Skip to comments.Obama Tells Geithner to Block A.I.G. Bonuses
Posted on 03/16/2009 9:53:59 AM PDT by autumnraine
WASHINGTON President Obama vowed to try to stop the faltering insurance giant American International Group from paying out hundreds of millions of dollars in bonuses to executives, as the administration scrambled to avert a populist backlash against banks and Wall Street that could complicate Mr. Obamas economic recovery agenda.
In the last six months, A.I.G. has received substantial sums from the U.S. Treasury, Mr. Obama said. He added that he had asked Treasury Secretary Timothy F. Geithner to use that leverage and pursue every single legal avenue to block these bonuses and make the American taxpayers whole.
(Excerpt) Read more at nytimes.com ...
AIG can use their own money for that, not taxpayers'.
What? They don't have any of their own money? Tough cookies then.
So in essence...we would be sueing ourselves then?
The List, ping
Great. Now the POTUS is de facto chairman of the AIG board.
I hope Obambi and Geithner are named as defendants.
AIG was never too big to fail, reality is, Washington was and is, too weak to lead.
Yes, AIG would have been an ugly mess, and would have had worldwide impact, but the reality is, everyone would be better off that the mess had cleared itself from the system, now instead this and other crap like it will linger on dragging everything down for a long long time to come.
“Unindicted co-conspirators” is the best you could hope for, unfortunately.
The AIG executives have the law on their side. Even if it is immoral what they did it is perfectly legal.
This will prove interesting. The law be damned.
“but do it legally” Same thing as the Kerryesque flip-flop on ESR. “Do something! oh, you can’t? nevermind. Matters not, we have it both ways.”
“I say let them sue. AIG is nowed 80% by US taxpayer.”
no, they are owned by Obama and Barney Frank. We have no say.
“This is the baggage that comes with this TARP money people. Get used to it.”
I was just telling my wife that Obama’s plan is working chillingly well. Give money to companies. Then “expose” the company’s waste of taxpayer money. Both Conservatives and Liberals will make a fuss. They can’t do this - “The taxpayers are getting screwed” (Conservatives) AND “The rich get richer” (Liberals).
So - with huge support from the public, Obama gets to dictate to the companies what salaries will be made, how much profit is okay (remember his “Now is not the time for profits” line?), etc.
Of course you can refuse the bailout. And while being in a stronger in the long run, you might start off $70 million dollars in the hole compared to your competitor taking a bailout.
So - the capitalists will be weeded out, and those willing to have their company affairs dictated by Obama will stay. Revolution meets evolution.
Of course the solution is to not give the companies taxpayer money to begin with, and let the chips fall where they may. (Just evolution).
So now we will pay the bonuses AND pay the lawyers who sue for it.
Hey AIG...welcome to socialism A$$holes!!!! Enjoy!
Arrest them because they choose to sue the government? That would be a pretty blatant violation of the First Amendment.
“I got an email recently about AIG.”
You should always assume that anything you get in an email is complete BS. Always verify first.
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