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Saw this posted online and had to repost it……

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AIG Anticipated Major Losses And Rigged Bonuses: Frank

The contracts that AIG executives have cited as justification for bonus payments insured that they would receive the money regardless of massive losses.

Rep. Barney Frank (D-Mass.), who read from the contracts in question at a hearing of a subcommittee of the House Financial Services Committee Wednesday, suggested AIG executives structured the contracts in such a way in anticipation of dramatic losses.

Frank, chairman of the committee, also said that if AIG CEO Edward Liddy did not provide the names of the recipients of the bonuses, he would subpoena them. He suggested the federal government file suit to reclaim the bonuses, arguing that they are illegitimate since the company performed so poorly.

“I looked at the contract that's being invoked as unassailable,” said Frank, “and here's what it says:

The bonus pool for any compensation year, beginning with the 2008 compensation year, will be effected by the incurrence of any realized losses arising from any source subject to the limitations set forth in section 3.07.

And section 3.07 says,

Notwithstanding any other provision of the plan for any compensation year beginning with 2008, there shall be a 67.5 million dollar limit per year on the extent to which the pool can be reduced.

Frank went on to read a passage that insured that even if AIG lost tens of billions of dollars, those responsible would still be rewarded. “What it says is,” said Frank, “if the losses in the year exceed 225 million dollars, then that loss above 225 million is irrelevant to reducing the bonus pool. Two hundred and twenty-five million turned out to be a rounding error in their losses.”

Annnnnd, there U R!! CONTRACT LAW 101! :>)

Here's your “DOCTOR OF 'THINKOLOGY!!'” :>)

– The Wizard reminds the “brainy” Scarecrow about the universality of brains and then presents him with a rolled up parchment/diploma:

Why, anybody can have a brain. That's a very mediocre commodity. Every pusillanimous creature that crawls on the Earth or slinks through slimy seas has a brain. Back where I come from, we have universities, seats of great learning, where men go to become great thinkers. And when they come out, they think deep thoughts and with no more brains than you have! But they have one thing you haven't got – a diploma. Therefore, by virtue of the authority vested in me by the Universitatus Committeatum E Pluribus Unum, I hereby confer upon you the honorary degree of Th. D…that's Doctor of Thinkology.

WHEW!! ***shakin' my head*** :>) :>)

Now The Day Is Over

G'night! :>) God Bless! :>)

http://www.queersunited.blogspot.com

Annnnd, her “Mama” wants 2 support her daughter as FLOTUS!

Just the way that “IT IS!!” :>) :>)

MAJOR LOVE!! :>)

I appreciate your caring! You have the love of God in you.

The Lord's Prayer

The Lord's Prayer