"One way or another, we're going to try to figure out how to get these resources back," said Christopher Dodd, D-Conn., Senate Banking Committee chairman, last night.
You allowed them get those bonuses you idiot! (see below)
This is outrageous! These people are all hypocrites!
Politicians like Dodd, Wepwethentative Bawney Fwank and even President Obama are using the AIG bonus "scandal" as fuel to stir anger into the hearts and minds of angry peasants armed with pitchforks ready to storm AIG offices!
AIG released information on these retention bonuses last year! Everyone knew they were coming and Dodd even put an amendment into the CRAPulus Bill to protect these bonuses!
Let's not forget that Treasury Secretary Tim Geithner was the architect of the AIG bailout plan!
Let's also not forget that Dodd received more campaign donations from AIG than any other politician! (Obama was second, McCain third) Not to mention, AIG headquarters happens to be in Dodd's home state!
This is nothing more than political grandstanding, using another "crisis" as a diversion from Obama's waning popularity! It's amateurish and outrageous!
Fox Business reports:
Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group bonus recipients so the government could recoup some or all of the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.
The move represents somewhat of an about-face for the Senator. While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax.
The amendment made it into the final version of the bill, and is law. Separately, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org. Dodd’s office did not immediately return a request for comment.
One of AIG Financial Products’ largest offices is based in Connecticut.
Dodd Amendment Rules
Crack down on bonuses, retention awards and incentive compensation: Bonuses can only be paid in the form of long-term restricted stock, equal to no greater than 1/3 of total annual compensation, and will vest only when taxpayer funds are repaid. There is an exception for contractually obligated bonuses agreed on before Feb. 11, 2009.
For institutions that received assistance totaling less than $25 million, the bonus restriction applies to the highest compensated employee; $25 million to $250 million, applies to the top five employees; $250 million to $500 million, applies to the senior executive officers and the next top 10 employees; and more than $500 million applies to the senior executive officers and the next top 20 employees (or such higher number as the Secretary determines is in the public interest).
Too big to fail, they say? How about too big! Had the government stayed out of the way, AIG could have filed for bankruptcy protection and a judge could have ruled that these bonuses not be paid.
But, no. Washington wants to have its cake and eat it too, which is why they keep giving AIG cash and then using the problem for political expediency when it suits their needs. Why else would the Fed have to be sued for information regarding how AIG spends the TARP money!
This is all a load of crap and I'm tired of talking about it; it's another Alinsky-esque diversion orchestrated from the White House and Rahm The Ballerina!
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