First Rush Limbaugh came out and defended the bonuses being paid out to AiG’s executives (at least 73 of them got at least $1 million), and now his brother in arm on Fox, Glenn Beck, also supports the robber barons.
As I’ve said before – I want more of this from conservatives. For too long they’ve pretended to stick up for the middle and lower classes while doing the upper crust’s dirty work. Show your champagne biases, boys!
Some do, some don’t:
http://thepoorman.net/2009/03/17/message-disciplines-what-got-us-into-this-mess/
HA, you libs crack me up. It was YOUR bill that stated that contractual obligations were to be kept for these institutions! YOUR GUYS added that in specifically! Then, as typical left wingers you are, you bitch about it after the fact. You guys own 80% of the company, put in YOUR own CEO for AIG, then have the balls to come out and bitch about it after the fact. Contracts were signed, but apparently that means nothing, as you guys want judges to rip up home loans that both parties signed as well!
Also, not more then a week ago, the Obama admin stated they knew where every cent was going in AIG. Apparently, they have no idea what they are talking about as it has been known for nearly 6 months these bonuses were coming.
So, forensicd, do you with Misters Limbaugh and Beck in this instance, or do you disagree?
Some of the guys getting the bonuses don’t even work for the company anymore…
More message discipline:
http://thinkprogress.org/2009/03/17/republicans-opposed-paycaps/
Its absurd for the government to approve a bailout, fund it with our money to ailing companies, lay out exactly what is and what is not to be done with the money, then become outraged that bonuses are given even they knew damn well they would be, and had known for several months. Either the Obama admin has no idea whats going on with the bailout money and are clueless, or we are all being played for chumps. Im assuming the latter.
Yup, both LimpBall and Dreck are nuts.
forensicd says: “…”
Obviously I need a nap, cause I read your name as Foreskin. I’ll try not to refer to you as that in future, but I can’t make any promises.
AIG bailout approved by Treasury in Sept 2008 (Bush/Paulson).
Geithner in office < 50 days. Could the AIG have bonuses been missed by Obama and Geithner. Yes. Bush and Paulson cut the original deal.
The lie that bonuses were for retention has fallen apart, since several bonuses were paid to people who have left AIG.
…AIG disclosed its retention-bonus program more than a year ago, including bonuses directed to those handling the exotic derivatives that got the company and the country into this mess.
Obama admin stated they knew where every cent was going in AIG.
Yes they did:
TAPPER: AIG, is the administration confident that it, that it knows what happened to the tens of billions of dollars previously given to AIG?
GIBBS: Is it confident — I’m sorry?
TAPPER: That they know — that you guys know what happened to the previous billions before you hand over this next $30 billion.
GIBBS: Yes — yes, the — I mean, I don’t think it’s a — well, obviously, you’ve got a huge insurance company that is losing money, not the least of which because of its sheer size and sheer size and decrease in the growth in our economy. It experiences a far bigger drop, largely because of its size. But, again, the steps that — that Treasury and — and others took were to ensure a larger systemic problem wasn’t one that we had to deal with here today in letting something just die.
TAPPER: But in terms of specifically the — I guess it’s like $150 billion before, you guys are confident…
GIBBS: Yes.
If only there were no bailout, we wouldn’t be dealing with this. Unfortunately, they’re contractually obligated to pay these bonuses, and if they break contract, they’re get the pants sued off of them. People were aware of this before they got the money. Shoulda just let them file bankruptcy.
No More Bailouts!
Obama admin stated they knew where every cent was going in AIG.
Yes they did:… Tin Ear
So Gibbs and President TelepromPter were for AIG corporate crooks before they were against them?
The outrage of it all.
If there were no bailout then there would have been bank runs several months ago and we’d be living in a much darker world today. The scale of this was so huge, and the influence of AIG was so large that we’d be talking massive unemployment and loss of savings had the government not done something. So this seems like a minor thing to have to deal with compared to what could have happened.
So this seems like a minor thing to have to deal with compared to what could have happened. Michael Over Here
So why all the pretend outrage from Team Ready on Day One, Michael?
did Rush or Beck write the TARP or sign the TARP bill
no!
Here’s a piece from the NYTimes…..
http://www.nytimes.com/2009/03/17/business/17bailout.html?_r=1&ref=business
They knew about these bonuses. This outrage by the admin is phony at best. It’s political grandstanding. This isn’t a surprise.
If they’d have just let’em sink, none of this would have been an issue. Now our tax dollars are going to a bunch of failed businessmen for no good reason.
Typical. They’re saying the contracts should be honored and Oliver’s Secret Decoder ring translates that into defending them getting the money like they deserved it.
Of course, not ONE word about Chris Dodd who wrote the legislation that allowed for these bonuses to be paid out nor for President Obama who SIGNED the legislation allowing it.
At least we know Oliver is keeping his JournoList membership up to date.
I continue to marvel at the ability of commentors on both sides to expound on the arcane details of payment agreements no one has seen.
In short, nobody knows jack about these bonuses, to whom they were paid, or on what basis they were awarded. Doesn’t stop you people from hollering about it, does it?
forensicd: …lay out exactly what is and what is not to be done with the money…
No, it didn’t. The bailout Bush/Paulson made didn’t have requirements or restrictions that were anything near specifying “exactly” how the money could be spent.
So why all the pretend outrage from Team Ready on Day One, Michael?
Reading comprehension, Dennis! I said this is a minor thing to deal with compared to complete economic collapse. I still said that it’s something to deal with. Not that these bonuses aren’t ridiculous and the government should do everything in it’s power to make sure the employees in the AIG Financial Group don’t receive them.
Which do you prefer? Having to write some tax code or look for legal means to keep a few crooked executives handing out bonuses OR the complete collapse of the US credit market and massive loss of wealth due to bank runs? I await your answer.
Jay : Of course, not ONE word about Chris Dodd who wrote the legislation that allowed for these bonuses to be paid out nor for President Obama who SIGNED the legislation allowing it.
AIG’s got an $85 billion credit in September, before Obama was even elected. That would have been signed by Bush.
Bush was still president when later last year the packaged was increased to $150 billion.
Which of these are you referring to as the one “signed by Obama”.
Of course, not ONE word about Chris Dodd who wrote the legislation that allowed for these bonuses to be paid out nor for President Obama who SIGNED the legislation allowing it.
Well, I’ll say a word or three: Good for Dodd! If Congress passed a law that declared existing contracts void, the issue would be in court til doomsday. Also, recall at the time, good conservatives were wailing about the government having the audacity to tell companies what they could pay their employees.
At the time the bill was under consideration, it was probably a good idea to limit its reach to contracts signed after the freakin’ law passed!
Maybe one of these days we’ll have that time machine we’ve been needing so we can go back and change the past.
IIRC the AIG funds weren’t part of the TARP at all and handled by Paulson outside of the bank bailouts.
I continue to marvel at the ability of commentors on both sides to expound on the arcane details of payment agreements no one has seen. In short, nobody knows jack about these bonuses, to whom they were paid, or on what basis they were awarded.
Most Open and Honest Administration EVAH!
SaveFarris, you idiot! As comments immediately proceeding yours stated: the AIG funds were exclusively handled by the Paulson in the previous administration. You’re an idiot!
if they break contract, they’re get the pants sued off of them.
So the GM workers get their contractually guaranteed pensions back?
As if.
I say DARE the bonus babies to take their case to court. They are already a lot less popular than Bernie Madoff, but that isn’t enough for them.
Good luck on finding a sympathetic jury who think incompetence and corruption deserve a million dollar reward. For that matter, good luck on finding a friend who doesn’t make you pay extra for her time and the room, just because of who you are.
After a few plaintiffs lost and paid the court costs, and after they found themselves shunned from both polite and rude society, I don’t think we would hear from the others.
Sean, stop being stupid on purpose.
The stimulus bill, signed by PRESIDENT BARACK OBAMA (D) contained an amendment put into the bill by SENATOR CHRIS DODD (D) that protected any bonuses worked out before February 11, 2009. As such, Obama’s rhetoric about the AG using “any legal means necessary” is a moot point. When he put his signature on that stimulus package, he signed away whatever legal means he may have had at his disposal.
So, as I’ve said before and will say again: POSTURING. Let’s add political grandstanding to the mix. Obama’s “outrage” is a bunch of bullshit. They knew about the bonuses already and knew they had no legal means with which to stop payment on them.
The One fucked up. Deal with it.
Jay, stupid on purpose is a big ask without any links. From my personal of the actually text of the Dodd amendment it specifically exempted pre-existing bonuses from being taxed by the tax increase in the stimulus. I haven’t been able to find wording that explicitly protects bonuses like you’re saying. Now if you’re willing to link to a line in the bill that states otherwise we won’t have to assume that you are in face POSTURING (in all caps for some reason). Or do you lie just because it’s easier than being intellectually honest.
I’m really serious on this one though, if you can link to text in the bill that protects bonuses then I’m more than willing to concede this point to you.
That should have been “personal reading”
Yeah it’s fascinating how contract law now apparently supersedes all other law including the Bible, and must be kept inviolate and sacrosanct (for top execs of course). When it comes to those little people, those schmucks in the auto industry, who only expend a mere 30 years in hard factory labor with the expectation they can retire with some dignity and live the American dream as a member of the middle class with only one piddly home – their labor contracts aren’t worth the paper they’re printed on! They need to take pay cuts! Benefit cuts! And don’t count on the retirement that was promised to you neither! Somehow they seem to be able to be made to give back stuff that was given to them… but to try to retrieve stuff given to AIG Masters of the Universe, no that’s beyond the pale!
I never thought I’d find myself in agreement with Charles “Davros” Krauthammer, but we really do need lots of brutal public executions, ASAP.
Seeing as how Congress hopes to write up a law punishing people through the tax code for accepting money to which they were entitled by like Monday, it would seem there is law which trumps contract law. Of course, I doubt anyone here sees any potential for abuse in the Congress crafting ex post facto to attack unpopular people. Nope. No potential for abuse there.
I’m sorry, how much money has been recouped from UAW members since GM and Chrysler took a bailout? Hell, the only automaker to finish a renegotation with the UAW so far has been Ford, and they didn’t cut pay (but an agreement on benefit cuts was made).
Of course, I doubt anyone here sees any potential for abuse in the Congress crafting ex post facto to attack unpopular people.
I do. I’ll have to give you that one, SFC. I can’t say I’m comfortable with Congress considering a tax measure this punitive and narrowly targeted.
Repugs, some of the most retarded asswipes I have ever met. The assholes who said aig should get there millions do have a D after there name,but they are blue dog dems. these are assholes who run as a dem but are nothing more than repugs because they could not win an election as a repug.look at that asshole zell miller or that bitch leaberman. they call them dems. People need to look at these so called assholes, there more set on keeping there JOB than the people of this country.
[...] scandal isn’t the bonuses, it’s that their counterparties are getting paid back in full. Boss Rush and Blubbering Bircher Beck defended the [...]
The stimulus bill, signed by PRESIDENT BARACK OBAMA (D) contained an amendment put into the bill by SENATOR CHRIS DODD (D) that protected any bonuses worked out before February 11, 2009.
Dodd did amend the bill. He didn’t put the exclusion date in.
Posturing, Jay.
DAMNIT!
“Dodd did amend the bill. He didn
A pox on apostrophes!
SFC, after you paste the quoted text, replace all the apostrophes and quote marks in it.
He did though. Of course he did it after the Obama Administration pressured him to change it do more companies would be willing to be bought by the government.
http://firedoglake.com/2009/03/17/treasury-attempts-to-blame-dodd-for-aig-bonuses/
So, basically, Dodd did what the administrtaion is blaming him for doing, but the administration is the one who got him to do it in the first place. I don’t remember President Obama being this blatant about throwing people under the bus.
Heck of a job Timmy.
HUZZAH!
Thanks Quaker. I hope this is something which can be fixed on Mr. Willis’ side.
SFC, your link to Firedoglake doesn’t say that Dodd inserted the February 11 loophole. It says Dodd put in the amendment to restrict bonuses and the conference committee softened it. I don’t think Dodd was part of the conference.
Now, CNN is showing a clip of Dodd saying he took part in the rewrite–but even at that, he says he wanted to keep it the way it was passed by the Senate–retroactive covering all previous contracts.
Also: I think OW’s fix has kicked in. I’m seeing straight-up-and-down apostrophes now.