The Practical Philosopher's Blog

Using the practical application of timeless wisdom to address modern issues

Geithner and Dodd Ensure AIG Got Its Bonuses

The Obama administration and Democrats pretend to be outraged by the very situation they created or approved. Treasury Secretary Tim Geithner was the original architect of the bailouts including that of AIG. When it came time to exercise ‘oversight’ of this government owned means of production -oops! I mean oversight of government ‘investments’ in ‘private’ business- he was for the bonuses before he was against them:

But it wasn’t until last week that the hapless court jester of the Obama administration, Treasury Secretary Tim Geithner, scrambled to rein in the payments. [AIG CEO] Liddy basically told him to buzz off. Geithner, the primary architect of the original $85 billion AIG bailout last fall, “reluctantly” approved the bonuses anyway. And now his outraged boss has ordered him to scour every legal nook and cranny possible to get the money back.

But why would he approve something that he and the Obama administration were so against? Turns out, Democrat Senator Chris Dodd made it the law of the land:

Fox Business reporter Rich Edson pointed out that during the Senate porkulus negotiations last month, Dodd successfully inserted a teeny-tiny amendment that provided for 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.” Pay no attention to what his left hand was doing. Dodd’s right fist is pounding mightily, mightily for the sake of the taxpayers.

But c’mon, don’t be hard on Dodd, Democrats, or the Obama administration. None of the rubes (AKA American citizens) are smart enough to pin this bad decision on them, let alone remember it a week from now. Wink, wink. As they say in New York: Forgedaboudit!

Filed under: Economy, Politics, , , , , , , , , , ,

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March 2009
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