Tuesday, March 17, 2009

Follow the Money – AIG Executive Bonuses

When the Senate constructed the $787 billion stimulus last month, who added an executive-compensation restriction to the bill providing an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009”? Senator Christopher Dodd, Dem-Connecticut, where one of AIG Financial Products’ largest offices is based (article here).

And who signed the bill into law? President Barack Obama. Of course.

And who were the two largest recipients of AIG campaign contributions? Senator Dodd was no. 1, former Senator Obama was no. 2, and Democrats received 76 percent of total AIG political contributions.

Although Senator Dodd, President Obama, and the Democrats are mad as Hell about the $450 million in bonuses AIG is paying to employees in its financial products unit, Dodd’s amendment exempts the very AIG bonuses that he and the Democrats are now seeking to recover.

Poor AIG. Back in the good old days a company knew that when they bought a Democrat, he would stay bought.

Now the Democrats run to cover their asses at the first sign of trouble.

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