AIG, bless their 'lil hearts, has decided to freeze millions of dollars in bonus payments to some of their former executives:
That means former chief executive Martin Sullivan doesn't get his $19 million golden parachute. And Joseph Casano, the former head of the Financial Products subsidiary (said to be the Achille's heel of AIG's current financial troubles), doesn't get his $69 million bonus, either. (Five other former executives are out approx. $93 million.)
What do you want to bet that they sue?
I'd be more impressed if I didn't get the feeling that New York Attorney General Andrew Cuomo was the real impetus behind this new interest in fiscal frugality -- instead of AIG or its current chairman, Edward Liddy.
Holding people responsible for their actions?
What a refreshing change.
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Allen Greenspan's got something to say about the current economy...and it ain't pretty. According to the former Federal Reserve Chairman, we are enduring a "once in a century credit tsunami." From the article:
He said that he and others who believed lending institutions would do a good job of protecting their shareholders are in a "state of shocked disbelief." And Greenspan also blamed the problems on heavy demand for securities backed by subprime mortgages by investors who did not worry that the boom in home prices might come to a crashing halt.
"Given the financial damage to date, I cannot see how we can avoid a significant rise in layoffs and unemployment," Greenspan said. "Fearful American households are attempting to adjust, as best they can, to a rapid contraction in credit availability, threats to retirement funds and increased job insecurity."
He said that a necessary condition for the crisis to end will be a stabilization in home prices but he said that was not likely to occur for "many months in the future."
At least he's not sugar-coating the situation. Read it for yourself at:
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And from the Department of "Stuff's Getting Better. Better Every Day" comes this update:
The house roof is stripped, repaired and tarpapered!!
Thanks to our new friend Carlos (plus effort from Husband and yours truly), we're finally ready to start shingling again, without worrying about leaks or flapping tarps.
It was nearly done by Tuesday night, when a wind-roaring snowstorm came up from the mountains. Fortunately, we only got an inch of snow. (First of the season, not counting some spits Daughter #1 noticed in the rain last weekend.) It melted quickly, and Carlos finished tarpapering last night.
Myself and still-aching wrists aren't thrilled about the idea of shingling, but it goes quickly, based on previous experience -- the garage roof. Guess what we'll be doing this weekend?
There's been a strange byproduct from the Roof Affair. I seem to notice people working on other roofs more quickly than I ever had before -- including details. A kinship, perhaps? Daughter #1's friend suggested she start a new company, Hot Roofing Girls, now she knows the process, too.
If this economy gets any worse -- it's a thought.
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