Tuesday, March 17, 2009

Obama, Congress Knew About AIG Bonuses For Months

Associated Press

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.


We Knew Nothing!  Nothing!!

The situation has the White House and Treasury Secretary Timothy Geithner on the defensive. The administration was caught off guard Tuesday trying to explain why Geithner had waited until last Wednesday to call AIG chief executive Edward M. Liddy and demand that the bonus payments be restructured.

Neither Obama nor Geithner learned of the impending bonus payments until last week, senior administration officials told The Associated Press late Tuesday, speaking on condition of anonymity about internal discussions.


Editors Note: There's so much to be outraged about so let's just start at the beginning.

It's outrageous that since taking office Barack Obama has spent almost three trillion dollars.

It's outrageous that we as taxpayers are footing the bill for private industries that acted irresponsibly.  This whole series of bailouts from Wall Street Investment houses, the Automobile Industry, AIG and other Insurance Conglomerates, the Banking Industry and soon the Newspaper industry, compliments of Speaker of the House Nancy Pelosi stinks to high heaven.

It's outrageous that AIG received 170 billion dollars of taxpayer money to begin with.

Yes, it's outrageous that once AIG was run into the ground by its management and caused all sorts of peripheral damage to our economy, that the same management is receiving some $160,000,000 in bonuses.  No doubt, being rewarded for failure is outrageous.

But the most outrageous thing to me is the fact that our Federal Government has been so busy passing out your and my hard earned tax dollars, that these MORONS apparently never gave a second thought to ACCOUNTABILITY for how that money was being allocated and spent so that our economy could in fact, be repaired.

We as a country are now in debt for another  three trillion dollars (That's $3,000,000,000,000) in debt with literally nothing to show for it, thanks to an inept, inexperinced, incompetent President.

That to me, is the single biggest outrage of all.

1 comment:

Dirk said...

And the major hypocrisy here is they come out & criticize the salaries & benefits company executives enjoy, but see nothing wrong with their many luxury perks at OUR expense.