The Obamessiah stirs up unwarranted envy - Jay Maynard

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Wednesday, 18 March 2009


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0751 - The Obamessiah stirs up unwarranted envy

foolscap001 wrote:

Points of interest:

  • "AIG disclosed its retention-payment program more than a year ago, and the amount of the bonuses -- more than $400 million for Financial Products alone -- had been widely reported." [Curiously, just now on the TV I hear that Tim "tax evader" Geithner only heard about the bonuses this past weekend.]
  • "At the Federal Reserve Bank of New York, which has directly overseen AIG since its federal takeover in September, officials have studied the possibility of rescinding or delaying the bonuses. They even brought in outside lawyers for advice. The conclusion: If the bonuses weren't paid, the AIG staffers would be able to sue the company and probably would win, not just what they were owed but also punitive damages that would make the ultimate cost perhaps two to three times as high as the bonuses themselves."
  • "The senior executives whose decisions caused the company's collapse are long gone. Most of those left behind are trying to unwind complicated derivative contracts. Completing that process correctly is essential to preserving as much value as possible for taxpayers, officials at both the government and AIG have argued. If it is mishandled, it could expose taxpayers to billions of dollars in additional losses."

So... now, after all that, and despite the stimulus bill explicitly protecting those bonuses thanks to Christopher Dodd (D-CT), Obama is whipping people into a frenzy. (And unfortunately, he's not alone; Senator Grassley shoved his foot far into his mouth.) People at AIG are receiving death threats, and some have resigned or just stopped showing up.

I wonder when Mr. Obama will deviate into competence.


Good question. This is more of the same "never let a crisis go to waste" mentality, this time to pump up the politics of naked envy.

Oh, and the source is one even the leftists can't complain about: the Washington Post.

location: 56031
current mood: [mood icon] pissed off

(6 comments | Leave a comment)

Comments:


[User Picture]
From:quentincoyote
Date: - 0000
(Link)
*shrugs* I don't think they *should* be getting bonuses and bailout. And apparently, many republicans agree with me on that.

I think it's pretty awesome though, how you totally miss the irony of "railing against using a cris as an opportunity", when you saw this and then totally said to yourself, "Ohh! Another 'crisis' I can try to bash Obama with (again)! Better not let it go to waste!" :-P
[User Picture]
From:jmaynard
Date: - 0000
(Link)
Yeah. Republicans tried to get the bonuses limited, but nobody other than Christopher Dodd - the guy who's been ranting the most about them - put language in the law protecting them. Hypocritical much?

The difference here is that I'm not using the "crisis" to push massive expansions of government. What does socializing medicine have to do with the economic crisis, aside from prolonging it?
[User Picture]
From:quentincoyote
Date: - 0000
(Link)
"not using the crisis to push massive expansion of government"

Yeah, that's what 9/11 was for. :-P

As for healthcare and the economy, it has to do with reducing costs and improving care. I have more to post about that in particular presently, but it will have to wait until I come back from FWA.
[User Picture]
From:quentincoyote
Date: - 0000
(Link)
And actually, no, I recall quite a few republicans (not all) going "how dare Democrats try to tell these (bailed out) companies what they can and can't pay their people re: bonuses"
[User Picture]
From:rook543
Date: - 0000
(Link)

You know, statistically, the Obamessiah should have ACCIDENTLY made a correct decision by now...
From:sethb
Date: - 0000
(Link)
The bonuses are deferred based on the company's 2007 earnings. Do you think there's any reason to believe those so-called "earnings" might have been overstated? Perhaps if they were recalculated based on reality, the bonuses would just quietly disappear along with this whole issue.

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