For all of you reading this post–especially, those who may be buying into the feigned outrage on the Left in Congress and the Obama administration–and are outraged that AIG execs received $165 million dollars in bonuses, I want to direct your attention to Michigan Representative McCotter:
Everything he said about the Democrats ( and 3 Republicans) and their hand in this debacle is true….and he said it concisely.
What is also true is that the man helping to stir this frenzy of outrage, Barack Hussein Obama, accepted over $100,000 dollars in campaign cash from AIG.
Chris Dodd, the man who inserted the part of the stimulus bill that allowed these bonuses to AIG continue, received another $100,000-plus from AIG for campaign cash.
Are Obama and Dodd going to return their campaign cash “bonuses” or have their campaigns taxed at 90% for this money? Of course not, because …they aren’t mentioning anything about that fun fact….and neither will the lapdog media.
Oh, and I’m sure you Obama koolaid-drinking libs will say “Oh, $100,000 in campaign cash is nothing compared to the hundreds of millions in bonuses”. Aside from the fact that it is disingenuous and slimy to accept and keep the campaign cash and then attack AIG, when you calculate the total campaign cash as a percentage of all of the AIG bonus money, Obama and Dodd received about 1.2% of it.
Well, all of the faux outrage is based on bonuses totalling 1/10th of 1 percent of AIG’s bailout total …. that is 0.1% times the total AIG bailout.
So two of the most outraged in the bunch, Obama and Dodd, received TWELVE TIMES more “rewards” as a percentage of the AIG executive bonuses as compared the the portion of the exec bonuses to the AIG bailout.
Seems to me you have at least two choices here if you want to be outraged.
- Be outraged at the exec bonuses and ask Obama and Dodd to return theirs or,
- Be outraged at the bailouts, pork stimulus debaucle, lack of oversight, and Democrat’s mishandling.
Outrage at the executives who received the bonuses doesn’t make sense. While I don’t discount AIG’s failed business management, the bonuses were part of a contract and were secured by the Democrat-controlled Congress.
In my opinion, AIG should have been allowed to fail ….we wouldn’t have the bailout/bonus outrage now if bankruptcy had been allowed to occur—-but we would be witnessing the capitalist/market system work, start absorbing the failure, getting past it, and having capitalism and privately-held companies remaining at the end.
And there is such a thing as law. The way to break a contract legally is Chapter 11. Short of that, a contract is a contract. The AIG bonuses were agreed to before the government takeover and are perfectly legal. Is the rule now that when public anger is kindled, Congress will summarily cancel contracts?
……..worse are the clever schemes being cooked up in Congress to retrieve the (bonus) money by means of some retroactive confiscatory tax. The common law is pretty clear about the impermissibility of ex post facto legislation and bills of attainder. They also happen to be specifically prohibited by the Constitution. We’re going to overturn that for $165 million?
The buck stops with Obama and the Democrats in Congress….but they continue to point fingers at anyone they can, purposefully position the public outrage at AIG, flout the law, and dismantle the Constitution to cover their Liberal tracks.
Filed under: Barack HUSSEIN Obama, Economic Stimulus, Economy, Liberalism, Media Bias, Nutroots, Other, Politics, Progressives Ain't, Socialism, Taxes | Tagged: AIG, AIG bailout money, AIG bonuses, bailouts, Barack Obama, bills of attainder, Chapter 11, Chris Dodd, Dodd campaing cash from AIG, ex post facto legislation, Obama campaign cash from AIG, Representative McCotter, shredding the Constitution, Stimulus bill not read |