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President Obama was informed about the $165 million in bonuses due to employees of the American Insurance Group the day before they were paid out last week, the White House disclosed late Tuesday.
Obama has expressed outrage that the company, which has received about $170 billion in government bailout money, proceeded to pay out the bonuses. He said the idea of a company rescued with taxpayer money awarding bonuses runs counter to "our values."
The timeline released Tuesday marked the first time the White House has acknowledged when the president was told about the bonuses, which have prompted calls from Congress for the administration to recover the money.
He cares, he really, really does!
Gee - all that time and effort focusing/targeting/criticizing Rush - and they let this slip by?
Congressional Democrats careened between the circular firing squad and the three-ring circus Tuesday as they struggled with their new reality: playing defense on the economy.
Sen. Robert Menendez (D-N.J.) blamed Treasury Secretary Timothy Geithner for letting bailed-out insurance giant American International Group pay $165 million in bonuses to its employees, saying he wrote a letter to Geithner two weeks ago warning him of just such a possibility.
Quote:
Republican aides also complained that a provision that would have taxed bonuses for firms accepting government rescue funds was stripped from the stimulus by Democrats. The amendment would have forced AIG to pay nearly $58 million in taxes on top executive bonuses.
Sens. Ron Wyden (D-Ore.) and Olympia Snowe (R-Maine), the original sponsors of that proposal, sent a letter to Geithner on Tuesday, urging him to take a second look at their amendment.
Why would the democrats strip such a provision, and yet, make sure this one made it in;
Quote:
Republicans singled out a last-minute amendment attached to the $787 billion stimulus bill that exempted AIG from strict executive compensation limitations.
The final version of the amendment includes an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” — a provision that exempts the AIG bonuses Congress is now trying to recoup.
Dodd, the chairman of the Senate Banking Committee, sponsored the amendment, but his office said Tuesday that his original proposal did not include special treatment for AIG.
Perhaps he did know, depending on which bailout money AIG received funds from, if it was the one back during the campaign, the initial bailout, the package put together had clauses to where such bonuses could be given without punishment, if Obama didn't know it means he didn't read the damn thing-which doesn't look good, but he at the time he was not the guy in charge yet. The important thing is he is acting now, the initial bailout of the lenders was stupid to begin with-just lumping it all on Obama isn't gonna fly-I didn't vote for the guy, but just kicking him around for it is lousy. The folks who drafted it with the wording which allowed AIG to think it was okay are the real jerks in all this-and of course AIG, which should be slowly closed down as a financial entity.
That still doesn't excuse the administration from dropping the ball here - they had plenty of time to do something.
The amusing part (not really), was the phoney outrage didn't go public until the story went public - they ALL knew about the bonuses.
Bam-Bam was too busy blaming Bush and working to redistribute wealth to worry about AIG paying millions of dollars in bonuses using taxpayer's money. Boy, he really is focused on all the right things! He's well on his way to destroying America and he's only been a fraud in the White House for a mere 60 days!
Interesting related info at Political Punch ABC News Senior White House Correspondent Jake Tapper
Scroll down to Tapper's Obama Administration: We Didn't Find Out About AIG Bonuses Until This Month March 17, 2009 7:18 PM
then scroll further down to Tapper's interview with Gibbs titled:
Today's Q for O's WH - 3/17/2009
Quote:
TAPPER: The Treasury Department was informed about the AIG bonuses last September..... Political Punch
Bam-Bam was too busy blaming Bush and working to redistribute wealth to worry about AIG paying millions of dollars in bonuses using taxpayer's money. Boy, he really is focused on all the right things! He's well on his way to destroying America and he's only been a fraud in the White House for a mere 60 days!
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Last edited by mrstewart; 03-17-2009 at 11:31 PM..
Reason: personal attacks
CNN showed news stories on the bonuisues after AIG had released the information. Everybody seems to have known but the administraion. The its just strange that Doddd adds that to the bill. well suspisous relly as Show had introduced a amendmant to stop teh bonuses before he inserted his.Now the contributions list with Dodd #1 and Obama #2. Same old corrupt washington is what it smells of rather than coincidence.
Why would the democrats strip such a provision, and yet, make sure this one made it in;
Why?
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Last edited by mrstewart; 03-17-2009 at 11:29 PM..
Reason: language
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Boy, he really is focused on all the right things! 
He's well on his way to destroying America and he's only been a fraud in the White House for a mere 60 days! 
