I mean, really AIG?
Some of you have probably been following it, but AIG is under fire for awarding seven figure bonuses to executives WHILE being kept afloat by $170 billion of bailout money.
My question stands: Are they really that oblivious to the economic situation, or, better yet, do they feel that they are DESERVING of the bonuses?
Here's some facts:
- 73 employees received bonuses of over $1 million each.
- The largest bonus paid was $6.4 million.
- 7 people received bonuses of $4 million each.
After receiving the bonuses, 11 employees left the company. A parting gift, perhaps?
I think it's fucking bullshit, and those people should be forced to return every penny. If not, I hope that Congress goes through with its plan to tax the fuck out of the bonuses.
I'm interested in hearing what some of my fellow NS'ers say. Is anyone in favor of it?
skiminnesota, your input is very welcome here.
Who is really oblivious here?
Uh, that would be President Obama and every Democrat who voted for the Obama "screw-u-lus" package. It was in there the whole time.
But Frank, Hodes, and 244 other congressmen — all Democrats — voted last month for a stimulus package that explicitly allows TARP funds to be used for such bonuses. To be precise, President Obama’s $789 billion stimulus package contained the following provision, which deals specifically with executive compensation at AIG and other companies that receive TARP money:
The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.
Rep. Ed Royce (R., Calif.) read this statutory language to the subcommittee twice during the hearing’s early-afternoon session, just in case anyone was unaware. The executive compensation loophole was not merely a holdover from President Bush’s original bailout plan. It was laid out in clear statutory language that was enacted and signed by Democrats over vigorous Republican opposition. The provision was inserted in conference committee by Senate Banking Committee chairman Christopher Dodd (D., Conn.), one of the biggest beneficiaries of political contributions from AIG employees.
President Obama's "screw-u-lus" had the AIG bonuses in it, not to mention big bonuses for execs at Citigroup, Bank of America and the other major financial institutions who use bonuses as part of their pay structure and took TARP money. Chris Dodd himself wrote this amendment, and Democrats who control Congress protected this bonus structure.
And now, Barney and Friends are "outraged." Too bad they weren't outraged enough to vote against this amendment when it mattered.
excerpted from http://www.michaelgraham.com/
