Obama's Stimulus Bill Explicitly Grants AIG the Legal Right to Give Unlimited Bonuses

ButAsForMe.com ^ | 03/17/09 | ButAsForMe

[wrrock]

http://www.butasforme.com/2009/03/17/obamas-stimulus-bill-explicitly-grants-aig-the-legal-right-to-hand-out-bonuses/

From page H1412 of the Final Stimulus Bill, ``SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE:

"(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a writte employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary."

This amendment provides an exception for contractually obligated bonuses agreed on before Feb. 11, 2009, which exempts the very AIG bonuses Obama is condemning every single chance he gets. The amendment is in the final version and is law.

Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org — According to the Wall Street Journal, Sen. Dodd placed this section into the final stimulus bill, making him responsible, along with Obama, for AIG receiving these bonuses.

[AustinBill]

That’s what happens when you pass legislation that nobody bothers to read until after the fact (if then).

[noname07718]

The melt down and the sub-prime was a result of Carter, Clinton. Lesser Bush, Todd, Kennedy, Frank and all of those told the banks to issue loans to those who couldn’t afford them.

[gwilhelm56]

Bronxboy sounds more like a PAULISTINIAN or a LIBERAL than a “”populist””

I’ve sent you a freepmail
thanks

[CharacterCounts]

The issue with executive bonuses is a smoke screen.

One thing the Democrats are being quite successful is blaming Wall Street for Democrat caused problems. Makes one wonder what they are up to while everyone is distracted about a few bonuses

[AngelesCrestHighway]

The dufus never read his stupid stimulus bill!

[AngelesCrestHighway]

It’s like the Keystone cops on meth!

[Kansas58]

Actually, George W. Bush tried to reign in Fannie and Freddie.

[sailor4321]

OOPS!

[listenhillary]

I guess he should have had someone READ the bill before he signed it. Suckered. Rove’s invisible hand?

[ari-freedom]

that’s what you get when you don’t read your own bills! hehe

[theDentist]

Read a post earlier that Dodd is trying to re-write this part, but is not being given cooperation.

[mojitojoe]

You can’t blame poor wittle barry. He didn’t write the bill or read it.

[Cletus.D.Yokel]

Sorta like when Opossum signed funding for ESTR and then outlawed it again in the stop-gap budget bill.

No one is reading the legislation, they are just ^literally^ throwing money at problems.

[KTM rider]

Osamabama’s public chastizement of the AIG execs is just commie pablum for the masses, they will believe anything the Dalai-Bama says

[mojitojoe]

Bronxboy sounds more like a PAULISTINIAN or a LIBERAL than a “”populist”
______________
He is. He used to be on the birth certificate threads defending zer0 all the time. His wife does the same. Both zer0 fans.

[ari-freedom]

well a populist takes positions that appeal to the “I’m mad as hell and I’m not going to take it anymore” crowd.

[motoman]

Barack Obama has finally determined what the meaning of the word “IS” is....

Incompetent Socialist

[KTM rider]

LOL, yeah, it reminds me of one of those bank robbery car chases where the robber is throwing money out the window as 10 cop cars are chasing

[WayneS]

You and I didn’t hire AIG of Citi or anyone else to watch out for where and how our tax dollars got distributed; we hired congress to do that job and THEY screwed up.

EXCELLENT point! Thank you.

[WayneS]

I did.