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Bailouts and Bonuses : Mad As Hell And Not Going To Take It Anymore!


Business  (tags: Backlash Against Bailout, Bailout Backlash, Economy, Financial Crisis, Larry Summers Geithner, Obama Geithner Bailout, Populist Backlash, Politics News )

Blue
- 1996 days ago - nytimes.com
White House Bracing For Populist Bailout Backlash... Disclosure That AIG Gave Out Millions In Bonuses Is Latest Episode "Feeding A Resurgence Of Public Anger"



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Comments

Blue Bunting (855)
Monday March 16, 2009, 7:34 am


New York Times:

The Obama administration is increasingly concerned about a populist backlash against banks and Wall Street, worried that anger at financial institutions could also end up being directed at Congress and the White House and could complicate President Obama's agenda.

The administration's sharp rebuke of the American International Group on Sunday for handing out $165 million in executive bonuses -- Lawrence H. Summers, director of the president's National Economic Council, described it as "outrageous" on "This Week" on ABC -- marks the latest effort by the White House to distance itself from abuses that could feed potentially disruptive public anger.

Read the whole story: New York Times
 

Arielle S. (317)
Monday March 16, 2009, 7:48 am
Well, I'm mad as hell, too, but this money was given under the Bush administration without any accountability demands - it all certainly makes Obama's job more difficult but the anger should be directed at those who came before (and that does include Congress) and institutions like AIG.
 

Southern G. (42)
Monday March 16, 2009, 3:41 pm
Oh..I don't think the anger should be directed at "government"...It should be directed at the greed of the powers that be at AIG. The paltry excuse that they are contractually obligated to give out the bonuses infuriates me. It's an insult to our intelligence. If those that are getting bonuses didn't have a job at all...there would be no bonus. They're taking advantage ... and it makes me sick.
 

Just Carole (338)
Monday March 16, 2009, 4:32 pm

(from MoveOn.org)

Cancel AIG bonuses
 

David Cutter (14)
Monday March 16, 2009, 6:08 pm
After signing MoveOn.org's 'Cancel AIG bonuses' (thank you Carole), let us all give a collective hug to the poor, put-upon rich, who for the past 30 years have been grabbing practically all of the financial gains generated in our economy, while the vast majority of our fellow citizens have seen their real incomes decline. Such things as health care for all and a booming green economy actually will be of great benefit to everyone, including the rich.

The same bunch of elites who've created tax dodges, trade scams, deregulation fantasies, de-unionization schemes, financial hustles, and other mechanisms to redistribute wealth from workaday families to them.

It's about time the burden shifts upward and the benefits of our economy become broadly shared.

THE RIGHT WING WEEPS FOR THE RICH (JimHightower.com)

p.s. Amazingly, the beneficiaries of this phenomenal taxpayer largesse do not have to provide any public benefit in exchange, and Congress isn't even being told where most of the money has gone.
 

Past Member (0)
Monday March 16, 2009, 9:20 pm
All of this is crazy, CRAZY. Talk about corporate greed. I say screw them... and that petition was signed and sent on.
 

Jim Phillips (3209)
Monday March 16, 2009, 11:30 pm
MoveOn petition signed with comment: "Ask AIG executives these choices: A: prison time for life; B: execution, chinese-style; C: forego any pay bonuses for the poor job they did."


Set up transparent accountabilities for all moneys used for the "bailout". Regulate everything!

TY, Blue.

 

Mary Donnelly (47)
Tuesday March 17, 2009, 5:40 pm
It seems peculiar to me that people get bonuses for doing a bad job. If that continues why should people do a good job? Can't Congress put strings on the money it gives to bailout victims so that the money passes through to the businesses and customers of those bailed out organisations rather than their employees?
 

Blue Bunting (855)
Tuesday March 17, 2009, 5:43 pm
Mary, after 8 years of the most incompetent, traitorous and fi$cally irre$pon$ible Bu$h/RepubliCON admini$tration, nothing should surprise you.

Remember, Bu$h rewarded incompetence and ignorance with the Medal of Honor.
 

Ray W. (10)
Wednesday March 18, 2009, 9:43 am
Don't put all the blame on Bush. Obama is continuing the program under the same guidance that the past administrator was. Don't know why this is always overlooked.
 

Blue Bunting (855)
Wednesday March 18, 2009, 4:55 pm
Sure, Ray, Obama can rever$e all the Bu$h/Gramm/Green$pin/Bernanke mi$takes in the 62 days he's been in office; give us all a break; the RepubliCON$ engineered this economic collapse ... go back and read their PNAC Plan, it's all there.
 

Blue Bunting (855)
Wednesday March 18, 2009, 5:23 pm
* It's not AIG, but some Fannie Mae executives are slated to get some generous bonuses, too.
 

Blue Bunting (855)
Wednesday March 18, 2009, 6:21 pm
* Sarabeth makes the case that the AIG bonuses need a new name.
 

Blue Bunting (855)
Thursday March 19, 2009, 12:28 pm
Elijah Cummings Knew About $1 Billion in AIG Bonuses for "Months" -- Why Didn't Timothy Geithner?
 

Blue Bunting (855)
Thursday March 19, 2009, 3:07 pm
Claiming full responsibility for the situation, Treasury Secretary Timothy Geithner told CNN today that his office "asked Sen. Chris Dodd to include a loophole in the
stimulus bill that allowed bailed-out insurance giant American International Group to keep its bonuses." He said he requested the measure to prevent costly governmental litigation.
 
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