It’s about time

Posted: March 17, 2009 in america, bailout, corruption, deceit, finance, greed, hubris, lies, obama

We’re mad as hell, and we’re not going to take it any more.

When AIG revealed last week that it was planning on paying $165 Million in bonuses to the same idiots who nearly caused it to fail last year, and was using taxpayer dollars to do it, the Obama administration’s initial reaction was almost calm indifference.

Larry Summers, Obama’s senior economic advisor, went on the ABC Sunday talk show “This Week” to say, “We are a country of law. There are contracts. The government cannot just abrogate contracts.”

The New York Times reported that “the bonuses will go forward because lawyers said the firm was contractually obligated to pay them.”  The same article also predicted that “The payment of so much money at a company at the heart of the financial collapse that sent the broader economy into a tailspin almost certainly will fuel a popular backlash against the government’s efforts to prop up Wall Street.”

AIG’s current CEO laughably stated that “We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury.”

Do they really want to keep the same people on board who burned the fucking house down?  That’s like handing the keys to your new Jag over to the drunken teenager who just wrecked your Porsche.  AIG didn’t have “best and brightest”, it had a collection of money-grubbing, amoral, hubristic jackasses who didn’t think their actions would have consequences.  They partied as though there was no tomorrow and now that the bill is due, they want us to pay it.

Well, the people have spoken, and they’re pissed.  In a time when millions of Americans have lost their homes, their jobs, and their life’s savings, the very idea that anyone deserves millions of dollars just for showing up and ruining a company is outrageous.  The financial sector must live in Bizarro-world if it thinks anyone should be paid a “bonus” for incompetence and irresponsibly risky behavior.

Well, no more.  Yesterday the President lashed out at AIG, saying “It’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay.”  Exactly what the rest of the country has been saying for about 20 years. It’s just that it took a financial meltdown to get Washington to notice.

If AIG gets away with this, anyone who gets a “bonus” had better spend the money on some really good private security.  They’re going to need it.  For the past year they’ve been engaging in economic terrorism against America.  We’ve had enough.  We’re mad as hell, and we’re not going to take it any more.

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Comments
  1. NG Lynd says:

    LOL.

    Do you think we are at angry-mob-with-pitchfork level yet?

    I am only half-kidding!

  2. Afrit007 says:

    We’ll see…

    I meant what I said about private security, though.

  3. NG Lynd says:

    Olbermann had a good populist rant about this tonight. I am going to try and find it and post it to my blog.

    PS–

    great comments on Randian cult nonsense

  4. Afrit007 says:

    I watched it last night – twice. It was outstanding.

    The fat cats on Wall Street clearly don’t get it. I really hope it’s not going to take a lynch mob to make them get it, but I’m seriously beginning to wonder. People are pissed.

  5. ahrcanum says:

    13 hours was all that the stimulus bill was out there to read until they voted to pass it, no wonder they missed the part about the bonuses.