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Shocker: Senate quietly stripped measure restricting bonuses from bailout legislation

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posted on Mar, 18 2009 @ 11:49 AM
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SHOCKER: Senate quietly stripped measure restricting bonuses from bailout legislation


rawstory.com

A new revelation in the scandal surrounding AIG's decision to pay multi-million dollar bonuses to executives -- a provision that would have restricted companies receiving federal government bailout aid from paying bonuses was quietly stripped from a bill last month.

The measure, introduced by Sen. Ron Wyden (D-OR), was removed by negotiators in a late-night, close door meeting. In the negotiations, senators agreed to limit executive compensation but decided to forgo barring excessive bonuses -- in fact, they specifically exempted it.
(visit the link for the full news article)



[edit on 18-3-2009 by baseball101]
Mod Edit: All Caps – Please Review This Link.

[edit on 18 Mar 09 by Gools]




posted on Mar, 18 2009 @ 11:49 AM
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This is just upsetting ... even if the people of AIG are contractually bound for the bonuses ... couldn't the federal government step in and stop it considering it's the taxpayers money that is paying for them? i don't know this is just too big of a deal for the American public to ignore .... also in my title i'm being sarcastic

here's some more from the article


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.

Why the sudden furor, just weeks after Barack Obama's team paid out $30 billion in additional aid to the company? So far, the administration has been unable to match its actions to Obama's tough rhetoric on executive compensation. And Congress has been unable or unwilling to restrict bonuses for bailout recipients, despite some lawmakers' repeated efforts to do so.

The situation has the White House and Treasury Secretary Timothy Geithner on the defensive. The administration was caught off guard Tuesday trying to explain why Geithner had waited until last Wednesday to call AIG chief executive Edward M. Liddy and demand that the bonus payments be restructured.


rawstory.com
(visit the link for the full news article)

[edit on 18-3-2009 by baseball101]



posted on Mar, 18 2009 @ 11:53 AM
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theres gotta be a reason for this crap
everything is ok as long as we dont find out, and when we do, they "share" our outrage.. good one

anyone have a list of who AIG gave campaign contributions too??

oh and special thanks to obama for going "line by line" to help solve this mess. excellent work

[edit on 18-3-2009 by turbokid]



posted on Mar, 18 2009 @ 11:57 AM
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This thing just keeps getting better and better, doesn't it. Time to break out the popcorn, folks. This three way slap fight between the White House, Congress and AIG is going to be entertaining, at least.

Yeah, AIG's front office is a bunch of sleaze bags for using the funds in this manner, but there's not a damn thing the government can do about it at this point. They're the ones who were too stupid to put conditions upon the dispersal of the bailout funds.

If Congress and the White House want to blame someone, they should start with themselves. In the absolute best case scenario, they're all a bunch of ****ing morons for allowing it to happen. At worst, they're just as much, if not more guilty of ripping off the American public in this instance than these AIG execs.





[edit on 18-3-2009 by vor78]



posted on Mar, 18 2009 @ 11:59 AM
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Originally posted by turbokid

anyone have a list of who AIG gave campaign contributions too??


[edit on 18-3-2009 by turbokid]


There is a list on here somewhere but there are so many AIG threads, I can't remember which one it's in. The thread lists who received over $10,000 but it links to another site that also lists the others who received lesser amounts. I'm not sure how solid the information is.

Sorry I can't be of more help as to which thread it's in. If I find it I'll come back and post.



posted on Mar, 18 2009 @ 12:09 PM
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Originally posted by Maya00a

Originally posted by turbokid

anyone have a list of who AIG gave campaign contributions too??


[edit on 18-3-2009 by turbokid]


There is a list on here somewhere but there are so many AIG threads, I can't remember which one it's in. The thread lists who received over $10,000 but it links to another site that also lists the others who received lesser amounts. I'm not sure how solid the information is.

Sorry I can't be of more help as to which thread it's in. If I find it I'll come back and post.


found it right after my post... haha

www.abovetopsecret.com...



posted on Mar, 18 2009 @ 01:00 PM
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reply to post by baseball101
 

Even worse, Sen. Chris Dodd ($103k AIG contribution) INSERTED an exemption in an amendment especially FOR AIG, which Obama ($100k AIG contribution) promptly signed!

Proof?

Take a look here:
www.abovetopsecret.com...'

Now, they say they didn't know, and that they are "really mad."

Time to sweep 'em all out.

jw


[edit on 18-3-2009 by jdub297]



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