Urbin Report

Wednesday, March 18, 2009

About those AIG Bonus

Those $150 million in bonus are perfectly legal and are protected by our Dear Leader's bailout bill pushed through by the democrat controlled congress.
If you want to be angry at somebody, direct your ire at Senator Chris Dodd, the democrat who received the largest amount of campaign donations from AIG out of the entire congress.
Let's go the the wording in the bill:

`SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE.

[. . .]

`(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.


As the nice folks at Redstate point out, let's look at the bonus our Dear Leader got from AIG.
Senator Barack Obama received a $101,332 bonus from American International Group in the form of political contributions according to Opensecrets.org. The two biggest Congressional recipients of bonuses from the A.I.G. are - Senators Chris Dodd and Senator Barack Obama.

Any laws to "tax away" the AIG bonuses should also target the money AIG gave to Dodd and BHO.

Update: Fannie Mae and Freddie Mac are planning on handing out millions in bonuses. These Government Sponsored companies are at the root of the current finanical crisis, with their democrat driven reckless policy of pushing loans for those who clearly cannot afford them. Where is the outrage?
The two companies, which together own or back more than half of the home mortgages in the country, have been hobbled by skyrocketing loan defaults. Fannie recently requested $15 billion in federal aid, while Freddie has sought a total of almost $45 billion.
...
Michael Williams, Washington-based Fannie Mae's executive vice president and chief operating officer, is due to receive a $611,000 retention award this year on top of his $676,000 base salary.

Williams received a $260,000 retention bonus last year and is in line for another $429,000 next February, for an expected total of $1.3 million, according to the SEC filing.

David Hisey, the company's deputy chief financial offer, is expected to receive a $517,000 retention award this year in addition to his $385,000 salary and $160,000 cash bonus. He received a $220,000 retention award last year and is due to receive $363,000 next February, for a total of $1.1 million