AIG execs homes on protesters' house tour

Here's a twist on a home tour from the other coast. From the Associated Press:

FAIRFIELD, Conn. (AP) -- A busload of activists representing working- and middle-class families paid visits Saturday to the lavish homes of American International Group executives to protest the tens of millions of dollars in bonuses awarded by the struggling insurance company after it received a massive federal bailout.

About 40 protesters sought to urge AIG executives who received a portion of the $165 million in bonuses to do more to help families.

"We think $165 million could be used in a more appropriate way to keep people in their homes, create more jobs and healthcare," said Emeline Bravo-Blackport, a gardener.

She marveled at AIG executive James Haas' colonial house, which has stunning views of a golf course and the Long Island Sound. The Fairfield house is "another part of the world" from her life in nearby Bridgeport, which flirted with bankruptcy in the 1990s and still struggles with foreclosures and unemployment."

"Lord, I wonder what it's like to live in a house that size," she said.

Also on the protesters' tour was the home of AIG executive Douglas Poling in Fairfield. Not sure if these guys always have security, but guards were on hand to welcome the tour groups.

-- Lauren Beale

Thoughts? Comments?

Photo: The home of AIG executive James Haas in Fairfield, Conn., before the onslaught. Credit: Douglas Healey / Associated Press

Comments

[orcadrvr]

Pure thuggery.

[Linda Johnson]

My husband has an excess major medical plan with AIG. For a year now I have been given the runaround by this company as I have tried to get reimbursed for our out-of-pocket expenses as promised by our policy. So far I've collected about $8500 out of $15,000. It was very difficult just to get this much money. During these frustrating days I've fantasized about the company going bankrupt. In my dreams I've pictured myself ruining this business by spreading my story on the Internet and taking my claim to a jury (Would AIG even have a chance against a disabled man who devoted his life to public service?) So when I read the good news today about the AIG insurance companies losing business, I was thrilled. It couldn't happen to a more deserving company. What goes around, comes around!

[el pez]

in my opinion this whole bonus outrage thing is a ruse... dodd and geithner (meaning obama's administration) knew about the story well before it broke which makes me suspicious of all of the carefully crafted outrage. treasury had dodd insert direct language in the stimulus bill to insure existing contracts which he at first denied then later admitted to (and geithner as well). sure no one is happy about it, but a contract is a contract. my advice to the feds- negotiate this stuff before you sign a deal and bail out a company.

all of this is a great smokescreen to stoke the fires of populism and class resentment (which is what the news item in this posting is directly about) so that obama can continue with his plans to radically increase the size of the federal government and attempt to basically change the country's DNA.... don't be fooled folks and make sure you pay attention to the numbers in his budget- it's simply astronomical. whenever that is pointed out he deflects the question by saying look at the deficit bush left me! compare the numbers- they're not even in the same ballpark. we're about to go broke.... and people are about to learn some very difficult lessons about voting based on charisma and popularity.

[el pez]

oh this just keeps getting better: http://en.wikipedia.org/wiki/Working_Families_Party

the connecticut working families party is organizing these drive by the rich people pitch fork tours. here's the money shot:

'New York's Working Families Party was first organized in 1998 by a coalition of labor unions, ACORN and other community organizations, members of the now-inactive national New Party, and a variety of public interest groups. The party blends a culture of political organizing with unionism, 1960s idealism, and tactical pragmatism. The party's main issue concerns are jobs, health care, education and energy/environment, and it has won notable policy gains at the city, county and state level by piggybacking on Democratic or Republican candidates.'

so there you have it- ACORN again!!! wasn't someone a community organizer for them?

[Nelcisco]

We're headed for a revolution.

The people have spoken.

American International Greed should not be given another installment of our $.

[Drew]

The way things are going, these people are going to wind up with their heads on pikes.

And I'm not so sure how bad that would really be.

[Pat]

Clearly these activists have a problem with operational security. Someone on the inside sold out to AIG. That is why there were waiting with security. These people need to HUNT DOWN THE MOLE!!!!!

[srla]

It does seem a diversionary tactic indeed, but hardly one orchestrated by the far left (who have largely become the unwitting puppets for corporate America, as was seen in the planning of the pro-illegal immigration rallies).

Instead, it is a diversion from the 1.25 TRILLION dollar banking bailout announced today. Could the timing be more obvious?

This buying up of "toxic" bank assets (aka poorly underwritten mortgages) will cost the taxpayers something on the magnitude of 100,000 times MORE than the cost of these bonuses. This is nothing less than a transfer of wealth from the taxpayers to the bank stockholders and bondholders, all in the name of "saving" insolvent banks.

Where is the outrage? Sure, Geithner claims we'll get our money back "when the real estate market rebounds". But then he seems to have absolutely no understanding that there ever was a bubble. The prices could and in fact should never rebound back to current inflation-adjusted levels. Sure, if we hold onto the notes for 30 years, we might get back the same cash value in nominal dollars. But when you factor in the cost of inflation between now and then, that could mean a loss of at least half of that 1.25 trillion.

So, in effect, they used the mock outrage at the AIG bonuses to slip in one more hugely expensive bailout. One one upward redistribution of wealth from the responsible savers to the reckless bankers.

WHERE IS THE PRESS? Oh, right, they are too busy parroting the government spin and reporting on the mock outrage to actually analyze the impact of a 1.25 trillion dollar bailout.

[LA-renter]

Here, here, srla.

In a country where the "future" only includes next week, there is all upside to a trillion(s) dollar rescue of our betters --pun intended.

When the true impact hits us, the rats will be back in their holes, and we will be blaming the lazy poor, the illegal immigrant criminals, the rapacious Chinese...

America the beautiful!

[el pez]

hi srla, oh i meant orchestrated by the white house using the far left to fan the flames and watching everyone fall for it (which has all happened). ditto with the whole limbaugh outrage, etc... all while all sorts of much much larger proposals are being pushed through (as you mention). these guys are making nixon's paranoia seem rather garden variety... except their diversions are tactical and not routed in paranoia... makes it all scarier to me.

[farinhite_451]

I'm sorry SRLA, what were you saying?
I was reading about Dr. Mcdreamy's fabulous house that he listed and OOOOH! something shiny!........

[Vladimir]

No one deserves a house that big. I think the answer is not a tax on AIG bonuses, but rather something close to a maximum income. Tax rates, for everyone, should be at 50% at 1,000,000 dollars and 90% at $5,000,000. Why does anyone need more? And why do we stop the graduated tax brackets at $300,000 and something?

[el pez]

Mr. Vladimir Lenin, this is the USA, not the defunct USSR. But gee, I dunno, confiscation of wealth has proven to be such a successful policy elsewhere- let's try it, too! Go Obama!! He's gonna solve everything! Where's my pitchfork?

[sheila]

El Pez, if you don't think that the "redistribution of wealth" from people who WORK to produce goods and services to criminals whose only function is to steal our money and cover it up is the worst possible outcome, then you are hopeless. You parrot the Limbaugh rhetoric about redistribution of wealth, and then you bury your head in the sand about the fascists who have been doing just that for the past 30 years - in the WRONG direction.

Let's make a deal. Robber Barons return 150% of their ill-gotten gains to real Americans who actually work (50% for interest, penalties and opportunity costs), and at that stage, we start fresh, with no more redistributions. That means Big Banks, Big Agra, Big Insurers, Big Energy, Big Pharma, Big Developers, Big Media, War Profiteers and all the other pigs at the Supply-side trough need to give it up, and waive all future guv'ment cheese and try to hack it based on providing something people want at a price they are willing to pay for it. You know, like we have to do?

[pwc]

HEY! for the record, srla and farinhite_451:

There were other stories on the LA Times' home page and Real Estate frontage on the housing/financial markets, including:

New supply of 'jumbo' financing in pipeline
By Kenneth R. Harney
Bank of America and others are stepping up the availability of high-value loans for low-risk borrowers.

Second homes, investment properties could get Fannie, Freddie refis
By Kenneth R. Harney
The mortgage lenders' mass refinancing programs go beyond owner-occupied primary residences.

...AND!

FINANCE: MONEY & CO
Tracking the market and economic trends that shape your finances.
Just another bear-market rally? Some signs hint otherwise.

Clearly, it's not all "distractions." Still some good old-fashioned, in your face, head on, print journalism cheer leading.

[el pez]

Wow the flames of fiery populist continue to reach new heights... So, just what's supposed to happen to our jobs, our economy, our GNP, our standard of living, etc after this redistribution of wealth occurs from all of these nasty "Robber Barons"? Oh yeah, they just steal from us. Have you ever visited Cuba? I have. You can see firsthand what the outcome of that type of philosophy is. Just don't go under the auspices of Global Exchange or something- they're just lead around by the government. Speak Spanish fluently, have some ins, and you will see the brutal reality of confiscation. And yes I know all about the embargo and think its affects are vastly overestimated.

Look, everyone is pissed off about the debacle that has been created by Wall Street, by general hysteria about the allegedly ever-expanding housing market (now of course gone) on the part of our neighbors (and yegads- maybe you and I!!), by a federal policies that were perhaps just a wee bit overzealous with the goal of increasing home ownership (leading to mortgage abcked securities, widespread subprime and exotic alt-A's, etc)... The roots of the whole thing are complicated, and yes AIG totally screwed up, but let's not seize the moment and take over rich people's bank accounts just we are pissed. The government has no legal right to zero in on any particular group and confiscate their wealth much as we would like it. Should they go after tobacco executives next? How about people porn executives? Where does that type of thinking end? Think about it.

If you can prove to me with actual data that everything's gotten worse over the last 30 years I'll be a believer, but I don't see data that proves your theory; instead, I see the opposite when I analyze data. Regardless of what one thinks about illegal immigration If we didn't have 2-3 million undocumented poor people coming in the country every year our poverty rates might not be so high as well. That's almost one percent of our population added annually to the bottom. Subtract that and the stats will look pretty good.

Now does that mean everything is rosy? No- the world is a much more competitive place now and thus things like raw materials are a lot more expensive. We will never return to the 1950's when we were it all by ourselves. Health care has gotten really expensive (for a lot of reasons including ample access to very expensive procedures that were exotic at best 10 years ago).

And I rarely listen to Rush... when will that meme die? People like you remind me why I left the Left years ago. Try some objective analysis. Get your pitchforks and go after Dodd, Obama, Barney Frank,and all of the other Dems who supported and shielded the government agencies (and quasi-governmental agencies like Fannie May, etc) which also created the mess and bear the same culpability as Wall Street.

[the q]

El Pez,

You got your butt whipped but good by Sheila.

What the heck does Cuba have to do with anything?

How do you account for the prosperous late 40s, 50s and 60s when the marginal rate for the top earners was 70% - 90%?

You can't answer that can you.

Just regurgitate the horrors of redistribution of wealth with absolutely zero basis in reality.

This faith based reasoning is what is destroying America as rationality and argument is degraded by your obviously flawed mentality of screaming socialism at every turn.

Your ilk were the same voices decrying FDR for outlawing child labor because it "interfered" with the free market.

Please leave america.

[TrojanDLA]

LOL definitely harks back to the early days of the French Revolution when peasants were banging on the castles and decapitating noblemen left and right.

But, there is a somber truth to be learned here: when pushed too far, the poor and hungry will do whatever it takes to feed their family. Combine this with mob mentality and the ugliness will only grow.

There is a perfect storm waiting here: natural disaster + unemployed + food shortage + no cash = mob mayhem with nothing to lose

[el pez]

wow respond to what people say- basically repeat it and i'm accused of being some rush drone then supporting child labor?

mr. q, redistribution of wealth is socialism:
socialism |ˈsō sh əˌlizəm|
noun
a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
• policy or practice based on this theory.
• (in Marxist theory) a transitional social state between the overthrow of capitalism and the realization of communism.

that's basically what vladimir and shiela advocate (although both have a different spin on it- his only for people who make over certain amounts of money and she an abstract redistribution but only for a short period, i guess). cuba is obviously mentioned because wealth was appropriated there (with disastrous results). perhaps next time someone can actually respond to my arguments instead of calling names.

zero basis in reality? look at income statistics (i mean really look at them and analyze them, not harp on about supply-side this or that) over the last 30 years- it's a pretty clear upward trend, although flatter at the bottom end of the scale (still better than europe though). my argument is that a fair amount of that flatness can be explained by a significant inflow of people each year at the low end of the economic scale, which also depresses wages for working class citizens (my argument is actually pro-labor).

if anyone from out of state is following this thread- pretty clear examples of why this state's finances are a disaster and we continue to hemorrhage the middle class.

leave america? my view is entirely american- you are the one who wants to change the country's DNA and probably voted for the gentleman that also wants to do that. i'm not going anywhere.

[upthecreek]

the Tax revolution is here Now...April 15th 2009 all around the country.. when the fed and states see the deceases in tax revenues.. they will have a New reason to PANIC and print even More Money...join the movement now find out where your Local Tea party will happen..
April 15th 2009 all around the country

[NoHoDolphin]

I just heard Obama on the news this morning and he has set up a website www.whitehouse.gov where you can go and give your opinion(s) on how he's doing, etc. I just thought this could be a good venting page other than just bitching amongs ourselves about, "how come my tax dollars have to bail everyone out but I get nothing". or "Why in the 'heck' do you INSIST on keeping house prices artificially inflated when there are so many people that have been doing the responsible thing - saving, managing credit, etc - and we still can't afford a decent house in a decent hood..." or anything at all that urks you.

Lauren - maybe you want to run a little blurb on this to get people to speak their minds on this different forum? All remarks need to be by tomorrow - Thursday 3/26

thanks for your time

[TheTruthhurts]

imagine going out to dinner(you the taxpayer) having dinner. Then the check comes and not only do you get a check, but you get the other tables check too(banks bailout plan). We cant afford anymore bailouts.

why does our money (taxpayer money) have to bailout wall street? Let the markets work itself out.

[el pez]

oh and q, sorry you asked me a question about the in the widespread prosperity post wwII period (and into the 60s). I think i already answered it a bit, but to elaborate... we were basically it back then. very little industrial competition thus less competition for raw materials (although that is somewhat mitigated by increased extraction of raw materials since thus the very low price of oil in real terms we currently enjoy- besides last summer!).

everything changed when the world stopped fighting world wars, east asia settled down to become the industrial powerhouse it's been for years. what factors contributed to that? advances in transportation technologyn (big container ships), communication technology (to talk to people across oceans cheaply to be able to have farther flung plants), and increased energy production which made running everything cheaper. oakland, ca went from a boom town where uneducated transplants from the south owned houses (very high home ownership rates) and had ample jobs to everything shutting down pretty quick around 1960.

Since then we have been trying to figure out how to make things work, and Reagan's idea of lowering taxes to spur the economy has proven very successful and has created fairly widespread wealth... what were the alternatives? protectionism almost always has bad results- look at 1950s argentina- went from i think the 6th largest economy in the world to a protectionist joke run essentially by a trade union. it's been a complete disaster.

the point that many of us have is we've already been down the road that obama is proposing back in the late 60s and 70s. it was a disaster- good intentions, but disastrous results. do you want to return to that? do you think the government is actually efficient at job production? (love how the expected jobs from the "stimulus" keep getting revised downward). lower taxes for businesses across the board including (most importantly in my opinion) small businesses- job creation will pick right up again.

maybe next time we can all act a bit more prudently (like many on this board have and continue to do) and not get caught up in frenzies again- as a society we gambled big and lost. i don't know what that has to do with so-called supply-side economics.