> I do not feel sorry for this guy at all- I do agree with his calling on
> AG and the congress for pulling his pay but!  that's where I fall short of
> feeling sorry for this guy.

I don't feel sorry for them, I feel sorry for the tax-payers. 

From: http://online.wsj.com/article/SB123802506167942421.html

Amid the flap over bonuses at American International Group Inc. two of the
company's top managers in Paris have resigned. Their moves have left the
giant insurer and officials scrambling to replace them to avoid an unlikely
but expensive situation in which billions in AIG trading contracts could
default.
...
The executives at Paris-based Banque AIG, Mauro Gabriele and James Shephard,
have resigned in recent days but have agreed to stay on for a transition,
according to people familiar with the matter. In the wake of their
resignations, AIG must replace them to the satisfaction of French banking
regulators.

If they don't, French regulators may appoint their own designee to manage
the bank -- an outcome that could trigger defaults under the bank's
derivative contracts. The private contracts say that a regulator's
appointment of a manager constitutes a change in control, according to a
person familiar with the matter; the provision is often included in
derivative contracts where parties want to preserve a way out if something
about their counterparties changes.

...

The company was rescued by the federal government in September. After a
public outcry this month about the bonuses, employees were urged to return
them, and now several have quit, according to AIG. The two departing
managers at Banque AIG have offered to return their bonus payments, AIG
says.

In the white paper, AIG said it had legal obligations to make the retention
payments, but it also discussed the "significant business ramifications" of
failing to pay. AIG said that employees at the financial-products unit are
needed to wind down and sell pieces of that business, which has $1.6
trillion in outstanding trades.

...

In the event of a default, European banks that have done these trades with
AIG could be forced to take back responsibility for billions of dollars in
assets. That could require them to raise billions of dollars in capital, AIG
has said.

...
-------------------------------------------------------------------------

While these retirements mostly likely not result in the defaults, that
possibility exists because of policy based on envy - greed's ugly
step-brother. They could (should IMHO) have let AIG fail if they didn't want
to pay bonuses. Some have to make up their minds and tell us what they
really are trying to accomplish with these bail-outs. If they want the weak
to fail, let them fail. If they're try to save them, then let them be saved.
If they want to nationalize them then nationalize them. Quit playing the
middle. All I see is the government trying to "save" the tax payers millions
of dollars -- no matter how many billions it may cost.

> I own shares of AIG who was supposed to be a respectable organization with
> steady growth from insurance business. What a train wreck it turned out to
> be because of a hand full of rogue employees that have not been identified
> or brought to justice for taking part in the all American SCAM. Those are
> the real dirt bags.
> 
> Why can't the government find the employees that were responsible for the
> failures and bring THEM to justice.

Why would Rep. Frank and Sen. Dodd bring themselves to justice?

Mark (uncharacteristically trolled) W.

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