Well. Whaddayaknow! It turns out that the Obama economic stimulus bill contained a specific clause that permitted the type of executive bonuses that are causing all this rage. Of course we knew then that few if any one had read the stimulus bill before the vote. I guess that will jump up and bite some folks in the backside.
Congratulations fellow American taxpayer. We are going to write a check fo $165 million to fund executive bonuses at AIG. That is right! And not just any division of AIG, but the AIG financial products division that wrote all those toxic credit default swaps and other derivatives that threatened a financial doomsday.
Edward Libby, the government appointed head of AIG stated that “We cannot attract and retain the best and the brightest talent to lead and staff the AIG businesses – which are now being operated principally on behalf of American taxpayers – if employees believe their compensation is subject to continued arbitrary adjustment by the U.S. Treasury.”
In otherwords, keep sending us money but don’t tell us how to spend it.
In a world full on constant change, nothing is certain. Hang on. Should be a fun ride.
FOXBusiness.com AP Business News
