Surprise, surprise: Obama has you all fooled Re: AIG bonuses

[dajoka004]

Sen. Ron Wyden, D-Ore., all but pointed the finger of blame directly at the "Obama economic team" Wednesday for allegedly stripping a provision from the stimulus package last month that would have slapped a heavy tax on bonuses like the ones doled out at AIG.

Though lawmakers are now trying to recoup some of the $165 million in bonuses through taxation, Wyden and Sen. Olympia Snowe, R-Maine, had included a provision to tax executive bonuses at 35 percent in the stimulus -- it was later stripped.

Asked to whom he spoke with back in February when he was fighting to keep the item, Wyden said, "Secretary Geithner, Larry Summers, and I'll leave it at that."

Wyden said he and his co-sponsor Snowe battled administration officials, trying to convince them that the public would be outraged at excessive bonuses, but, Wyden said, "I was never able to convince them that this was something that ought to be included."

The Wyden-Snowe provision was mysteriously dropped in the early February closed-door negotiations over the stimulus bill -- intense meetings that involved Treasury Secretary Timothy Geithner, Obama economic adviser Larry Summers, White House Chief of Staff Rahm Emanuel and budget director Peter Orszag, as well as senior Democratic members of Congress.

Wyden said Summers and Geithner argued that there were "contractual obligations" as they worked to kill Wyden-Snowe.

When asked if the Obama administration has handled the AIG situation well, he pointed against at Summers and Geithner.

"I think the administration, at best, is sending mixed messages," he said. "You have the president being very forthright and very blunt...My sense is that the economic team has not followed up."

Stop eating everything being fed to you. AIG is going to get another $30B in bailout money. $30B minus $165M equals $29.835B. Not much of adifference, eh? Why not just NOT give them the $30B, and
quit wasting our damn money?

 

[dajoka004]

Originally Posted by rickybadman

shut up

Intelligent answer from an intelligent person.

 

[kash55]

Some provisions should have defiantly been put in to stop such actions.

 

[dathbgboy]

OK so who signed off on the bailout to begin w/? Think about it. U are one of the problems w/ America, so thirsty and pent on wantin to "right" thatu're willin to point blame at the leader of our country. He's our president, DEAL WITH IT. POLITICS IS POLITICS, the little ppl ALWAYS get shafted inpolitics, do ur history and realize that

 

[seasoned vet]

 

[ericberry14]

Originally Posted by DaJoka004

Sen. Chris Dodd (D-Conn.) looks like he may be facing a fresh political firestorm.

Dodd just admitted on CNN that he inserted a loophole in the stimulus legislation that allowed million-dollar bonuses to insurance giant AIG to go forward - after previously denying any involvement in writing the controversial provision. .

"We wrote the language in the bill, the deal with bonuses, golden parachutes, excessive executive compensation that was adopted unanimously by the United States Senate in the stimulus bill," Dodd told CNN's Wolf Blitzer this afternoon.

"But for that language, there would have been no language to deal with this at all."

Dodd had previously said that he played no role in writing the controversial language, and was not a part of the conference committee that inserted the language in the bill. As late as today, Dodd's spokeswoman denied the senator's involvement.

The AIG bonuses have caused a political firestorm, with Republicans and Democrats alike looking to lay blame for who's responsible, and leading lawmakers looking to revoke the bonuses.

Dodd's role in the legislation will likely come up as he faces the likelihood of a tough re-election. Former GOP congressman Rob Simmons announced he was running this week, and has already taken issue with Dodd's stewardship as chairman of the Senate Banking Committee.

 

[dajoka004]

Originally Posted by Dathbgboy

OK so who signed off on the bailout to begin w/? Think about it. U are one of the problems w/ America, so thirsty and pent on wantin to "right" that u're willin to point blame at the leader of our country. He's our president, DEAL WITH IT. POLITICS IS POLITICS, the little ppl ALWAYS get shafted in politics, do ur history and realize that

It kills me to see this.

 

[pr superman 247]

For those who want to point fingers at Obama, last year it was stated in signed written contracts that those who recieved their bounuses were to get them. AIGhad no choice but to give those bonuses because they would be breaking the law if they didn't. Obama couldn't just break a contract or law to give thebailout money. None of us tax payers especially don't like this, but a contract is a contract.

 

[stillmatic]

im gonna be in a higher tax bracket this year. i hate making more and more money..........blows

 

[dajoka004]

Originally Posted by ericberry14

Originally Posted by DaJoka004

Sen. Chris Dodd (D-Conn.) looks like he may be facing a fresh political firestorm.

Dodd just admitted on CNN that he inserted a loophole in the stimulus legislation that allowed million-dollar bonuses to insurance giant AIG to go forward - after previously denying any involvement in writing the controversial provision. .

"We wrote the language in the bill, the deal with bonuses, golden parachutes, excessive executive compensation that was adopted unanimously by the United States Senate in the stimulus bill," Dodd told CNN's Wolf Blitzer this afternoon.

"But for that language, there would have been no language to deal with this at all."

Dodd had previously said that he played no role in writing the controversial language, and was not a part of the conference committee that inserted the language in the bill. As late as today, Dodd's spokeswoman denied the senator's involvement.

The AIG bonuses have caused a political firestorm, with Republicans and Democrats alike looking to lay blame for who's responsible, and leading lawmakers looking to revoke the bonuses.

Dodd's role in the legislation will likely come up as he faces the likelihood of a tough re-election. Former GOP congressman Rob Simmons announced he was running this week, and has already taken issue with Dodd's stewardship as chairman of the Senate Banking Committee.

Many articles have been conveniently leaving out the fact that Dodd told Wolf Blitzer that it was the Obama administration that pushed for this.

This is a good article on it. It just wouldn't paste correctly.

http://edition.cnn.com/2009/POLITICS/03/18/aig.bonuses.congress/

 

[dajoka004]

Originally Posted by PR SUPERMAN 247

For those who want to point fingers at Obama, last year it was stated in signed written contracts that those who recieved their bounuses were to get them. AIG had no choice but to give those bonuses because they would be breaking the law if they didn't. Obama couldn't just break a contract or law to give the bailout money. None of us tax payers especially don't like this, but a contract is a contract.

My point was that Obama's "outrage" over the bonuses is nothing but a political ploy. He's not mad. He knew that's wherepart of the money was going. If he was really mad, he'd make sure they didn't receive the next $30B. But that definitely won't happen.

 

[juju]

Originally Posted by DaJoka004

Originally Posted by PR SUPERMAN 247

For those who want to point fingers at Obama, last year it was stated in signed written contracts that those who recieved their bounuses were to get them. AIG had no choice but to give those bonuses because they would be breaking the law if they didn't. Obama couldn't just break a contract or law to give the bailout money. None of us tax payers especially don't like this, but a contract is a contract.

My point was that Obama's "outrage" over the bonuses is nothing but a political ploy. He's not mad. He knew that's where part of the money was going. If he was really mad, he'd make sure they didn't receive the next $30B. But that definitely won't happen.

so why didnt you say just that?

 

[ericberry14]

Originally Posted by DaJoka004

Originally Posted by ericberry14

Originally Posted by DaJoka004

Sen. Chris Dodd (D-Conn.) looks like he may be facing a fresh political firestorm.

Dodd just admitted on CNN that he inserted a loophole in the stimulus legislation that allowed million-dollar bonuses to insurance giant AIG to go forward - after previously denying any involvement in writing the controversial provision. .

"We wrote the language in the bill, the deal with bonuses, golden parachutes, excessive executive compensation that was adopted unanimously by the United States Senate in the stimulus bill," Dodd told CNN's Wolf Blitzer this afternoon.

"But for that language, there would have been no language to deal with this at all."

Dodd had previously said that he played no role in writing the controversial language, and was not a part of the conference committee that inserted the language in the bill. As late as today, Dodd's spokeswoman denied the senator's involvement.

The AIG bonuses have caused a political firestorm, with Republicans and Democrats alike looking to lay blame for who's responsible, and leading lawmakers looking to revoke the bonuses.

Dodd's role in the legislation will likely come up as he faces the likelihood of a tough re-election. Former GOP congressman Rob Simmons announced he was running this week, and has already taken issue with Dodd's stewardship as chairman of the Senate Banking Committee.

Many articles have been conveniently leaving out the fact that Dodd told Wolf Blitzer that it was the Obama administration that pushed for this.

This is a good article on it. It just wouldn't paste correctly.

http://edition.cnn.com/2009/POLITICS/03/18/aig.bonuses.congress/


well i stand corrected then. But i think it was pretty clear that the government knew that this was going to happen when they gave AIG that money.

 

[daytona 5000]

I don't see why people are so mad that they are getting those huge bonuses. AIG is contractually obligated to give it to them.

 

[wanksta23]

OBAMA FTW!!

 

[welcometothetonezone]

Starts at 4:30 when discussing AIG

I think Bernanke used a great analogy in this interview. The interview is at the beginning of this 2nd video below.



Yes, I too am mad at these AIG boneses and bail outs, but these bailouts are necessary.

 

[qpitfighter]

Originally Posted by seasoned vet

 

[dugtrio]

Originally Posted by stillmatic

im gonna be in a higher tax bracket this year. i hate making more and more money..........blows

word, money sucks.

 

[daytona 5000]

Bernanke can go %*!% himself

 

[dr spaceman]

Originally Posted by dugtrio

Originally Posted by stillmatic

im gonna be in a higher tax bracket this year. i hate making more and more money..........blows

word, money sucks.

Word, it sucks taking home more money because it was taxed more. Wish i made less money so they took less taxes, cuz, you know, taxes are moreimportant than net pay. And i don't get what dude is up in arms about trying to disprove this and that. Are there even people that dense that thought thePres. was gonna not do business as usual? or do you just want to somehow seem superior?

 

[fc15]

Originally Posted by DaJoka004

Sen. Ron Wyden, D-Ore., all but pointed the finger of blame directly at the "Obama economic team" Wednesday for allegedly stripping a provision from the stimulus package last month that would have slapped a heavy tax on bonuses like the ones doled out at AIG.

Though lawmakers are now trying to recoup some of the $165 million in bonuses through taxation, Wyden and Sen. Olympia Snowe, R-Maine, had included a provision to tax executive bonuses at 35 percent in the stimulus -- it was later stripped.

Asked to whom he spoke with back in February when he was fighting to keep the item, Wyden said, "Secretary Geithner, Larry Summers, and I'll leave it at that."

Wyden said he and his co-sponsor Snowe battled administration officials, trying to convince them that the public would be outraged at excessive bonuses, but, Wyden said, "I was never able to convince them that this was something that ought to be included."

The Wyden-Snowe provision was mysteriously dropped in the early February closed-door negotiations over the stimulus bill -- intense meetings that involved Treasury Secretary Timothy Geithner, Obama economic adviser Larry Summers, White House Chief of Staff Rahm Emanuel and budget director Peter Orszag, as well as senior Democratic members of Congress.

Wyden said Summers and Geithner argued that there were "contractual obligations" as they worked to kill Wyden-Snowe.

When asked if the Obama administration has handled the AIG situation well, he pointed against at Summers and Geithner.

"I think the administration, at best, is sending mixed messages," he said. "You have the president being very forthright and very blunt...My sense is that the economic team has not followed up."

Stop eating everything being fed to you. AIG is going to get another $30B in bailout money. $30B minus $165M equals $29.835B. Not much of a difference, eh? Why not just NOT give them the $30B, and
quit wasting our damn money?
Source?

 

[ohburrrr]

what i find funny is how all this bail out money is handed to the EXACT same people who squandered hundreds of millions if not billions, of dollars which drovethem into this mess in the first place! Clearly they aren't the right people to be making decisions and though a bail out is necessary, I think thegovernment should have some sort of control over or at least over see how these funds are spent.

 

[dajoka004]

Originally Posted by JuJu

Originally Posted by DaJoka004

Originally Posted by PR SUPERMAN 247

For those who want to point fingers at Obama, last year it was stated in signed written contracts that those who recieved their bounuses were to get them. AIG had no choice but to give those bonuses because they would be breaking the law if they didn't. Obama couldn't just break a contract or law to give the bailout money. None of us tax payers especially don't like this, but a contract is a contract.

My point was that Obama's "outrage" over the bonuses is nothing but a political ploy. He's not mad. He knew that's where part of the money was going. If he was really mad, he'd make sure they didn't receive the next $30B. But that definitely won't happen.

so why didnt you say just that?

That's what my title was trying to imply. I should have been more clear.

The original article is from Fox News.

 

[reigndrop]

Originally Posted by welcometothetonezone



Starts at 4:30 when discussing AIG

I think Bernanke used a great analogy in this interview. The interview is at the beginning of this 2nd video below.



Yes, I too am mad at these AIG boneses and bail outs, but these bailouts are necessary.

I agree that some bailouts are necessary and that standing idle is plain stupid, but AIG was plain dumb.� It's quite clear that bailing outAIG was more of a money laundering scheme than anything.� The only winners in this bailout was European Banks and Goldman, which said that it had adequatelyhedged against an AIG failure.� So why the bailout? � tis tis�

 

[throwedindagame]

Originally Posted by reigndrop

Originally Posted by welcometothetonezone



Starts at 4:30 when discussing AIG

I think Bernanke used a great analogy in this interview. The interview is at the beginning of this 2nd video below.



Yes, I too am mad at these AIG boneses and bail outs, but these bailouts are necessary.

I agree that some bailouts are necessary and that standing idle is plain stupid, but AIG was plain dumb.� It's quite clear that bailing out AIG was more of a money laundering scheme than anything.� The only winners in this bailout was European Banks and Goldman, which said that it had adequately hedged against an AIG failure.� So why the bailout? � tis tis�

There is a circle of about 200 people who are getting very rich from all of these bailouts.

One Ex-Goldman Sachs CEO in particular who happens to work in Washington. Gotta make sure you kill the competition and let your ex-firm stay afloat so u cancontinue to receive post-employment compensation/pensions eh Mr. Paulson?