Results tagged “outrage”

Bedford's Libyan leader camping problem is over: Donald Trump—well, his company, the Trump Organization—said, "We have requested that the tenant occupying the property in Bedford, New York, remove the tent that was erected. They have complied with this request." Which meant that Moammer Gadhafi, heading to to the 'burbs after his wild United Nations speech had to turn back to NYC.

Oh, it's on: After Mayor Bloomberg complained about the State Senators stalling on the bill that would give him control of the public school system, the Senators sounded off right back. On Friday, Bloomberg said, "The only thing I can think of is they want to ruin the schools," suggested the state troopers "drag them back" to Albany and saying the Senators' summer off was "Meshughena." This prompted State Senator Hiram Monserrate to say, "We believe it would be meshuganah not to include parents in the education of our children. As opposed to loosely using the word meshuganah, we would also say we don't need a yenta on the other side of this argument and this debate. Raising the issues that he has raised in the manner he has raised them is unfortunate."

Everyone is mad as hell at AIG and they're not going to take it anymore! From President Obama and NY Attorney General Andrew Cuomo railing against AIG and its executive compensation to the House passing a bill to tax 90% of all bonuses from financial firms receiving bailout funds, the anger has also spread to the Connecticut suburbs where many AIG executives live.

As AIG weathers the bad PR storm from issuing over $165 million in bonuses to executives that helped bring the company down, the insurer has released the names of the companies and municipalities it paid out. The NY Times reports that AIG repaid "Goldman Sachs ($12.9 billion), Merrill Lynch ($6.8 billion), Bank of America ($5.2 billion), Citigroup ($2.3 billion) and Wachovia ($1.5 billion)" as well as foreign banks "Société Générale of France and Deutsche Bank of Germany, which each received nearly $12 billion; Barclays of Britain ($8.5 billion); and UBS of Switzerland ($5 billion)." California and Virginia each received about $1 billion each (NY is getting $210 million). You can see read AIG's statement (PDF)—the company used about two-thirds of its rescue funds for these payments. As for the bonus outrage, Rep. Barney Frank said these execs "may have a right to their bonuses. They don't have a right to their jobs forever," adding "it does appear to be that we're rewarding incompetence."

Insurer AIG, whose business has been shored up by $170 billion in federal funds, says it is proceeding with $165 million in bonuses to, as the NY Times puts it, "executives in the same business unit that brought the company to the brink of collapse last year." Last week, Treasury Secretary Timothy Geithner told AIG it had to scale back its compensation, but, in a letter yesterday to Geithner, AIG CEO Edward Libby cited legal obligations saying its "hands are tied" and said the government's involvement would make it difficult for the company to retain its best employees. Um, wouldn't most people would understand not getting bonuses for crappy performance? Also, the Wall Street Journal says that bonuses total...$450 million. Naturally, this hits the sweet spot of the government (and public) railing against crazy bonuses—Rep. Barney Frank wants to find out if the bonuses are recoverable. Related: AIG reported a 4th quarter loss of $61 billion.