Ok, the background facts have been established.
A horrendus bailout bill is rushed through Congress without adequate review or debate.
Congress writes a blank check without any safeguards for the American public.
I’m not interested in any lame attempts to blame a former President – sure he shares in the blame – but Congress has it’s own job to do and without Congress passing the ‘Bailouts” we wouldn’t have this mess. The current President publically supported and ultimately voted for the Bailouts. His party controls Congress and the last 3 Bailouts would not have become Law without his signature. Trying to shirk the responsibility by saying “Georgie made me do it” just doesn’t cut mustard ….
Fast forward to this past week. The American public is outraged over Billions in bonuses (yes Billions not Millions) to Executives who ran the companies the American People are being forced to bailout.
On multiple occassions the American People are promised that the “Bonuses”, “Perks” and “Golden Parachutes” will end. The promises are empty and the Political rhetoric is not matched by action. Behind clsoed doors the Politicians do exactly the opposite, then they claim surprise when they get caught. Like cockroaches exposed to a bright light, they scurry for cover when the Public screams “enough is enough”.
The beginning of the current outrage actually begins in January 2009. The New Administration, after months of discussions with AIG on the topic of additional bailout money and bonuses, hires outside Attornies to review the AIG Bonus agreements.
That’s right, not only did the Administration know about the bonuses, they discussed those very same bonuses in enough detail that a decision was made to hire Attorneys to review the Bonus Agreements. Emails detailing these conversations have recently been obatined under Court order by FOX NEWS. News organization other than FOX have previously noted that the Government’s private Attorneys warned the Adminstration that the “Bonus Agreements” were, in fact, valid.
Various summaries of the Government’s actions can be reviewed here: https://mcauleysworld.wordpress.com/2009/03/19/aig-bonus-debacle-washington-knew-about-bonuses-for-months/ , https://mcauleysworld.wordpress.com/2009/03/18/white-house-treasury-officials-engineered-aig-bonuses-reports-salon-magazine/
A summary from AOL News can be read here: http://news.aol.com/article/washington-knew-aig-was-preparing-to-pay/386582 , Salon.com, Salon Magazine’s on-line publication can be read here: http://www.salon.com/opinion/greenwald/2009/03/17/dodd/ .
The accuracy of Salon’s report has been confirmed by Senator Dodd, himself. Watch for yourself below.
Note that the Salon article makes the following specific findings , “The administration official said the Treasury Department did its own legal analysis and concluded that those contracts could not be broken”, “The Obama administration is feeding reporters the accusation that it was Dodd who was responsible for the exemptions that protected already-vested bonuses”, “an amendment that imposed limits on executive compensation and bonuses but made an exception for pre-existing employment contracts.” the exact provision that Geithner and Summers demanded and that Dodd opposed.”
The Salon article provides a very clear explanation and timeline of the Administration’s attempts to shift blame elsewhere. http://www.salon.com/opinion/greenwald/2009/03/17/dodd/
All of these activities took place prior to February 11, 2009 – the date the “spending bill” was sent to the White House for the President’s signature. A Bill the President signed.
I’d also suggest the following: http://www.businessinsider.com/the-faux-dodd-scandal-is-another-black-mark-on-geithner-2009-3
Dodd’s Office States:
It was Obama officials, not Dodd, who demanded that already negotiated bonus payments be maintained. And it was Dodd, not Obama officials, who wanted the prohibition applied to all compensation agreements, past and future. The provision which shielded already-promised bonus payments from the executive compensation limits ended up being inserted at the insistence of Geithner. A spokesperson for Dodd, who is now consumed by these completely unfair attacks, finally confirmed today that these provisions were inserted at the direction of Treasury officials: Senator Dodd’s original executive compensation amendment adopted by the Senate did not include an exemption for existing contracts but provided that these types of bonuses be eliminated.
Or read the CBS News report here: http://www.cbsnews.com/stories/2009/03/18/politics/main4873238.shtml , CBS News states, “For months, the Obama administration and members of Congress have known that insurance giant AIG was getting ready to pay huge bonuses while living off government bailouts. It wasn’t until the money was flowing and news was trickling out to the public that official Washington rose up in anger and vowed to yank the money back. ”
So how does Washington explain this, “Administration officials insisted Tuesday that neither Mr. Obama nor Geithner learned of the impending bonus payments until last week”, http://www.cbsnews.com/stories/2009/03/18/politics/main4873238.shtml
Geitner claimed he did not learn about the bonus payments until the Tuesday before they were made.
Obama told Tonight Show Host Jay Leno that the bonuses “stunned” him. http://www.bloomberg.com/apps/news?pid=20601203&sid=a95J8TNI_3JI&refer=insurance
Obama & Geitner are not being honest with the American people. This is not a matter of making a clerical mistake or being uniformed. There was an overt attempt to sneak additional bonuses past the American Public. Only because the American people have expressed outrage has there been any effort to recoup this money. The effort will prove to be “A day late and $165 Million Dollars short”.
STOP PASSING BILLS BEFORE THEY CAN BE REVIEWED, DEBATED AND CONSIDERED BY BOTH THE CONGRESS AND THE AMERICAN PEOPLE. MR OBAMA, YOU PROMISED AS MUCH TO THE AMERICAN PEOPLE WHEN YOU ASKED FOR THEIR VOTE. STOP THE HYPOCRISY AND KEEP YOUR PROMISE.