I'm having a great Christmas. But then again I don't work for an auto company. Go figure.
However if I did work for AIG and had been treated to not only a five-figure bonus but also a corporate retreat at the expense of the taxpayers all while my company got a $150 billion bailout and so-called libertarian financial bloggers and analysts let my company slide by scot free I'd be having an even better one.
Merry Christmas in your intellectual bubble of a cocoon, Megan.
Happy Holidays!, my dear. Oh for me this Christmas season has been tox..er, taxing. All this financial mayhem. Then finally there is that putz Madoff "the red-faced rascal"; that's what I'm calling him. Just dreadful him making off with all that money.
Well here is to a better New Year! *tosses back a shot of Jack Daniels* OH! *gasps* that warms the soul. Darling, I do say, don't think to much about it. *pouring another shot* You'll prematurely age yourself. Trust me I know!. Besides you'll just stress yourself. *tossing back the shot* Ha..*gasps*..Honey let me tell you, men don't want a tense woman. They like 'em loose and limber. Oh my lord! Listen to me! I am being disgraceful. *laughs* I must go the guest will be here in a half hour. And must get myself presentable. Oh, merry, merry, Megan wishing you the best for this coming year.
Merry Christmas (and related/non related holidays) to all.
To John, first, go read what form that $150 billion to AIG has taken, and what requirements were built into the aid.
Second, look at all the AIG divisions and find out which ones were actually quite profitable (most of them).
Third, look into how and why AIG got into trouble, and how that affects other parts of the financial system. Begin with learning about credit default swaps.
Fourth, find out the exact cost of the two or three corporate events (not all of which were for executives) that you are aware of, and compare their cost versus the cost of theoretical losses on AIG's CDS book.
Fifth tell us which head of AIG was fired, and which head of which car companies were not.
Happy Christmas, my fellow Jane groupies. And if peace on Earth and good will to men aren't your cup of tea, I direct you to the Belloc song posted at The American Scene last night.
Despite all the financial mayhem that esteemed Commenter John pointed out, here at the Acre of Independence we had a wonderful Christmas.
I drank three glasses of my first five gallons of home brewed beer, (a Hefeweizen I affectionately named Alaskan Cougar Ale) we ate about ten pounds of turkey, and spent hours putting Millennium Falcons and Barbie playhouses together.
We were all home together, healthy, safe and sound, and that alone is something to be grateful for.
Have a wonderful Christmas everyone, and GOd Bless.
"However if I did work for AIG and had been treated to not only a five-figure bonus but also a corporate retreat at the expense of the taxpayers"
I'm one of the guys who keeps the lights on at AIG by selling its insurance policies to my clients. Since you, the taxpayer, now own 80% of AIG, you should want me to keep selling AIG's policies. If you do, keep up the corporate retreats, where I get rewarded for selling those policies while I get the continuing education credits I need for my insurance licenses. If you want to cancel those retreats to spite yourself, feel free and I'll sell The Hartford's insurance policies to my clients instead.
Years ago the guy who played Fr Guido Sarducci on SNL suggested we alternate between Big Christmas and Little Christmas. What a good idea. This year we celebrate Little Christmas, and I love it.Much as consumerism might be the engine which drives our economy, still it is not so bad to buy only the stuff that we actually need.
Some asshole writes: "If you want to cancel those retreats to spite yourself, feel free and I'll sell The Hartford's insurance policies to my clients instead."
Or you'll just be out of a job, you pompous prick.
"Or you'll just be out of a job, you pompous prick."
I'm an independent contractor, dipshit. I don't have a "job" like some cubicle drone. AIG doesn't pay my bills -- I pay AIG's bills. I can just as easily pay another insurance company's bills.
"And it came to pass in those days that a decree went out from Caesar Augustus declaring all the world should be taxed . . ."
The IRS don't make us walk half accross the state to pay our taxes. However if they made you walk to your ancestral home, it looks as if it might be worth it. I suspect you of enjoying also 'the playing of the merry organ' and maybe even 'the running of the deer'.
IIA writes: "I can just as easily pay another insurance company's bills."
... assuming that all insurance products are equal, then you're correct. However, if AIG's largesse is eliminated and the savings go into cheaper rates, then you better be a damn good salesman for your clients to choose their relationship with you over a better policy.
IIA - Excellent points, thanks for making them. But isn't it amazing how people have so little clue about how that industry works and yet will still be angry and mean b/c they are so certain that they know better than you?
Staash - "if AIG's largesse disappears and the savings go into lower rates." Interesting case study. Are we talking about just AIG cancelling their reward retreats and dropping just their rates? Then, yes, IIA's client-base will probably take his recommendation to drop AIG b/c they trust him with their insurance decisions. His sales pitch might go like this "AIG is dropping incidental expenses, stuff that shouldn't matter. This suggests to me that they are on the ropes, you're better off with a more solid company, I suggest XYZ."
Or are we talking about the hypothetical that EVERY insurance company drops ALL of their reward programs targeting the independent insruance agents who sell their policies? (You didn't think this was some crazy thing that only AIG does, did you?)
First, this seems unlikely due to the massive collective action problem involved: the one company that gave any reward would reap all the business. Second, if they all did and ploughed the money into lower rates, Mr. IIA would still be selling insurance and would now have no particular reason to prefer AIG over others. In this case, if you are at all interested in the Fed recovering the money loaned to AIG (rather than just righteously punishing those wicked AIG'ers who had no involvement in the CDO-side and have instead been busy running a profitable and stable insurance business) then you should love to hear about AIG being the one remaining co. offering rewards to the independent brokers, as they will reap much more business.
Just for the record, these "cushy retreats" for the "executives" have been things attended by v. few AIG employees. They are, as IIA points out, intended to reward non-AIG employees who sell AIG policies. They cost (as the media have been relentless in pointing out) a few hundred thousand per event. And for that they are rewarding people who have brought in literally millions of dollars of revenue.
But that doesn't matter, right? Far better that we cancel them all, save the few hundred thousand and lose the millions in revenue, right? B/c then we'll go out of business quickly and will be punished as we all deserve. And so will the taxpayer whose money we will be unable to pay back.
Good grief, I wonder how many of these people are in the habit of cutting off their nose to spite their face in their personal lives or if it's just the generic "taxpayer" nose that they so hate.
FTR, I'd like to see more modest retreats, given AIG's situation, but the overall cost for these retreats is low compared to the company's total revenues.
Many industries have drastically cut the compensation they pay to their salespeople, Mr. Independent Insurance Agent. The time of the free ride is long past. I'd suggest you get used to the idea of no more paid retreats, and perhaps even a 50% reduction in the commission rates you are paid, because the value you add is minimal and the time of reckoning is at hand.
I'm having a great Christmas. But then again I don't work for an auto company. Go figure.
However if I did work for AIG and had been treated to not only a five-figure bonus but also a corporate retreat at the expense of the taxpayers all while my company got a $150 billion bailout and so-called libertarian financial bloggers and analysts let my company slide by scot free I'd be having an even better one.
Merry Christmas in your intellectual bubble of a cocoon, Megan.
Merry Xmas. Enjoy Boxing Day too.
Merry Christmas!
(And wow, John, what a special combination of being uninformed and bitter you've brought to your holiday troll post! Your family must be so proud!)
Happy Holidays!, my dear. Oh for me this Christmas season has been tox..er, taxing. All this financial mayhem. Then finally there is that putz Madoff "the red-faced rascal"; that's what I'm calling him. Just dreadful him making off with all that money.
Well here is to a better New Year! *tosses back a shot of Jack Daniels* OH! *gasps* that warms the soul. Darling, I do say, don't think to much about it. *pouring another shot* You'll prematurely age yourself. Trust me I know!. Besides you'll just stress yourself. *tossing back the shot* Ha..*gasps*..Honey let me tell you, men don't want a tense woman. They like 'em loose and limber. Oh my lord! Listen to me! I am being disgraceful. *laughs* I must go the guest will be here in a half hour. And must get myself presentable. Oh, merry, merry, Megan wishing you the best for this coming year.
My love.
- Ms. Schadenfreude % )
Merry Christmas (and related/non related holidays) to all.
To John, first, go read what form that $150 billion to AIG has taken, and what requirements were built into the aid.
Second, look at all the AIG divisions and find out which ones were actually quite profitable (most of them).
Third, look into how and why AIG got into trouble, and how that affects other parts of the financial system. Begin with learning about credit default swaps.
Fourth, find out the exact cost of the two or three corporate events (not all of which were for executives) that you are aware of, and compare their cost versus the cost of theoretical losses on AIG's CDS book.
Fifth tell us which head of AIG was fired, and which head of which car companies were not.
Sixth, sssshhhhhh and enjoy your holiday.
And to you and yours, Megan! Happy tree pic here, too.
Merry Christmas, Megan, to you and yours.
Happy Christmas, my fellow Jane groupies. And if peace on Earth and good will to men aren't your cup of tea, I direct you to the Belloc song posted at The American Scene last night.
Noel!
Merry Christmas, Megan.
Despite all the financial mayhem that esteemed Commenter John pointed out, here at the Acre of Independence we had a wonderful Christmas.
I drank three glasses of my first five gallons of home brewed beer, (a Hefeweizen I affectionately named Alaskan Cougar Ale) we ate about ten pounds of turkey, and spent hours putting Millennium Falcons and Barbie playhouses together.
We were all home together, healthy, safe and sound, and that alone is something to be grateful for.
Have a wonderful Christmas everyone, and GOd Bless.
"However if I did work for AIG and had been treated to not only a five-figure bonus but also a corporate retreat at the expense of the taxpayers"
I'm one of the guys who keeps the lights on at AIG by selling its insurance policies to my clients. Since you, the taxpayer, now own 80% of AIG, you should want me to keep selling AIG's policies. If you do, keep up the corporate retreats, where I get rewarded for selling those policies while I get the continuing education credits I need for my insurance licenses. If you want to cancel those retreats to spite yourself, feel free and I'll sell The Hartford's insurance policies to my clients instead.
Merry Christmas.
Years ago the guy who played Fr Guido Sarducci on SNL suggested we alternate between Big Christmas and Little Christmas. What a good idea. This year we celebrate Little Christmas, and I love it.Much as consumerism might be the engine which drives our economy, still it is not so bad to buy only the stuff that we actually need.
Looks lovely. All the best... despite the fact that you're spoiled rotten!
Some asshole writes: "If you want to cancel those retreats to spite yourself, feel free and I'll sell The Hartford's insurance policies to my clients instead."
Or you'll just be out of a job, you pompous prick.
"Or you'll just be out of a job, you pompous prick."
I'm an independent contractor, dipshit. I don't have a "job" like some cubicle drone. AIG doesn't pay my bills -- I pay AIG's bills. I can just as easily pay another insurance company's bills.
Merry Christmas, Megan.
Is that a corded telephone in the background? Does it have a hand crank on it? Merry Christmas!!!
"And it came to pass in those days that a decree went out from Caesar Augustus declaring all the world should be taxed . . ."
The IRS don't make us walk half accross the state to pay our taxes. However if they made you walk to your ancestral home, it looks as if it might be worth it. I suspect you of enjoying also 'the playing of the merry organ' and maybe even 'the running of the deer'.
With envy, we wish you,
An Outrageously Merry Christmas!
IIA writes: "I can just as easily pay another insurance company's bills."
... assuming that all insurance products are equal, then you're correct. However, if AIG's largesse is eliminated and the savings go into cheaper rates, then you better be a damn good salesman for your clients to choose their relationship with you over a better policy.
IIA - Excellent points, thanks for making them. But isn't it amazing how people have so little clue about how that industry works and yet will still be angry and mean b/c they are so certain that they know better than you?
Staash - "if AIG's largesse disappears and the savings go into lower rates." Interesting case study. Are we talking about just AIG cancelling their reward retreats and dropping just their rates? Then, yes, IIA's client-base will probably take his recommendation to drop AIG b/c they trust him with their insurance decisions. His sales pitch might go like this "AIG is dropping incidental expenses, stuff that shouldn't matter. This suggests to me that they are on the ropes, you're better off with a more solid company, I suggest XYZ."
Or are we talking about the hypothetical that EVERY insurance company drops ALL of their reward programs targeting the independent insruance agents who sell their policies? (You didn't think this was some crazy thing that only AIG does, did you?)
First, this seems unlikely due to the massive collective action problem involved: the one company that gave any reward would reap all the business. Second, if they all did and ploughed the money into lower rates, Mr. IIA would still be selling insurance and would now have no particular reason to prefer AIG over others. In this case, if you are at all interested in the Fed recovering the money loaned to AIG (rather than just righteously punishing those wicked AIG'ers who had no involvement in the CDO-side and have instead been busy running a profitable and stable insurance business) then you should love to hear about AIG being the one remaining co. offering rewards to the independent brokers, as they will reap much more business.
Just for the record, these "cushy retreats" for the "executives" have been things attended by v. few AIG employees. They are, as IIA points out, intended to reward non-AIG employees who sell AIG policies. They cost (as the media have been relentless in pointing out) a few hundred thousand per event. And for that they are rewarding people who have brought in literally millions of dollars of revenue.
But that doesn't matter, right? Far better that we cancel them all, save the few hundred thousand and lose the millions in revenue, right? B/c then we'll go out of business quickly and will be punished as we all deserve. And so will the taxpayer whose money we will be unable to pay back.
Good grief, I wonder how many of these people are in the habit of cutting off their nose to spite their face in their personal lives or if it's just the generic "taxpayer" nose that they so hate.
Well, IA and Blighter beat me to it.
FTR, I'd like to see more modest retreats, given AIG's situation, but the overall cost for these retreats is low compared to the company's total revenues.
Oh, and there is a perfectly good reason for a corded phone. Power outages.
Half Canadian: that wind up clock behind the tree comes in handy during power failures too. :-)
Oh, my! What a great Christmas tree! Happy New Year!
But where's the snow in the picture? Despite the rain and high temperatures (mid-40's), we still have snow on the ground.
Many industries have drastically cut the compensation they pay to their salespeople, Mr. Independent Insurance Agent. The time of the free ride is long past. I'd suggest you get used to the idea of no more paid retreats, and perhaps even a 50% reduction in the commission rates you are paid, because the value you add is minimal and the time of reckoning is at hand.