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March 18, 2009

"Something is deeply wrong with this outcome"

Via AP:

In a letter Tuesday, Cuomo said 73 AIG employees received retention bonuses of $1 million or more — including 11 who have since left the company. Cuomo said the bonus checks were mailed Friday.

"These payments were all made to individuals in the subsidiary whose performance led to crushing losses and the near-failure of AIG," Cuomo wrote in the letter to Frank.

"Thus, last week, AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout. Something is deeply wrong with this outcome."

Heh - no kidding!

While some argue that taxpayers are better off if these newly minted millionaires get to keep that money so that they don't go to work for someone else. Poppycock! The taxpayers would be better off if fraud charges were brought against them instead!

Late word is that Senator Dodd has admitted to inserting the loophole which allowed these extortion payments... er... bonuses to go forward. However, he claims that it was at the urging of Geithner's people at Treasury. Why were these executives given a pass in legislation while unionized autoworkers were not in previous bailout legislation destined for Detroit or in any of the earlier bailouts of major airlines? Those with the gold make the rules.

The simple fact of the matter is that simply by virtue of their net worth (on paper at least) those executives have access and influence in the Halls of Power which the schmucks wearing blue collars simply do not. And THAT is why I have absolutely ZERO problem with the rich being taxed more than the poor. They have access and influence which we'll never, ever have. Heck, they can even get lawmakers to tweak legislation to protect their obscene compensation packages. Do you think a single lawmaker at ANY level would have given me the time of day regarding my recent layoff??? Hell no! I don't represent a potential big, fat campaign contribution!

In case you can't tell already... I'm pissed. It's about damn time we cracked some heads together in this country!

Posted by Kevin at March 18, 2009 04:13 PM