Skip to comments.Congresswoman Foxx takes Democrats to task over AIG
Posted on 03/18/2009 8:30:44 PM PDT by conservativegramma
If you only see one video on the internet today, or if you only want to listen to one sound bite on the internet, this is the one you must play.
Republicans in Congress today pushed to the floor of the House of Representatives legislation that would stop AIG from using taxpayer money to pay out its executives bonuses. The Democrats killed the legislation.
Outraged, Congresswoman Foxx (R-NC) took to the floor to demand that Congresswoman Kilroy (D-OH) explain why Kilroy and the Democrats would not stop AIG from paying out the bonuses.
Kilroy flat out could not offer up any answer. Making it more delightful, Foxx refused to back down until she had an answer. Hilarity ensued.
I hear sooooooo many times that this or that video is a must see....WELL THIS ONE IS!!!!
My moonbat representative.
Foxx really nailed her.
It just writes itself.
From now on, we should only refer to them as the, “Obama bonuses.”
She is solid as a rock. She never wimps out.
This week has been a total disaster for congress. This week the public got to see how congress really works; the behind the scene under the table deals... the duplicity.
I see a ray of hope in that this is the time for true conservatives and others who put the welfare of this country ahead of party and ahead of Obummer worship to take action to stop this madness.
There are others besides Virginia Foxx, but there is no one her equal.
Obummer’s ego, Barney Frank's, Chris Dodd’s, Shumer’s, Buffett’s, Paulson’s and many others duplicity and downright dishonesty will cause them to self destruct if the conservatives will just pour on the pressure.
The public is sick of it and has had enough.
I like it.
Hahahaha!! That’s priceless!
The folks from Foxx’s district should be proud. That’s the most backbone I’ve seen shown by a republican in DC in a long time. You could tell that rep from Ohio wanted to hide under a rug.
Way to go Foxx! I’ll be sure to spend some money in her district this weekend.
(I wish she'd asked if the 'gentle lady' knew how many of the AIG recipients were allowed to vote their own bonus or simply announce to their boss what the next pay raise would be!)
You are correct in that payment is legal according to contract law.
However, it is possible to make their acceptance of the bonus so uncomfortable that they decide to let it go.
When a company is in danger of going under, it is common for the officers of that company and the top management to work for wages that will pay their bills and no more. It is common for wealthy management to work for $1.00 a year.
I have personally been in that position.
“Kilroy wasn’t here”.
Foxx has NO RIGHT to push such legislation.
These Republicans are JUST AS TOTALITARIAN as the Democrats.
We have two parties: BOTH BOLSHEVIK.
The bonuses are LEGAL and LEGITIMATE.
They are PRIVATE PROPERTY.
Anyone in the government who claims the right to STOP the bonuses or CONFISCATE them
“The only problem is that there is nothing wrong with paying the bonuses.”
Please explain. The doors would be shut and no one at the company would be receiving a pay check at all if not for the taxpayers bailing them out. Why on earth is any one at that company due a taxpayer funded “bonus”??? A company who’s greed has cost us all billions.
Oh. It can't be actually stopped LEGALLY. So it's okay if the government just PRESSURES or TERRORIZES them. BULLY! THUG! COMMUNIST!
Thanks for posting this! Our guys are growing a spine big time now!
Wish that was the case in my district.
Hey genius, the doors would be shut at AIG and no one there receiving a pay check at all if it were not for billions in taxpayer monies given to AIG to bail them out. A bail out that is on going... They keep coming back asking for more...
No one at the company is entitled to a taxpayer funded “bonus”. So go blow your smoke somewhere else.
Excellent video...the refusal of “gentellady kilroy” to simply answer the question speaks for itself!!!
Bravo. Well done sir. “Obama AIG Bonuses”
“The only problem is that there is nothing wrong with paying the bonuses.”
I was pondering the outrage today and asking myself ...”if the money doesn’t go to the executives - who will it go to?” What exactly IS AIG doing with all their dinero?
So - these executives get alot of dough - take it home and stimulate the local economy. They pay taxes on it. They pay their maid - pay their nanny. They buy nice stuff.
As far as I can tell the “other” money - the other chunk of billions seems to continue to get flushed down some mysterious black hole.
I figure the money is better spent just giving it to the “greedy” executives.
Que Bob Dylan, “The Times, they are a’ Changing”
Such a drama queen!
Commerce on any large scale would come to a halt.
The real mistake was that congress did not let AIG go chapter 11. Had they done that, contracts would be no good.
I have been involved in quite a few bankruptcies as a vendor but never as a paid employee,. Government comes first, federal, state and local, then secured creditors which means holders of liens, notes, etc., and then common creditors. I doubt that AIG would have enough to get past the governments and secured creditors although that is a guess. I have no facts to support my guess.
Employees are in the common creditor group and therefore would have received no bonus, if all assets went to the secured parties.
I applaud Rep. Foxx.
I don't know about the specific bill mentioned but it is indeed chilling to think these morons believe it constitutional to write bill targeting individuals. However, they have a similar bonus program at Freddy Mac and Fanny Mae and that doesn't seem legitimate and the entire situation is getting (has gotten) out of hand. Both Freddy and Fanny have been slush fund organizations for Democrat bench warmers for 20 years and years. This sh*t has to stop.
What is legal may not be morally correct.
I am drunk. I slip on the ice and break my arm on your front walk.
Legally I can sue you for everything you have because you did not scrape the ice off the walk.
Am I morally clean when I do so?
Is management immoral when they take money beyond basic living expenses when the company, the stock holders, the creditors all are wiped out on their watch?
So we have two questions:
What is legal?
What is moral?
You’re clearly not immune to mob psychology.
The rule of law and property rights be damned.
If GOVERNMENT is going to be applying pressure, then I want GOVERNMENT to be LIMITED to pressuring according to the LAW, not MORALS.
Totalitarians trample on the law, and trample on the people, all in the name of “morality.”
Yeah, the country has gone a long way downhill when conservatives are joining in the mob demanding that Congress throw out contracts and determine what compensation people are allowed to make based on public opinion.
Not 'cause I'm a nice guy or anything like that, I just try to encourage said behaviors that increase the bottom line.
So why are you getting upset? These bonus(s) are nothing but hush money ... for everyone in the chain of command or regulatory roles.
Consider this analogy - Tom Brady's contract with the New England Patriots called out certain bonuses that were due to him under the terms of the contract. He gets injured early in the season so he misses nearly all the games and the Pats completely miss the playoffs. Some disgruntled fans might ask "why should we pay a bonus to Tom Brady since he didn't play after the first game of the season and didn't even get the Pats to the playoffs and he didn't even show up for the Pro Bowl?" It doesn't matter, under the terms of the contract the Patriots owe him the bonus.
The same thing is true with AIG. Under the terms of the contract AIG owes these "bonuses" regardless of whether or not the company lost billions of dollars. Since the government poured billions of dollars into AIG, AIG had the cash flow to pay the contractual obligations it owed. Congress could have written provisions into the bailout legislation restricting executive compensation as terms of the cash infusion, but the DIShonorable Chris Dodd specifically exempted contractual compensation agreements from any restrictions. (Yes this is the same democrat banking finance committee chairman who is the number one recipient of AIG campaign cash.)
Agreed. If such bonuses are common practice in this industry, then AIG cannot be expected to remain a viable and competitive firm going forward without them. We just can’t have it both ways. The idiots should not have bailed them out if they didn’t want them to remain a viable private firm.
And how do you know that? Have you seen the contracts? The owners of that money are the American people and we haven't even been told who got the money. We're told one minute it was retention bonuses and the next we find out it was given to people who aren't even working there any more. What were the terms of those bonuses, and were those terms lived up to? You don't know, neither do I, but as 80% owners of that company, we SHOULD be allowed to know that.
Just a couple of clucking hens with nary a scruple between ‘em!
Kind of disappointing that a Republican representative was willing to resort to this line of reasoning in order to score points. This kind of mistake will allow dems to get to the right of us and look smarter with regard to business acumen.
I disagree, for this reason- The bonuses were legal between AIG and some employees; AIG does not, in actuality, exist anymore, it is now USAIG, 80% owned by the US citizenry (so I've heard). The employees are owed the bonuses by a business that really no longer exists. Without the taxpayer bailout, there likely would not have been any bonuses.....The above is my opinion only.
...and there should not have been any bailout, but there was. As soon as our congressidiots gave AIG the money, it became AIG’s money. That is why there should have been specific rules against bonuses. But there weren’t because Chris Dodd specifically wrote it out of the bill.
We have to hold the dems responsible for this. No matter how angry we are at AIG, the dems did this on purpose.
When one takes over a corporation, one takes over its assets and its liabilities. AIG as a corporation still exists under new ownership so its new owners still owe.
Now had AIG been liquidated and some entity purchased only the assets, there would be no liability to any one holding a contract.
I expect the contracts will hold up in court.
It is a moral issue as to what kind of person will take that kind of money under the circumstances.
I have argued both sides, but I believe the bottom line is that the recipients of the bonuses owe the criminal enterprise known as the congress absolutely nothing.
Had congress stayed out of it and had AIG any chance of making it, those executives should have given up the bonuses in hopes of saving the company for the stockholders who trusted them.
Since congress specifically wrote the clause that made them home free, they owe nothing. Now if anyone owes the stockholders, it is congress because they took ownership.
I agree with almost all of your statement, there should have been NO bailout, but since there was, I don’t know if there were any conditions or restrictions or not- so it may have been given for a specific purpose (or not), and yes, it does seem to be a PLAN on the part of the Obamassa to allow AIG to get away with this. And yes, the dims did this on purpose, after having been shown the way by GWB. A pox on both their houses.
This issue is nothing more then noise to distract the publics attention away from other more dangerous moves this administration is taking.
While the press and our elected officials are falling all over themselves with the AIG issue, the Obama administration has:
Pissed away America’s sovereignty by signing a UN declaration that we will decriminalize homosexuality. We no longer control who makes the laws of our country the UN has been handed jurisdiction. Not only was his signing of this UN document unconstitutional the states once again are having their rights under the 10th amendment stripped. This time it’s not only to the feds, the states will now be beholden to the UN.
Removed policies that protected the rights of American’s whose ethical or religious beliefs prevented them from participating in anyway with an abortion. Those protections are now gone forcing pro-life citizens to either give up their careers or commit an act that millions consider murder. Another typical display of what “choice” means to a liberal.
The administration has stopped the program allowing pilots to carry guns in the cockpit. We’re being set up once again for an attack if terrorist groups choose to repeat 9-11. In fact, he’s made it easier for them. History shows terrorists repeat what has worked before.
To publicly and openly remove protections from a known plan of attack against U.S. citizens should be enough to impeach zer0. Even with non-stop AIG ramblings from the media, I’d venture a guess Al Quada didn’t miss that Obama just handing them, literally, the keys to the cockpit.
Bonuses paid out to AIG employees are less than .05 of 1% of the money they received yet that is all we are hearing about.
Obama may be worthless but he is not an idiot. He fully understands that the American public is nowhere near as leftist/progressive/communist/Marxist as he and that his policies and decisions would not be approved of by the vast majority of Americans.
AIG is nothing but noise to cover-up the bait n switch Obama is doing with our country, our freedoms and our safety.
Fox is engaging in politics. It is what she does and what voters elected her to do. Fox is exposing the DimRats for what they are, a bunch of posturing hypocrite's.
As for the bonuses, it is my belief they would NOT have been paid if there had been no public money available to pay them with. AIG should have been allowed to sink in the mud.
obambi is our first gay Prez. He is a scumbag.
But whenever we try and call over FOUR hundred million dollars!!! ...............in bonus and retention cash paid out by a company that is FUBARed and 180 Billion dollars in debt to US...............a tiny number like .05 of 1%, we lose the rest of the arguments.
400 million is 400 million.
Of course the GOP is the one who started the Bullsheet Bailout. Obambi just took the baton from Bush and ran faster and longer with it.
AIG is not just noise. AIG is Thunder, the thunder posed by the $1.6 TRILLION DOLLAR portfolio of complex derivatives.
Put ... t h a t ... into tiny percentages.
The 9 percent Solution?
The U.S. Congress has no right to pass bills of attainder, and that’s precisely what Schumer and Frank have been threatening.
My freedom is threatened infinitely more by fiends like Schumer, Frank, Dodd, and Obama, than by those people who have received their CONTRACTUALLY AGREED UPON compensation from AIG.