AIG bonus scandal explained. Obama and the US Congress introduce a bill. One paragraph creates chaos

Democrats vote for the emergency stimulus bill. The bill is voted on before anyone had a chance to read it. Democrats vote for it and almost all Republicans vote against it.

Shorly before the Senate vote Obama said further delay would be "inexcusable and irresponsible"

The emergency bill sits at Obamas desk almost five days before Obama comes back to town and signs the bill. He never read it.

The Democrats and the White House negotiate a paragraph to allow executive bonuses. A few days later they discover that AIG executives got bonuses totalling $165 million.

The public is angry and cant figure out why those who destroyed the company at the Financial Services Division could receive bonuses after the firm was bailed out with nearly $100 billion with commitment of additional billions.

The democrats also get angry and don't understand it either. Since they never read the stimulus bill of $787 billion they are clueless and vote for a 90 % taxbill that would target everyone with a high income that get bonus in companies supprted by the fed.

Here is one paragraph in the bill, try to figure out who is affected by this and how:

IN GENERAL- The Secretary shall review bonuses, retention awards, and other compensation paid to the senior executive officers and the next 20 most highly-compensated employees of each entity receiving TARP assistance before the date of enactment of the American Recovery and Reinvestment Act of 2009, to determine whether any such payments were inconsistent with the purposes of this section or the TARP or were otherwise contrary to the public interest.

It appears that all except the management and the top 20 executives are excluded from this requirement.

Now consider hundreds of sections on 1100 pages with 185 945 words with this legaleeze language. The democrats did'nt understand the bill they rushed trough without even reading it.

Great job guys, what is your next job, save the worldeconomy?

Category:

News & Politics

Tags:

• AIG
• bailout
• bill
• congress
• democrats
• republicans
• Obama
• Geithner

[AngelAsmodeus]

whats wrong with all you people ?? WE , as in me too ! set here on your tube and watch these guys with 500 dollar suites and 300 dollar smiles . Federal is not a government angency . there's no volting on them or controling them . lol.... Someone needs to wake up . lets see some hillybillys in jeans and T-shirts taking care of things . someone with a blister on the paw of thier hands instead of thier bottoms...lol

[Larzabeth]

This is change? I think not!

[swaneeusa3]

Wake up sheeple!!! There is no more 2 party system anymore. It's just 1 big fu#@en party, and stealing our money.

[jettbugg]

We do not "get it," Either!! Criminals, ruling the earth!

[freedom3001]

I'm not American, so let me get this straight. First they gave billions of tax money to the rich, then they use the situation to raise taxes? WTF?