Thursday, March 26, 2009
AIG Bonuses A Liberal Witch Hunt
The Witch Hunters include many Liberals, but the notable names are CommieCrat Senators Cluck Schumer and Chris Dudd, Liberal Congress
Last week, spBarney spFrank called the bonuses "extortion." SeeBS News:
Retention bonuses are to a great extent extortion, Frank argued. “I think there was an element, frankly, with some — not all of them — of almost extortion, where they said, 'We know what you need to know and we will quit if you don’t bribe us,'” Frank said.
He argued that there is a large pool of very talented people who have lost their jobs in the financial crisis and that AIG could replace the bonus recipients (some of whom are responsible for creating the firm's now-toxic assets) rather than bribe them with retention bonuses.
AccountingWeb has a good timeline of the AIG bonus story, especially regarding the web of lies surrounding Treasury Secretary Timmy Tax Cheat Geithner, The Kenyan-born Illegal and Illegitimate Prednint Barack Hussein Pbama, Junior, Chris Dudd and Cuomo:
March 24, 2009 - New York Attorney General Andrew Cuomo told reporters on March 23 that nearly of half of the recipients of the largest AIG bonuses have already agreed to return the money. That is, nine of the top ten, and fifteen of the top twenty recipients are forfeiting the bonuses. So far that amounts to about $50 million. Others, many of whom live overseas outside of the New York State jurisdiction, have declined to return the money. Forty-seven percent of the bonuses were awarded to Americans.
March 23, 2009 - After days of bellowing and blaming, on Friday afternoon, March 20th, Treasury Secretary Timothy Geithner confirmed that his department pushed Senator Chris Dodd to write a loophole into the Economic Stimulus Plan that would pave the way for the AIG bonuses to be paid.
The Stimulus Bill included a cap on executive bonuses for companies that take federal bailout money. But tucked inside the bill – which was passed by a majority vote by Congress before anyone read it – was a provision that modified the cap so that it would only apply to future bonuses and would let slide the bonuses that had been contracted for already, including the AIG bonuses.
At first, the Obama administration declared that Geithner didn't learn of the bonuses until a week ago. After a timeline of events showing that in his previous position as president of the New York Federal Reserve, he knew of the bonuses last fall, the Treasury Secretary modified his statement in a CNN interview to say that he "learned of the full scale and scope of these specific" bonuses last week.
March 20, 2009 - [...] Late Wednesday Senator Chris Dodd acknowledged that, under pressure from the Treasury Department, he helped write a loophole into February's Economic Stimulus Plan – the plan that nobody read before signing – that allowed the bonuses to be paid. Now the apparent scramble is to determine, who in the administration knew about the pending AIG bonuses when the "loophole" was created, and of course, when did they know it?
Senate Charles Schumer (D-NY) told reporters, "If Mr. Liddy does nothing we will act and we will take this money back and return it to its rightful owners, the taxpayers," Schumer warned. "So for those of you who are getting these bonuses, be forewarned - you will not be getting to keep them."
Cluck is such a good steward of taxpayer money, isn't he? He's one of those Fiscal Liberals...yeah, uh-huh...read on.
May, 2008: Citizen Against Government Waste (CAGW) names Cluck Schumer as Porker of The Month:
Citizens Against Government Waste (CAGW) today named Sen. Charles Schumer (D-N.Y.) its May Porker of the Month for attempting to use the tax code to earmark a $2 billion subsidy for a commuter rail between Manhattan and the JFK airport. Sen. Schumer wants to take advantage of the New York Liberty Zone (NYLZ) tax credits, which were intended to stimulate the redevelopment of downtown Manhattan after 9/11, for a rail project that has been under consideration since well before 2001.
December, 2007: Top Senate Porkers includes Schumer. Heritage Foundation:
After a bit of counting, the Washington Examiner has found a suspected list of the top pork-getters in the Senate: Schumer (323), Murray (310) and Clinton (301) are the three senators whose names appear most frequently in the bill, followed by Specter, Cochran, Levin, Feinstein, Shelby, Lincoln, Stabenow and Menendez.
Clinton received 26 earmarks worth about $148.4 million total, most of which were also sought by Sen. Charles Schumer (D-N.Y.). Clinton and Schumer agreed several years ago to go after projects together, according to several sources.
What do failing banks and foreclosed houses have to do with race tracks? A lot, apparently, if you're Charles Schumer. The New York Senator added an earmark to the nation's $700 billion "rescue plan" that will extend current tax laws for race tracks that allow them to be considered the same as amusement parks in the eyes of the IRS.
The race track earmark wasn't in the House bill that got shot down last week, but was added by Senator Schumer to the 450-page bill[.]
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