Sunday, March 15, 2009

Bailout: Bonus Bologna

Wait a minute! I learned today that AIG (American International Group), the same company that took more than $170 billion in taxpayer bailout money… my money; your money through our Federal Reserve System, now plans to give executive bonuses to the tune of $165 million. The same people that took AIG to the brink of collapse are rewarding themselves for their unimaginable mismanagement.

Tim Geithner, the Treasury Secretary pretended to be outraged on the Sunday morning talk show this weekend. He said he was foot-stomping mad and demanded that AIG not give the money. Unfortunately, he sighs forlornly, these bastards are going to get their money because lawyers said that AIG is contractually obligated to pay it.

Oh really? Contractually obligated, ey? Tell that to the auto worker in Detroit. Tell that to the retirees or those close to retirement, who paid into pension plans their entire work life, and had them guaranteed in their contracts, but will not receive them because the company claimed it could no longer afford it, and the courts backed them up.

What makes a contract between millionaires sacrosanct while contracts between corporations and their employees can be ripped into little pieces?

A political cartoon of a luxury liner going down. The Passengers are in the water. Above is a man in a helicopter with a megaphone shouting, “Attention! If you’re the Ship’s Captain, its investors or manufacturers, we’re here to rescue you.” Mike Luckovich, Atlanta Constitution.
A while back I heard a pundit say that this was a war between the people who showered before work and those who showered after. It is the absolute truth. And our “liberal” new administration has taken its stand with those who shower before work. Geithner can act and shout as loudly as he wants on television. However, unless the government does something about it, it’s hollow blather. AIG bigwigs should be worried about joining Bernie Madoff, rather than collecting their bonuses.

4 comments:

Dave_K_@_Puyallup said...

Isn't it interesting that the party which has spent so much time being critical of what they call Trickle Down Economics by the Republican party are now so very busy giving more to big business and the rich in the form of our bailout money than the Republicans ever did with tax breaks. Not that I always agree with the Republicans. I just don't like hypocrites in any form.

Pro said...

AIG = Allowing Irreversible Greed.
AIG = All in Greed.
AIG = Arn't I Greedy.
AIG = A$#holes, in general.

This is sick. Why in the world are we helping these companies that keep sending millions to people who do not know how to run a company? They cry yet get paid millions on the "average joes" taxes. Furthermore, I fear this is just the tip of the iceberg. Look what Enterprise rent-a-car did to get bailout funds:

http://www.butasforme.com/2009/02/25/alert-enterprise-rent-a-car-may-have-fired-employees-as-fake-evidence-when-lobbing-for-bailout-money/

Not to make excuses for these people, but the bailouts are making crooks out of everyone that touches the money.

Anonymous said...

The bonus payout excesses at AIG are just the tip of the iceberg of what is happening with the other Wall Street bailouts including Bank of America. Working productive Americans are bailing out the same crooks that destroyed our economy along with 45% of the wealth in the world and now the American taxpayers and our children will be forced to live a far lower standard of living with reduced prosperity and opportunities due to this but only we pay the price.

Washington has bailed out the banks, Wall Street & their Washington special interests and much of the cost is added to the national debt to by paid by this and future generations while real estate and investments continue to fall. Find out what a growing repudiate the debt movement could mean for treasuries, the dollar, gold and the stock market and how this is a better alternative than Washington’s plans to monetize the debt in future years and tax and destroy our remaining wealth by depreciating the dollar.

The Campaign to Cancel the Washington National Debt By 12/21/2012 Constitutional Amendment is starting now in the U.S. See: http://www.facebook.com/group.php?gid=67594690498&ref=ts

Anonymous said...

Remember these same people requesting help did it with the Bush people and President Obama is trying to connect more dots and retrieve some of the money. I am patiently waiting for our "team in the office" to sucessfully present and take an intelligent position. Not one of being a dictator. ms