Oliver Willis

Like Kryptonite To Stupid

“Tea Party” Rick Santelli Defends AIG Bonus Babies

March 17th, 2009 AIG Conservatives Economy 22 Comments

('’)

Share

He’s standing up for the little guy. The little guy with the giant fortune.

Posted in AIG, Conservatives, Economy |

« Conservative Leaders For AiG Corporate Crooks

Bush Is Writing A Memoir »

Both comments and pings are currently closed.

22 Responses to ““Tea Party” Rick Santelli Defends AIG Bonus Babies”

1. yo mama says:

   March 17, 2009 at 4:30 pm

   Solution: Quit giving billions of tax dollars to failing companies that are contractually obligated to give these said tax dollars to their executives.

   Your welcome everyone.

   Our government is just WOOOOOONDERFULLLL!!!!
2. Michael Over Here says:

   March 17, 2009 at 4:51 pm

   Purchasing equity does not equal giving free money.

   Could Santelli be anymore condescending? M, B, and T are different letters! It’s not Wall Street, it’s Sesame Street.
3. jr says:

   March 17, 2009 at 5:34 pm

   Rick hearts the second gilded age
4. TroyJMorris says:

   March 17, 2009 at 6:56 pm

   Don’t get me wrong, I’m no fan of Santelli, but he has a point.

   Get pissed about the whole cake, not the smudge of frosting.
5. TroyJMorris says:

   March 17, 2009 at 6:57 pm

   Seriously, the Government should have put… I don’t know… fucking stipulations when handing over money. Like anything. It was just a gift wrapped wad of cash.
6. Walker says:

   March 17, 2009 at 8:03 pm

   Don’t get me wrong, I’m no fan of Santelli, but he has a point.

   No he does not. Dollar amounts are meaningless. What matters is return on your investment. The fact that people are continuing to opine about the effectiveness of the bailout without considering ROI at all (and only look at dollar amounts) is one of the most destructive and counterproductive aspects of this debate.

   If we give billions to homeowners to prevent defaults that would lead to trillions of losses, then that is money well-invested; you are taking a smaller loss to prevent a greater loss. The problem is that there is no return on investment to give bonuses to people who put our economic system in danger and have shown little will or inclination to clean up after their mess.

   That is why everyone is up in arms. And is why Santelli continues to be an idiot.
7. Michael Over Here says:

   March 17, 2009 at 8:08 pm

   Walker has it exactly right.
8. Jaim says:

   March 17, 2009 at 8:08 pm

   IOKIYAR.
9. calling all toasters says:

   March 17, 2009 at 11:47 pm

   LEAVE AIG ALOOOOOOOOOOOONE!!!!!!!
10. matt621 says:

    March 18, 2009 at 12:11 am

    Dollar amounts are meaningless. What matters is return on your investment. The fact that people are continuing to opine about the effectiveness of the bailout without considering ROI at all (and only look at dollar amounts) is one of the most destructive and counterproductive aspects of this debate.
    

    Let’s look at ROI:

    AIG donations to Chris Dodd in 2008 election cycle: $103,100

    AIG donations to Barack Obama in 2008 election cycle: $101,332

    Total investment by AIG: $204,432.

    Return on investment:

    Dodd inserts the following provision in the stimulus bill:

    “(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, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.”

    A codified exception for contractually obligated bonuses agreed on before Feb. 11, 2009.

    Thanks, Senator Dodd!

    Obama goes public with fearmongering and doomsaying, telling the Congress and the American public that the stimulus bill must be passed without a moment to lose. We can’t wait for our legislators to actually, you know, read the bill or anything. Just stand aside and let me sign it.

    Thanks, President Obama!

    And on a $204,432 investment in Dodd and Obama, AIG receives its bailout money, with language in the law obligating it to pay bonuses in excess of $165,000,000.

    AIG’s return on investment, in bonuses paid under the terms of the Dodd Amendment to the Obama stimulus package:

    a cool 80,711.43 percent.

    HECK. OF. A. JOB. BARRY.

    This will make a sweet anecdote in the post-presidential memoir, I’m sure.
11. Walker says:

    March 18, 2009 at 1:01 am

    Dodd inserts the following provision in the stimulus bill:

    Bring better lies next time. The passage you quote was added in committee to neuter Dodd’s proposal.

    I don’t like Dodd; I think he is (deservedly) going down next election. But get your facts straight.
12. Quaker in a Basement says:

    March 18, 2009 at 1:05 am

    Dear geniuses. Quick question for you. Why do you suppose the cutoff date of February 11 was chosen? Why not February 10 or 12?

    For folks who have all the answers, you don’t ask very many questions.
13. Carlos says:

    March 18, 2009 at 5:43 am

    It’s bad enough that our government granted virtually unconditional bailouts for these morons…

    …But I suppose it’s a testament to the piss-poor management of AIG that someone in that company authorized contractual, compulsory non-performance-based bonuses for a group of people.

    Who the hell gets those in the real world?
14. SaveFarris says:

    March 18, 2009 at 8:08 am

    Dollar amounts are meaningless.

    Ladies and Gentlemen, your 2009 Democratic Party Platform!
15. joaquin says:

    March 18, 2009 at 8:13 am

    The focus on the bonuses is nothing but a smoke screen, a mere distraction.
    AIG was overseen by the states and federal regulator who knew exactly was AIG was doing and blessed-off on it. Just like the banks were overseen by congressional banking committees and the SEC, AIG was regulated. The banks and AIG weren’t functioning in a vacuum.
16. Amelia says:

    March 18, 2009 at 9:21 am

    Oliver, you gotta do something about the comments, if I hit back/forward accidentally my comment disappears and I have to start over. Other blogs cache it.

    Anyway, I love how the blonde kisses his ass while the other chick is like, “Mehhhhhhh *cough*asshole*cough*.” I wonder if that was totally scripted…how did they pick who got to be the skeptic and who had to kiss his ass? “You’re blonde, you be the credulous one.” “Ugh, fine.”

    God, that guy is such a loudmouth. He’s just a few decibels below Billy Mays.
17. SCOOMBS says:

    March 18, 2009 at 10:23 am

    THE REVOLUTION WILL NOT BE TELEVISED………..
18. Quaker in a Basement says:

    March 18, 2009 at 12:33 pm

    Just like the banks were overseen by congressional banking committees and the SEC, AIG was regulated.

    Really Joker? Who regulates CDSs?
19. Duros62 says:

    March 18, 2009 at 12:41 pm

    Dollar amounts are meaningless.

    Ladies and Gentlemen, your 2009 Democratic Party Platform!

    Stuff Happens. Deficits don’t matter. – Dick Cheney

    Your 2010 Republican Party platform.

    Equal time, an’ all that.
20. joaquin says:

    March 18, 2009 at 3:42 pm

    “Who regulates CDSs?”
    I have no idea who regulates the Chicago Dental Society or the California Dressage Society or the Center for Documentary Studies at Duke. *smirk*
21. Quaker in a Basement says:

    March 18, 2009 at 3:54 pm

    And you apparently have no idea who regulates AIG’s derivatives business. Were you just smirking through your hat back up there at 8:13?
22. matt621 says:

    March 18, 2009 at 8:27 pm

    Oh, Waaaaaaaaalker……

    I don’t suppose a confession from Dodd’s own lips meets your standard of a better lie than Jane Hamsher?