Tuesday, March 17, 2009

Make This One go Viral: Obama’s Stimulus Bill Explicitly Grants AIG the Legal Right to Hand Out Unlimited Bonuses (Update)

A Big H/T to Butasforme

HIGH IMPACT - Thanks to our stimulus spending bill search engine and browser, we discovered that Obama granted AIG a free legal pass to give high bonuses because of the following stipulation in Obama’s stimulus bill he personally orchestrated and signed into law:

From page H1412 of the Final Stimulus Bill, “SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE:

“(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a writte employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.”

This amendment provides an exception for contractually obligated bonuses agreed on before Feb. 11, 2009, which exempts the very AIG bonuses Obama is condemning every single chance he gets. The amendment is in the final version and is law.

Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org — According to the Wall Street Journal, Sen. Dodd placed this section into the final stimulus bill, making him responsible, along with Obama, for AIG receiving these bonuses.

The stimulus bill should have nothing to do with executive compensation. However, woven within the stimulus bill are laws dealing with executive bonuses and TARP cash. Other pork legislation, such as health care mandates, were in the bill to ’stimulate’ the economy.

The Democrats continue to roll on being stuck on stupid.....

Update: It gets even better.

Obama Received a $101,332 Bonus from AIG

1 comment:

Anonymous said...

Remember 80% of AIG belongs to us but that really means the kooks in Washington.

AIG has received almost 180 billion from the kooks in Washington

AIG job now is to hand out the 180 billion the way Washington tells them. Remember 80% of AIG is now owned by Big Government. How much fun is that?


1.Goldman – 18 billion from the 180 billion
2. ML gets 7 billion
3. Bank of America gets 55B

Remember AIG is part of big government. Now for the foreign banks.

AIG gave

1. France - 19B from the 180 billion
2. UK - 13B
3. Germany - 17B
4. Switzerland – 5B

Total of 65B dollars went to foreign banks.

Remember AIG is now doing the dirty work of TurboTaxCheatGeithner.

Geithner was part of the TARP team with Bush.

All these banks gave out bonuses.

Obama and his bank of crooks knew about the bonuses.

This is just another distraction so you don’t focus on the 65 billion dollars of the 180 billion of our tax dollars that went to foreign banks. The distraction is 165 million in bonuses. The American people are that stupid in ObamaWorld.

ObamaTheTeleprompter is playing the American people like a bunch of fools again and laughing all the way to Jay Leno.

Then Obama will hit the campaign trail and do what he does best campaign with the teleprompter.