Thursday, March 19, 2009
AIG bonus? Pres BO & Dems need to come clean and admit that they didn't read the bill!
You can't "hope and change" your way out of this one.
Pres Obama and the Dem Congress did not read the bill.
They signed a US $787 billion contract without reading the fine print.
Could you keep your job if you committed your boss to spending that kind of money without having read the bill?
The "blame game" is on:
Michael Goodwin nailed the Dems this morning in What was supposed to be legal lynching of AIG's Edward Liddy turns into huge defeat for Congress:
"What was supposed to be a legal lynching of AIG boss Edward Liddy over the firm's bonus plan turned into a humiliating defeat for the lynch mob.
Liddy came off as a smart straight shooter, a man who gave up retirement for $1 a year to rescue AIG so it wouldn't bring down the financial system.
He also proved himself a cut above those who aimed to make cheap headlines at his expense. I'd pay to see him question Congress on its role in the economic mess.
Most important, he revealed the dirty little secret that much of Washington knew and approved of AIG's promises to pay retention bonuses to members of its financial products unit. That revelation came early in Liddy's testimony and punctured the hot air balloon.
Liddy's matter-of-fact claim directly implicates the Federal Reserve, which he called the "gatekeeper" for the 80% of AIG owned by the taxpayers.
He also said Treasury Secretary Tim Geithner knew of the bonus plan nearly two weeks before it became public.
Over to you, President Obama."