18 March 2009

Lead By Example

"Senator Barack Obama received a $101,332 bonus from American International Group in the form of political contributions according to Opensecrets.org. The two biggest Congressional recipients of bonuses from the A.I.G. are - Senators Chris Dodd and Senator Barack Obama."

Story here.

And . . .

"Secretary Geithner is a capable, smart and dedicated leader of the Treasury Department. He is the right person for the job in these challenging times," New York Senator Schumer said in response to a request for comment.

So if the AIG bonuses warrant the wrath of the Federal government and Giethner oversaw and was complicit in those bonuses, how does he get a pass?

And Michelle Malkin fires a direct hit . . .

"Welcome, taxpayers, to the Kabuki Theater of AIG Outrage - where DC's histrionic enablers of taxpayer-funded corporate bailouts compete for Best Performance of Hypocritical Indignation . . . If Washington's newfound opponents of rewarding failure want to do taxpayers a favor, how about giving back their automatic pay raises? How about returning all their AIG donations?"

Read the rest of her commentary here.

Oh yeah, there's even more . . .

"While everyone assails AIG for using less than 0.1% of the taxpayer-bailout money it received to meet contractual obligations in compensation through retention bonuses, another recipient of government largesse has its own bonus program in operation. According to their annual report, Freddie Mac has a generous retention bonus plan built into its operation for the next year. Eligibility includes all of the senior and executive VPs. It comes in four payouts, and only the last has any connection to company performance . . . Since Freddie Mac and her sister Fannie Mae got over $200 billion in a pre-TARP bailout, more than the private AIG got (at least in the aggregate), one might ask why Freddie Mac built in retention bonuses in this November filing — two months after the taxpayer bailout. If AIG’s retention bonuses are a problem, why aren’t Freddie Mac’s?"

More on this here. And here.

**Revised and updated with my sarcastic remarks removed. Decide for yourself whether or not the President and Congress have any right criticizing the AIG bonuses.

**Another update: Dodd admits he added loophole for bonuses. (After first denying).

**Another update - you must watch this:

2 comments:

Pro said...

Breaking News: Dodd Says loophole that protects AIG Bonuses added per request of the Obama administration. The video is about a fifth of the way down.


http://www.butasforme.com/2009/03/17/obamas-stimulus-bill-explicitly-grants-aig-the-legal-right-to-hand-out-bonuses/


Obama should take full and direct responsibility for this mess.

Pam Walter said...

I only have three questions:
1. Who are these jokers?
2. How did they get elected?
3. What are they doing to my country?
www.satisfiedsole.com