Just The Facts, Barack
By SusanUnPC on March 17, 2009 at 5:22 PM in President Barack Obama, Tim Geithner
FACT #1: SEVENTY-THREE (73) AIG EXECUTIVES WERE MAILED $1 MILLION BONUSES LAST FRIDAY (and 11 have already left the company). (USA Today)
FACT #2: TIMOTHY GEITHNER WAS THE LEAD MAN IN CREATING THE BAIL-OUT OF AIG in FALL 2008 (”He was in the room at every turn of the crisis,” said another executive who participated in several such confidential meetings with Mr. Geithner. (From my earlier post, “Who Was It Who, Oops(!), Forgot to Add a Clause to Prevent Humungous Bonuses to AIG Execs?“)
FACT #3: THE TREASURY AND FEDERAL RESERVE OFFICIALS KNEW ABOUT AIG’S BONUS PROGRAM LAST FALL. (From mountainaires’ comment, quoting today’s New York Times article.)
FACT #4: BILLIONS OF THE GOVERNMENT-GIVEN MONEY WENT TO FOREIGN BANKS. (USA Today)
DRUM ROLLLLLLLLLLLL …..
FACTS #5 THROUGH #4,000,000,000,000
(that would be in trillions of dollars):
Timothy Geithner, instead of being retired, was anointed by PBO as our Secretary of the Treasury.
… Mr. Geithner’s involvement in several ultimately ill-fated efforts to buttress the American financial system is the very reason some Wall Street C.E.O.’s — a number of whom spoke on the condition of anonymity for fear of piquing the man who regulates them — question whether he’s up to the challenge.
”All of these ‘rescues’ are a disaster for the taxpayer, for the financial markets and also for the Federal Reserve System as an organization. Geithner, in our view, deserves retirement, not promotion.”
[...]
— “DEALBOOK COLUMN; Where Was Geithner In Turmoil?,” New York Times, November 25, 2008
(Release: November 13)
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My email to Sen Snowe sent similar emails to the three Republicans who made this possible.
The staggering insult to the American Taxpayer’s was your cowardly vote on the bill that made the bonuses possible. Next time read the bill and get of your knees.
These bonuses are a staggering insult to the American people,” Senator Snowe said.
While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009,” which exempts the very AIG bonuses Dodd and others are seeking to tax. The amendment is in the final version and is law.
Also, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.
Case closed. Legislators are prostitutes.
whores. every last one of them.
NO NO NO …. Whores work very hard for a living and take risks. These guys are PIMPS … all the cash and none of thre risk. Please …. ENOUGH with pointing at the lowly hooker as the lowest of the low. They are the most exploited on the chain.
I have to agree with the correction.
heh. i stand corrected.
Hey now, even protitutes has some self respect.
In many cases they are the Johns.
I am so glad you wrote this! I had misread the news of Senator Dodd’s legislative proposal, and did not realize, he was exempting the bonuses from tax liability. Thank you.
Where was our vaunted leader while all of this was going on? Expressing “outrage” while doing nothing to stop it.
Does anyone really want someone like this deciding what happens to Medicare, Medicaid, Social Security, bank solvency, War, Veterans Affairs, etc.?
Obama will never go against the folks that paid the most money to get him where he is. That’s why instead of filing federal charges through the US Attorney General against AIG and others, Obama loosed Geithner, on these clowns.
Hollywood wants a bailout. The newspapers want a bailout. Where’s Obama? Why isn’t he saying hell no?
What ever happened to the first set of executives found partying down and buying stuff on the taxpayers money? Why nothing. So much for change.
And wasn’t Obama second on the list of the recipients?
YES and on most of the lifetime list from like Fanny mae ect, he made more from them in his 2 years then the other Senators who were there for decades made.
#5
http://www.foxbusiness.com/story/markets/industries/finance/dodd-cracks-aig—time/
Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.95, 0.1699, 21.78%) bonus recipients so the government could recoup some or all of the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.
While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. The provision, now called “the Dodd Amendment” by the Obama Administration provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” — which exempts the very AIG bonuses Dodd and others are now seeking to tax
I guess that makes those AIG execs eligible for political asylum in Sweden or Switzerland or the Cayman Islands.
The Park Hotel in San Jose, Costa Rica, will make most of them feel at home.
Thank you, Lyn, for posting that blurb on Sen. Chris Dodd (D-Countrywide.) The MSM’s been allowing him to skate for far too long.
I just posted your comment on the Hartford Currant. The more CT knows about its senior Senator, the better for the rest of us.
Dodd says he didn’t do it. Someone else did. Who? I don’t know he said. My guess is he is now the scapegoat for old Timmy boy who is just as much in over his head as his boss is. Our money is being thrown out the window by incompetent idiots and no one is doing anything about it. We must protest loud and long over this. There must be some others out there in govt. who will do something. McCain and Paul are speaking out, but someone, namely US, needs to demand this END NOW.
I am sick to my stomach. They are all crooks, liars and thieves, starting with the most dangerous, 0bama. Because he talks out of both sides of his mouth.
That’s if his mouth is located where his ass is!
Facts? Since when has Obummer been interested in facts?? He is all about fantasy and fakery. Why would he want to introduce facts at this late stage in the game? It would only confuse people, make them start to think about the facts regarding him and his minions. Can’t have that, now can we?? Facts?! give me an effing break. (rolls eyes dramatically)
Right. He won. That is the only fact he is interested in. He has these 4 years to steal from the govt coffers.
What Smirky and Darth didn’t get, That One will. How much yelling in a pickle barrel will it take for the clowns in DC to understand that they’ve about killed their Golden Goose?
How much yelling in a pickle barrel will it take for the clowns in DC to understand that they’ve about killed their Golden Goose?
When the bird is pickled as well?
I want to see Dodd interviewed and asked a few very pointed questions. He was also a recipient of Countrywide “favors” and now this weasel stuff with AIG.
And Geithner is looking smaller and smaller every day. Didn’t they say he was the only one for the job because he “knew where the dead bodies were?” He’s beginning to look deader than dead himself.
And I’m sorry, the outrage from Washington is too, too much to swallow. Hate the evil rich guys as we cram more wild and whooly spending down the American throat. Frankly, I don’t trust any of these people, nor do I think they know what they’re doing.
You’re right, Susan. We’re fucked big time. As are our children and their children and their . . .
Funny thing is that Dodd claims there was no date on his provision, but the date suddenly appeared after he wrote it! Ok, well, there are so many liars it is difficult to know who is lying. Dodd is no angel and I will stand up for no democrat (except Hillary and Bill), but to me it looks like Dodd might have been a target by the administration and this is Chicago gone national politics.
More to come I am certain!
President Incompetent-that’s what I call him!
I want to see Dodd arrested
The phoney SOB has the nerve to be outraged by this , as if the One didn’t know..he’s a song and dance man…Timmy will be under the bus soon… but let me take a break from my regularly scheduled presidency and go on Leno just to make sure people still like me….YOU PHONEY FUCK !!!!!
Americans are starting to wake up to you !
Not only is he going on :eno he is doing a fundraiser to see if he can still bring in the money he did last year.
I am searching for the link will come back and post it.
President Obama to headline Democratic fund-raiser despite economic downturn
http://www.nydailynews.com/news/politics/2009/03/16/2009-03-16_president_obama_to_headline_democratic_f.html
Talk about a slap in the face. Billions of dollars have disappeared and yet a fundraiser is one of his major appearances with less than 3 months in office. Why is he raising money? Is this money going to the American people?
Hey! They could donate that money to the disabled.
Nah. Never happen. Sigh.
I read somewhere that they want to tap those Democrats who haven’t donated to the One yet.
Expect phone calls….LOL.
I will be outside asking, “Brother, can you spare a dime?”
——-
BO is such a wanker. What he know of poverty of spirt, he who sat in the cave of Naw, Naw, Naw and pondered his navel for 14 and 6.
can we tell him the country wants real change from the top down?
>>> …he’s a song and dance man…
That be Rayciss!
Geithner did it purposefully knowing full and well that the bonuses were special gifts that would be used to purchase ‘legacy assets.’ What’s funny is that Geithner himself said last week that those people would be allowed to set the prices for those ‘legacy assets’ for which I assume they will hardly ever if at all price them over 5 cents of their present value which is probably already maybe 10 cents on the dollar.
Maybe these people will be buying those so called toxic assets for less than a penny of their book value. I bet.
Bush was a clown, but like any clown, he performed on a part time basis. Obama is a full time comedian.
youtube…obama deception…oooops…..oh yeah i forgot
AIG CEO to Obama:
The Bonuses were last year’s business. We will now limit the number of bonuses and will work to reform how bonuses are allocated. That was all last year’s business. It was not under my watch that those Bonuses were arranged. And we will now call all bonuses “EARMARKS”
Remember the five days before he would sign a law maybe if he people might have sunshined Dodd’s gift. Obama lied and we got screwed.
We don’t need any sleuths.
With the 24 hour news cycle, this information will get out to the public.
These arrogant crooks know that, and could care less.
That says so much about the state of democracy in this country.
They are fearless, and we are helpless!
Obamas and company are robbing the country.
And Obama is doing all of this faux outrage over AIG. Spare me.
“The company says it needs to pay the bonuses because of a provision in Connecticut law, under Section 31-72, that is known as the Connecticut Wage Act.”
…
“Those receiving the bonuses work primarily at AIG’s financial products unit that is based in Wilton, an affluent town in Fairfield County. As such, AIG says that the bonuses must comply with Connecticut state law.”
http://www.courant.com/news/politics/hcu-aig-bonuses-0317,0,4235847.story
(ABC News with Charlie Gibson - I can finally watch the news again, as long as BO isn’t on - just pointed out that several legislators were courted by AIG, receiving campaign contributions, before the bailout. The list they mentioned included BO and Dodd.)
We’ve elected George W. Obama.
God help us but you are spot on.
What will it actually take to get anyone besides those of us with a functioning brain to take umbrage at this further looting of the Treasury and the direct slaps in the faces of those who pay taxes and are financially supporting this daylight robbery? The neocons are happy with this, I’m sure, because they’ve never encountered any sort of money they wouldn’t steal. Moreover, the supporters of That One are in such a state of denial that they’re useless, for all intents and purposes.
That leaves about 18 million of us to try to get out the message, in spite of the odds against it.
Another empty suit in Obama’s administration? More incompetence? A dolt to manage the financial affairs of another dolt? Tools, tools of tools, metatools.
Americans love empty suits. I am sure those who supported Obama are happy with their new Secretary of the Treasury.
So FOX is all over this story, and I click over to CNN to see what the bots are learning…CNN is covering the Pope’s stance on condoms for HIV!
It is maddening! Here in America, we live in 2 different worlds. The koolaid kingdom and Reality Valley!
BTW-CNN headline news is covering the Octomom baby proffing her house!!!!
OMFG!!!!!
baby proofing-sorry!
Gee, CNN, how many MORE leaches can we create with your help? I know we haven’t enough, even with the AIG theft of taxpayer’s money and That One’s apparent sleeping at the wheel because he’s so tired, what with all the work he’s doing for us.
I do understand that you duds believe in equal opportunity including theft for all, but let’s *really* get the public to work on this one. We must leave no no corporate or individual welfare queen behind. You can even take the money out of my pocket, if you like.
America is doomed.
Any wonder Obama et al cast aspersions on Fox News?
I’ve tried several times to respond to your comments but have deleted them, one at a time. I am beyond words and can’t seem to locate them without resorting to my old military language, which isn’t fit for publication. You are correct and I am at loggerheads. We’ve been taken to the cleaners yet again because the extremist element on both the right and the left don’t want to do much of anything but take (and take and take and take).
And we seem to do nothing but give, in return.
I guess I’m one of the very small minority that see this event as another example of the death of capitalism
You have 62 seasoned employees staying on that earned those bonuses based on the previous economy and unless it is proved that they did something illegal then they should be payed what is owed to them.
I will add that if it becomes a fact that the government can take advantage of employees of bailout companies by denying them their due compensation then there will not be good people working at AIG. The brains will leave for other companies and the bailout companies will fail and cost us trillions more.
Try not to disagree with me all at once but I believe that the bailout originating with Paulson has worked to prevent systemic collapse of the world system. When you look at the payouts AIG did for banks and other institutions you can see the magnitude of the near collapse. Those banks Here and abroad would have failed without that bailout money payed by AIG.
As for the bonuses the last time I checked they were about 1% of the money.
I agree that Geithner is kind puny, but I do think he understood the risk and made sure that major institutions world wide were payed.
One thing I hate more than anything is bait and switch…If I was expecting money and had my NY Apt to pay plus the kids, I would be devastated by the bait and switch and herd mentality.
Knowing that the salaries are rather paltry and now congress wants to tax 100% of the bonuses why would I stick around. That’s why these bailout companies will be nationalized. Frank Dodd and Schmur terrorizing and legislating class warfare.
Why stick around?….I wouldn’t take that crap!
As we saw with Bear Stearns and later Lehmann bros all financial banks and institutions are interlinked which erases all international boundaries. It was just as important for AIG to pay what it owed Sachs as it did German banks and others.
Treasury and the Fed see what happened with Lehmann and how that one failure nearly stopped business completely world wide. If AIG had failed then real estate and all assets would be worth pennies on the dollar today.
Irrespective of who is responsible, those bozos who gave and those took the money knowing how dire the middle-class situation is, are criminals in my book. And those who wanted, or even allowed, it to happen should be brought before the bar of justice along with those who were party to the malfeasance. This is robbery and robbery is a crime.
Ferd,
I can agree that robbery and greed has been committed on all levels in this economy and particularly by certain financial geeks that created the CDO and other financial instruments with the blessing of the Fed.
I aslo saw greed by all Americans including myself to try to have the American dream…Oh the shame!
What I don’t want to see is global Bolshevik revolution as a result. I have always thought that communism would make a come back and if you are an industrialist like me the warnings are very clear.
Let’s pick and choose our new villains and make it next to impossible to make money in this country.
I will be John Galt if I have to be!!
Seattle:
Unfortunately this isn’t about communism or even socialism any more. All these terms that are thrown about are meant as wedge or diversionary double-speak a la 1984.
Both the hard left and the hard right have been co-opted by a much more brutal and cynical force, which knows no political ideology except dominion over all. Does it matter if the group leading it is hard right or hard left when the outcome is identical in both cases? We must rid ourselves of the old Cold-War communist/socialist vs. capitalist/fascist idioms and come to grips with the real enemy, one which knows no country, no boundary, and no ideology.
Ferd,
Interesting times when you see the end of right wing thug politics and the rise of left wing thug politics.
I guess the fight will go on!
Agreed. The fight will go on but we’re fighting against those on the hard left and hard right fringes who are one and the same.
As a centrist I agree that both political extremes will try to destroy America to prove their point.
That is why I haven’t voted for a winner since 1996.
I could have felt at ease with Hillary as president.
Instead we have drones and incompetents everywhere.
Me, too. The last winner I voted for was WJC in 1996, as well. I’m still incensed that the best hope and the second-best hope for this country were summarily dismissed for a scrawny, empty-suit of a slacker who lied, cheated, and conned his way into office.
I said many times that I don’t hate That One. No, I only detest him absolutely as he isn’t worth a plug nickel or any more of my time.
Gore blew it by not getting behind Clinton which fragmented the coalition. I was for McCain as a result and will never forget how he was treated by the Bush thugs. I could never vote for the empty suit. Make that ANY empty suit.
Houston 2000
I was one of only 25% in my area for Gore.
Seattle 2008
I was one of only 25% in my area for McCain
Someone said to me the other day..”You seem to hold the President in contempt!” My answer was “He has a long way to go before I think that much of him. He is beneath contempt, way beneath it.” The person just smiled and walked away.
With all due respect for you and your apology, please speak for yourself. I drive a 15-year-old Toyota with over 200,000 miles on it. I don’t own my own home, and I don’t throw half my food away for spoilage. I live considerably below the level my parents did.
So were you also opposed to the government demanding that the contracts of the autoworkers HAD to be renegotiated before the automakers got a dime of bailout money?
Where is your outrage that the autoworkers were “taken advantage of” and “denied their due compensation”? Was it a sign of the death of capitalism that THOSE legally binding contracts of hard-working employees had to be done away with? Was that “bait and switch” just as reprehensible in your view?
By the way, I love prudently guided capitalism, and am not into class warfare, as I’m one of the top 1%. No problem with the rich here - I am one of ‘em! But I do believe in honesty and fair treatment.
If it was okay to do it to the autoworkers, because of the dire need and national economic emergency, then it’s good enough for the AIG execs as well.
Why is it only “ooooooo….scary socialism!” when the RICH get hit, but it’s not “socialism” when the money comes out of the pocket of the little guy?
What is an AIG exec?
How about 62 people that make up most of the operation. They’re all considered Execs.
If I was working for AIG right now and I had to live on salary alone I would be somewhere else working based on performance. The market will dictate salaries and if working at AIG is as rewarding as working at the DMV why bother.
I realize we need scapegoats..Hammering on the auto execs for flying in on their jets like all execs do was disgusting and I felt for those workers building those jets.
The auto industry is down 50% world wide and we have the choice of saving the companies for a better day or not..I’m glad we’re saving them
As for the auto workers. They are forced to make less because of jerks who allowed foreign companies to set up in Alabama and elsewhere funneling their profits back to aAsia.
I have no problem with executives using jets. That is a red herring. And you didn’t answer my question. No, the autoworkers were not forced to make less because of foreign companies - at least not in this specific instance I cited. That has to do with why the industry as a whole is failing, not the question I asked.
My question was very simple: why is it “okay” for the govt to invalidate a legal contract for income that the autoworkers were depending on, but not okay to do the same to AIG employees? Why am I to feel sympathy for the AIG employees, but none for the autoworkers?
Why was it okay to reduce the contracted income of the autoworkers in order to save the companies, but it’s NOT okay to deny the AIG bonuses for the very same reason?
It’s quite the double standard to view only one as “govt interference”, and give the other a pass, when they are essentially the same.
I was against the government making the Auto companies break the contracts. I don’t blame the auto companies for their position as all companies find themselves today…
I also was in favor of massive investment in the auto industry along the lines of a NASA type program since the automobile is what got us into this mess and the heavy infrastructure of the car companies is the only way to solve the energy and pollution problems.
The Auto Industry is a top National Security concern.
as a caveat..
The citigroup jet that was ordered a few years back when we had another economy should have been delivered as ordered. That was a contract and I feel for the Salesman that has to deal with that cancellation and all the workers that took pride in building the plane..The media decided to kill that industry…To Scapegoat! Shame on them and the herd.
As we know Obama decided to go after the tourism industry a few days later so forget the vacation…Bad!!
I’m with WMCB on this one.
So many of the little people have been screwed over the years. Folks like flight attendants at United Airlines. They had to give up perks, but the higher ups still received bonuses that year. Why do we the people put up with this crap?
There should have been a clause about the bonuses for last year’s work being dwindled down. Even just for the mere fact that last year’s work was not that good or the company would not be failing.
No, there is something rotten in Washington, and it stinks from the head.
WMCB, I agree totally with you! Thank you for your comments.
I was against the scapegoating and humiliation of the American auto industry whether it be the workers or the management. US car companies were putting out great products and had some exciting retro cars when speculation on oil(another crime)drove up prices and then the resulting collapse of credit and asset valuations killed the dream.
The American dream…
I drive American cars and there is a reason for it…As an American I have lived in socialist countries and I can tell you everything is a nice shade of stagnant gray.
Buy American…If you can!
Exactly, they were turning out products with improvements in quality that often matched the Japanese cars.
The other day I was watching a commercial about a Honda Accord that gets 31 mpg. What a great economical car it is…etc.
Yet, our V-8 Hemi got 29 mpg on the highway last week and keeps smiles on our faces at the same time. Even better, just the sight of it upsets Prius owners.
Yeah Karma!
My Hemi has 50k miles without any problems. The best car I have ever owned and I have had many.
I might get a used SRT-8 and dress it down like the limited so that only the trained eye could capture the lowered stance plus that rumbling sound through the exhaust pipes.
We haven’t had any probelms either and it’s been a stimulus package for a couple of cities through speeding tickets. Shhh…lol…I am a good girl now.
Oooh…an SRT. You’ll still get the head whips catching a glimpse. Spotted a debadged black one the other night…and I didn’t even hear the rumble.
They really do sit nicely an inch lower and with bigger rims.
And those brakes peering through the rims….stunning…lol
SM, was that an answer to WMCB? Were/are you against the government breaking the union contracts with the auto workers as well as the contracts with AIG? I don’t think you’ve really answered this one and I would really like to know your answer.
The quick answer as I’m on the go today
I was against the government breaking the union contracts at a time when the WORLD auto industry was collapsing. When all companies are losing 50% then tampering with contracts only looks like grandstanding. The whole episode of the treatment of the auto execs and workers was willful national suicide.
Stick with the contracts at hand!!
Well put WMCB.
It isn’t so much the automakers or AIG that acted like idiots and drove their businesses into the ditch, I think it is more about our government throwing our money at the problem without oversight, regulations or restrictions. If my children EVER got themselves into this sort of situation, I would NEVER provide one bit of assistance without conditions. Sorry, if this sounds too simplistic. I am furious!
MBC,
My better half says that to me exactly the same way..
My whole point is that contracts need to obligated so that you don’t get into a pick and choose of who gets punished in this new economy.
Why would they get bonuses when the company is posting losses?? Huge losses. The people who are responsible for that should be penalized, severely. Giving them bonuses with the taxpayers’ money isn’t the way to do that. It was AIG who had the contract with those executives, not the American taxpayer. We are not responsible for maintaining that contract, or paying the bonuses. Let the executives get by on their salaries and savings, like the rest of us. Or let AIG bail themselves out and pay the bonuses. But to say that they are entitled to bonuses after running the company into the ground to the point that the US taxpayer has to bail them out is ludicrous. You get bonuses for good performance, not for running a company into the deepest ravine you can find.
Where does it stop..Today it’s AIG
Tomorrow it’s homeowners forced to make restitution.
http://www.ibdeditorials.com/IBDArticles.aspx?id=322181751850052
National Debt $11 Trillion.
Headline on Drudge now.
This is from DECEMBER Does anyone know if there was a reply or follow up? IF this Congressman knew what was going on and wrote this in DECEMBER Where was the MSM? (I know celebrating the historic election)
http://rainbowwarrior2005.wordpress.com/2008/12/04/aig-giving-cash-awards-a-new-term-for-bonus-to-130-managers/
December 4 2008
Here is a copy of the letter that Rep. Elijah E. Cummings (D-Md.), a senior member of the House Committee on Oversight and Government Reform and a member of the Joint Economic Committee, sent Edward Liddy, President & CEO of AIG, yesterday.
December 1, 2008
Mr. Edward M. Liddy
Chief Executive Officer
American International Group, Inc.
70 Pine Street
New York, NY 10270
Dear Mr. Liddy:
I write today to request that American International Group (AIG) fully disclose to the public the extent of the payments being made to senior company executives under your employee “retention program.” The limited information that is currently available to the public about this program is insufficient to constitute the level of disclosure that the American taxpayers, who have bailed out this firm repeatedly in recent weeks, have the right to expect.
In form 8-K dated September 22, 2008, and filed with the Securities and Exchange Commission (SEC), AIG disclosed the following: “On September 22, 2008, a retention program of American International Group, Inc. (”AIG”) became effective. The program applies to approximately 130 executives and consists of cash awards payable 60 percent in December 2008 and 40 percent in December 2009.”
AIG has recently indicated that it will not provide performance bonuses in 2008. However, in what appears to be a disingenuous “slight of hand,” AIG has announced its intention to continue to provide the retention program payments (commonly known as retention bonuses) previously announced in September - albeit some executives have apparently opted to delay receipt of these payments (but not to forgo them). Thus, in form 8-K dated November 24, 2008, and filed with the SEC, AIG disclosed the following: “On November 24, 2008, the Executive Officers of American International Group, Inc. (”AIG”) who participate in its previously disclosed retention program, including Chief Financial Officer David Herzog and Executive Vice President Jay Wintrob, volunteered to delay payments thereunder, with the first installment being delayed from December 2008 until April 2009 and the second installment being delayed from December 2009 until April 2010. Chairman and Chief Executive Officer Edward M. Liddy does not participate in this program.”
In September of this year (and several days prior to the SEC filing announcing the “retention program”), the U.S. taxpayers provided a bailout loan of $85 billion to keep AIG afloat; in return, the federal government received an ownership stake in the firm. Subsequent actions increased the total size of the bailout to more than $150 billion - and restructured some of the initial loans provided to the firm. Without taxpayer intervention, AIG would have ceased to exist and, to be blunt, all of its employees would have lost their jobs.
Against this background - and given the massive layoffs occurring at other major financial entities, such as Citibank - the American taxpayers have a right to know why senior executives at AIG, who are frankly lucky to still have jobs, need to receive additional bonus payments of any kind to retain them at AIG. To that end, I request that AIG disclose to the public the following information:
1. Which executives in which AIG divisions are receiving the retention payments - and how much is each executive receiving” What are the base salaries of the executives receiving the retention payments?
2. Are all executives delaying receipt of these payments until April 2009 - or, if any executive is not delaying receipt of the payments, which executive or executives is/are receiving payments in December 2008 and how much is each executive receiving?
3. Why is it necessary for any AIG executive to receive a retention payment - and why is it necessary that these be scheduled for April 2009 and April 2010?
4. What will be the source of the retention payments provided in 2009 and 2010?
AIG has previously claimed in correspondence to me that it is working “to create a transparent, accountable culture to regain the trust of the American people.” The disclosure of the information requested here will be a first step toward providing the kind of transparency that the American people have the right to expect from a private firm to which they have provided more than $150 billion in financial assistance.
Sincerely,
Elijah E. Cummings
Member of Congress
Ask Christopher Dodd Why his legislation in the stimulus bill specifically requested that contractural bonuses pre feb 2009 be exempt from limits and penalties.
Oh that’s easy, because he is a bought and paid for whore.
Tell us how you real feel Lyn.
Oh, and thanks for the chuckle.
What the obamabots have failed to recognize, due to their complete ignorance and stupidity added to the lack of any sort of experience, is that the policies of their adored master, who gets his feet kissed and backside smooched by them at every available opportunity, That One, will make them indentured servants for the rest of their miserable existence (and thereby making the rest of us potentially be in the same hovel). Somehow their servitude into perpetuity doesn’t make me feel any better and actually, rather pisses me off.
Here is what I wrote to USA Today:
Obama and company’s phony outrage over the bonuses paid to AIG executives is a bit hard to swallow. While Obama went barnstorming across the country trying to scare up support for his unprecedented spending spree and stongarming representatives into passing his bailout package, he never bothered to ask for an accounting of the money that had already been given. The public knew that AIG had already gone on a swanky retreat right after the first bailout money had been given, yet Obama and congress handed over billions more dollars with no strings attached. Their excuse for this irresponsibility was that we needed to act quickly. No one even had time to read the bill that was passed which was how Dodd’s lifeline to his largest contributor went unnoticed. The greed and incompetence in this administration is staggering. Meanwhile, may I also point out that right next to Monday’s article about the AIG bonuses was a report that 3 times as many US soldiers are dying in Afghanistan now as were this time last year. Obama wants to study this issue before committing more troops. How is it that there was a “fierce urgency” to throw many at Wall Street executives (huge contributors to Obama’s campaign) but no such urgency to save our soldiers’ lives?
It’s simple. The soldiers didn’t donate millions to his campaign fund. Wall Street did. That’s what counts with Obummer. And that’s all that counts, it seems.
Spot on.
Can Joe Biden get any dumber?
Biden when interviewed said:
He expects us to believe that 20% unemployment is better than 6.5% unemployment. He expects us to believe that our trade, currency value, and stock market are worse off now than they were when FDR entered office?
Biden then goes on to make it worse:
The problem FDR came into office with was “clear?” Has Biden ever read any books on the Great Depression and The New Deal because if he had he would quickly learn that no one – but no one – in government had any idea how to deal with what they had or what direction the economy would take including never recovering.
And then we have the Obama Administration beginning to lie on a regular basis.
How is that possible when last Fall, as the Chairman of The Federal Reserve, Geithner was responsible for giving AIG a high interest loan in the first place and later help craft the TARP program that included rules about executive compensation but nothing about retention bonuses.
“Sources in the Obama administration Tuesday said that despite previous media reports”
So does that mean they admit there WERE previous media reports but noone around the WH read them?
What about the letters from Congressmen, that were reported in Dec? the WH didn’t know about that either?
ClassicUnPC,
Thanks.
[...] everything I wrote yesterday here about the AIG outrage is told in the interview below by Greta Van Susteran (except that I [...]
[...] See also, my earlier story, “Just The Facts, Barack.” [...]