Senator Calls For AIG Executive Suicides

[Mulboyne]

[floatl][/floatl]Senator Chuck Grassley appeared on FG forums when he suggested that US bank and insurance bosses should show some Japanese humility and apologize. He has now gone a step further:

ABC: AIG execs should follow Japanese model of either suicide or apology
In an interview with Cedar Rapids, Iowa, radio station WMT-AM today, Sen. Chuck Grassley, R-Iowa, ranking Republican on the Senate Finance Committee, said executives of AIG should consider following what he described of the Japanese model of shamed corporate executives: apology or suicide. "I don't know whether the ($165 million on bonuses) is an issue as much as just the chutzpah of the people running AIG," Grassley said, "that they could thumb their nose at the taxpayers, it's more that." "The attitude of these corporate executives and bank executives and most of them are in New York that somehow they're not responsible for their company going into the tank," he said. "I suggest, you know, obviously maybe they ought to be removed, but I would suggest that the first thing that would made me feel a little bit better towards them if they would follow the Japanese example and come before the American people and take that deep bow and say I'm sorry and then either do one of things: resign or go commit suicide." Grassley added, "in the case of the Japanese they usually commit suicide before they make any apology"...more...

[ac!d_burn]

I'm totally in favor of this.

[Torimaro]

[BO-SENSEI]

Out of all of the Japanese business traditions and techniques, that is the part that Americans want to adopt? Ok. Get to it, now you take a sharp knife, stick it into your stomach and make a triangle like incision. Now this is going to hurt like hell, but remember, its going to feel like nothing compared to the idea that you will be going to Hell shortly after.

[IkemenTommy]

So maybe this guy should kill himself too then.

[Torimaro]

dont forget this guy.

[pheyton]

AIG we hardly knew ye. The next scandal in the pipes:

In its last days as an independent company, Merrill gave performance-based bonuses exclusively to employees earning $300,000 a year or more and holding a rank of vice president or higher, according to their financial statements. $3.62 billion was handed out to these executives - a sum equal to 36.2 percent of the $10 billion in taxpayer funds that were allocated to Merrill as part of the Troubled Asset Relief Program (TARP) before the bonuses were paid.

http://www.truthout.org/033109J

[Greji]

AIG we hardly knew ye. The next scandal in the pipes

I'm not really excited about these scandals and I do see the "rationalization" that the congress is using to criticize, or ban them. But, a couple of points seem apparent to me. First, congress does have the right to intervene to a degree, if they are furnishing government money. But having said that, does that give them the right to "fire" employees, such as the CEO of GM, as well as to set up the company's business model? Whether the fired individual was a turd or not, is not really relevant. Just how far should government be allowed to enter private industry and still maintain it as private? I suppose if you are a socialist, this is perfectly alright, but I thought the US was supposed to be a free enterprise country. On that same vane, there were companies, specifically banks which were literally forced to take all, or a portion of the tarp funds. This subjected them to the same restrictions set by congress. One bank president of a bank in the St. Louis area that did not need, nor want the TARP funds, had to resign because the bank had to take TARP funds, at least in part, and the president of the bank had earned money, including salary, his portion of the profits and bonuses, which exceeded the one million dollar cap set with the TARP. This individual was one of the primary movers that had insured that bank had been prosperous and solid for its investors. Even so, he was forced to resign. Will there be more of these situations brought on by a bunch of lard asses in Washington that have never been closer to business than taking a "gimme" from a lobbyist?

The next point that goes along with this, is what does the government intervention with the management by placing restrictions such as these, do to the available manpower for the top positions. There are rumors abound about many top execs in various companies in the financial sector at least, that are being vetted by companies from other countries and as well as non-restricted companies within the US. These are companies who are not hampered by these so-called "restrictions." If this proves to be correct, I can see a good portion of the top level management bailing out to join other companies, to preserve their their own positions. Now, who will that leave with the top level experience to operate these huge multi-nationals? Barney Frank?

Is it right for the government of the US to give Chrysler an ultimatum (as announced by the President) that if they are able to form a merger with Fiat, a non-US firm, that they will get funds to survive, if not, no money and hence bankruptcy. Could that not be pushing the management and stockholders of a openly traded company pretty far?

Just some thoughts....

[IkemenTommy]

You know Greji, the irony of this all is that most of those of executives and the screwed auto union workers whom all voted for Obama are now targeted and getting shafted by same exact people.

[Greji]

You know Greji, the irony of this all is that most of those of executives and the screwed auto union workers whom all voted for Obama are now targeted and getting shafted by same exact people.

There were about 61 million people who did not vote for him. I personally have the honor of cancelling out Bird's vote!

[Mulboyne]

WSJ: AIG near sale of Japanese headquarters

American International Group Inc. is close to selling its Japanese headquarters for about $1 billion, in a deal that would mark one of the largest divestitures the insurance company has made to pay off its government debt, people familiar the matter said. At least two suitors have been vying for the property, but the expected buyer is a Japanese insurance company, the people said. The exact timing of a deal was unclear because of the Golden Week holidays in Japan, where markets will be closed until May 6. AIG put the Tokyo building on the market in February. AIG owes the U.S. government about $45 billion as part of a rescue package that could total as much as $173.3 billion.

A sale of the 15-story headquarters, which is adjacent to the Imperial Palace, would serve as a reminder of the insurer's dwindling influence in Asia, where AIG was long viewed as a symbol of U.S. economic might. AIG arrived in Japan in the aftermath of World War II at the invitation of Gen. Douglas MacArthur, setting up shop near the general's headquarters on the roughly one-acre site it has occupied since.

Tokyo's commercial real-estate market has been more resilient than those in other international hubs in recent months and a $1 billion sale price for the AIG building would be in line with what the company was asking. Former AIG Chief Executive Maurice "Hank" Greenberg, who led the insurer for nearly 40 years, has warned against selling the building, arguing that a sale would further sap morale among the insurer's Japanese employees. AIG recently shelved plans to divest itself of its core insurance operations, including those in Asia, because of poor market conditions. The company has continued to pursue the sale of real estate and other ancillary businesses, such as its aircraft-leasing unit. Last month, it agreed to sell its personal car-insurance unit to Zurich Financial Services AG for $1.9 billion, the largest divestiture since its government bailout in September.

A sale of the AIG's airplane leasing business, International Lease Finance Corp., also may be nearing, according to people familiar the matter. The U.S. government, which has agreed to help finance a sale, is expected in coming weeks to clarify the requirements it will place on potential buyers. The unit, which has drawn interest from several private equity-led consortia, could fetch $4.5 billion to $6 billion, according to people close to the auction.

[hairygateau]

[FG Lurker]

You know Greji, the irony of this all is that most of those of executives and the screwed auto union workers whom all voted for Obama are now targeted and getting shafted by same exact people.

What always cracks me up are poor-as-dirt (or nearly so) people voting Republican. Wonder how much benefit they saw from Bush-era policies...

[Samurai_Jerk]

What always cracks me up are poor-as-dirt (or nearly so) people voting Republican. Wonder how much benefit they saw from Bush-era policies...

It's because people are so fucking stupid and delusional they actually believe they're going to be one of those people in the top tax bracket someday.

[FG Lurker]

It's because people are so fucking stupid and delusional they actually believe they're going to be one of those people in the top tax bracket someday.

Guess that explains Pen.

In fairness to Bush he did create a lot of jobs for the poor and undereducated by invading Iraq and Afghanistan...