Posted on 03/18/2009 7:13:11 AM PDT by jessduntno
Time for Action on AIG
@ 8:32 am It’s been three days now that the Obama administration has been dealing with the AIG bonuses. And unfortunately, it’s just getting worse, not better.
AIG’s still a mess, and will remain a mess, until the administration acts boldly to wipe those bonuses off the books.
What we’re told just doesn’t add up.
We’re told that the Treasury Department first learned about the bonuses, contractually payable on March 15, as early as last September, and that Treasury Secretary Tim Geithner himself didn’t learn about them until last Wednesday, March 11. Why not? Did he do his homework?
We’re told that President Obama may not have learned about them until Sunday, March 15. Why not? Was the president blindsided? Did Geithner screw up by not informing him sooner?
We’re also told that the government could not legally refuse to pay the contracts and that, in fact, it would cost more to break them than to pay them. Why? We’re the new owners of the company. We can do whatever the hell we want to. If AIG executives don’t like it, let them sue.
Enough talk. There’s now only one way to clean up this mess. Start by releasing the names of all AIG executives who received a bonus, and how much each person received. Then, if they won’t voluntarily return the undeserved and unearned money, subtract the total bonuses paid out — from the $30 billion in bailout funds still headed to AIG. And make sure no future bonuses are on the books.
(Excerpt) Read more at pundits.thehill.com ...
Ever heard of Bills of Attainder? Check out Article I, section 9, clause 3 of the United States Constitution.
What action? Abrogate contracts? Punish employees for politicians’ hubris? Throw uncertainty into the commercial world and see how fast it gets us out of this malaise? If these people fairly earned these bonuses, then we tamper with it at our risk. A “feel good” gotcha will cost us much more in terms of extending this downturn by tossing predictability to the wind. Besides, this money was not a “bailout” but a loan, anticipated to be repaid at a future date. If the government loaned money to a serious credit risk, that’s its (our) problem but punishing these employees is silly and ultimately cutting off our noses to spite our faces.
Obama also received $100K from AIG.
Let Obama and Dodd return their bonuses first.
They handed AIG another 30 billion right after AIG reported 62 billion in losses, and they are outraged over 165 million?
Was I reading my link wrong? I thought the $104,300 was for Dodd and the $45,100 was for 0bama.
Impeach them both!
Bill of Attainder
Definition: A legislative act that singles out an individual or group for punishment without a trial.
The Constitution of the United States, Article I, Section 9, paragraph 3 provides that: “No Bill of Attainder or ex post facto Law will be passed.”
“The Bill of Attainder Clause was intended not as a narrow, technical (and therefore soon to be outmoded) prohibition, but rather as an implementation of the separation of powers, a general safeguard against legislative exercise of the judicial function or more simply - trial by legislature.” U.S. v. Brown, 381 U.S. 437, 440 (1965).
“These clauses of the Constitution are not of the broad, general nature of the Due Process Clause, but refer to rather precise legal terms which had a meaning under English law at the time the Constitution was adopted. A bill of attainder was a legislative act that singled out one or more persons and imposed punishment on them, without benefit of trial. Such actions were regarded as odious by the framers of the Constitution because it was the traditional role of a court, judging an individual case, to impose punishment.” William H. Rehnquist, The Supreme Court, page 166.
“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.
...of course it doesn’t surprise me that Bill Press and other “evolving constitution” types think the federal government has the right to do pretty much whatever it wants.
“What action? Abrogate contracts? Punish employees for politicians’ hubris? Throw uncertainty into the commercial world and see how fast it gets us out of this malaise?”
EXACTLY...that’s the Dimocrat ANSWER...distract, diffuse and dominate...the three D’s of the Dimocrat party...watch the hearings today with Bawney Fwank...
None of these companies should have been bailed-out. The entire scam of TARP and stimulus is just stolen our hard-earned money.
ALL of these companies should have been allowed to fail.
“Ever heard of Bills of Attainder? Check out Article I, section 9, clause 3 of the United States Constitution.”
Bawney Fwank, in the hearing this morning, just said “since we own them, we can vote the bonuses out...” what an opening...since we own these corrupt midgets in Congress, shouldn’t they be voted out? Now Dodd is trying to lay it off on Geithner, who will try to lay it off on Summers...Summers finally admits Geithner knew about it and consulted him and “they bravely went easy on AIG so they wouldn’t destroy the company...”
We know “The Hill” is a cover for the Dems because there is no mention of Democratic Senator Chris Dodd, who authored the Bonuses through his admendment. If a Republican had done this they would be crucifying them.
This could have been written yesterday. The problem isn't with AIG bonuses, as outlandish as they are, the problem is with an out-of-control Congress and Administration bent on destroying the framework of the US. If anyone should be punished, it's them.
The whole thing is bad. The downfall of America is falling like water through a screen, no stopping it now.
What we are seeing is the Community Organizer’s “Politics of Envy” being applied in the national arena as opposed to the local fatcat politician. This is the tactic used by Jesse Jackson and Al Sharpton to drag people through a public relations arena so they will concede to being blackmailed. It is literally rule by mob whipped up into a frenzy by Alinsky tactics.
I agree that the entire Congress and Administration deserve to be tossed out with the dirty water. But all this attention on the AIG bonuses which are legitimate, albeit grossly large, takes the focus away from that simple fact.
If Congress had never gotten into the bailout fiasco to begin with we wouldn’t be where we are today. That’s where the focus should be...
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