I BET HIS NET WILL BE $249,999..............................
by Warlock 17 Replies latest social current
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ohiocowboy
Is that before or after he subtracts the $101,332 bonus he got from AIG?
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snowbird
Even the Messiah had to eat!
Sylvia
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BurnTheShips
The AIG bonuses were retention bonuses, and Congress not only knew about them ahead of time but legislated protecting them in the Spendulous Package. Now they act all shocked and are talking about taxing them away. One little problem, passing ex-post facto laws is against the Constitution (thank God) but that never stops them from trying. They new all about these bonuses, and Geithner's recent interview shows that Obama's timeline about when they came to know about this is a lie. They knew all along. This is a manufactured crisis. They used up the Limbaugh Gambit, and have now moved on to AIG bonuses for a fresh source of rile up the masses outrage.
One significant point that emerged from the testimony of AIG's Edward Liddy is that the bonuses that have stirred controversy were all, within AIG's financial products division, retention bonuses, not performance bonuses:
LIDDY: Congressman, I -- I think the contracts that you are reading from have to do with performance bonuses. No performance bonuses at F.P., zero. It's a different issue than the retention bonuses, where we basically said to people, "You have a job. That job's going to go away after you wind down the book of business that you manage. If you'll stay"...
(CROSSTALK)
FRANK: So you're talking about the only bonuses that were paid recently were the retention bonuses?
LIDDY: Yes.
***
Liddy: What we asked them to do was to stay, do a specific amount of work, and if you do that, at the end of that period of time and you've done that work, we will give you a retention bonus. That's what those payments were. So they did the work. They reduced the risk from that $2.7 trillion down to $1.6 trillion. And the American taxpayer is better off because we have less risk.AIG hired (or retained) employees to supervise and wind down the financial products division's book of business, then well in excess of $2 trillion. Since the business was being wound down, these jobs were not great career opportunities. So AIG entered into agreements with its employees that if they would stay for a given period of time, they would earn a bonus. The bonuses that fueled the current controversy were paid to employees who held up their end of the bargain by remaining with AIG.
So an employee is promised a bonus if he stays on and works another year in what would otherwise be a dead-end job; in reliance on that offer, he stays and works for a year. Now Congress wants the bonus back. It's hard to understand how that comports with anyone's idea of fairness, let alone legality.
Remember when George Bush was "shredding the Constitution?" Ah, those were the good old days! Now we have Congressional Democrats trying to give themselves political cover by advocating patently unconstitutional legislation singling out a few hundred employees of a single company for a "tax" that would reclaim money that they were promised, and earned, with the full knowledge and consent of the Federal Reserve and, it turns out, Congress.
BTS
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BurnTheShips
Democrat Senator Christopher Dodd admits he put bonus-permitting language in the Spendulous Package, but only on demand of Obama's Treasury officials. As the Overwhelmed One hasn't filled seventeen of the top 18 slots at Treasury, I'm guessing (but can't be completely sure) that "Treasury officials" refers to Geithner.
Here's the Video.
So not only was Congress in on this, so were the President's men, but now they're going to pose as angry populists outraged about what they themselves did?
Yes, that's exactly what they are doing.
BTS
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jeeprube
Is this the best you guys can do? Pres. Obama signed a book deal?
We've gone from a President who couldn't read, to a President who is so intelligent he gets his own book deal. Keep it coming right wingers.
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SnakesInTheTower
If the bonuses were retention bonuses then they should leave them alone..... but does anyone really deserve a one million dollar bonus? I don't think so... in fact, does any CEO, CFO, etc deserve salaries that big? Doubtful...unless they started the company or patented the products or something.... but to be an executive...
If the bonuses were "performance" bonuses, then the people should give the bonuses back and resign for poor performance.
Snakes ()
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restrangled
Good for Obama.
As far as the bonuses, its just a drop in the bucket compared to whats going on behind the scenes. The web is so tangled but Greenberg is very much in charge. AIG, Goldman Sachs, the banks that received money from AIG...to Paulson, Bernanke, Dodd, and the big show of outrage by Congress. If any of them had spent 30 minutes on Google there would have been no Bailout, but Paulson got it pushed through. He knew exactly what he was doing, and who's butts were going to get saved etc.
SICO headquartered and banking with UBS in Switzerland is part of AIG. AIG stock is being shuffled around to STARR ie SICO ie AIG ie still held by Greenberg who has now filed suit since he has left against AIG for the value of his stock. Who is going to pay that bill?
The following is a judgement against AIG, its worth reading from July 13, 2007.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 4)Kinder Morgan Energy Partners, L.P.
(NAME OF ISSUER) Common Units
(TITLE OF CLASS OF SECURITIES) 494550 10 6
(CUSIP NUMBER)Mr. Joseph Listengart
Kinder Morgan, Inc.
500 Dallas Street, Suite 1000
Houston, Texas 77002
Telephone: (713) 369-9000with copies to:
-------------------------------------------------------------------------------- Mr. Gary W. Orloff R. Jay Tabor, Esq. Bracewell & Giuliani LLP Weil, Gotshal & Manges LLP 711 Lousiana Street, Suite 2300 200 Crescent Court Houston, Texas 77002 Suite 300 Telephone: (713) 221-2166 Dallas, Texas 75201 Telephone: (214) 746-7700 --------------------------------------------------------------------------------
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO
RECEIVE NOTICES AND COMMUNICATIONS) July 13, 2007
(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See ss.240.13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
SCHEDULE 13D/A
EXPLANATORY NOTES: This Amendment No. 4 (this "Amendment") amends and supplements the Statement on Schedule 13D originally filed on January 28, 2000, relating to the Common Units of Kinder Morgan Energy Partners, L.P. beneficially owned by Kinder Morgan, Inc., Knight Midco Inc., Knight Holdco DE Inc and Knight Holdco LLC (as amended and supplemented to date, the "Statement")
ITEM 2. IDENTITY AND BACKGROUND.
Item 2 of the Statement is hereby supplemented as follows:
Information relating to certain affiliates of and investment funds associated with American International Group, Inc., as members Knight Holdco LLC, is contained in Appendix A attached hereto and is incorporated herein by reference. Such appendix amends and restates, as to such affiliates and investment funds, the information contained in Appendix A of Amendment No. 8 of the Statement dated June 11, 2007.
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Signatures
After reasonable inquiry and to the best knowledge and belief of each of the undersigned, such person certifies that the information set forth in this Schedule 13D/A with respect to such person is true, complete and correct.
Dated: July 13, 2007
KINDER MORGAN, INC.
By: /S/ Joseph Listengart -------------------------------------- Name: Joseph Listengart Title: Vice President, General Counsel & Secretary
KNIGHT MIDCO INC.
By: /S/ Joseph Listengart -------------------------------------- Name: Joseph Listengart Title: Vice President, General Counsel & Secretary
KNIGHT HOLDCO DE INC.
By: /S/ Joseph Listengart -------------------------------------- Name: Joseph Listengart Title: Vice President, General Counsel & Secretary
KNIGHT HOLDCO LLC
By: /S/ Joseph Listengart -------------------------------------- Name: Joseph Listengart Title: Vice President, General Counsel & Secretary
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APPENDIX A
INFORMATION REGARDING AIG KNIGHT LLC, HIGHSTAR II KNIGHT ACQUISITION SUB, L.P., HIGHSTAR III KNIGHT ACQUISITION SUB, L.P., AIG HIGHSTAR CAPITAL III, L.P., AND HIGHSTAR KNIGHT PARTNERS, L.P.
American International Group, Inc., a Delaware corporation ("AIG"), is a holding company which, through its subsidiaries, is primarily engaged in a broad range of insurance and insurance-related activities in the United States and abroad. AIG's primary activities include both general and life insurance and retirement services operations. Other significant activities include financial services and asset management. AIG Financial Products Corp., a Delaware corporation and wholly-owned subsidiary of AIG ("AIGFP"), engages as principal, directly and through its subsidiaries and other AIG-owned companies under its management, in standard and customized interest rate, currency, equity, commodity, energy and credit products with counterparties throughout the world and also raises funds through municipal reinvestment contracts and other private and public security offerings, investing the proceeds in a diversified portfolio of high grade securities and derivative transactions. AIG Knight LLC, a Delaware limited liability company and wholly-owned subsidiary of AIGFP ("AIG Knight"), was formed for the purpose of holding a portion of AIG's investment in Knight Holdco LLC (defined below). The principal executive offices of AIG are located at 70 Pine Street, New York, New York 10270; AIGFP and AIG Knight LLC are located at 50 Danbury Road, Wilton, Connecticut 06897.
Each of AIG Highstar Capital III, L.P., a Delaware limited partnership, Highstar II Knight Acquisition Sub, L.P., a Delaware limited partnership, Highstar III Knight Acquisition Sub, L.P., a Delaware limited partnership, and Highstar Knight Partners, L.P., a Delaware limited partnership (collectively, the "Highstar Entites"), are investment fund vehicles. The principal executive office for each Highstar Entity is 599 Lexington Ave, 24th floor, NY, NY, 10022. Highstar II Knight Acquisition Sub, L.P. and Highstar III Knight Acquisition Sub, L.P. were formed for the purpose of holding a portion of AIG's investment in Knight Holdco LLC. Highstar II Knight Acquisition Sub is owned by AIG Highstar Capital II, L.P., a Delaware limited partnership, AIG Highstar Capital II Prism Fund, L.P., a Delaware limited partnership, and AIG Highstar Capital II, Overseas Investors Fund, L.P., a Delaware limited partnership. Highstar III Knight Acquisition Sub is owned by AIG Highstar Capital III Prism Fund, L.P., a Cayman limited partnership. Each of AIG Highstar Capital II, L.P., AIG Highstar Capital II Prism Fund, L.P., AIG Highstar Capital II, Overseas Investors Fund, L.P., AIG Highstar Capital III Prism Fund, L.P. AIG Highstar Capital III, L.P. and Highstar Knight Partners, L.P. are investment fund vehicles that are controlled by AIG Global Investment Corp., a New Jersey corporation and a wholly-owned subsidiary of AIG ("AIGGIC"). AIG Knight, AIG, AIGFP and the Highstar Entities are collectively referred to as the "AIG Entities".
Starr International Company, Inc., a Panamanian corporation ("SICO"), has the sole power to vote and direct the disposition of 281,638,405 shares of common stock, par value $2.50 per share, of AIG ("AIG Shares") and the shared power to direct the disposition of 2,200,076 AIG Shares held by Universal Foundation, Inc., a Panamanian corporation ("Universal Foundation"). C.V. Starr & Co., Inc. a Delaware corporation ("Starr"), has the shared power to vote and direct the disposition of 30,923,499 AIG Shares (18,544,278 of which are held by the C.V. Starr & Co., Inc. Trust ("Starr Trust"), of which Starr is a beneficiary). Maurice R. Greenberg, a United States citizen, has the sole power to vote and direct the disposition of 2,695,797 AIG Shares, which may be acquired pursuant to stock options previously granted by AIG to Mr. Greenberg as a then officer and director of AIG. Mr. Greenberg has shared power to vote and direct the disposition of 67,816,338 AIG Shares, 9,310,328 of which are held as a tenant in common with Mr. Greenberg's wife, 111,004 of which are held in family trusts of which Mr. Greenberg is a trustee, 30,923,499 of which are held by Starr (18,544,278 shares of which are held by the Starr Trust, for which
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Starr is a beneficiary and Mr. Greenberg is a trustee), 371,507 of which are held by the Maurice R. and Corinne P. Greenberg Family Foundation, Inc., a New York not-for-profit corporation (the "Greenberg Foundation"), of which Mr. Greenberg, his wife and family members are directors and 27,100,000 of which are held by the Maurice R. and Corinne P. Greenberg Joint Tenancy Company, LLC, a Florida limited liability company (the "Greenberg Joint Tenancy Company"), of which the Maurice R. and Corinne P. Greenberg Joint Tenancy Corporation, Inc. (the "Greenberg Joint Tenancy Corporation") is the sole and managing member. Mr. Greenberg owns 24.08% of the voting common stock of Starr directly. The Greenberg Foundation has the shared power to vote and direct the disposition of such 371,507 AIG Shares. The Greenberg Joint Tenancy Company has the shared power to vote and direct the disposition of such 27,100,000 AIG Shares. Edward E. Matthews, a United States citizen, has the sole power to vote and direct the disposition of 613,345 AIG Shares, 300,220 of which are held directly by Mr. Matthews and 313,125 of which may be acquired pursuant to stock options previously granted by AIG to Mr. Matthews as a then officer and director of AIG. Mr. Matthews has shared power to vote and direct the disposition of 18,567,578 AIG Shares, 23,300 of which are held by Mr. Matthews' wife and 18,544,278 of which are held by the Starr Trust, for which Starr is a beneficiary and Mr. Matthews is a trustee.
The principal executive offices of SICO are located at Baarestrasse 101, CH-6300 Zug, Switzerland and it also maintains an office at Mercury House, 101 Front Street, Hamilton HM12, Bermuda. The principal executive offices of Starr and the Greenberg Foundation are located at 399 Park Avenue, 17th Floor, New York, New York 10022. The principal executive offices of Universal Foundation are located at Mercury House, 101 Front Street, Hamilton HM 12, Bermuda. The principal executive offices of the Greenberg Joint Tenancy Company are located at 35 Ocean Reef Drive, Key Largo, Florida 33037. The names of the directors and executive officers ("Covered Persons") of the AIG Entities, SICO, Starr, Universal Foundation, the Greenberg Foundation and the Greenberg Joint Tenancy Company, their business addresses and principal occupations, including the business addresses and principal occupations of Messrs. Greenberg and Matthews, are set forth in Exhibit A attached hereto, which is incorporated herein by reference in its entirety. The business address indicated for Messrs. Greenberg and Matthews and each other Covered Person is also the address of the principal employer of such person. Each of the Covered Persons is a citizen of the United States, except for Messrs. Sullivan, Tse and Walsh, who are British Subjects, Mr. Marshall A. Cohen, who is a Canadian citizen, Dr. Jacob A. Frenkel, who is a citizen of the State of Israel and the Republic of Poland, Messrs. Bridgwater, Forster, Johnson, Pentland and Osborne and Ms. Barclay and Ms. Barnes, who are citizens of the United Kingdom, Messrs. Zalamea and Colayco and Ms. Fernando, who are citizens of the Republic of the Philippines, Mr. Gabriele, who is a citizen of the Republic of Italy, and Mr. Micottis, who is a citizen of the Republic of France.
All information provided in this Schedule 13D with respect to Messrs. Greenberg and Matthews, SICO, Starr, Universal Foundation, the Greenberg Foundation, and the Greenberg Joint Tenancy Company and their respective directors and executive officers is provided based solely on the information set forth in the most recent amendment to Schedule 13D relating to AIG Shares filed on March 20, 2007 on behalf of Messrs. Greenberg and Matthews, SICO, Starr, Universal Foundation, the Greenberg Foundation and the Greenberg Joint Tenancy Company. This information has not been updated to reflect changes in the ownership by such parties of AIG Shares that are disclosed in filings made by one or more of such parties under Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In each case, such information may not be accurate or complete and AIG takes no responsibility therefor and makes no representation to its accuracy or completeness as of the date hereof or any subsequent date.
2006 Regulatory Settlements
In February 2006, AIG reached a final settlement with the Securities and Exchange Commission ("SEC"), the United States Department of Justice ("DOJ"), the Office of the New York Attorney General ("NYAG") and the New York State
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Department of Insurance ("DOI"). The settlements resolved outstanding litigation filed by the SEC, NYAG and DOI against AIG and concluded negotiations with these authorities and the DOJ in connection with the accounting, financial reporting and insurance brokerage practices of AIG and its subsidiaries, as well as claims relating to the underpayment of certain workers compensation premium taxes and other assessments.
AIG, without admitting or denying the allegations in the SEC complaint, consented to the issuance of a final judgment on February 9, 2006: (a) permanently restraining and enjoining AIG from violating Section 17(a) of the Securities Act of 1933, as amended ("Securities Act"), and Sections 10(b),
13(a), 13(b)(2) and 13(b)(5) and Rules 10b-5, 12b-20, 13a-1, 13a-13 and 13b2-1 of the Exchange Act; (b) ordering AIG to pay disgorgement in the amount of $700 million; and (c) ordering AIG to pay a civil penalty in the amount of $100 million. These amounts have been paid into a fund under the supervision of the SEC to be available to resolve claims asserted in various civil proceedings, including shareholder lawsuits.In February 2006, AIG and the DOJ entered into a letter agreement. In the letter agreement, the DOJ notified AIG that in its view, AIG, acting through some of its employees, violated federal criminal law in connection with misstatements in periodic financial reports that AIG filed with the SEC between 2000 and 2004 relating to certain transactions. The settlement with the DOJ consists of, among other things, AIG's cooperating with the DOJ in the DOJ's ongoing criminal investigation, accepting responsibility for certain of its actions and those of its employees relating to these transactions and paying $25 million.
Effective February 9, 2006, AIG entered into agreements with the NYAG and the DOI, settling claims under New York's Martin Act and insurance laws, among other provisions, which were originally brought by the NYAG and the DOI in a civil complaint filed on May 26, 2005. Under the agreements, $375 million was paid into a fund under the supervision of the NYAG and the DOI to be available principally to pay certain AIG insureds who purchased excess casualty policies through Marsh & McLennan Companies, Inc. or Marsh Inc. In addition, approximately $343 million will be used to compensate participating state funds in connection with the underpayment of certain workers compensation premium . . .
View Entire Filing End of News Created by: EDGAR Online Pro © 2007, EDGAR Online, Inc. All rights reserved. Replication or redistribution of EDGAR Online, Inc. content is expressly prohibited without the prior written consent of EDGAR Online, Inc. EDGAR Online, Inc. shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. -
BurnTheShips
and the big show of outrage by Congress.
"Show" is right. AIG desperately needs the best minds in that field. And we know that their people are getting death threats. Now, their employees don't even know if they will be allowed to keep the money they contracted their labor for?
AIG is totally effed. Anyone working there who isn't leaving is an effing idiot.BTS
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restrangled
Dodd to me is very suspect and the little closed door meeting they had (The "Not Me's)! Being a Democratic Congress member or Senator does not give you a free pass. I think we have all had it with the lies and BS.
For him to stand there and deny he didn't know where that change came from, (if you take a look back his face was very flushed), in fact all of that group. You lied, out you go. If they had been honest, Dodd could have held a press conference at the time and said, you know what, we can't get this bill passed with out this change. Here it is.
Another problem with his story; AIG is legally based out of CT in the U.S. Dodd represents CT. The American tax payer is not that stupid. If you lie to the Tax Payers you should be out, out, OUT!
r.