Frank: AIG is 'rewarding incompetence'

AP via MSNBC ^ | 16 March 2009 | AP

[An.American.Expatriate]

Rep. Barney Frank charged that a decision by the financially strapped insurance giant, which is 80 percent owned by taxpayers, to pay millions in executive bonuses amounts to "rewarding incompetence."

[kevao]

The bonuses that have been paid are one-tenth of one percent of the bailout money

Our congresscritters told us not to be upset about the omnibus earmarks, because they were only a tiny 6% of the entire bill. Yet now they get all upset about less than 1% of AIG's bailout going for bonuses.

[ully2]

Barney gives AIG 170B, AIG subtracts 165M for salaries leaving 169B+change and Barney cries about the salaries. Deflecting from the fact they gave away 170B. Seems like the problems is one word, bonuses instead of salaries. How brain dead are Americans to believe this bull.

[HighlyOpinionated]

Rep. Barney Frank charged that a decision by the financially strapped Congress, which is 80 percent owned by lobbyists, to pay yearly salary increases amounts to "rewarding incompetence."

I like my version better.

[Old Grumpy]

Barney needs to look in the mirror to get a good view of incompetence being rewarded.

[spectre]

AIG shareholders should be livid with rage. They've seen their investment depreciate with no dividends and AIG has the nerve to pay Bonuses?!!

UnFReepinbelievable!

se

[monday]

“Barney has no room to talk.”

Exactly. Barney Frank is the reason FANNIE MAE AND FREDDI MAC defaulted which caused this whole mess. His constituents are rewarding his incompetence by reelecting him. Actually Barney Frank is worse than incompetent. I believe he is a traitor who has deliberately sabotaged our financial system.

[muawiyah]

Barney should definitely start showing some leadership here by taking a dive off the Washington Monument as soon as possible.

I don't think those AIG guys will get the message without a good example!

[muawiyah]

Uh, bonuses for what? 1/3 of the stash is targeted to be paid to the guys at AIG who engineered all the financial deals that led the company to ruination.

I think the Board of Directors needs replaced among other things ~ maybe by some guys just hanging around in a park or something ~ couldn't do worse than they've got now.

You do realize that WITHOUT the federal bailout there'd been no AIG around to pay bonuses.

[LearnsFromMistakes]

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."

'make us whole' - what does that mean? He has done nothing but dig us a deeper hole...

[elpadre]

me thinks the administration and probably Barney, already knew of the bonuses beforehand and are grandstanding.

If the government owns 80% of AIG, then they have control and the Board of Directors cleared the decision with the administration watchdogs. IMO

[Dr.Zoidberg]

I thought it was elections that rewarded incompetence.

Hmmm...

[2harddrive]

Say it loud, say it PROUD:

O ne

B ig

A ss

M istake

A merica!

[Non-Sequitur]

Frank: AIG is 'rewarding incompetence'

So what are those annual raises Congress voted for itself?

[MileHi]

Barneys voters are rewarding incompetence.