Monday, March 16, 2009

AIG bonuses

President Obama and both Democratic and Republican congresspersons are up in arms about bonuses AIG paid to its executives. My understanding, however, is that AIG is contractually bound to pay these bonuses or face expensive lawsuits.

It sounds to me like Congress and President Obama are calling on AIG to break the law! If we're going to blame someone, shouldn't the blame go to Congress and President Obama for passing bailout legislation that they didn't even take time to read?

2 comments:

professor ed said...

But Dennis:
The majority of our esteemed Congress is far to busy trying to make our new President look good on the podium on which they have chosen to set him. Thus if he should stumble, they would not look to good either. Therefore if he wants it, it must automatically be good; otherwise he would not want it, right? Does this "logic" sound a little "orwellian", or what!

Dennis said...

Professor ed,

You are absolutely right. And what makes it even more scary is that the mainstream media--which we would hope might be a check on government abuses--are just as eager to keep up the image of the Obamamessiah as Congress!