Wednesday, March 25, 2009

The Captain(s) of the ship

From the RNC:

The uproar over $165 million in bonuses being dispensed to employees of AIG, the company receiving the largest amount of federal financial bailout funds, is another indictment of the rudderless Barack Obama White House.

American taxpayers are rightly outraged. AIG has received $170 billion in public funds to clear up its bad investment losses -- giving the American public 80% ownership of the firm. Now these public funds are going toward lining this failed company's employees' deep pockets.

And Democrats in Washington, however loud they may protest this use of taxpayers' funds, are directly responsible for this financial fiasco.

President Obama, who never ran any organization of any size before being elected to be the chief executive of the United States, continues to underwhelm as crisis after crisis reveals his lack of experience, judgment, and character.

He and his handpicked Treasury Secretary, Timothy Geithner, are trying to lay blame anywhere but upon themselves for not limiting compensation payouts as a condition for receiving public funds.

But the truth is that the Obama Administration requested the exemption for AIG bonuses.

Senator Chris Dodd, Chairman of the Senate Banking Committee, inserted an amendment in the $787 billion boondoggle at the urging of the Obama team to ensure that.

Can you guess who received the most in campaign contributions from AIG in 2008? That's right -- Chris Dodd, who received over $103,000 in 2008, and almost a quarter of a million dollars since 2003.

Second on that list? Barack Obama, who also received over $100,000 in campaign cash...

Show me the lies in the above.


vwatt said...

I guess we could fill this blog up first with a RNC post and then with the following DNC post but it is an exercise in futility-nobody's mind will be changed and eight years from now Obama's time in office will be over. Meanwhile, this will probably have caused El Rushbo to go back on drugs and Ann Coulter to finally die of anorexia. Some of us will just enjoy the ride-the first 66 days have been a breath of fresh air as compared to the Bush/Cheney era of totalitarian gov't, fear mongering, and incompetence:

Republicans Could Have Stopped AIG Bonuses

Americans' outrage over AIG and Congressional Republicans' reaction to it doesn't match the reality of what Republicans have done in Washington to block limits on outrageous pay and bonuses.

"For years Republicans in Congress and former President Bush led the charge to block any effort to limit the outrageous salaries and bonuses of corporate executives," said Jennifer Crider, Communications Director at the Democratic Congressional Campaign Committee. "Outrageous bonuses like those for AIG executives could have been stopped long ago had Congressional Republicans done the right thing and worked with Democrats to put middle class Americans first.

"It's easy for Republicans to play to angry Americans and say they're offended by bonuses during a firestorm, but the reality is that Republicans' offense rings hollow after years of being part of the problem that led to outrageous executive pay and bonuses."


Republicans Voted Against President Obama's Economic Recovery Act (2009)

* Republicans unanimously opposed eliminating all future golden parachutes for TARP senior executives, stopping incentives for top executives to take unnecessary risks, and cracking down on future bonuses, retention awards, and incentive compensation for all TARP executives.

* Despite Republicans' obstructionism, President Obama's economic recovery act was signed into law last month.

Republicans Voted Against the Shareholder Vote on Executive Compensation Act (2007)

* Republicans opposed: Providing annual, clear disclosure of executive compensation and a sense of the views of stockholders regarding the company's compensation plans. Requiring shareholders of all publicly traded companies vote to express their views on executive compensation plans. Requiring a vote for shareholders to express their views before a company can award a severance package while simultaneously negotiating the purchase or sale of the company.

Republicans Voted to Strip Investor Protection, including Limits on Executive Compensation (2007)

* House Republicans, led by Congressman Price of Georgia, offered an amendment that would strike the entire shareholder vote bill and replace it with 2006 rules that said investor protections, including placing limits on executive compensation and bonuses, were sufficient and Congress didn't need to increase them.

* Substitute Amendment to HR 1257, the Shareholder Vote on Executive Compensation Act (2007).

Mike West said...

Do you think the donations to Chris Dodd and BO play a factor or do you think it is pure coincidence?

Brodad Unkabuddy said...

I think Dodd and Obama should give their AIG "bonuses" back. Does the DNC post say why Dodd and the Obama Administration purposely allowed the bonuses for the AIG executives? And then FAKED outrage over it? Didn't see anything about that in the post. At least the RNC is being honest. As far as eight years of Obama is concerned, I believe he'll be lucky to make it to 4 without a threat of impeachment.