Major media outlets yet to report IG testimony implicating Bush administration in AIG bonuses
SUMMARY: Despite jumping on -- and in some cases advancing -- false Republican claims that congressional Democrats are responsible for AIG executive bonuses, major media outlets have yet to report that a Bush-appointed special inspector general for TARP confirmed in congressional testimony that the Bush administration Treasury Department knew about the AIG bonus contracts and did not insist on their abrogation as a condition of AIG's receiving bailout money.
Despite jumping on -- and in some cases advancing -- false Republican claims that congressional Democrats are responsible for AIG executive bonuses, major media outlets have yet to report that Neil Barofsky, a Bush-appointed special inspector general for the Troubled Asset Relief Program (TARP), confirmed in March 19 congressional testimony that the Bush administration Treasury Department knew about the AIG bonus contracts and did not insist on their abrogation as a condition of AIG's receiving bailout money through a stock purchase agreement signed by AIG and the Bush Treasury Department.
In prepared testimony for a March 19 House Ways and Means Committee hearing, Barofsky stated, "Preliminary information we have seen indicates that the TARP contract between AIG and Treasury that was entered into back in November specifically contemplated the payment of bonuses and retention payments to AIG employees, including AIG's Senior Partners." He also stated that his office "will be reviewing the process at Treasury with respect to Treasury's decision to authorize and approve such payments, both at the time it entered into the contract with AIG and since that time." During an exchange with Rep. Peter Roskam (R-IL) in the hearing, Barofsky explained that in AIG's November 2008 agreement with the Bush Treasury Department, "retention payments were explicitly contemplated" (transcript retrieved from the Nexis database):
REP. ROSKAM: You mentioned the online aspect of the disclosure of the TARP agreements. Would those online disclosures, as they're currently exercised by Treasury, would they have revealed the AIG problem?
MR. BAROFSKY: It would have revealed that in the AIG agreement with Treasury, retention payments were explicitly contemplated. It didn't list the contracts; it didn't list the amounts, but in the executive compensation provisions, there's an explicit reference to retention payments in calculating the total amount of payment a senior executive could receive. So that issue was, in fact, in those agreements.
REP. ROSKAM: So is it fair to say that if they had been online, that issue would have been red flagged and certainly drawn attention in advance to the problem?
MR. BAROFSKY: Potentially. I'm not sure of the exact date that the AIG agreement did go up on the Internet. Our recommendation was sort of adopted in waves after it was made in late December and is now being fully complied with. But I'm not sure the exact date the AIG agreement went up.
REP. ROSKAM: I understand.
Thank you. I yield back.
Indeed, the executive compensation section of the Bush Treasury Department's November 2008 TARP agreement with AIG addresses the "annual bonus for 2009" for "Senior Partners," including "all retention payments paid or payable to such Senior Partner under any retention arrangement between the Senior Partner and the Company for any period ending on or prior to March 31, 2010." The section states that such bonuses "shall not exceed 3.5 times the sum of such Senior Partner's base salary and target annual bonus for 2008." From the agreement:
(2) In furtherance of the Company's commitment to limit golden parachute payments to Senior Partners as set forth in Section 4.10(b)(1), and to ensure compliance with the provisions of the EESA Capital Purchase Program and the guidelines and regulations relating thereto applicable to Senior Partners pursuant to Section 4.10(b)(1), it is further agreed that the Company shall take all necessary action to ensure that the sum of (A) a Senior Partner's annual bonus for 2009, (B) all retention payments paid or payable to such Senior Partner under any retention arrangement between the Senior Partner and the Company for any period ending on or prior to March 31, 2010 and (C) any and all amounts paid or payable to such Senior Partner in connection with the termination of such Senior Partner's employment prior to March 31, 2010 which would be taken into account in applying the compensation limitation under Section 4.10(b)(1) above, other than any payments pursuant to outstanding awards under the Company's Senior Partners Plan, shall not exceed 3.5 times the sum of such Senior Partner's base salary and target annual bonus for 2008. For this purpose, actual annual bonus for 2009 and target annual bonus for 2008 will include supplemental bonus and quarterly cash payments under the Company's historic quarterly bonus program consistent with, and in amounts not exceeding, past practice.
The executive compensation section does not mention retention payments for other AIG employees.
Below are examples of major media outlets relaying in recent days Republican accusations that Democrats are responsible for the AIG bonuses. According to a Media Matters for America search*, none of these media outlets reported this disclosure about the November 2008 agreement -- despite highlighting Republicans' accusations that Democrats are to blame for the bonuses.
- The Washington Post reported on March 20 that after Congress' move to "levy punitive taxes on bonuses paid by financial firms receiving government aid," the "Republicans voiced strong objections to the tax approach, calling it a smokescreen for the [Obama] administration's faulty oversight of the Troubled Assets Relief Program." The article quoted Sen. Jon Kyl (R-AZ) as saying, "It sounds to me like these guys are trying to cover their tracks," and also reported: "Eager to blame Democrats as not preventing the bonuses, GOP lawmakers pointed to a last-minute tweak last month to the $787 billion stimulus package that allowed for bonuses that were signed in contracts before Feb. 11."
- The Associated Press reported on March 20 that "Republicans took Democrats to task for rushing to tax AIG bonuses worth an estimated $165 million after the majority party stripped from last month's economic stimulus bill a provision that could have banned such payouts." It then quoted House Minority Leader John Boehner (R-OH) as saying, ''This political circus that's going on here today with this bill is not getting to the bottom of the questions of who knew what and when did they know it.''
- USA Today reported on March 20 that amidst "finger-pointing between Republicans and Democrats ... Republicans assailed [President] Obama and Democrats in Congress for not aggressively moving to block the $165 million paid out to AIG workers last week. The firm has received access to $180 billion in federal funds since September." Later in the article, USA Today reported, "Much of Thursday's feuding centered on Sen. Chris Dodd, D-Conn., who chairs the Senate's banking panel. He inserted language in a recently passed stimulus bill that shielded the AIG bonuses."
- On the March 19 broadcast of the CBS Evening News, correspondent Wyatt Andrews reported, "Republicans charged that the AIG bonuses were made possible by a last-minute amendment to the stimulus bill, specifically saying the stimulus does not prohibit any bonus payment required by a written employment contract executed on or before February 11, 2009. Who would write that? It was Democratic Senator Chris Dodd of Connecticut, who blamed staff members at the Obama Treasury Department he refused to name." Andrews also said, "Republicans now want a full investigation of who went to bat for bailout bonuses and why." He then noted that "Democrats shot back that taxpayer-financed bonuses began last year under Republicans" and aired a clip of Rep. Barney Frank (D-MA) saying, "The decision to lend the money with no restrictions on compensation was a Bush administration decision." But Andrews did not mention that a Bush-appointed special inspector general made the same point in testimony that day.
- On the March 19 broadcast of NBC's Nightly News, correspondent Kelly O'Donnell aired a clip of Boehner saying, "Who knew what, and when did they know it?" and then asserted that "Republicans said it was the Democrats' fault." She later reported that there was a "clamor to identify some unnamed official who pushed forward change in the original stimulus bill that allowed AIG bonuses. Senator Chris Dodd had been behind an effort to limit executive pay and says it was the administration that thought the limits went too far."
- On the March 19 broadcast of ABC's World News, senior congressional correspondent Jonathan Karl reported that "on Capitol Hill today, the angriest voices were Republicans, who say blame for the bonuses lies with Democrats." He then aired a clip of Boehner saying, "This bill is nothing more than an attempt for everybody to cover their butt up here on Capitol Hill," and a clip of Rep. Michele Bachmann (R-MN) saying, "This is a scandal that's brewing in Washington. We need to have answers." Karl continued, "At issue: a tiny provision added into last month's stimulus bill that exempts employee contracts signed last year from new limits on pay. It's the loophole that made the AIG bonuses possible."
By contrast, a March 19 Bloomberg article reported: "The inspector general for the Troubled Asset Relief Program said today President George W. Bush's administration expected that bonuses would be paid at AIG in its November agreement to provide bailout funds to the insurer." The article continued:
The TARP contract between AIG and Treasury "specifically contemplated the payment of bonuses and retention payments to AIG employees, including AIG's senior partners," Neil Barofsky testified before a House Ways and Means oversight panel.
The political heat generated by the AIG bonuses indicates declining public and congressional support for shoring up beleaguered financial institutions with government funds and may make it tougher for President Barack Obama's administration to win approval for future bailouts.
The bonus decision "may jeopardize our ability to get the majority of this Congress to support further largess, to provide funds, to prevent a recession, depression or meltdown," Representative Paul Kanjorski, a Pennsylvania Democrat who heads the capital markets subcommittee, told Liddy at yesterday's hearing.
Republicans have criticized Democrats for tacitly allowing AIG to pay the bonuses due to language in a $787 billion economic stimulus bill that became law last month. The law, in effect, allows bonus arrangements at companies receiving taxpayer bailouts as long as the bonuses were in place before Feb. 11.
Some articles mentioned Barofsky's testimony but made no mention of his statement about retention bonuses. For instance, a March 19 AP article dealing specifically with news that "[a]t least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes" reported: "Neil Barofsky, special inspector general for the Troubled Asset Relief Program, told the hearing that if an executive signed a contract knowing that information about unpaid taxes was false, 'that would potentially be a crime.' He said his office will look to see if crimes were committed." The Post also mentioned Barofsky in a March 20 article about the unpaid taxes. It reported: "Neil M. Barofsky, the special inspector general for the bailout, said it should have been the Treasury's responsibility to ensure that banks were complying with the provisions of the bailout agreements. He said his agency would work with Treasury officials to solve the problem."
From the March 19 edition of the CBS Evening News with Katie Couric:
[begin video clip]
ANDREWS: And it came with an even stronger dose of partisan politics. Republicans charged that the AIG bonuses were made possible by a last-minute amendment to the stimulus bill, specifically saying the stimulus does not prohibit any bonus payment required by a written employment contract executed on or before February 11, 2009. Who would write that? It was Democratic Senator Chris Dodd of Connecticut, who blamed staff members at the Obama Treasury Department he refused to name.
DODD: They sought it; I didn't. They asked for the changes. They seemed reasonable in light of what we were going through at the time.
ANDREWS: Speaking on CNN late this afternoon, Treasury Secretary Geithner confirmed his department was worried that lawsuits over the bonuses might derail the entire stimulus.
GEITHNER: Treasury staff did express concern about whether this provision was vulnerable to legal challenge.
ANDREWS: Republicans now want a full investigation of who went to bat for bailout bonuses and why.
BOEHNER: Somebody knew this language was in there. I want to know who they were.
ANDREWS: But Democrats shot back that taxpayer-financed bonuses began last year under Republicans.
FRANK: The decision to lend the money with no restrictions on compensation was a Bush administration decision.
[end video clip]
ANDREWS: This is still going to cost the president, though, some very valuable credibility. The stimulus package, remember, was his number one legislative priority, and now officials are admitting they not only approved of this in advance, but they did so at failing firms, and they did it with public money -- Maggie.
From the March 19 edition of NBC's Nightly News with Brian Williams:
O'DONNELL: But how the taxpayers' money got away and ended up in bonuses for bailed-out AIG sent the Washington blame game into extra innings.
BOEHNER: Who knew what, and when did they know it?
O'DONNELL: Republicans said it was the Democrats' fault.
REP. STEVEN LaTOURETTE (R-OH): Today they're embarrassed. And their response? It's a typical Democratic response: Let's tax people.
O'DONNELL: Democrats blamed Wall Street greed.
REP. JOHN LARSON (D-CT): And we are going to sit idle and allow them to receive these bonuses?
O'DONNELL: Lawmakers under fire because the stimulus package that the White House wanted -- and Congress passed with only three Republican votes -- actually permitted scheduled bonus payouts. But today, both Democrats and Republicans voted for a fix: a 90 percent income tax on the bonus money if the company received more than $5 billion in government bailout funds. Part of the day was full of bluster.
KYL: Help us find out who that was.
O'DONNELL: A clamor to identify some unnamed official who pushed forward change in the original stimulus bill that allowed AIG bonuses. Senator Chris Dodd had been behind an effort to limit executive pay and says it was the administration that thought the limits went too far.
DODD: They came and said, look, we'd like to make some modifications.
O'DONNELL: Treasury officials say department staffers did advise Dodd that part of his proposal would not hold up because of existing employment contracts at the bailed-out firms.
From the March 19 edition of ABC's World News with Charles Gibson:
GIBSON: Good evening. As the old saying goes, "Don't get mad, get even." Well, on Capitol Hill, members of Congress, already mad, today added the even. The House passed a bill, taking dead aim at those bonuses paid to executives at AIG. Many in Washington have been asking, why weren't those bonuses to the executives at AIG blocked long ago? Well, today, Treasury Secretary Tim Geithner spoke up to take some of the responsibility. Here's Jonathan Karl.
[begin video clip]
KARL: Angry members of the House voted to take back the bonuses.
REP. EARL POMEROY (D-ND): The people have said no. In fact, they've said hell no and give us our money back.
REP. STEVE ISRAEL (D-NY): The only way to get their money back is to tax it back.
KARL: Approved by a 328 to 93 margin, the bill would slap a 90 percent tax on the bonuses of any employee making over $250,000 a year at any company that received federal bailout money. Shortly after the vote in the House, AIG turned over the names of its bonus recipients to New York attorney general Andrew Cuomo, despite threats on the lives of those employees.
In a statement, Cuomo said he'd conduct a risk assessment before releasing any individual's name. And it's not just AIG. Cuomo is also awaiting the names of Merrill Lynch executives who received $3.6 billion in bonuses late last year. But on Capitol Hill today, the angriest voices were Republicans, who say blame for the bonuses lies with Democrats.
BOEHNER: This bill is nothing more than an attempt for everybody to cover their butt up here on Capitol Hill.
BACHMANN: This is a scandal that's brewing in Washington. We need to have answers.
KARL: At issue: a tiny provision added into last month's stimulus bill that exempts employee contracts signed last year from new limits on pay. It's the loophole that made the AIG bonuses possible.
FRANK: The answer is: I was not involved.
DODD: I was not in the room.
SPEAKER OF THE HOUSE NANCY PELOSI (D-CA): If you want to talk about what happened on the Senate, go on the Senate side and talk to them.
[end video clip]
* Nexis search was "pub(NBC or ABC or CBS or Washington Post or Associated Press OR USA Today) and (Barofsky or inspector general or November) and (AIG or bonus! or retention or ((contract or agree!))) and date aft 3/18/2009" across the Nexis "U.S. Newspapers and Wires" and "Transcripts" sources. The transcript for the March 19 broadcast of the CBS Evening News was retrieved from the Factiva database.
Ohh that evil Liberal Media is just protecting Obama by going back in time and genetically creating this so called inspector general and making him say this stuff.
How can Bush be responsible when he didn't know which contracts and didn't know the amounts (as stated in this article)? Then, in the 'March 19 edition of the CBS Evening News with Katie Couric', Dodd is blamed for allowing these bonuses by Andrews, then Dodds blames Obama staff members. Meanwhile, Geithner admitted to being concerned lawsuits may arise over the bonus's. Everyone on Obama's payroll (including Obama) knew these bonus's were there and even rushed the bill through so they would not be seen.
A loophole is blamed for allowing these bonus's to be paid (according to Media Matters) and these are the responses by the main players:
FRANK: The answer is: I was not involved.
DODD: I was not in the room.
SPEAKER OF THE HOUSE NANCY PELOSI (D-CA): If you want to talk about what happened on the Senate, go on the Senate side and talk to them.
That seems awful convientiant that democrats were suddenly 'out of the loop' (so to speak) when the bonus money was being discussed. However, it boils down to Obama rushed this legislature through, after promising full disclosure, and democrats fully supported the legislature knowing full well what was in it. Baming Bush for something that Obama had full control over is a typical procedure from any anti-Bush facility. Yet so many complain that blaming Clinton for Bush's woes is reprehensible, while blaming Bush for Obama's woes.
Now we know why republicans did NOT support this bail-out plan, while democrats fully supported it and rushed it through unfettered.
How can Bush be responsible when his administration either knew what was going on or was incompetent for not knowing what was going on?
He is responsible because he was President at the time.
There isn't a loophole that is allowing these bonuses to be paid.
Poor reading comprehension strikes again.
The legislation was passed back in the fall. Obama didn't rush this legislation through - that was the stimulus bill that was pushed through. Of course, one of the main arguments from those on the right was that the money didn't get into the economy fast enough, but they also want to be able to complain that the bill to get the money into the economy as fast as possible shouldn't have been passed so quickly! Disingenuous hypocrites.
Blaming a President for the errors of his predecessor is wrong when anyone does it. Like many righties, you don't seem to understand that it doesn't defend a false accusation to say that others have made similar false accusations!
last december was the bush administration. that was when they insisted on a change that ended up taking away any limits on future executive compensation.
http://www.dailykos.com/story/2008/12/15/51431/166/59/673205
In the GOP WORLD, THEY NEVER DO ANYTHING WRONG OR CAUSE ANY DISASTERS TO HAPPEN. IT'S ALL THE DEMOCRATS AND LIBERALS FAULT
And the reverse seems to be a prevalent thought, also. The truth? Somewhere in the middle.
The reverse is not the fact. All we are hearing from the GOP and far-right lunatic fringe is that the Democrats didn't prevent the bonuses. In fact, Mitch McConnell (ass example) loudly OPPOSED the proposed -- by Democrats -- cap on excessive executive compensation. IT was the REPUBLICANS who BLOCKED that cap.
Now McConnell bellows against the bonuses even though it was he and the Republicans who prevented them being prevented.
Nice try, oskie boy, but this is shrub's brain-dead bushleague mess Obama and the Dems are now tasked with cleaning up.
These bonuses were known to have been in place when the gop-slop hit the fan in September of 2008 when paulson, on behalf of bush, gave Congress his ticking time bomb, take it or leave it ultimatum.
Neither Geithner nor Dodd negotiated those contracts or put those bonuses in. The worst you can say about Dodd is that he didn't get rid of what the gops put in.
Those facts ain't gonna change, oskie boy, no matter how hard you gopologists huff and puff.
The right wing are way big on projection. Everything they accuse Liberals of, they themselves do. It would be humorous if it wasn't so sad.
It's pretty close to 100% by now. Each and every accusation a republican makes against a democrat reflects something that the republicans are actually doing.
We thought the accusation of Obama politicizing his NCAA bracket was silly, right? Well, republicans are actually politicizing the NCAA bracket.
"Each and every accusation a republican makes against a democrat reflects something that the republicans are actually doing."
That has always been the case.![]()
![]()
No kidding! The 'major media outlets' won't touch this angle, if for no other reason than that it shifts some--any--of the blame for the fiasco off Obama/Dodd/Democrats in general onto the Bush administration. Any mention of this in the conservative (read here 'all') media would be met (as is the case even on these boards) would be met with a volley of "Bush is gone--stop blaming him for everything!" Cute coming from people who blamed every ill event of the Bush administration on Clinton...
Dodd revised the TARP to prohibit unrealistic bonus's, back on Feb 5. Bush revised the TARP to prohibit unrealistic bonus's back on Oct 14 2008. Yet you still think Bush and his admin is responsible for these bonus's being paid? It is obvious that Obama and other key democrats knew what was going on. That's why there was a loophole installed in the stimulus package (that was rushed through and had support of only democrats). If the Bush admin and republicans had been responsible for that loophole, do you think they would have supported it a little more than they did? Or is this a giant conspiricy theory being pushed by left-wingers who ran out of people to blame when they realized it was the democrats fault?
OK, maybe the Dem's didn't do such a good job on AIG. Then again, it's only a couple hundred million dollars. That only pays for a few days in IRAQ.
Maybe English isn't your first language, as demonstrated by you typing "bonus's" when you mean "bonuses". An apostrophe s is used for ownership, not when you make a common noun ending in s plural.
That might also explain your lack of adequate reading comprehension.
The stimulus bill doesn't have the 'loophole' in it.
The TARP money and the Stimulus bill are two totally separate money amounts. The TARP money had about half spent last fall and the rest left for Obama to spend. Then there is the Stimulus bill. That's the bill that those on the right say was rushed through the approval process.
You don't even know these simple facts and don't understand the difference between the TARP and the Stimulus bill and you want to try to educate us?
You needing education is appropriate. Facts are that Bush and Dodd created ammendments to the bill that would highlight any bonus being paid. Obama signed a stimulus package that had a loophole in it that allowed the bonus's to be paid. NOT Bush. Obama is the president of record for the bonus's being paid.
Please correct any spelling errors I make. It allows you to avoid facts like Obama signed the stimulus package and Bush tried to stop unessasary bonus's.
I don't think you have a clue as to what's going on here. The TARP legislation was pushed through when Bush was president. The legislation put very little conditions on the money being given to these wretched financial institutions. During the stimulus debate (after Bush left office) Dodd offered an amendment that tried to correct the shortcomings of the TARP legislation by placing limits on executive compensation and it was accepted. The Treasury expressed some concern on the legality of limiting some compensation on contracts that preceded the bailout and Dodd's amendment was modified.
Legally, I don’t think Congress can rework contracts between private parties through legislation. They should have placed conditions on the bailout money in the first place or asked the execs to voluntarily forgo the bonuses.
I don't think you have a clue as to what's going on here. The TARP legislation was pushed through when Bush was president. The legislation put very little conditions on the money being given to these wretched financial institutions. During the stimulus debate (after Bush left office) Dodd offered an amendment that tried to correct the shortcomings of the TARP legislation by placing limits on executive compensation and it was accepted. The Treasury expressed some concern on the legality of limiting some compensation on contracts that preceded the bailout and Dodd's amendment was modified.
Legally, I don’t think Congress can rework contracts between private parties through legislation. They should have placed conditions on the bailout money in the first place or asked the execs to voluntarily forgo the bonuses.
loonz---The TARP legislation was pushed through when Bush was president.
Yeah it was pushed through when Bush was president... it was pushed through by the democrats. Democrats controlled both house and senate and had more members supporting TARP than republicans did. Didn't the senate approve it 74-25? Didn't the House of Reps approve it 263-171? Didn't 3/4 of democrat Reps support it? And didn't less than half the republican Reps support it?
You can blame Bush if you want, but it was the democrats who worded, re-worded, finalized then passed all aspects of TARP. http://clerk.house.gov/evs/2008/roll681.xml
The Democrats had two choices: Either push the bill that Bush wanted (bad) or wait until a new president entered the White House (even worse). Who knows where our economy would be if they had waited for Obama to take office? Even today the Democrats have to make compromises on their agenda because they're two votes shy of sixty votes in the Senate.
Bush tried to stop unessasary bonus's.
Liar.
and an incompetent poster.
When someone points him to the dictionary, he buries head in the sand, just like Bush/Cheney.
http://www.treas.gov/press/releases/hp1207.htm + http://cop.senate.gov/documents/cop-020609-report.pdf
I'll expect an apology when you get done reading. Bush was president when these items were created, not Obama.
There's nothing in there about stopping bonuses so you're still a liar.
If you understood what your article said, you would not be expecting an apology, you would be offering one.
And they're blaming Clinton for the deregulation which resulted in the meltdown. They leave out that the Republicans controlled Congress at that time. Clinton couldn't have signed the deregulation bill unless Congress wrote and enacted it. And Congress wrote and enacted it.
OT but if you want to talk real voter fraud, don't look at the voters. Look at the politicians...
Five Clay County officials, including the circuit court judge, the county clerk, and election officers were arrested Thursday after they were indicted on federal charges accusing them of using corrupt tactics to obtain political power and personal gain.The 10-count indictment, unsealed Thursday, accused the defendants of a conspiracy from March 2002 until November 2006 that violated the Racketeering Influenced and Corrupt Organizations Act (RICO). RICO is a federal statute that prosecutors use to combat organized crime. The defendants were also indicted for extortion, mail fraud, obstruction of justice, conspiracy to injure voters' rights and conspiracy to commit voter fraud.
According to the indictment, these alleged criminal actions affected the outcome of federal, local, and state primary and general elections in 2002, 2004, and 2006.
This heinous act of GOP voter fraud was brought to you by bradblog.
Is this similar to the following?
A Democratic consultant and state official were indicted Thursday for allegedly receiving $30 million in kickbacks, as New York's attorney general accused them of using the state's pension fund investments as a "piggy bank."
That is pretty good, buddy, but I'm not seeing voter fraud there. You get a few points for corruption though! ;)
And I am all for them getting kicked out and jailed. Democrats don't need that kind of trash. They can Join Blago and Jefferson in the ranks of the permanently foresaken.
It goes a little deeper than "Democrats don't need that kind of trash" just as Republicans don't. We all as Americans, deserve and should demand better, each and every time we vote. National, State, Local, informed involvement by we the people is the answer to most of these problems. Paul Harvey said years ago soemthing to the effect, "Self Government without Self Control is meaningless and therefore a Central Government needs to be involved." I think this also can be applied to those that are supposed to be in charge (government) also. It is up to the electorate to be diligent, to use whatever legal means they have to expose those that are abusing their "power", whether it be public or private entities.
Gops are that kind of trash, oskie boy.
He also gets zeros for intellectual dishonesty, and the effort to change the subject to the irrationality of "two wrongs make a right".
Stealing the election in 2000 was acceptable. The criminal enterprise that did that, and then went on a criminal spree unmatched in history, including massive thefts from the treasury, is acceptable.
For a legitimately elected public official to steal is wrong.
would ruin the scenario they are trying to sell us
Why is there any kind of a fight over this at all? The government owns 80% of AIG at AIG's request. That means that the government call tell AIG exactly what to do, to the letter on any and every matter. And the government will be exercising CAPITALISM, not socialism, when it does so.
Owners telling their own company what to do is what the free market is all about.
Even the AIG bonuses don't hold a candle, to the billions spent to support 40 million occupying our nation.
We need E-verify to disqualify illegal alien labor from a rapidly expanded workplace. Since it's inception 13 years ago hundreds of thousands of honest businesses have implemented this system. Only the critics who have something to gain from its dismantling, are continuously making waves about its excellent capabilities. They express its unreliable, out-of-date or some other diatribe. Invented by open border orators, immigration attorney organizations, pro-illegal immigration politicians who have been brought by their corporate benefactors to sack its permanent use. The Democratic leadership under House Speaker Pelosi (D-CA) killed it silently in the Stimulus/Omnibus bill, but it will keep breathing until September.
Strange that under the flag of our Framers, these politicians we voted to office are cutting American Workers throats for the dollar bill. Once upon a time--I would have scorned the REAL ID ACT--THE FEDERAL 287(g) Immigration law, for state, county and municipal police, to arrest and detain illegal immigrants. We must finally bring to a halt illegal immigration, as its costing taxpayers hundreds of billions annually. Until we find something infinitely better, we have the best tool at our disposal. It must be embraced by every business nationwide and those who ignore it, should go to prison. They are after all taking away the livelihoods of the legal population. If you don't mind competing with illegal immigrants on any rung of your career. Don't bother to call this number in the Capitol: 202-224-3121
"illegal aliens" are not the issue. But you risk making your intellectual dishonesty -- and racism -- relevant.
That's the only shot he or any other gop has got. If they're confined to the facts and forced to eschew their brain-dead bigotry, they're stuffed and mounted.
If there is ever going to be any real reform in this country we need to start with the media. There are too few Jon Stewarts and too many Tucker Carlsons, Joe Scarboroughs, Lawrence Kudlows, etc.. The propagandists simply drown out the the reality.
That's who gets hired. Liberals get to tell jokes.
Take a little walk down bad memory lane. From 2002 through 2006, the only place you could get the actual news was from a fake news show.
That should tell the sclm all they need to know about themselves and how cowed they were by rove.
Christ, they let the gops lie, cheat and steal for six years straight. They still do most of the time. It's easy to win if you're allowed to cheat.
Ya'll need to try and be objective.
Yes the TARP contract had bonuses in it. And the CONGRESS passed it.
They could have kept it out. DEMOCRATIC CONGRESS. The current DEMOCRATIC CONGRESS has the lowest ever approval rating in the history of our Nation...
Why, because they are only looking out for themselves. Oh no.. you mean Democrats actually work and do business with Wall Street? Be objective people. I have numerous disagreements with the Bush Administration, but lets move on and focus on the real problem. CONGRESS is going to bankrupt this country..... Not BUSHY and CHENEY.. they have left.. and this current mess is in no way solely their fault.
The current DEMOCRATIC CONGRESS has the lowest ever approval rating in the history of our Nation...
Yet they keep getting elected. What does that say about your "approval rating" argument?
You're a little late with that. We've been bankrupted for about thirty years now.
You're a little late with that. We've been bankrupted for about thirty years now.
The previous congress had the low approval, and the republican half was lower than the democratic half. The current congress has much better approval, with the republicans still mired in the doldrums.
But approval means nothing when it's an uninformed public giving the approval. It is results that matter.
The current DEMOCRATIC CONGRESS has the lowest ever approval rating in the history of our Nation...
False. And of the last Congress, the Republicans were rated way below the Democrats.
I'd ask you to be honest, but the word "honest" is too long for you to comprehend.
After you.
The copied quote above was stuck in my clipboard for some reason. What I actually tried to quote from mlidey was, "Ya'll need to try and be objective."
Transparency certainly can't hurt.
Thanks MM for your reporting from an objective view.
Republicans "quickly" blamed the American Recovery & Reinvestment Act (Stimulus Bill) on the legislation for the payout bonuses to these AIG employees, and credited themselves as their reasons for "NOT" voting for such a "rushed" Bill back in February. It took the Republicans a moment, but finally they got it right this time (as their legitimate reason) for not voting "yes" for the Stimulus Bill. Now, hopefully, no real news coverage would hit the airwaves (radio & tv) any time soon as they ride this 'false argument' out. Go Republicans, you finally got this one right. Wink, wink.
AND THEY NEVER WILL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! LOOKING AT THIS SAME MEDIA WHO FOR 8 YEARS SAID NOTHING ABOUT BUSH AND REPUBLICANS WRONG DOING. OBAMA HAS BEEN IN OFFICE FOR 2 1/2 MONTHS AND EVERYDAY THEY BLAME THIS MAN FOR EVERYTHING. I SEE FOX IS BLAMEING OBAMA AGAIN FOR THE STOCK MARKET FALLING ON FRIDAY AFTER HIS SPEECH. HOW LONG DO YOU THANK MSNBC, CNN, CBS, ABC AND NBC WILL FOLLOW? WELL AT LEAST I GOT SOME GOOD NEWS ABOUT FOX NEWS 2"CNN" THEY HAD A BAD RATEING FOR MARCH IN THE HUFFINGTON POST WEBSITE MARKED MEDIA. MSNBC TOOK OVER THE SECOND SPOT. MAYBE IF THEY STOP ACTING LIKE FOX NEWS THEY WILL GO BACK INTO 2 PLACE. THE SAME THING HAPPEN TO ABC NEWS AFTER THEY BECAME FOX NEWS THEY WENT INTO 2 PLACE.
I didn't know WebTV still existed...
It isn't complicated -- except when endeavoring to unravel and refute the lies:
Mitch McConnell (as example) was loud in his opposition to any cap on CEO bonuses; thus the cap proposed by the Democrats was BLOCKED by the Republicans.
Ok, Could someone answer a question for me (In a serious way/no rhetoric please)?
I am having a hard time understanding why all this craziness of blame-gaming. I have been following the reports and I think the Media Matters articles are quite elucidating and provide much more detailed accounts of how these events transpired. (particularly when Dodd was wrongfully taking heat for his amendment) That said (and in light of this article):
Why was this false "why don't know what happened , how it happened, or who's to blame" mentality entered into by Geithner and Obama. What would have been so wrong coming out from the get go and saying:
'You know what, back when TARP was first initiated these contracts for bonuses were agreed upon with AIG and the- then Treasury, as such there are now legal complications that prevent the new Treasury from just saying 'no' to the bonuses and breaching that contract. That foresight regarding a potential (costly) legal battle is also the reason the Treasury sought to revise Senator Dodd's amendment. We needed to prevent a potential lawsuit. We know full well how this happened, and the details of this mess, which has forced us to walk on eggshells in order to fix it, as a legal battle with AIG would only cost the taxpayers more of their hard earned money. Currently we have legal team working on how the Treasury can LEGALLY get out of or renegotiate this contract so that this money can be recouped or at very least we can legally prevent any more of these types of payments. We will answer any further questions pertaining to this matter because, you know what, we DO KNOW the answers."
Would that have been so hard??? We know that the Bush administration allowed bonuses, billions went out to TARP recipients in the fall. So, Why all the feigned confusion about contracts and agreements made with the Treasury? The round-house blaming and lies about who-knew-what-when make me VERY suspicious. I think the scenario I just portrayed is VERY likely and explains an enormous amount of what has happened recently (particularly Dodd and the Tres). So, if I am right, then WHY OH WHY would no one just SAY THAT. What is really going on?