Thursday, August 27, 2009


The Obama Administration and several bureaucrats are fanning outrage over the AIG bonuses that were paid out. The 165 million in bonuses being paid out to the AIG employees’ amounts to less than one tenth of one percent of the billions of dollars that was in the bill. This Administration and Congress are spending trillions of dollars.

AIG attempted to get a loan from the banks but because of the size of the loan the banks were unable to do it. Therefore AIG received a loan from the government on not very favorable terms, 8½% above Libor on a two-year note, and the government will be issued warrants called equity participation notes. The CEO says the loan will be paid back plus interest.

If these people fulfilled their obligations in order to receive the bonuses then they should be paid them.

Senator Dodd initially said he had nothing to do with the language put in the bill to allow these employees to receive the bonuses. He then changed his story claiming that he put in the amendment exempting these employees so they could receive the bonuses at the urging of the Treasury Department, and the Obama Administration. Therefore, Senator Dodd is a liar.

Barney Frank, Chris Dodd, and Tim Geithner are culpable in this financial crisis with the way they handled Fannie Mae, Freddie Mac, and AIG etc.

Several politicians are claiming outrage over the employees at AIG receiving bonuses. The bonuses to be paid were stipulated in the law that was passed by Congress without being read by them.

Chuck Schumer said he wants to pass a law to take/steal the bonus money from the AIG employees. What he is proposing is tantamount to outright theft; so therefore when making a crime into a law then “THERE IS NO LAW. “ Remember if they can do it to them they can do it to you.

Another bureaucrat stated AIG stands for arrogance, incompetence, greed, but as the saying goes “if the shoe fits.”

These self-righteous politicians are jumping on the populace bandwagon of class envy pitting the haves from the have-nots; yet they passed a law in the dark of night giving themselves automatic pay raises. Are they going to repeal that law? I think not.

Chris Dodd and Barack Obama received campaign contributions from AIG, Barney Frank received contributions from the banks, Dodd, Hillary Clinton, Charles Schumer and Charles Rangel received contributions from Bernie Maddoff. Are these politicians/bureaucrats going to give that money back? I think not.

Obama stated there is outrage out there over the bonuses being paid out at AIG, but people do not be misguided, the outrage should be directed at the President and members of Congress. People need to be concerned with his radical agenda, and loss of freedom in his push towards Socialism. If I wanted to live in Venezuela I would have moved there.

Greg Zotta

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