Chris Dodd

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The CrapWeasel Congress

Edward Liddy, just recently put in charge of AIG to get the giant back on track, who took no bonus and is getting paid a whopping ONE DOLLAR A YEAR salary, was railed against and threatened by everyone on Barney Fife’s Fwank’s panel for what he was trying to do with the bonus money for executives. He was grilled and yelled at all afternoon, all the while trying to protect his employees from getting publicly outed to society (recall how well that went in California when the hater gays outed all of those who supported Prop 8??). He even read them death threats people had received, to which our hair lipped heroine (Fwank) commented “All of us here receive those”.

I am confident that when someone dies because of getting a bonus for trying to do the job, Miss Fwank will be there with compensation in hand for the family of said, murdered employee. However, that is not the point of my post, but only a lead in to the real deal.

Chris Dodd swore up and down that he had no clue about the amendment in the bailout bill that allowed companies to continue to pay the bonuses. He then went on to rail AIG for being criminally negligent, an evil capitalistic Satan whose soul was sold to the Wall Street gods. He went on CNN and railed against the insurance giant, vowing to get the money back to the people.

Until today, wherein Mr. Dodd humbly admitted that he, in fact, did add the provision back into the bill, at the ordering of that evil, mean, wicked Treasury Guy. You know, Turbo Tax Tim, who was in charge of getting the bailout of AIG in order along with former secretary Paulsen.

His ass should be in front of the Ethics Committee. He could care less about the people, as long as he stays clean in all of this. Crooks, crooks, and more crooks.

The revolution is at hand. Will you be a leader or a follower?

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No Contract Need Be Honored, Says Fed

The recent debacle occurring at AIG is almost (almost) laughable. Here we have a large company under contractual obligation to its employees. Because congress has tried to regulate the salaries of those on Wall Street, and because public opinion of big business is driven by the hostile media, corporate executives have found a relatively solid way of retaining the best and the brightest; they use bonus money. I get a bonus. Nothing near what Wall Street execs get, but a few extra dollars in the pocket are nice at the end of a long year. Am I going to be the next target? Am I being greedy?

Bonuses are in contracts. An employee gets a lower rate of pay, based on the assumption that performance bonuses will be paid at year’s end. Now, before you scream and cry at the fact that AIG lost a lot of money this past year, don’t forget that AIG is a huge company. The fact is that a lot of AIG’s divisions were profitable. However, they were caught by the severe downturn like the rest of the world. The reason they lost so much is the same reason that so many people lost their 401K. They are worth less. They have less available cash because their stock isn’t worth squat.

Does that mean that all of the bonuses should be paid? Well, yes. In fact, the very same congressmen (Dodd, Fwank) who are screaming at the horrific scene are the ones who wrote the terms of the bailout. In those terms, it is explicitly stated that all contractual bonuses will be honored. Why, then, are they coming out with such vehement rhetoric? Did they not read their own words? Why are they not clamoring over the union contracts that guarantee pay and bonuses? Is it because the unions are good and the evil, rich Wall Street guys need to be put in their place? Are they trying to fight for the little guys on Main Street?

Hardly.

The fact is that congress has, is, and shall continue to get funded by the very same people they are chastising. They put on this big front, making it look as if they care, all the while using this ‘crisis’ to drive a more socialistic agenda. As Ed Morrissey put it, congress could have avoided the entire problem by letting AIG file for Chapter 11.

Idiots.