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Blah Blah Blah Finger-WaggleWednesday, Mar. 18, 2009 4:30 AMThe latest on the AIG bonus payouts is that a provision blocking those bonuses was 'secretly' stripped by as-yet unnamed parties from the legislation authorizing the latest infusion of bailout funds. I'm of the mind that whoever it was (and initial indicators are that it's one of the banking committees) - Republican or Democrat, Congress or Cabinet - should simply be told that their services are no longer necessary. We will not fix the problem by continuing to reward bank executives for gross mismanagement. Of course, AIG's CEO, Edward Liddy, is due on Capitol Hill this morning for a stern finger-waggling from various members of Congress. It should come down to some basic facts. AIG remains solvent only through the administration of bailout monies. Those monies should not be used to pay executive bonuses, regardless of any contractual obligations. When your company returns to profitable operation, you can pay them out of your own capital, not my tax dollars.
Dave - 2009-03-19 18:09:34 Freddie and Fannie are also paying contractually-obligated bonuses with their "stimulus" monies. No word yet if they must return those also, or whether they will be taxed at a higher rate.
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