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| Name: |
Swimmer27
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| Subject: |
Wheres the Outrage?
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Date:
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3/24/2009 4:18:55 PM
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It turn out that the lying Dodd's wife had a cushy little seat on an AIG subsidy. If he were a republican they would be doing news breaks every 30 miinutes screaming from every network his resignation.
URL: About Dodd's Wife
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| Name: |
water_watcher
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| Subject: |
Wheres the Outrage?
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3/24/2009 4:25:24 PM
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You are right ... the liberals are attack dogs when they see blood and the media follows along. But the media turns their head on when it involves a liberal and may make "O" and team look bad. Did you know that you are a racist whenever you question anything to do with Obama or the socialist leadership.
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| Name: |
Talullahhound
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| Subject: |
Wheres the Outrage?
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3/24/2009 4:26:13 PM
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If memory serves, being an Outside Director is strictly an oversight position and has no operational or voting rights.
Having said that, Dodd needs to go. If for no other reason that appearances, he should have recused himself from anything to do with it's AIG or it's subsidieries and holding companies when his wife had past associations. Makes you wonder what her qualifications were for being an "outside Director". I seem to recall that these are fairly cushy little jobs.
He seems like a slime bucket
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| Name: |
Council Roc Doc
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| Subject: |
Wheres the Outrage?
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Date:
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3/24/2009 5:12:01 PM
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Au contraire Ms. Hound. This represents the sleeze that is D.C.. Wife of a US Senator, Senator gets you a gig on the BOD of some large company, you immediately form your own consulting group with you as President, fees from said BOD gig get paid directly to you! Nothing like this happens by chance, just follow the money. You of all people should know this DC charade!
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| Name: |
Talullahhound
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| Subject: |
Wheres the Outrage?
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Date:
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3/24/2009 6:02:42 PM
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No doubt that the Senator got her the gig. No doubt about that.
And I agree with you, it is sleazy and it is very much DC politics. There is a reason that all those Representatives and Senators want to be re-elected so bad -- and it's not all just because they love to legislate. If they don't go in as millionaires, they certainly come out as one.
What I was thinking though is that these Outide Directors usually get paid for oversight, but they don't have any voting rights or ability to direct the operations of the company -- that's why the pay is basically just a fee. I've known of people who were appointed to several companies as an "Outside Dirctor". It's a pretty sweet gig.
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| Name: |
Council Roc Doc
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| Subject: |
Wheres the Outrage?
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Date:
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3/24/2009 9:22:44 PM
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Yeah, she may not have had any voting privileges, but far be it from me to assume that the paying of her "consultation" fees was a means of this company's "contributing" to the coffers of the good Senator for special consideration. These Senators sure don't spend a million bucks for election campaigns for the salary, that's for sure!
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| Name: |
Swimmer27
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| Subject: |
And ....
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Date:
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3/25/2009 7:02:22 AM
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AIG is HUGE with many subsidaries. Wonder how many other 12K/yr 'oversight' jobs she held?
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| Name: |
Talullahhound
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| Subject: |
And ....
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3/25/2009 8:42:19 AM
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Instead of bailing AIG out, I wonder why they don't break it apart and make it divest some of it's subsidiaries?
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| Name: |
MrHodja
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| Subject: |
And ....
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3/25/2009 8:47:06 AM
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Makes too much sense. That's what they did when my company went bankrupt in 1989. Sold off the odd lots that didn't fit our core business, traded debt for stock, and we are now part of one of the biggest defense contractors in the country - and are profitable to the point that they are sharing a bit of that profit with the employees in the way of company stock.
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| Name: |
Talullahhound
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| Subject: |
And ....
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3/25/2009 3:21:43 PM
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I seemed to recall that this was an effective strategy in the past. Particularly when a company had gotten so big it was unmanageable.
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| Name: |
MartiniMan
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| Subject: |
Tell me you're kidding!
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Date:
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3/25/2009 4:53:22 PM
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Hound: Surely you don't really believe that is the role of an outside director? Let me once again educate you so you understand how BOD's work in business. There are specific rules for the roles and responsibilities of directors whether internal or external. Typically each board member has an equal vote. Also, there are numerous committees (i.e., compensation, governance, etc.) that have significant influence on the direction of a company. Often those committees are headed by outside directors because they allegedly have a different set of motivations than inside directors that are also employees (i.e., CEO, COO, CFO and so on). So while an outside director typically only has an equal vote with inside directors, they may have significant influence on the direction given to the management team. I have no idea what AIG's board roles and responsibilities were but I can assure you it was more than another pretty face in the boardroom, particularly given the scrutiny investors and the SEC give to board decisions.
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| Name: |
MartiniMan
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| Subject: |
I think you are right
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3/25/2009 4:57:26 PM
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I am of the view like you that AIG will be broken up at some point. I just think the stigma and constrictions of the corporate entity being controlled by the federal government and how every internal decision will be subjected to political posturing (even when the government knew full well what they were doing as is the case with the bonuses) will force a breakup.
We had AIG for our insurance and dropped them this year. Our broker (one of the top three) said they have had a bunch of clients drop AIG.
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| Name: |
Talullahhound
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| Subject: |
Tell me you're kidding!
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Date:
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3/25/2009 9:13:00 PM
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I'm not an expert of BoDs, but I have overseen the appointment of Outside Directors in the course of approving foreign companies buying US companies. Sometimes we required the appointment of an Outside Director who had no voting rights on the direction or management of the company.
Perhaps their are different kinds of "Outside Directors". That's what our lawyers and the legal documentation called them in my case.
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| Name: |
GoneFishin
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| Subject: |
History Repeats
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Date:
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3/25/2009 9:23:41 PM
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This is from 2 seperate articles and is indicitive that only the names and parties change.
When Phil Gramm was a Republican Senator from Texas, he was one of the top recipients of Enron largess in the Senate. And he was a demon for deregulation. In December 2000 Mr. Gramm was one of the ringleaders who engineered the stealthlike approval of a bill that exempted energy commodity trading from government regulation and public disclosure. It was a gift tied with a bright ribbon for Enron.
Wendy Gramm, his wife, was influential in her own right. She, too, was a demon for deregulation. She headed the presidential Task Force on Regulatory Relief in the Reagan administration. And she was chairwoman of the U.S. Commodity Futures Trading Commission from 1988 until 1993.
In her final days with the commission she helped push through a ruling that exempted many energy futures contracts from regulation, a move that had been sought by Enron. Five weeks later, after resigning from the commission, Wendy Gramm was appointed to Enron's board of directors.
Then, over the next year, Enron – with Gramm’s wife Wendy serving on its board of directors – worked to create false electricity shortages in California, bilking consumers out of an estimated $40 billion.
According to a report by Public Citizen, a watchdog group in Washington, ''Enron paid her between $915,000 and $1.85 million in salary, attendance fees, stock options and dividends from 1993 to 2001.
The Washington Post in 2008 named Gramm one of seven "key players" responsible for winning a 1998-1999 fight against regulation of derivatives trading. Gramm's support was later critical in the passage of the Commodity Futures Modernization Act of 2000, which kept derivatives transactions, including those involving credit default swaps, free of government regulation.
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| Name: |
MartiniMan
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| Subject: |
But Mom, Phil did it too!
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3/25/2009 9:49:42 PM
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Funny, it never worked with her either but as a child we come up with all sorts of ways to justify our behavior. She said, "Son, you have to take responsibility for your own actions and it doesn't matter what others do". Some of us learned that when we were children.....some never learn it. Hopefully he goes the way of Phil Gramm.....out of the Senate....
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| Name: |
GoneFishin
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| Subject: |
But Mom, Phil did it too!
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Date:
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3/26/2009 11:13:03 AM
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And, on this we agree.
The Democrats voted against Liberman last election and he ran as an Independent. The people of Connecticut are unlike many other voters and actually will vote against an incumbent even though he is high ranking in the Senate.
We often hear "throw em all out". Actually, an elected government with all rookies would be paralyzed.
Martini, I hope you are doing well.
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