Comments on Politicians Condemn AIG Bonuses, Ignore Far Greater Government Waste

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Ooops, kinda blew that one, didn't I.  I looked it up, and you're right.  However, I didn't mean to imply the ENTIRE bailout was for AIG, that was just sloppy writing. I was completely wrong about the current bonus being part of the stimulus package.

posted by VanArsdale on April 2, 2009 at 11:58 PM | link to this | reply

Re: Re: Uh pardon me, your bias is showing...

Oh yes, one other thing - you had the title of the Act wrong.

It's the Porku . . . American Recovery and Reinvestment Act.

posted by WriterofLight on March 22, 2009 at 12:23 PM | link to this | reply

Re: Uh pardon me, your bias is showing...

Thanks for holding me to account!   I appreciate it, and glad to return the favor.

According to http://online.wsj.com/article/SB122156561931242905.html, the intial bailout of AIG was for $85 billion, not $700 billion as you initially stated. The $700 billion was the total financial institution bailout, as you rightly mentioned later. And, to his lasting shame, President Bush approved it.

But the specific exemption of payment of executive bonuses was undeniably in the Porkulus - oh, excuse me, Economic Reinvestment & Recovery Act . I'll cut you some slack, as the story didn't come out until after you posted this comment, but Senator Dodd admitted to inserting the provision into the Porkulus - aw, dang it, I did it again! - Economic Reinvestment & Recovery Act. See http://feeds.foxnews.com/~r/foxnews/politics/~3/Ge2taiiAu4o/sen-dodds-political-future-cloudy-aig-bonus-controversy for the story.

You also fail to mention much of what is in the Pork   Economic Reinvestment & Recovery Act. See http://www.blogit.com/Blogs/Blog.aspx/WriterofLight1342/593766 for an extensive discussion.

posted by WriterofLight on March 22, 2009 at 12:21 PM | link to this | reply

Uh pardon me, your bias is showing...

I refer to this paragraph:

 

"The Republicans have at least a shred of credibility on this, because most of them opposed the spending spree that the Democrats passed and Obama signed into law. But even their protests are pointless because, according to some reports, the bonuses were paid out based on merit and were in fulfillment of contractual obligations entered into before the handouts were given."

 

I assume you are, of course, referring to the Economic Reinvestment & Recovery Act passed by Congress this year. However, the $700 billion bailout of AIG started and was pushed for by Bush & Bernanke  (originally, it was just a 2-page bill, giving all discretion of the distribution to the Sec. of the Treasury).

 

You're conflating Bush's original bailout bill with Obma's stimulus package.  The stimulus package had taxcuts for individuals earning less than $200K, families earning less than $250K, spending programs, extended UE benefits &additional funds for Medicaid. The bailout bill (which yes, too many Democrats also voted for) had $700 billion for financial institutions.

 

You're confusing the two, and conveniently absolving the Republicans in the process.  The new bailout money, passed through the much-hated Chairmanship of Rep. Barney Frank, has protections against this type of largesse.

 

I've said it before, and I'll keep saying it until it sinks in:  When opponents of the President misstate facts, take things out of context or re-write history, it actually hurts their case.  And I'll call you on it every time.


posted by VanArsdale on March 16, 2009 at 10:57 PM | link to this | reply

tHOUGH THERE IS A HIGH LEVEL OF HYPOCRISY...THE BASIC POINT IS THAT TAXPAYERS ARE FOOTING THE BILL. wE DON'T APPROVE OF BONUSES TO THOSE WHO WERE INSTRUMENTAL IN RUNNING DOWN THEIR COMPANIES PRIOR TO THE BAILOUTS.  The story is if you failed in your job you have no right to any perks! But, we know that the big boys will do as they will even after pretending consternation. AIG's bonuses are closer to $450 million... not 160 million. But Goldman sachs bonuses were 110% of the taxpayer funds. AIG is only doing 0.1% of taxpayer funds. Whom should Obama be angy at?

posted by Soul_Builder101 on March 16, 2009 at 9:47 PM | link to this | reply