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Obama's Stimulus Bill Explicitly Grants AIG the Legal Right to Give Unlimited Bonuses
ButAsForMe.com ^ | 03/17/09 | ButAsForMe

Posted on 03/17/2009 10:44:34 AM PDT by wrrock

http://www.butasforme.com/2009/03/17/obamas-stimulus-bill-explicitly-grants-aig-the-legal-right-to-hand-out-bonuses/

From page H1412 of the Final Stimulus Bill, ``SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE:

"(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a writte employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary."

This amendment provides an exception for contractually obligated bonuses agreed on before Feb. 11, 2009, which exempts the very AIG bonuses Obama is condemning every single chance he gets. The amendment is in the final version and is law.

Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org — According to the Wall Street Journal, Sen. Dodd placed this section into the final stimulus bill, making him responsible, along with Obama, for AIG receiving these bonuses.

(Excerpt) Read more at butasforme.com ...


TOPICS: Breaking News; Business/Economy; Crime/Corruption; Front Page News; Government; News/Current Events
KEYWORDS: aig; animalfarm; bho44; bonuses; cultureofcorruption; democrats; democratscandals; dodd; first100days; obama; obamabreakspromises; obamaflipflops; obamalies; orwelliannightmare; porkulus; pravdamedia; smokeandmirrors; stalinisttactics; stimulus; worst100days
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To: randog

0 ne

B ad

A ss

M istake

A merica


21 posted on 03/17/2009 10:52:57 AM PDT by unkus
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To: bronxboy

LLORT

THIS IS THE FED you Liberal SCUM... go get it from your UAW MASTERS
22 posted on 03/17/2009 10:53:21 AM PDT by gwilhelm56 (My 2nd amendment protects my 1st amendment... I carry a GUN because I can't Carry a SOLDIER!)
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To: bronxboy

“Bills of attainder, ex post facto laws, and laws impairing the obligations of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation. ... The sober people of America are weary of the fluctuating policy which has directed the public councils. They have seen with regret and indignation that sudden changes and legislative interferences, in cases affecting personal rights, become jobs in the hands of enterprising and influential speculators, and snares to the more-industrious and less-informed part of the community.”
James Madison, Federalist Number 44, 1788.


23 posted on 03/17/2009 10:53:50 AM PDT by keepitreal (Obama brings change: an international crisis (terrorism) within 6 months)
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To: wastedyears

The sheer incompetence of the now failing obama regime is on view for all to see, or at least for those who have eyes to see.

Soon even selective blindness cannot be an excuse, as the stench arising from this corruption will become obvious to everybody, even the steadfast and staunch defenders of the faith in the worship of the Obamination.

Corrupt AND incompetent.


24 posted on 03/17/2009 10:53:51 AM PDT by alloysteel (Obama was lying, your rights are dying)
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To: bronxboy
The stimulus bill has nothing to do with this...the fed gave AIG the money

_______________________________

Wrong. AIG received $152 billion from TARP monies. The above referenced section refers specifically to companies that received TARP monies.

Do a little homework.

25 posted on 03/17/2009 10:54:12 AM PDT by wtc911 ("How you gonna get back down that hill?")
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To: wrrock

Obama does a poor job of feigning righteous indignation. There is nothing righteous in him.


26 posted on 03/17/2009 10:55:35 AM PDT by Hoodat (For the weapons of our warfare are mighty in God for pulling down strongholds.)
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To: bronxboy

Wrong. Employment contracts ase sacred PRIVATE payroll documents and not Public records no matter how much $$ the Gvmt plew on AIG.


27 posted on 03/17/2009 10:56:40 AM PDT by noname07718 (Freedom is never more than one generation from extinction-Ronald Reagan 1993)
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To: wrrock
dodd authored the amendment because AIG gave him more money in 2008 than any other corrupt dim... over $113,000 according to Rush.

LLS

28 posted on 03/17/2009 10:57:53 AM PDT by LibLieSlayer (hussein will NEVER be my President... NEVER!!!)
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To: Kansas58

But, that kind of thinking is what the MSM is promoting. Emotion and passion to trump law.


29 posted on 03/17/2009 10:58:48 AM PDT by noname07718 (Freedom is never more than one generation from extinction-Ronald Reagan 1993)
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To: NEMDF

Fox has been hitting this all day. Prolly be the O’Reilly’s talking points and Beck’s The One Thing tonite.


30 posted on 03/17/2009 10:59:32 AM PDT by sportutegrl
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To: keepitreal

Madison would not defend contracts that are part and parcel of a scheme of fraud. The real problem here is that the government is unwilling to declare that the business of AIG was a fraudulent Ponzi scheme, as that would require far more wide-ranging remedies beyond merely setting aside the bonus contracts. It might, gasp, actually address the underlying problems . . .


31 posted on 03/17/2009 10:59:42 AM PDT by Buchal ("Two wings of the same bird of prey . . .")
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To: noname07718
Fox Business is all over this.

Separately, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org. http://www.foxbusiness.com/story/markets/industries/finance/dodd-cracks-aig---time/

32 posted on 03/17/2009 11:01:33 AM PDT by scooby321
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To: Buchal
Madison would not defend contracts that are part and parcel of a scheme of fraud.

_________________________________

Please...how do you know that all of the employees covered by these retention contracts are involved in a criminal conspiracy to defraud? And, what was the fraud?

Please detail how the AIG mortgage backed derivative failures are a Ponzi scheme. I bet you can't.

33 posted on 03/17/2009 11:04:07 AM PDT by wtc911 ("How you gonna get back down that hill?")
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To: Buchal

I sincerely doubt that you could prove fraud. Even if you could, you would have to involve these EMPLOYMENT Payroll records in the Fraud. You can’t declare them as instruments of fraud without satisfying the law. I would fight the release of my personal employment compensation information to the public.


34 posted on 03/17/2009 11:04:19 AM PDT by noname07718 (Freedom is never more than one generation from extinction-Ronald Reagan 1993)
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To: wrrock

The issue with executive bonuses is a smoke screen.

Congress is wholly to blame for this fiasco and they’re trying to pass the buck.

You and I didn’t hire AIG of Citi or anyone else to watch out for where and how our tax dollars got distributed; we hired congress to do that job and THEY screwed up.

DON’T buy in to this BS. Put the blame where it belongs and make real criminals pay.


35 posted on 03/17/2009 11:04:41 AM PDT by Tucsonican
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To: wrrock

Now please force schmucky shumer to read THIS in front of the cameras.


36 posted on 03/17/2009 11:04:55 AM PDT by jackv (Just shakin' my head!!)
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To: Buchal
AIG was NOT a “ponzi” scheme.

AIG has not even been accused of any crimes.

Words mean things, and you should be aware that YOUR credibility, on these threads, depends on using words with some degree of care.

Yes, some people at AIG did some dumb things -— but again, the financial melt down was caused by sub-prime mortgages, sub-prime mortgages were pretty much INVENTED by Democrats.

The AIG problem was created by Credit Default Swaps on bad mortgages.

Credit Default Swaps, which would not be possible, had not the Democrats INVENTED, and REQUIRED the sub prime mortgages, in the first place!

Origination.

This mess was started at mortgage origination!

37 posted on 03/17/2009 11:05:48 AM PDT by Kansas58
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To: wtc911

There are many schemes of fraud that are not Ponzi. I didn’t see “Ponzi” in his post.


38 posted on 03/17/2009 11:05:54 AM PDT by noname07718 (Freedom is never more than one generation from extinction-Ronald Reagan 1993)
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To: wrrock

Hey—it’s not their fault! No one actually expected them to read and understand a bill before passing it, right? :)


39 posted on 03/17/2009 11:06:24 AM PDT by Unlikely Hero ("Time is a wonderful teacher; unfortunately, it kills all its pupils." --Berlioz)
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To: noname07718
There are many schemes of fraud that are not Ponzi. I didn’t see “Ponzi” in his post.

__________________________________________

Look again.

40 posted on 03/17/2009 11:07:13 AM PDT by wtc911 ("How you gonna get back down that hill?")
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