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Audacity of Truth
Must-read of the day
Ed Morrissey on “The futile arrogance of [Obama's] AIG outrage”:
The nasty little secret at the center of all the outrage is that the Obama administration could have stopped the bonuses by simply stopping the bailout. They could have forced AIG into bankruptcy, which would have voided the company’s contractual compensation obligations. Instead, the Obama administration chose to inject liquidity into AIG, following the lead of the Bush administration, which had done the same thing. That kept AIG’s doors open, and therefore kept its contractual obligations to its employees intact.
Now Obama is outrageously outraged, as Allahpundit put it yesterday, but over what? A company complying with its contractual obligations? AIG has no more right to abrogate those contracts than any other employer would with its union contracts. Whether or not the compensation agreements reflect wisdom and managerial brilliance, they exist — and as a matter of law, AIG has to honor the commitments. Screeching about the bonuses now is not just futile, but a demonstration of the arrogance involved in these bailouts. If the government wants to tear up all the contracts, it will have to nationalize AIG and get Congress to approve it.
In the future, we can avoid having taxpayer dollars go to Wall Street bonuses by not bailing out private companies with taxpayer dollars.
Read the whole thing.
Related: Chris Dodd: For AIG bonuses before he was against them.
Wow … who’d have thought that was possible? / sarc
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7 Responses to “Must-read of the day”
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Chris Dodd should be forced to repay this money to the American People. This was the American People’s money, and it belongs to us NOT Chris Dodd. Any Politician who received funds from AIG, or the FMs should be forced to pay it back. To paraphrase Chuck Grassley, any Politician who received monies from any of these should quit or kill themselves, their choice. – Lorica
And why would Dodd, or any other donkey or jackass wannabee, do that? That’s freedom of expression as decided by the SCOTUS. Remember, money talks (or, in this case, yells) and our chosen representatives and Senators are more willing to listen to the money than to the vast majority or their constituents, the voters. After all, who’s going to buy their votes in their next election if they back out on this quid pro quo? No one would be able to trust them then!
Yes Obama is being as stupid as Bush on the matter of the Wall Street bailout. Perhaps like Bush, he also is in the pocket of the tycoons.
AIG should have been put in Chapter 11 and the stockholders and executives should have been given their walking papers and not a thin dime of the people’s money. The big banks should be treated just like a neighborhood bank, they should have been taken over by the FDIC, the depositors should be insured up to the normal limit and the shareholders and executives should get zilch.
The problem is that no one in Washington has the courage to do this because they all, Republican and Democrat alike, are beholden to the finance and insurance industries for their campaign funds. The only way to solve this is either to move to federally financed campaigns and prohibit private donations, or declare that corporations were never intended to be have Constitutional rights and are not permitted to participate in elections. Fat chance of either of those things happening.
Completely off topic, but as long as we’re discussing dumb moves by the administration, take a look at Obama’s latest contribution to national security.
You may not feel any safer boarding an airliner after reading that, but any potential hijackers probably will.
GWR, No I feel less safe. With this news, and the Military cuts, and now the news that Medvidev is going to ramp up arms production, I feel don’t fell safe at all. I find it odd, that these libs would slow our military production at a time when we need it most.
If there is another attack on America, which I pray never happens again, I will personally work so hard to end the Democrat party, it will be my life’s mission. The party of the “little man”, Ha, has become the Socialist Party, and socialism has too often led to facism. It is a ruse to believe that these people want fairness, they just want power. If they wanted fairness then why are they doing their best to destroy this country. – Lorica
Does anybody have the neutral source for this information? The page number of the legislation that I can look at this amendment? I don’t particularly trust liberal media (MSNBC) and I don’t trust conservative media (Fox News) so I was hoping to find a verifiable source on this Dodd amendment or at least what page the amendment is on so I can verify for myself. Thank You.
Here you go Syntax.
http://www.thomas.gov/