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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Sunday, March 15, 2009

Indictments before bonuses

These guys make Manny Ramirez look good.

There is no other way to describe the obtuseness and sheer greed of executives at AIG after they decided to pay $165 million in bonuses to the same con men who brought the company to the federal "too big to fail" trough last year.

In what may be the first effort on the part of the company to keep a promise, AIG boss Edward Liddy says the firm had already committed to the payout, designed to retain the most skilled executives.

The same ones whose unregulated financial wheeling and dealing has caused taxpayers to pony up $170 billion to cover their markers? Let 'em go!

This latest round of fiscal idiocy makes the jokers at Citigroup look good. After all, you and I already own 80 percent of the insurance giant. Does this bozo honestly think a commitment made to people who likely perpetrated fraud is legally binding?

In a letter to Treasury Secretary Timothy Geithner, Ramirez, er, Liddy, wrote:
“We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury."
Tell that to the men and women who have lost their jobs as a results of the fiscal nightmare this "best and brightest talent" created.

That's the same brilliant rationalization that somehow federal TARP money is not going to pay for bonuses at companies that don't have enough cash on hand to pay for a coffee cart without taxpayer help.

It's long past time to rev up the Justice Department machinery and go after the crooks and liars who are continuing to loot the Treasury. What exactly is the problem with nationalization anyway?

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Blogger Pro said...

This is sick. Why in the world are we helping these companies that keep sending millions to people who do not know how to run a company? They cry yet get paid millions on the "average joes" taxes. Furthermore, I fear this is just the tip of the iceberg. Look what Enterprise rent-a-car did to get bailout funds:


March 15, 2009 12:15 PM  

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