Oh, the saga of AIG & the $165 million in bonuses just keeps getting better. The other day I filled you in on the outright lie being told by Senator Dodd (D. - Ct.). Now here’s a little more sunshine & happiness for you.
Last year, under the Bush Administration, AIG got bailed out to the tune of $170 Billion dollars. The U.S. government (actually, you the Taxpayer) now has an 80 percent stake in the company. AIG was hit hard by the downturn in the housing sector and by the failure of complex securities based on risky mortgages. At the time it was said that AIG was just too big to let fail.
In November 2008, Treasury officials proposed limiting annual bonuses for all employees of American International Group in November, as they were negotiating the government’s first investment in the troubled firm.
In a November 2008 e-mail to Treasury officials an outside attorney working on the transaction wrote, “We indicated that UST (United States Treasury) ... wants to put in place a limitation on annual bonuses that assure that (AIG) executives/employees will not be enriched out of TARP funds.” In response to that he went on to say that “They (AIG) were slack jawed at the idea of imposing the restriction throughout the entire population, especially worldwide.” AIG proposed that Treasury apply such limits “to a class of partners and senior partners (700).”
Segue to the present day. It’s a new administration and the issue of the stimulus bill comes up. Somehow a provision gets submitted that allows for the bonuses to go through. The provision added to the stimulus bill was a broad measure that applied to all companies receiving bailout money.
Senator Chris Dodd says his original bill did not have the language in it and that it was the administration that must have added it. Two days later, he is forced to recant that (read: admitted he lied) and says he in fact did add the wording, but he was under pressure from Treasury. Hmmmmm the executive branch bullying the legislative branch.
Now President Obama says that he was “stunned” to hear about the $165 million in bonuses that were paid to employees of troubled insurer AIG, promising to do everything he could to “get these bonuses back.” He then went on to defend Treasury Secretary Timothy Geithner, who has been sharply criticized for his handling of the AIG controversy.
I’m not a career politician folks, I don’t speak “D.C. Double Talk”……….. As I read this my blood is boiling. Our government is being dictated the rules of a bailout by the failure, our representatives are lying to our face, and the President claims to be “stunned”, yet the same Treasury he defends is the one who supposedly added the language. I assume that since he is “stunned” we are to be convinced he knew nothing of it. This really scares the crap out of me, because HE is supposed to be in charge!!!!!!!!!!!
I’m sorry, I’m calling BS………. All those who were counting on “Hope and Change” here’s a newsflash, YOU GOT HOSED!!!!!!!!!!!!
But hey folks, it’s only $165 million of YOUR money we are talking about, right……..
Last year, under the Bush Administration, AIG got bailed out to the tune of $170 Billion dollars. The U.S. government (actually, you the Taxpayer) now has an 80 percent stake in the company. AIG was hit hard by the downturn in the housing sector and by the failure of complex securities based on risky mortgages. At the time it was said that AIG was just too big to let fail.
In November 2008, Treasury officials proposed limiting annual bonuses for all employees of American International Group in November, as they were negotiating the government’s first investment in the troubled firm.
In a November 2008 e-mail to Treasury officials an outside attorney working on the transaction wrote, “We indicated that UST (United States Treasury) ... wants to put in place a limitation on annual bonuses that assure that (AIG) executives/employees will not be enriched out of TARP funds.” In response to that he went on to say that “They (AIG) were slack jawed at the idea of imposing the restriction throughout the entire population, especially worldwide.” AIG proposed that Treasury apply such limits “to a class of partners and senior partners (700).”
Segue to the present day. It’s a new administration and the issue of the stimulus bill comes up. Somehow a provision gets submitted that allows for the bonuses to go through. The provision added to the stimulus bill was a broad measure that applied to all companies receiving bailout money.
Senator Chris Dodd says his original bill did not have the language in it and that it was the administration that must have added it. Two days later, he is forced to recant that (read: admitted he lied) and says he in fact did add the wording, but he was under pressure from Treasury. Hmmmmm the executive branch bullying the legislative branch.
Now President Obama says that he was “stunned” to hear about the $165 million in bonuses that were paid to employees of troubled insurer AIG, promising to do everything he could to “get these bonuses back.” He then went on to defend Treasury Secretary Timothy Geithner, who has been sharply criticized for his handling of the AIG controversy.
I’m not a career politician folks, I don’t speak “D.C. Double Talk”……….. As I read this my blood is boiling. Our government is being dictated the rules of a bailout by the failure, our representatives are lying to our face, and the President claims to be “stunned”, yet the same Treasury he defends is the one who supposedly added the language. I assume that since he is “stunned” we are to be convinced he knew nothing of it. This really scares the crap out of me, because HE is supposed to be in charge!!!!!!!!!!!
I’m sorry, I’m calling BS………. All those who were counting on “Hope and Change” here’s a newsflash, YOU GOT HOSED!!!!!!!!!!!!
But hey folks, it’s only $165 million of YOUR money we are talking about, right……..
Oh just for the record, the top two recipients of 2008 AIG Campaign donations: Senator Dodd (1) and then Senator Obama (2). How's that for Sunshine & Happiness ?
"Torches and Pitchforks - Protecting Americans from Politicians since 1791."
"Torches and Pitchforks - Protecting Americans from Politicians since 1791."
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