Anyone interested in helping me pressure the Senate to allow me to speak on the floor for a half an hour can U2U me for my name to use. For
confidentiality purposes I of course don’t want to give my name out publicly over the Internet. If you are really interested in helping me do this
U2U me for my name so that you can call the Capital Switchboard and ask that I be allowed to speak.
As far as what I am going to say…
In these times when financial institutions go to our legislative branch with their hats in they’re hands begging for a bailout. One cannot get angry
at those same financial institutions when they misuse taxpayer money.
Especially when the very rules allow them to. In this legislation, there was a key element, one that was carefully hidden, those allowed for these
financial institutions to legally and with all the blessing of this congress give out these multi million dollar bonuses to the very executives that
caused AIG to become insolvent to begin with.
How can we blame AIG for following the letter of the law set out before them? A majority here passed this in the senate. Even by those who later
turned on the CEO of AIG in this chamber and chastised him for allowing these bonuses to go out. This should tell the American people something
startling about our legislature. It is my opinion that those that voted for this measure for AIG have absolutely no one to blame for AIG giving out
bonuses but themselves.
Even more infuriating is Senator Dodd, who was the one who put this paragraph into the legislation authorizing these bonuses. Dodd, who latter lied to
the American people and denied his wrongdoing and cowardly, after being exposed, took the low road and shifted blame onto treasury secretary Geitner
The brunt of the blame rests on senator Dodd’s shoulders in this matter. But it equally rests on the shoulders of every member of this chamber who
chose by their own free will to pass this legislation.
Each of you who chose to publicly humiliate the CEO of AIG for these bonuses wrongly did so. Each of you who did so after voting for this legislation
was even more wrong. How dare you chastise this man for no wrongdoing? Exploiting the rule of law is the prerogative of every businessperson in this
There will be those of you in this chamber that will undoubtedly deny knowledge of this singular paragraph in this legislation. To those of you who
wish to save face in this manner I say to you that you are incompetent. You are incompetent and were derelict of duty. For those of you that knew this
paragraph was in the bill and voted for this legislation you are grossly negligent.
The majority of Americans were against this bailout. But instead of going with the will of the people you decided to vote for this anyway sighting
that AIG was too big to fail and that if you did nothing that the financial crisis would have been much worse.
What has been the result of your action? Our country now is forced to repeatedly prop up an insolvent company; a company thanks to bad leadership, a
failed strategy and a broken moral compass will most likely never be profitable again.
Now it is estimated that the United States taxpayer owns 80% of AIG. This company thanks to the bad press and attention it has received is going to be
nigh impossible to turn around.
The United States is in this company for far too much at this point to allow it to fail. Now the United States is held hostage by an investment that
it should have never taken. We will be forced regularly to bail out this company over and over again, with the threat of it going under. When will
this company ever give us an adequate return on our investment? What happens when the common stock we own in this company falls to junk status?
When in this country will our lawmakers realize the difference between too big to fail and to damaged to save?
Do any of you have an adequate reason why you voted for these AIG executives to receive these bonuses?
If you didn’t know that this part was in this legislation, is it safe to assume that you don’t bother reading any legislation that happens across
your desk? What other horrible pieces of legislation have you voted for with no clear understanding as to what you were voting on?
If you knew that this was in there, did you vote for this because you felt they deserved these bonuses? In your opinion did the executives of AIG do
that good of a job destroying their company to warrant retention bonuses? If that is the case please, put me in a position in this company, I am sure
my complete incompetence in finance would warrant me a multi million-dollar bonus. Please, I am sure I can completely fail a company and drive it into
the ground. If I completely destroy a company beyond the ability of it being saved will you vote to allow me to have a larger bonus?
And now you want to place an excise tax on these bonuses? Bonuses you voted for? If that isn’t the definition of hypocritical I don’t know what
Sen. Charles Grassley was quoted as saying “The first thing that would make me feel a little bit better towards them if they’d follow the Japanese
model and come before the American people and take that deep bow and say I’m sorry, and then either do one of two things — resign, or go commit
Should we ask of you the same? After all from the congressional record you voted for the TARP program. You agreed to these bonuses that Senator Dodd
graciously gave out. You voted for them, you felt they were right.
I also wonder, senator Dodd, was it the promise of campaign funds down the road that compelled you to bail out such an insolvent and incompetent
company? We know from the record that Senator Dodd received $280,000 from AIG for re election. Senator Dodd, is this payback, a quid pro quo for
campaign funds? Maybe you’re expecting more in campaign funds from AIG next election? Or is this a return on the investment AIG has made in you?
Senator Dodd, you stated that Tim Geitner pressured you to put this piece into this legislation; did he hold a gun to your head? Were you threatened?
Were you coerced? We don’t know, does Geitner have your children in a room somewhere? Is this some sort of ransom that had to be paid? How were you
Anything I should add?