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POPSAIG to Pay Out Millions in Bonuses AIG almost had me with their argument that they were legally obligated to pay the bonuses. Then I got to this part. "We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,” wrote Mr. Geithner on Saturday. Yeah, they've been freakin' brilliant so far. When it came to bailing out car companies, the talk was about all the concessions union workers were going to have to make; they absolutely had to renegotiate their contracts. When it comes to Wall St. execs, they get every dollar they were promised -- no renegotiation is possible. What exactly is the big freakin' difference between these two groups of employees?
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POPSPelosi: Oil Companies Should Pay Royalties The government grants private companies “leases” for the resources in exchange for a portion called a royalty. Democrats have been clamoring for legislation that allowed oil companies drilling in the Gulf of Mexico in 1998 and 1999 to pay a reduced royalty even though the price of oil had risen substantially. The royalty break was an incentive to drill amid low oil prices. Democrats have suggested that companies be required to repay the back royalties if they want federal leases in the future. Republicans have called that a breach of contract with the drillers. In addition, The Denver Post reported Sunday that federal investigators are preparing to release a report detailing improper relationships between Interior Department officials who oversee offshore drilling and oil executives, including golf outings, ski trips and romantic liaisons. Also, Pelosi has been pushing to end tax breaks granted to oil companies.
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POPSOil: An Industry in Crisis? Not sure if that's the case--crisis might apply to the financial services industry right now--but it's certainly an interesting article.
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