Wednesday, March 18, 2009

House Dems - AIG Execs Can Keep Bonus

Democrat leaders were outraged, outraged, today at the actions of AIG when they learned recently (last October) that the insurance company intended to pay out millions of dollars of bail-out money as bonuses to company executives. Meanwhile, Fannie Mae and Freddie Mac intend to hand out $611,000 to each of several executives of the government corporations. ... Your bonus, Senator. Oh, thank you...

Congress has threatened to pass a law, an ex post facto law, to tax the bonus payments at a 100% rate. Some congressfolk called for prison time for AIG officers. Republican Sen Grassley even called upon those officers to commit sepuku. Public anger ran high all day today - villagers with pitchforks time. Some AIG execs have actually returned their bonuses after buying clean underwear.

Finally, this afternoon, the House of Representatives took an extraordinary vote to solve to outrageous situation. They voted to let AIG executives keep the money!!

From the web page of Republican Whip Eric Holder -

Moments ago on the House floor, Democrats did something truly remarkable – they voted to let AIG executives keep their taxpayer-financed bonuses. As you know, this week, $165 million was awarded to 73 AIG employees primarily for the AIG financial products division (11 of the employees are no longer with AIG).

Rep. Erik Paulsen and Rep. Leonard Lance offered a plan to direct the Secretary of the Treasury to implement a plan to recoup or stay the payment of AIG bonuses. To be clear, today’s vote was to stop the bonus payments on behalf of the American taxpayers – go below the fold to see a list of Democrats that voted against it.

The life of Indigo Red is full of adventure. Tune in next time for the Further Adventures of Indigo Red.

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