are we to sit idly by and just let all of this play out? Or is this the tipping point, the point where we all grab torches and pitchforks and storm the buildings?
No, I don't think it's time for that just yet, but Goddamn if it isn't getting close. What I would implore anyone reading this to do is to take a couple of minutes and make a few phone calls. Call your representatives in the House and the Senate. Call the White House switchboard. AND CALL AIG! Fuck emailing anyone...email can be put off or totally ignored. But the phone rings. They hear it. It disturbs them when they're trying to work. It's the most effective non-violent tool we have for getting a message across. I'm telling you, it works. And it's much more time efficient than composing emails.
I don't think that I've ever used this forum to advocate doing such a thing, but all of this just flips my lid to the extreme. I guess I'm having a Howard Beale "I'm mad as hell" moment here.
If you don't know know how to contact your representatives, here's a link to a website that makes it easy. Just put in your zip code and all the necessary info will pop up. The White House phone number is as follows...202.456.1414. AIG's main line is as follows...877.638.4244. Make these calls. Pass the info to your friends and ask them to call as well. Make a point of calling the offices of the biggest blowhards in Congress even if you hate them, because at least you know for sure that these people will speak up when the cameras and microphones show up. It all helps to create a tide.
Now back to your regularly scheduled programming.






17 comments:
well-motherfucking-done. Boudin for you and your men and cracklins for your horses!
Thanks for the RANT... I am stealing your info and passing it along. I have emailed White House..
VOID BONUSES or let them go bankrupt.. if they went bankrupt there would be no bonuses so that is their choice.. what'll it be?
Me too- I am MAD AS HELL!!
NoCalGal
You totally read my mind, wrote down what I was thinking and now here it is. Bravo
You said it! Time for a change, cull the deadwood!
That link was very helpful, I just wrote both my senators and my congressman, it felt so good.....
Well said. The fact that these assclowns hired OUTSIDE attorneys to push for their bonus money shows you the level of their greed and total lack of conscience.
You hit on one of my two main complaints about this bullshit. That they're getting a bonus for fucking everything up. But the other one is that they're worried about the top talent leaving.
A) They're obviously not the top talent. If they are then this country is even more fucked than I thought.
B) Where in the fuck are they going to go? What company out there is like "Oooh, I see that you fucked up AIG. That's exactly what we need here. And not only that, we're going to pay you even more money!"
Amen brother! I am typically a peace-loving soul. But on occaision I think we'd be better off to go haywire and drag someone like Bernie Madoff out of his penthouse and draw and quarter his ass in front of the stock exchange.
They ought to find out the name of the law firms pushing to enforce those contracts and print map quests on the net so all us angry bastards could descend on them and totally fucking disrupt their ability to do business.
RJ
Maybe the IRS should be called in to go over each executive's (and their family's) tax affairs for the last 5 years and see if the govt can claw back some unpaid taxes or something?
HUBRIS has been the word that comes to mind when trying to get my mind around what is occuring these days...in particular, when it comes to our financial centers...
That said, how does the Government muster "consumer confidence" after these situations hit the airwaves?
Thanks dude, You just fired me up enough to post the link to the link to Senators and Reps contact info along with the White House on my facebook. Any other country and shit would be burning right now.
Chris
Here's the problem, there are contracts for these payouts and contracts do still mean something. The problem with the example you give: " If professional sports teams can get out of paying multi-million dollar contracts to dumbass athletes for morality slip-ups like running illegal dog-fighting rings" is that there are morality clauses built into those contracts that allow them to be voided in instances just like the one you cite.
And you can capitalize BONUSES and try to divorce them from these peoples' salaries if you want but, the way I understand it, they aren't merit driven. They are just part of the pay structure at these institutions. Essentially, they are part of these peoples' salaries.
But, all that aside, it really shouldn't matter because all of this was known about before hand and nobody said anything about it. These bonuses are written into the Stimulus Package! Congress said they would honor these contracts in the bill and Obama signed the freaking thing! How can Obama go on tv and feign outrage when he signed a bill promising these things would be honored?
But do you know what the sad part of all this really is? There is already a legal mechanism in place to void contracts just like these and allow companies to restructure, it's called bankruptcy. Some of the finer points:
"Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities.
When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11.
Chapter 11 is reorganization, as opposed to liquidation. Debtors may "emerge" from a Chapter 11 bankruptcy within a few months or within several years, depending on the size and complexity of the bankruptcy.
Bankruptcy affords the debtor in possession a number of mechanisms to restructure its business. A debtor in possession can acquire financing and loans on favorable terms by giving new lenders first priority on the business' earnings. The court may also permit the debtor in possession to reject and cancel contracts. "
These businesses should have been allowed to file for Chapter 11. All of these bonus contracts that you rail against could have been voided legally in court under Chapter 11 and the companies could have restructured and continued on. Some of them might not have made it but such is life.
But Congress didn't allow that, they wanted to bail them out and they agreed to pay these contracts in the Stimulus Bill with our tax payer dollars. So, while I agree that this is an outrage and these people shouldn't be getting rewarded for running the company into the ground I'm not mad at them for expecting their contracts to be honored when Congress said they would.
I am, however, angry at Congress for not making AIG file Chapter 11 where these contracts could have been voided legally. I'm angry at Congress for writing the Stimulus Package to say that these contracts would be honored and now acting like they had no idea what was going on. And I'm angry at Obama's hypocrisy for signing said bill and then going on tv and denouncing the very payments he had authorized.
I agree that phone calls should be made but not for the reason that your post suggests. I think that Congress and the President should be put on notice that we aren't stupid enough to fall for their fake moral posturing when it's their fault in the first place. They may not be completely at fault for AIG's downfall, there was a lot of greed that lead to shady deals from the financial institution. But the Government sought to circumvent the very process (Chapter 11) it had set up to deal with situations like AIG's (and all the other financial automobile companies) with the bailout. This whole situation is a farce.
Thank you! You're a man after my own heart. Not only do you get pissed and write about it, but you do it well and make it a great read at the same time. I am calling everyone. Even if I'm wasting my breath, at least maybe I'll be supplying the powers that be with more hot air to blow out their cake holes.
You know why they won't give up those bonuses, they cannot set an example of ANY of them doing so. Not the "top" talent nor the people who hired them can do this. It would mean in the future no contract of any kind made between any employee of any level is "sacred".
These highly paid people bitch and moan about union wages but say nothing about this kind of salary/bonus stuff.
They think it is perfectly all right for a union worker to give up half their salary, their pension, their insurance and other benefits. They won't do it themselves because they know if they give one inch, the whole house of salary/bonuses is going to come down.
None of them want to be the first to give in.
GinINdiana
http://abcnews.go.com/Blotter/story?id=7093747&page=1
The elites just live by their own rules.
i think Tommy Friedman is jocking you
http://www.nytimes.com/2009/03/18/opinion/18friedman.html?_r=1
@bout of context...it wouldn't be the first time.
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