Monday, March 16, 2009
AIG Bailout Okay With Obama Cultists Because Wall Street Gave Barry Big Money
Take for example the latest story that AIG, who received taxpayer
Obama administration officials and lawmakers lambasted plans by American International Group Inc., the insurer rescued by the government, to dole out $1 billion in bonuses and retention pay to employees.
Lawrence Summers, director of the White House National Economic Council, called the payments “outrageous” in an interview on ABC’s “This Week” program. AIG is “abusing the system,” Barney Frank, the Massachusetts Democrat who heads the House Financial Services Committee, told “Fox News Sunday.”
So happy are Pbama Cultists to see Wall Street fail, they fail to recognize that Wall Street directly effects - for good or bad - what happens on Main Street.
Also noteworthy is that AIG tells us the biggest benficiaries of taxpayer bail out went to European banks. IHT:
AIG disclosed on Sunday that European banks including Deutsche Bank and France's SocieteGenerale were among the biggest beneficiaries of the taxpayer bailout of the insurer.
Sunday's disclosure that more than $90 billion (65 billion pounds) has been paid to various banks -- including Goldman Sachs , Merrill Lynch and Bank of America -- since AIG nearly went bankrupt last September could stoke further public outrage about a bailout which already has many politicians up in arms.
European banks that received funds from AIG since its bailout include Royal Bank of Scotland, UBS , Societe Generale , BNP Paribas , Banco Santander , Danske , Rabobank , and Calyon, part of Credit Agricole.
Wall Street donated to Pbama 3-to-1 the amount it donated to John McCain in the presidential campaign. Never forget this.
And then you have
French prosecutors say they are seeking a 2.2m euro ($2.22m) fine from billionaire financier and philanthropist George Soros, who is on trial for alleged insider trading.
The case revolves around allegations that Mr Soros used insider knowledge of a 1988 takeover bid for a French bank to make money in a share deal.
I can't wait for AIG and Société Générale to start creating good American jobs at good wages for American workers. Where do I apply?
I am for the bonuses, I think they should be paid out.
I think AIG using the "well, we made these promises" or "contractual obligations" line to make it seem like they couldn't get out of paying the bonuses is lame. They should have just said, "we made this decision and we stick by it" instead of trying to weasel out of it by mentioning the contract.
There is little sanctity remaining to what any parties agree to under a contract. If AIG wanted to, they could decide not to honor the contract, which might result in them being sued. It happens every day where a party to a contract decides they no longer want to be a party to it.
Better? Thanks EC.
Born in Hungary in 1930 as Gyorgy Schwartz, the family changed its name in 1936 to Soros, which in Esperanto means "to soar."
The Soros name-change was an effort to protect the Jewish family from the rise of fascist rulers and the whole family spoke Esperanto at home.
As a native Esperanto speaker, (someone who has spoken Esperanto from birth), George Soros defected to the West in 1946, while attending an Esperanto youth meeting in Vienna.
Esperanto enabled Soros both to defect, and to become the 28th most wealthy man in the World, according to the Forbes rich list.
I had heard of Soros' ties to Esperanto. And I knew about the name change, which, everything I read said he did to avoid his name revealing his Jewish heritage...that he's a self-hating Jews who sided with the Nazis and was a war profiteer.
I think the bonuses should be paid out. That AIG used the "we can't do anything because of the contracts" is lame. They can renege on their contracts, its done every day. Now, with this notwithstanding, the bonuses should be paid as agreed to.
Yeah, it's not one of my more linear lucid thoughts, but that's where I'm at on this issue.
By the way, are you implying that I've made sense in the past? ;-)
I have been against all bailouts and stimulus bills, regardless of political ideology.
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