What the hell does it take to get someone to shut this team down? The AP is reporting $165 million in bonuses while the Wall Street Journal claims the number is $450 million. They obviously have too many friends in all the right places because this is disgraceful and unacceptable. AIG has clearly convinced too many in power – throughout this administration and Congress – that if they don’t allow bonuses, everyone will walk. Let. Them. Walk.
American International Group is giving its executives tens of millions of dollars in new bonuses even though it received a taxpayer bailout of more than $170 billion dollars.
AIG is paying out the executive bonuses to meet a Sunday deadline, but the troubled insurance giant has agreed to administration requests to restrain future payments.
The Treasury Department determined that the government did not have the legal authority to block the current payments by the company. AIG declared earlier this month that it had suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.
Treasury Secretary Timothy Geithner has asked that the company scale back future bonus payments where legally possible, an administration official said Saturday.
Golly, well if Timmy Geithner said so, AIG will act. Geithner has been such a firebrand, standing up for the American investor who has lost their retirement plans. It’s hard to understand how so many people believe Geithner is in deep over his head and not up for the job. Sure, he sat on his hands and did nothing for years while working at the NY Fed, but can’t they see that he kindly asked AIG to scale back bonuses after they rolled out yet another round just to kick sand in the face of the American public? I hear he asked very sternly and insisted they would all be very naughty if they ran over him again.
The leadership out of the Obama administration has been oh so impressive and investors become happier by the day as they watch such forceful displays of executive power. What red blooded American doesn’t like to be abused by Wall Street and lose their retirement money? Heck, there’s no way the public would ever start pointing the finger at Obama for failing to stand up to Wall Street with this response. Nope, never, ever, never.