Tuesday, March 17, 2009

Amateur hour continues in the White House: Obama's AIG bailout specifically allowed contractual bonuses

Said Dear Leader Obama:

"How do they justify this outrage to the taxpayers who are keeping the company afloat?" he said, declaring the bonuses an "outrage" that violate "fundamental values."
Not so fast, my friend. Obama signed the legislation that specifically allowed these "outrageous" bonuses: (from Fox Business)

While the Senate was constructing the $787 billion stimulus last month, (CT Democratic Senator Chris) Dodd added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax.

No comments: