NeMont
Long Time Member
- Messages
- 12,632
"Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In
While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly added an executive-compensation restriction to the bill. That amendment provides an ?exception for contractually obligated bonuses agreed on before Feb. 11, 2009,? which exempts the very AIG bonuses Dodd and others are seeking to tax. The amendment is in the final version and is law.
Also, Sen. Dodd was AIG?s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.
Dodd?s office did not immediately return a request for comment.
One of AIG Financial Products? largest offices is based in Connecticut".
http://www.foxbusiness.com/story/markets/industries/finance/dodd-cracks-aig---time/
Let us recap, It was codified in law that such contractually obligated bonuses agreed to prior to Feb. 11th, 2009 were permissiable and protected in the Stimulus plan. This in effect gave a very big and blinking green light to companies such as AIG that they were not only acting in the letter but also the spirit of the laws of this country.
Again the idiots are not at AIG the idiots reside in Washington DC. I think Obama has not a leg to stand upon when decrying these bonuses unless the buck no longer stops at the President's desk. Perhaps our congress and President should have read this bill prior to congress voting upon it and at the very least prior to the President signing it.
Can someone please explain how our government can give a green light to do something and then be upset when it happens?
Do you guys who support bailing out failed companies see what happens when government gets involved? How can a company manage anything if the laws governing them do not apply or apply retroactively?
It is a disgusting thing to me that this is even an issue. If this company were in bankruptcy rather then bailed out a bankruptcy judge could have allowed or disallowed these bonuses.
I really don't care when these bailouts started the fact that they are still going on speaks volumes about where this country is headed. A pox on both parties houses for squandering trillions of dollars on idiotic pursuits.
Nemont
While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly added an executive-compensation restriction to the bill. That amendment provides an ?exception for contractually obligated bonuses agreed on before Feb. 11, 2009,? which exempts the very AIG bonuses Dodd and others are seeking to tax. The amendment is in the final version and is law.
Also, Sen. Dodd was AIG?s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.
Dodd?s office did not immediately return a request for comment.
One of AIG Financial Products? largest offices is based in Connecticut".
http://www.foxbusiness.com/story/markets/industries/finance/dodd-cracks-aig---time/
Let us recap, It was codified in law that such contractually obligated bonuses agreed to prior to Feb. 11th, 2009 were permissiable and protected in the Stimulus plan. This in effect gave a very big and blinking green light to companies such as AIG that they were not only acting in the letter but also the spirit of the laws of this country.
Again the idiots are not at AIG the idiots reside in Washington DC. I think Obama has not a leg to stand upon when decrying these bonuses unless the buck no longer stops at the President's desk. Perhaps our congress and President should have read this bill prior to congress voting upon it and at the very least prior to the President signing it.
Can someone please explain how our government can give a green light to do something and then be upset when it happens?
Do you guys who support bailing out failed companies see what happens when government gets involved? How can a company manage anything if the laws governing them do not apply or apply retroactively?
It is a disgusting thing to me that this is even an issue. If this company were in bankruptcy rather then bailed out a bankruptcy judge could have allowed or disallowed these bonuses.
I really don't care when these bailouts started the fact that they are still going on speaks volumes about where this country is headed. A pox on both parties houses for squandering trillions of dollars on idiotic pursuits.
Nemont