The stimulus bill has nothing to do with this...the fed gave AIG the money. Thus we can stop the bonuses or make AIG get them back.
You do not understand the law.
You do not understand economics.
You display very little common sense!
I believe, for starters, that the bail out money was in the form of preferred stock, not voting stock, for the most part.
Furthermore, even if you own 100% of a company, outright, it does NOT give you the right to ignore valid contracts.
You are a mindless populist, not a conservative.
Your kind of thinking is dangerous.
The stimulus bill SHOULD have nothing to do with this. However, woven within the stimulus bill are laws dealing with executive bonuses. Just like health care laws were in the stimulus bill.
You are so wrong.
Read the bill’s section posted here.
“Bills of attainder, ex post facto laws, and laws impairing the obligations of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation. ... The sober people of America are weary of the fluctuating policy which has directed the public councils. They have seen with regret and indignation that sudden changes and legislative interferences, in cases affecting personal rights, become jobs in the hands of enterprising and influential speculators, and snares to the more-industrious and less-informed part of the community.”
James Madison, Federalist Number 44, 1788.
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Wrong. AIG received $152 billion from TARP monies. The above referenced section refers specifically to companies that received TARP monies.
Do a little homework.
Wrong. Employment contracts ase sacred PRIVATE payroll documents and not Public records no matter how much $$ the Gvmt plew on AIG.
why? they are entitled to the money. call senator dodd if you are unhappy about them getting their contractual bonus.
The truth is these executives should get their bonuses because there is a contract to give them the bonus, they cannot be taken away, due to the protection clause, and the stimulus protection,without legislative action, I.E.: another bill has to be passed overriding the protection.
If the government didn't want these people to get bonuses they shouldn't have given bailout money. The gov needs to get their face out of business, they are the problem, not AIG.
Voiding contracts by government fiat is the first break in the chain in the Rule of Law.
Voiding the Rule of Law is probably not conducive to either the economy or freedom. But it’s a great first step to despotism.
Be careful what you wish for. This manipulated outrage serves the One’s purpose.
WE? speak for yourself and the liberals. The government has no business deciding who gets paid and how much in a private company. The government shouldn't have been giving them money anyway. But even so AIG can claim the source of the bonus money is not from the feds but incoming revenues.