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Obama Outraged with AIG
Published by Pamela Gentry on Thursday, March 19, 2009 at 3:38 am.By Pamela Gentry, Senior Political Analyst
March 18, 2009 – President Obama is calling for more effective ways to deal with troubled companies like insurer AIG, after learning the company spent millions of tax-payer dollars on bonuses for the folks who created toxic assets and the need for the bailout.
Before departing Wednesday for two days in California, the president told reporters gathered on the South Lawn, “So my economic team is going to be consulting with the Hill. We’re going to be moving that on a fast track. This is part of the broader package of financial regulatory steps that we’re going to be taking that ensures that going forward in the future we’re not going to find ourselves in these kinds of terrible positions again.”
AIG has come under fire for giving millions in employee bonus payments after begging the feds for help and being given government support to the tune of $182.5 billion.
Outrage has been the theme in recent days, and Obama wants to get out in front of this issue before his credibility on the bailouts is tainted by this kind of behavior. And he’s not alone; Congress held hearings Wednesday and grilled AIG company executives so intensely that they were showing signs of remorse and suggesting ways they could get the bonus money returned by employees.
“People are rightly outraged about these particular bonuses. But just as outrageous is the culture that these bonuses are a symptom of, that have existed for far too long — a situation where excess greed, excess compensation, excess risk-taking have all made us vulnerable and left us holding the bag,” Obama said.
Right now the American taxpayers and holding the bag and it’s running on empty.
The administration lead on AIG’s problems is Treasury Secretary Timothy Geithner. Obama said, “Nobody is working harder than this guy. He is making all the right moves in terms of playing a bad hand.
“I want to repeat something that I said before the joint session: My interest is not protecting banks. My interest is protecting the American people; the people’s 401(k)s; ordinary folks who have a credit line with a bank for their small business; people whose pension funds are invested in some of these financial institutions,” Obama said.
Now we’ll have to see if the White House and Congress can come together and make it happen.
[...] here: Obama Outraged with AIG [...]
Quick History: Although they bear the majority of the burden, the executives of AIG, Bear Sterns, Lehman Brothers and Citi Bank are not solely at fault. We get a great deal of anger to learn of their $45 million salaries, sponsorships of Baseball Parks and all other lavish extremities. However, the persons that continue to dodge public scruitny are Hedge Fund Managers. I’m all for maximizing profit but; these salaries will balfel you.
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Stephen Cohen: 2001 income – $428 million, 2003 income – $350 million, 2004 income – $450 million and 2005 income of $1 BILLION USD.
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Edward Lampert: Yale University ‘84 B.A. Economics, member of Skull & Bones secret society, 2004 income $1.02 BILLION, 2006 income $1.5 BILLION USD
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That’s right, a billion dollars in ONE year. In fact, on average the to 2% of surgeons make $2 million a year, while the top 25% of hedge fund managers make $400 million a year.
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I understand this isn’t President Obama’s fault but; I’m upset that he, like other politicians acts as if he is unaware. These issues are the foundation for my belief that our country could, should and would be able to house, feed and offer adequate healing to every single citizen.
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Many of you have seen the exchange between Comedy Central’s John Stewart (host of The Daily Show) and CNBC’s Jim Cramer. (former hedge fund manager and host of Mad Money) If you haven’t already seen it, check it out.
Breaking News: Dodd Says loophole that protects AIG Bonuses added per request of the Obama administration. The video is about a fifth of the way down.
http://www.butasforme.com/2009/03/17/obamas-stimulus-bill-explicitly-grants-aig-the-legal-right-to-hand-out-bonuses/
Obama should take full and direct responsibility for this mess.
The three largest Corporate Failures(AIG, Freddie Mac & Fannie Mae)/ in the History of the world that were bailed out by the government have one thing in common:
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Their Number 1 and Number 2 largest donations went to…BARACK OBAMA and CHRIS DODD!!!! The same men who wrote these bonuses into their bailout contracts!!!!
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Dont be fooled my friends. Politicians are really not on your side!!
Great job!
[...] Obama Outraged with AIG After learning the company spent millions of tax-payer dollars on bonuses for the folks who created toxic assets, Obama said, “People are rightly outraged about these particular bonuses. But just as outrageous is the culture that these bonuses are a symptom of, that have existed for far too long — a situation where excess. Read more. [...]
Cool now break them off something an so they don’t forget it Mr. Obama an team. Somebody is looking out, da watch commander.
boy o boy!
Obama know about…Time know…Dodd know…so why the outrage? This is all orchestrated. Obama is an irresponsible leader. If he allows Congress to go after the PRIVATE citizens who received the bonuses after they (Obama administration) signed off on the bonuses. Watch out! Guess who’s next. This is some scary stuff.
…yesterday, I even heard a cable news channel try to blame GWB for this.
What is going on?
boy o boy!
Obama knew about…Tim knew…Dodd knew…so why the outrage? This is all orchestrated. Obama is an irresponsible leader. If he allows Congress to go after the PRIVATE citizens who received the bonuses after they (Obama administration) signed off on the bonuses. Watch out! Guess who’s next. This is some scary stuff.
…yesterday, I even heard a cable news channel try to blame GWB for this.
What is going on?
BLAME IT ON THE BACK MAN!! YEAH WE HAVE THE MOST CONTROLL OVER EVERYTHING IN AMERICA!! WE CONTROLL THE BANKS . THE MORGAGES, THE SCHOOLS , THE MILITARY WE EVEN HAVE A BLACK PRESIDENT AND WE CONTROLL A.I.G.
im OUTRAGED AT OBAMA:
Point #1 AIG manages money – Fact / They came to Obama and said “hey we managed our money poorly, can you tax our people and give me some more money”?
OBAMA Said: “let me get this straight….. your job is to manage money right”?
AIG – “Yes”
Obama: “And you want me to tax ppl and give u more money”?
AIG – ” Yes”
OBAMA : “OK sounds good to me…….. but you can pay me back right?!!!”
AIG – “yeah Sure”"
OBAMA was elected because ppl thought he had good judgement. so far he’s made alot of dumb decisions when considering the end game. I hope we dont get attacked. I really dont think he knows what his true north is.
Mr obama ’s people many not be at blame but in time you people will see that mr obama had his hand in the cookie jar .
David,
You have President Obama confused with your idol Mr. Bush. I bet you don’t turn down that stimulus check when it comes thought huh. lol Remember God sees all the evil that you are spreading David.
DAVID IS RIGHT. GEORGIA, GOD GAVE YOU A BRAIN…HE EXPECTS YOU TO USE IT. YOU DON’T HAVE TO FOLLOW THIS INSANITY BECAUSE OF THE COLOR OF YOUR SKIN
LILLY,
STOP BEING STUPID. THIS ISN’T ABOUT SKIN COLOR. BLACK PEOPLE ARE SMARTER THAN YOU PEOPLE GIVE US CRETID FOR. WE ARE JUST A CAPABLE OF MAKING INTELLIGENT POLITICAL DECISIONS AS WHITE PEOPLE AND CHOOSING OBAMA WAS A VERY WISE DECISION WHETHER YOU PEOPLE THINK SO OR NOT. JUST BECAUSE YOU DO NOT AGREE DOESN’T MEAN WE ARE WRONG. WE ARE ENTITLED TO VOTE ANY WAY WE WANT WITHOUT EXPLANATION JUST AS YOU ARE. GROW UP AND GET OVER IT. YOUR PRESDIENT IS BARACK OBAMA LIKE IT OR NOT!
Lilly as soon as you sided with David you lost all credibility. LOL. David is a regular racist poster to this site who daily posts very racist and sexually abusive comments about black people and President Obama and his family in particular. You will see him on here every day responding to every story in a racially disrespectful manner. David only likes to create hostility. So watch which star you hitch your wagon to. You are judged by the company that you keep. LOL
David don’t care bout politics he only care bout doggin black folks. Ignore him and he gone find some traffic to play in.
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