It had to happen. Turbo Tax Geithner, who did break a few laws by not correctly figuring and paying his taxes, has been told by President Brack Obama to round up the usual suspects at AIG and get back those huge bonuses you’ve probably heard about.
The amount of “bonus” money, about $163 million, is less than 1/2 of 1% of the bailout AIG got….
And the bonuses are being paid as part of legally binding contracts.
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So now the President of the United States is voiding those contracts and telling his Treasury Secretary to make it so?
I don’t think so.
Once the government of the United States started to get involved in running big business it jumed on to the slippery slope with a gusto.
When my wife, who lived through the communist takeover in Vietnam, heard President Obama say the U.S. taxpayers should ignore legal contracts and not pay the AIG bonuses, she flew into a rage and said, “This is how it starts. This is how the state sweeps away everything involved in legal free enterprise.”
GO OBAMA! But where to?
This isn’t America anymore. This is communism, socialism or dumb and dumber.
Noting that AIG has “received substantial sums” of federal aid from the federal government, Obama said he has asked Treasury Secretary Timothy Geithner “to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole.”
Said Obama: “All across the country, there are people who work hard and meet their responsibilities every day, without the benefit of government bailouts or multimillion-dollar bonuses. And all they ask is that everyone, from Main Street to Wall Street to Washington, play by the same rules.”
“This isn’t just a matter of dollars and cents,” he added. “It’s about our fundamental values.”
Well, it might be about our fundamental values but it is also about fundamental laws: and there will have to be plenty of proof that laws were broken.
Throwing money around is a problem for the federal government….
The guys that should have thier pay withheld are Barney Frank and Christopher Dodd, the Congressional oversight, and a whole slew of federal oversight guys that got completely outsmarted by the Wall Street crowd, Bernie Madoff and others. If Bernie’s sons hadn’t turned him in he might have fled to Aruba or somewhere because the feds would never have untagled the mess — and they might not still now that he’s not compelled to talk.
If Barack wants so much to safeguard our dollars in the Treasury he should never have made Geitner Treasury Secretary, he should never have allowed Pelosi to write the stimulus, and he should take away her air fleet and get the healthcare bill planning off her desk until we get the economy back in order.
And nobody in the federal government has the smarts to run big company like AIG. It is just loonacy to think so.
If the government was so smart they should not have bailed out AIG without knowing they had a legal obligation to pay those bonuses as an “account payable.”
I know the left will blame all this on George Bush. This is not about where we caught the disease: this is about finding the cure and fast before we are ruined.
Our Federal spending of $1 billion every hour in Obama’s first 50 days is the biggest corruption ever put upon the American taxpayer by far….dwarfing the wrangdoing even of the best elected crooks like Charlie Rangel (or is it Wrangel?) Maxine Waters and others (who are mostly small time boobs)….
Last I checked, the Congress passed the TARP and AIG wound up with something like $170 billion for itself and the others that bought their bad deals. If the Congress throws money around they sure as hell have to take strong regulatory action….You make sure bonuses are not paid up front, not after they are paid…or you just let the company like AIG fail…
Accountability sucks. But since many of our elected officials have no clue about true accountability; they could never see a company like AIG for the mess that it became….so we bailed them out. They were too big to fail.
Psst: Barack. Spend more time with the U.S. military where there is accountability and nobody is too big to fail. Barney Frank wouldn’t last 24 hours living by those rules…..So how can he be Mister Oversight?
And who among Barack Obama, Barney Frank, Chris Dodd and Geithner have ever been involved in a big mega-business like AIG? The community organizer? These guys don’t have the stones for this….Or the brains….They should have never given away billions. Now they have to try to get it back. This is a national disgrace. No wonder China is worried…..
If every American voter hasn’t realized it by now here’s a clue: The Chinese, Russians, Taliban and others have taken their measure of Barack Obama already. You should too.
International relations is tied directly to how the American government performs at home. Others measure the U.S. president: that’s why our embassy in Tehran was overrun in the Carter Administration.
Welcome Back Carter…..
Obama: Fire Geithner
Obama Wasnts Some Bailout Dough Back From AIG?
Thowing Money Around Isn’t Always the Cure
Gotta get to the root of the problem….
China’s Economic Might, Arrogance Should Cause Caution in the West
Geithner. This dillweed is going up against AIG? Obama, Barney Frank, Chris Dodd and Geithner don’t have the stones for this….Or the brains….
You want to figure out a mess like this you don’t hire Geithner….
Above: Not Geithner. Photo: AP
Why Taxpayers Should Pay the AIG Bonuses; Obama is Dead Wrong On This
Dumb and Dumber