All it took was for the National Outrage to direct itself at derivatives traders at the World’s Worst Company receiving bonuses, and now Rick Santelli is finally saying: Whoa… hey… let’s cool it down, right? Besides, this outrage over $165 million doesn’t exist in a vacuum. People want government policy towards AIG (“give them the night key to the U.S. Mint”) completely changed now that the very worst individuals in the company are being directly rewarded. The fact that those contracts have to be honored under the present arrangement says quite a bit. [YouTube]

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  1. I mean, hey, c’mon, we traders help the economy by trading pieces of worthless paper. It’s not like we waste our time actually making something.

  2. You see, AIG Executives are nothing like those losers who can’t afford to pay their mortgage, obviously. AIG needs to pay its execs SHIT-TONS of cash, because if they do not than their “best and brightest” will leave the firm and go work for, uhh, whatever other financial group that still exists. See? It is logical, LOSERS.

  3. Of all the douchebags, toolbags and assorted “bags” to come out of this financial crisis, Santelli has a special place in my heart. I’ll be crying tears of sweet joy when his head is on my sharp, sharp pitchfork.

  4. Hrm. I went to one of The Great Santelli’s Teabag America protests, and it was not AT ALL what I thought it would be. Disappointing.

  5. I am now in the incredibly awkward position of agreeing with Rick Santelli, but he has a point.

    Henry Paulson should have gotten the AIG execs to agree to amending their employment contracts before the TARP funds were distributed to AIG. It’s too late now and Paulson should have his ass dragged before Congress to explain how this could have happened.

    Santelli also has a point about the dollar amounts. Billions were sent to AIG and then $80 billion of that was forwarded to Goldman Sachs, the former employer of Paulson, the very same day.

    Are we seeing who the real villain is yet?

  6. Is this Rick the Santelli character the new Joe the Plumber, or something?

    Can someone remind me when we started caring what this idiot has to say?

  7. “I am OUTRAGEDâ„¢ because this is about M’s and everyone know that when you bend an M over the men’s bathroom sink and plow into his B, things get hot. Then there’s the added surprise when you find out the M’s really a T!”

  8. [re=267279]SlouchingTowardsWasilla[/re]: What’s too late? The “employment contracts” of the auto workers stood in the way of precisely nothing. As for the tens of billions of taxpayer money that went to foreign investment firms (hereafter known as “THE COUNTERPARTIES”) I hope there is outrage and I hope it prompts people to inquire how and when such contracts came to be drawn up and with whose help. And I hope Santelli contracts Imus’ ass cancer the next time they share neighboring stalls.

  9. [re=267299]Mr Blifil[/re]: The UAW members were given incentives to modify their contracts; i.e., both parties to the contract agreed to the modification. Now there’s no incentive for the AIG employees to agree to a modification and AIG can’t do it unilaterally. Paulson should have obtained those contract changes as a condition to distributing TARP funds. He didn’t because his primary concern was that his friends at Goldman and Merrill were funneled their share of the TARP distribution through AIG.

    And I misstated the amount of the TARP funds that were funneled through AIG to Goldman Sachs. It was $12.9 billion. Way, way, way more than the AIG bonuses.

  10. [re=267286]CrunchyKnee[/re]: Shhhhh! What the fuck are you doing posting about this? Did not the “activation text message” from Hopey McPrez say “Top Secret?”

    Rule #1 of the Hope-afia Death Squad: We don’t talk about the Hope-afia Death Squad.

  11. I walked through the park the other day. A lot of people bring their dogs through there. So, I had to scrape the Santelli off my shoes.

  12. [re=267312]SlouchingTowardsWasilla[/re]: How’s this for an incentive to modify your contract: you still have a job!
    The sanctity of contract argument is bullshit and everyone knows it. AIG could unilaterally change the contracts because AIG today is not the same AIG that signed those contracts except in name. They are in gov’t receivership, and if they hadn’t gone into receivership then they would had to file for bankruptcy protection. You know what happens to contracts in bankruptcy?

  13. [re=267318]gjdodger[/re]: I object to that comment. The substance that comes out of my dog’s back end is not nearly as odious as Rick the Santelli.

  14. I’m not familiar with the specifics of these contracts but aren’t bonuses traditionally contingent on performance? Their performance sucked, why are they even still employed, let alone getting a little something extra?

  15. Santelli only cares about the tribe of Wall Sters. To him, that’s the REAL US AMERICA. Not the dopes whose labor and thought actually makes real things.

  16. “Come on, how many people here want the pay the Government to step in and keep AIG from going bankrupt and pay million dollar bonuses to those that were driving the company bankrupt! Do you hear that Washington!”

  17. How come Rick Santelli isn’t a snappier dresser? If I had his bucks, I would wear nothing but Armani. Or at least a suit that fit me right.

  18. I have extra pitchforks, if anyone is interested. Machetes, shovels, chainsaws, bows and arrows, rifles, a riding lawnmower. All I’m saying is that I have the makings of a good rioting mob if anyone is interested in a little Wall Street vacation/riot. I’ll make coffee and tea with snacks for afterwards.

  19. [re=267319]Advocatus_Diaboli[/re]: What government receivership? That’s gibberish. And so is the “AIG is a different company” argument. It’s the same company.

    The rest of your argument is one that should have been made by Paulson BEFORE the TARP funds were distributed. The AIG execs should have been forced to agree to the contract modifications or we don’t bail them out and the company goes belly up. Paulson didn’t do that and now we’re powerless to do anything about it. Yes we got a lot of AIG preferred shares. But those shares grant preferred dividend and other distribution rights, but no management rights. Paulson didn’t get them. Those execs can’t be fired and they have an iron clad right to those payments.

    Are you seeing the problem? Paulson completely screwed the pooch here. Everyone’s angry, but they’re directing it at vulgarians like Rick Santelli when the real shitbox here is Henry Paulson.

  20. …this clip is the epitome of what is wrong with Wall st. You have multi-millionaires(case in point: Rick Santelli) dismissing the misappropriation of 165 million dollars because in the “big picture” its a tiny bit of money. Well you shitty diaper of a human-being, the point ISN’T THE MONEY!. It is the fact that some of the most incompetent human beings in the history of mankind are trying compensate themselves for being utter failures! They have absolutely no confidence or loyalty to toward their own companies. You hear about employees willingly reducing their work hours and salaries just so that their co-worker wont get laid off. However in complete contrast you have ungodly rich men fighting tooth and nail to keep something they didn’t deserve. Well Rick “I chew on urinal cakes” Santelli, why don’t you look at it from my point of view? Instead of comparing the bonuses to the total amount of the AIG bailout, why don’t you compare each executives bonus to their total net-worth? I’m pretty sure some rich asshole with a 125 foot yacht, 4 mansion and a couple dozen mistresses could afford to let a couple million dollars in bonuses slide in the spirit of fairness, don’t you?

  21. What a douche…
    It seems to me that Santelli just found in place in the spotlight, I guess we’ll be hearing a “controversial rant” every other week.

  22. Once, a long time ago, allegedly, a black man struck someone who lived down the street from someone who knew one of my relatives. That’s why I feel empowered to dislike the black man.

  23. It’s about time for our pantheon of comedian/commentator/consciences to revive the old vaudeville schtick of throwing a bucket of water on nincompoops like Santelli. I would settle for a pie in the face if the video is good quality, the smack is percussive, and the aim accurate.

  24. I hope to meet Mr. Santelli some day, so I can kick him sharply and repeatedly in the area where his balls should be.

    Of course, first I’ll have to apologize for being a loser because I’m losing my house for the inexcusable reason that I got laid off, despite being top-rated in my company. When a company has to lay off thousands to survive, the axe cuts deep.

    But I’m not an AIG Finance Manager, so fuck me, I guess…

  25. [re=267386]Advocatus_Diaboli[/re]: Tee hee. The Monitor and the Merrimack come to mind – those iron-clads didn’t work out so well.

    While technically not receivership, Slouching, it may as well be – as noted, AIG would have to file bankruptcy without the government help, and then those contacts would mean bupkis. Given that AIG is effectively blackmailing the federal government with a warning of global financial catastrophe, AIG could be fully absorbed by the government under RICO.

    If ‘Iron-clad’ worked, John Yoo would be dead as a result of the hangman’s noose. Since Professor Yoo is alive and well (and apparently teaching contract law), ain’t no such thing as ‘iron-clad’.

  26. Santelli should make that speech at the next tea bag party. I’m sure his peasants would rally around his cry for bonus protect.

  27. [re=267424]LittlePig[/re]: Oh my. I thought Prof. Yoo did his creative thinking in constitutional law only. Perhaps his students should rethink their education.

  28. You know what they say: 165 million here, 165 million there – next thing you know you’re talking REAL money. Mr. Santelli’s sincere (& oddly timely) desire for the peasants to put down the torches he was passing out last week has been duly noted.

    Now it’s time for a barbecue.

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