Obama's Stimulus Bill Grants AIG the Legal Right to Give Unlimited Bonuses

[Bindare_Dundat]

hahahahahahahahahahaha


"(iii) 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...."

http://porkulus.butasforme.com/?p=110#bonus




Barack Obama knew AIG was preparing to pay bonuses

WASHINGTON - Cue the outrage. For months, the Obama administration and members of Congress have known that insurance giant AIG was getting ready to pay huge bonuses while living off government bailouts. It wasn't until the money was flowing and news was trickling out to the public that official Washington rose up in anger and vowed to yank the money back.

Why the sudden furor, just weeks after Barack Obama's team paid out $30 billion in additional aid to the company? So far, the administration has been unable to match its actions to Obama's tough rhetoric on executive compensation. And Congress has been unable or unwilling to restrict bonuses for bailout recipients, despite some lawmakers' repeated efforts to do so.

http://home.peoplepc.com/psp/newssto...0317-670572341

[Hedgehog]

This is bullshit.
I love how so many here defends AIG grabbing every dollar they can too.
How hard could it had been for Bush, Obama and their Treasuries Paulson and Geithner to write in a 'no bonus'-clause for any bank who wanted in on the bailout?
Paulson and Bush are criminals. But Obama and his little jockey better start produce or this will start look like just more of the same old big corporate America fcuking the little people over.   

[Soul Crusher]

This is 100% percent the government's fault.  I dont blame AIG one bit for this. 

[Dan-O]

Does this mean 1600 Pennsylvania Avenue and Wall Street are in bed together and Obama's "outrage" is nothing but a show??

[Soul Crusher]

Does this mean 1600 Pennsylvania Avenue and Wall Street are in bed together and Obama's "outrage" is nothing but a show??

Of course it is nothing but a show.

Obama and Dodd are the two highest donees of AIG campaign $$$$.  This is nothing more than a CYA show. 

Obama is the "Liar in Chief" and he knew about this a long time ago.   

[Decker]

So the government can step in and void existing private contracts?

I don't think so.

Obama's acrimony is predicated on the assumption that the contracting parties would have foregone any bonus compensation in light of the bail out.  They didn't.

So now the gov. will tax those bonuses into oblivion.

[Hedgehog]

So the government can step in and void existing private contracts?

I don't think so.

Obama's acrimony is predicated on the assumption that the contracting parties would have foregone any bonus compensation in light of the bail out.  They didn't.

So now the gov. will tax those bonuses into oblivion.

What you do is to let the banks know that there will be no more help if they won't get rid of the bonuses.
And then the useless media has to start to do its job in a total exposure of every one of these golddiggers.

Then the banks will pull the bonuses on their own.
It happened over here just a few days ago when some banks had their bonuses and raises for their executives revealed.
Lots of people threatened to move their accounts to other banks.
And all of a sudden, no banks or big corps here are giving out bonuses right now.
All have been canceled due to the extremely bad PR AND HR.

[Bindare_Dundat]

What you do is to let the banks know that there will be no help

Maybe this would cause some people to behave more responsibly.

[Soul Crusher]

So the government can step in and void existing private contracts?

I don't think so.

Obama's acrimony is predicated on the assumption that the contracting parties would have foregone any bonus compensation in light of the bail out.  They didn't.

So now the gov. will tax those bonuses into oblivion.

These people who got tyhe bonuses will sue the government and win.  You cant target people with the tax code like this.  The Obama/Geithner/Dodd cabal created this disaster by giving them the money and not predicating it on AIG not giving the bonuses. 

The democrats are truly liars of bibilcal proportions in this.

Oh, who got the highest amount of AIG campaign cash??  Obama and Dodd.

Just like Fannie and Freddy.

[Bindare_Dundat]

These people who got tyhe bonuses will sue the government and win.  You cant target people with the tax code like this.  The Obama/Geithner/Dodd cabal created this disaster by giving them the money and not predicating it on AIG not giving the bonuses. 

The democrats are truly liars of bibilcal proportions in this.

Oh, who got the highest amount of AIG campaign cash??  Obama and Dodd.

Just like Fannie and Freddy.

Surprise, surprise.

[240 is Back]

Some ppl defend AIG because they just like being on the opposite side of Obama.

These same folks defended the WMD lie and screamed "the war isn't about oil and bases" because they saw any mention of this as an attack on 'their guy', Bush.

People often take silly positions because they want their team to be right no matter what.  If Obama cured cancer, they'd complain about how many doctors are suddenly put out of work. 

[Decker]

These people who got tyhe bonuses will sue the government and win.  You cant target people with the tax code like this.  The Obama/Geithner/Dodd cabal created this disaster by giving them the money and not predicating it on AIG not giving the bonuses. 

The democrats are truly liars of bibilcal proportions in this.

Oh, who got the highest amount of AIG campaign cash??  Obama and Dodd.

Just like Fannie and Freddy.

The government can target the imposition of taxes if they are excise taxes.  This would be an excise tax.

Look, all campaign financing can be characterized as bribery.  Your quid pro quo allegation isn't a good one b/c of that.

The government cannot void existing contracts.  I.e., the government cannot condition the bail out money on the abatement of bonus compensation paid under existing contracts.

[Soul Crusher]

The government can target the imposition of taxes if they are excise taxes.  This would be an excise tax.

Look, all campaign financing can be characterized as bribery.  Your quid pro quo allegation isn't a good one b/c of that.

The government cannot void existing contracts.  I.e., the government cannot condition the bail out money on the abatement of bonus compensation paid under existing contracts.

This is complete nonsense.  Obama and Dodd were the two biggest campaign donees of AIG and need to return the $$$$ they got.

[Hereford]

So the government can step in and void existing private contracts?

I agree with Decker here. But the issue to me isn't really that they have paid bonuses with bailout cash, but that they were even going to do so in the first place, given the condition of the company.  If its free money, then hell yes they are going to drop a bunch of bonuses to the favored ones.

[OzmO]

So who's at fault here those who want their contract upheld or those who want to break it?

[Decker]

This is complete nonsense.  Obama and Dodd were the two biggest campaign donees of AIG and need to return the $$$$ they got.

Why is my post complete nonsense?

Why do Obama and Dodd have to return a penny?  On what basis?

[240 is Back]

i heard today that these 'retention bonuses' were designed to keep quality people at AIG from getting jobs elsewhere.

I also heard that 52% of the people quickly resigned once they received their 'retention bonus'.

[Soul Crusher]

Why is my post complete nonsense?

Why do Obama and Dodd have to return a penny?  On what basis?

Because Dodd clearly has a conflict of interest.  He specifically wrote in the language protecting thise bonuses after he got the campaign money. 

Of course, as a liberal/democrat, you cant say a bad word about a fellow dem.   

[240 is Back]

obama should give back the 100k, and mccain should give back the 60k.

It's that simple.

[Decker]

Because Dodd clearly has a conflict of interest.  He specifically wrote in the language protecting thise bonuses after he got the campaign money. 

Of course, as a liberal/democrat, you cant say a bad word about a fellow dem.   

Why attack me personally?

As a matter of law the government cannot interfere with the bonus compensation paid under an existing contract.

The language in the bill just acknowledges that fact.

There's nothing nefarious about pointing out legal facts in a gov. bill.

You are also equating legal campaign contributions with bribery.  Stop that.

You are creating a scandal where none exists.  You are doing a disservice to yourself and these boards by propagating this nonsense.

There are plenty of things to criticize Obama about and this is not one of them.

[Decker]

obama should give back the 100k, and mccain should give back the 60k.

It's that simple.

I would ask that they pay the treasury and not AIG.

[Hereford]

i heard today that these 'retention bonuses' were designed to keep quality people at AIG from getting jobs elsewhere.

I also heard that 52% of the people quickly resigned once they received their 'retention bonus'.

This is usually the way it works. This happened on the West Coast with PP&L too. It was just an excuse to pay a little more to the higher-ups in the company before it went broke.

[240 is Back]

I would ask that they pay the treasury and not AIG.

good call

[Soul Crusher]

Why attack me personally?

As a matter of law the government cannot interfere with the bonus compensation paid under an existing contract.

The language in the bill just acknowledges that fact.

There's nothing nefarious about pointing out legal facts in a gov. bill.

You are also equating legal campaign contributions with bribery.  Stop that.

You are creating a scandal where none exists.  You are doing a disservice to yourself and these boards by propagating this nonsense.

There are plenty of things to crit

Yes it is a scandal.  most of the money AIG is getting is being funneled to other entities.  They are getting 100's of billions of dollars of taxpayer money with no accountability being enfocred by the government. 

The govt doing this to the taxpayer is a scandal and a heist. 

[Decker]

Yes it is a scandal.  most of the money AIG is getting is being funneled to other entities.  They are getting 100's of billions of dollars of taxpayer money with no accountability being enfocred by the government. 

The govt doing this to the taxpayer is a scandal and a heist.

What other entities are getting the AIG money?

I thought the cash was being used to 'fill in' the holes in the ledgersheet of AIG?