Obama Pursues Every Legal Avenue To Stop AIG Executive Bonuses

[Henry]

President Barack Obama said his administration will "pursue every legal avenue" to stop insurance giant American International Group from paying $165 million in executive bonuses.

Obama made the declaration at the outset of an appearance at the White House to announce new steps to ease loans for small businesses hurt by the economic crisis.

AIG is in financial straits because of "recklessness and greed," Obama said. "It's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay."

"How do they justify this outrage to the taxpayers who are keeping the company afloat," the president said.

For more on the story, click on the following link:

http://www.wptz.com/money/18938973/detail.html

[msm]

Henry,

I was outraged over the weekend - I sent emails to my Senators and House Representative on Sunday Afternon.  In addition,  I called the AIG Contact number,  spoke wit ha very nice lady she took my name and number.  My call purpose :  AIG Executives,  I understand you have a contract with your employer.  But this contract should be voided when your company loses over $ 61 Billion in the 3th Quarter '08 and the Tax Payers have ponied up $ 170 Billion to keep your business up and running.

From our Vermont roots,  this Corporate behaviour is UNACCEPTABLE. The American People have spoken.  Bonus awards for Executives running a corporation with Bilion Dollars is UNACCEPTABLE !!   

Finally,  I do not support Salary Caps on Executives -- IF their Corporations have NOT Taken any money from the Federal Government ..  I will make an assumption,  these corporations are profitable and the corporation can award the big-boys as the BoD approves.   

My Two cents -- 

[rdmapes]

What is really cool is that we elected the people that handed out the money, even better is they knew about the bonus before it was given out. Not one of those Senators or Reps. read the 1000+ page document that they passed. Money was given overseas as well as places that have yet to be vetted. So, our man Obama is not superman he is just another crook who sweet talked America that he will do better then the last crook. We really need to wake up.


Ron

[Henry]

A 90% tax should help.  Acting with lightning speed, the Democratic-led House on Thursday approved a bill to slap punishing taxes on big employee bonuses from firms bailed out by taxpayers.The bill would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000. The measure would apply to companies that have received at least $5 billion in government bailout money.

http://www.wptz.com/money/18964548/detail.html

[Chris Santee]

While we are disappointed in the bonuses, and screaming about them,

we sure aren't raising much of a stink about the B-B-Billions
that went to France, Germany and Switzerland in our "American Job-Creating" stimulus.

Smoke and mirrors. Keep your eyes on the bonuses.

When we do raise a stink about it, the media will inform us of the bonuses at Freddie & Fanny.
That's really going to upset people and Chris Dodd is right there too.

[rdmapes]

It might be a good time for those of us who have not read the history of the last 120 years to start reading. What is Socialism? How does it pry its way into an unsuspecting society? Why do people embrace it and promote it and allow the government to impede individual freedom and right to privacy. The writings of Lenin & Marx provide some insight and are relevant today since we find ourselves on the edge of a new age "enlightenment".
If you can digest those the next choices will demonstrate the change in the thought process of the citizens of the USA. US Constitution,Bill of Rights, The Rights of Man by Thomas Jefferson is another good one. One Nation Under God as well as None Dare Call it Conspiracy  are more recent, from the 70's I believe. Tons of warnings, insight into why government should be limited.
So, the million dollar question is what to do? Vote for candidates the will support the US. The reality is that we have a finite amount of funds to take care of our own backyard. Unfortunately sending billions abroad is not securing your job or a member of you family or mine in most cases. Before we can save the world the US must be solvent financially, as well as self sufficient. Take a minute to think about this. If the world fell apart would the US be able to produce a toaster, clothes Iron or even a telephone? Would you be willing to pay the increase cost because of costs related to production, wages?
Interesting times...

Ron

[cedarman]

"Interesting Times"??

More like scary times.  NOT because of the issues going on here at home and globally, but because of the general blindness, short attention span and memory of the average voter, consumer, and individual.   The LACK on insightful reporting by many media outlets certainly doesn't help matters either.

For anyone outraged enough to actually call or contact a US congressional representative, or state representative about the "AIG" issue, I certainly hope they vented their anger and frustration AT the representative about the irresponsibility of the Senate/House for haphazardly giving away billions and not taking a little time for consideration.  The entire economy was NOT going to crash in days as our puppeticians and sensationalizing media would have us believe.

I fear the rush to do SOMETHING about the bonuses by the poleticians will come back to bite a LOT of people in the behind, even many who did nothing wrong but work hard to build a strong company.

"The value of a law should not be judged by the good it MIGHT do if applied properly, but the harm it WILL do if abused."