Barney Frank On AIG: "Maybe It's Time To Fire Some People"

[babylonsister]

Barney Frank On AIG: "Maybe It's Time To Fire Some People"
AP | March 16, 2009 08:36 AM


WASHINGTON — Rep. Barney Frank charged Monday that a decision by financially strapped insurance giant AIG to pay millions in executive bonuses amounts to "rewarding incompetence."

Echoing outrage expressed on both sides of the political aisle in the wake of revelations that American International Group will pay roughly $165 million in bonuses, Frank said he believes it's time to shake up the company.

"These people may have a right to their bonuses. They don't have a right to their jobs forever," said Frank, a Massachusetts Democrat who is chairman of the House Financial Services Committee.

Appearing on NBC's "Today" show, Frank noted that the Federal Reserve Board, using a Depression-era statute, was the institution that gave AIG its initial government bailout, before Congress passed legislation providing for additional assistance. He said he did not think sufficient safeguards were built into that initial bailout by the Fed.

more...

http://www.huffingtonpost.com/2009/03/16/barney-frank-on-aig-maybe_n_175207.html

[hobbit709]

1. Any corporation that wants bailout money

Should have the board of directors and top management replaced as a condition. They obviously weren't competent-if they were, they wouldn't need the money in the first place. If I screw up at a job, I'm out of that job.

[Christa]

3. Exactly!

One strike and they should be OUT.

[Me.]

2. Maybe?

Jesus wept

[snappyturtle]

4. Dah! Do you think Barney? nt

[KharmaTrain]

5. How About Some Arrests, Barney

Some poor guy sticks up a 7-11 and he ends up in the slammer for years. Some connected high roller swindles billions and they get to keep their jobs? BULLSHIT. It sucks that it appears Barney and the Obama administration is making the same mistake the previous regime did...expecting those who created the mess to clean it up. ENOUGH!!

While their balance sheets are thinner, these fat cats have yet to feel the pinch of losing a home, job or seeing your savings and hope disintigrate. They give lip service, but their inability to take over the most corrupt of these large corporations that we now are bailing out or demanding a major say in corporate restructuring is making a bad problem worse.

Billions were deliberately fleeced from almost everyone in this country. If this government is serious in making people feel they're on their side, not on Wall Street's, they first need to repeal the regressive 2005 bankruptcy bill, nationalize banks that are insolvent...strip the good assets and sell those off to smaller, more stable banks...put the toxic ones in an RTC and then reinstitute many of the banking laws that "Raygunomics" swept away that turned the markets into gambling casinos. Get to work, Barney!!

[Ganja Ninja]

6. How about a 100% tax on personal income that amounts to more than $100,000

for any company receiving a government bailout?

[C......N......C]

7. Once again , give them a dollar.