Blame Obama, Democrats on AIG Bonuses Outrage

I’ll begin by quoting from another blog that has it’s act together on these disgraces we call the Obama Administration and Congress.  The article is entitled, “Obama’s Own Stimulus Bill Protects the AIG Bonuses He Now Condemns“:

HIGH IMPACT – Thanks to our stimulus spending bill search engine, we discovered that Obama granted AIG a free legal pass to give high bonuses because of the following stipulation in Obama’s stimulus bill he personally orchestrated and signed into law:

From page H1412 of the Final Stimulus Bill, “SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE:

“(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a writte employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.”

This amendment provides an exception for contractually obligated bonuses agreed on before Feb. 11, 2009, which exempts the very AIG bonuses Obama is condemning every single chance he gets. The amendment is in the final version and is law.

Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org — According to the Wall Street Journal, Sen. Dodd placed this section into the final stimulus bill, making him responsible, along with Obama, for AIG receiving these bonuses.

Truth is the quintessential enemy of liberalism.  And we need to expose these frauds for what they truly are, because the media (which is the quintessential friend of liberalism) will not.

As it is, Obama is continuing his “I inherited all this” mantra.  The fact that it’s HIS bill, entirely written by HIS Democrats with NO Republican participation, is completely beside the point.

Democrat Senator Chris Dodd – the very slimebag who has been in the pocket of AIG and other corrupt financial institutions, the very slimebag who helped AIG get those bonuses  – is now the one proposing a 100% tax on the recipients:

Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG) bonus recipients so the government could recoup some or all of the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.

While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. The provision, now called “the Dodd Amendment” by the Obama Administration, provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” — which exempts the very AIG bonuses Dodd and others are now seeking to tax.

The 100% tax the Democrats are proposing is targeted to specific individuals for purposes of punishing them without a trial, which is the definition of a Bill of Attainder (“a legislative act that singles out an individual or group for punishment without a trial”).  And Bills of Attainder are specifically forbidden by the Constitution:

“No Bill of Attainder or ex post facto Law will be passed.” Constitution of the United States, Article I, Section 9, paragraph 3

“The $165 million in bonuses set to go to American International Group executives would be taxed at 100 percent under a new bill introduced Tuesday in the House. The sponsor of the new bill, Rep. Steve Israel (D-Huntington), said Tuesday that “if we can’t kill the bonuses, we’ll tax the bonuses.”  — Newsday, March 17, 2009

Not that the Democrats give a flat damn about the Constitution.  The same people who can peer into the Constitution and find “penumbras and emanations” giving them the right to murder tiny innocent babies can pretty much twist the Constitution into any pretzel-shaped ideological object that they want.

Democrats didn’t inherit this mess.  They created it.  Hold them repsonsible for it.  Remember the continual Democrat shrillness against Bush and Republicans, and then up the octaves against Obama and the Democrats.

2 Responses to “Blame Obama, Democrats on AIG Bonuses Outrage”

  1. Jax Says:

    You are right, it’s a big mess.

    If you thought it couldn’t get any worse than Bush. The dems are spending more and making mistakes of the grossest incompetence. Here is the latest
    (quite shocking) of their trillion dollar blunders:


    http://www.butasforme.com/2009/03/17/obamas-stimulus-bill-explicitly-grants-aig-the-legal-right-to-hand-out-bonuses/

    By the way the bonuses are not new. Obama is only getting mad because now the public knows. It was widely reported in January. Do a google search for ‘AIG Said to Offer $1 Billion in Retention to Workers’ and you will see time stamps from January.

  2. Michael Eden Says:

    Jax,
    Again, thanks for that link (I think it’s the same one I used for an earlier article, with updates). But dang those updates are good.

    I was intending to log on today and write another article on the AIG fiasco, showing how Obama, Geithner, Dodd, and the Democrats inserted this scandalous provision, only to turn around and dump on it like the hypocritical cockroaches they truly are.

    And but as for me has a great base to work from.

    I’ll take you up on your last para, as it does fly in the face of Geithner’s claim (he wrote the AIG bailout) that he had no idea about these bailouts until March 10 – even though his own staff asked that the Dodd language be inserted.

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