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Loading ...165 Million bucks. Its not much money compared to the Billions that AIG received as part of the bailout when the insurer had to payout on ass-loads of bad debt that mortgage lenders like CountryWide made to people who were unable to afford new homes.
But with the racket politicians are making, you would think they are going to organize a firing squad and execute these people as if it is part of the great purge in Cuba. Real funny that politicians can’t get worked up about wasting our tax money on their own pet projects that cost hundreds of millions of dollars.
Hell, Senator Grassley of Iowa doesn’t think the government should execute anyone- in fact, he is urging the employees of AIG to do the world a favor and commit suicide. Wow. So let me get this straight- if you waste taxpayer money, you should be publicly shamed and people should demand that they commit hari-kari? Sounds good to me, but the Senate is going to need some new Senators because they have wasted much more than 165 Million bucks.
Senator Harry Reid should be the first to commit suicide. After that, Chuck Schumer should chug a cyanide Red Bull. They faked their outrage for the press as documented by LGF here:
WASHINGTON – Congressional Democrats vowed Tuesday to all but strip AIG executives of their $165 million in bonuses as expressions of outrage swelled in Congress over eye-catching extra income for employees of a firm that has received billions in taxpayer bailout funds.
“Recipients of these bonuses will not be able to keep all of their money,” declared Senate Majority Leader Harry Reid, in an unusually strong threat delivered on the Senate floor. “If you don’t return it on your own we will do it for you,” said Chuck Schumer of New York.
If AIG loses the talent it takes to make money, the taxpayers will lose much more than 165 Million. We will lose all of that bailout money and it will never be repaid. Which is apparently fine to the Obama administration who is hell-bent on demonizing and punishing everyone who is a capitalist.
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The problem here isn’t necessarily the bonuses, though awarding bunuses for bankrupting your own company seems suspicious, it’s the bailout in the first place. AIG should have gone under completely. There are hundreds of healthy, American insurance companies and banks to move in and fill the void. That’s how the market works….at least that’s how it’s supposed to work but, when Dodd, Frank, and Obama all receive hundreds of thousands in bribes to facilitate the bad business decisions, the market gets turned upside down. Moreover, I don’t know how the bonuses are supposed to keep the best and brightest financial minds from leaving AIG as it’s been argued, the best and brightest minds at AIG already bankrupted the company once….let their dumb, incompetent asses leave.
Here’s the thing. Yes, the bailout was a bad idea, but it is actually a loan to AIG, not a gift. If AIG, who was the insurer wasn’t bailed out, then all of the banks who were holding claims for bad mortgages wouldn’t have been paid. The idea I think was to bail out the insurance so the banks would maintain solvency.
But if this company is ever to get back on its feet and pay back the US the money it owes them for the bailout then it has to keep the people who know how to operate the company.
All of this pressure on what employees are left will ultimately cause them to leave, bonuses or no bonuses. And then, the gov’t will NEVER get the money it loaned them back. The gov’t are being bullies.
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