American Elephants

Are you properly outraged? Obama wants to know. by The Elephant's Child

Populist balderdash!  The whole AIG bonus flap is a complete farce.  The federal government knew about the AIG bonuses way last fall.  Chris Dodd wrote an amendment to the stimulus bill that allowed contractual bonuses to be paid.

President Obama knows that the outcry against bailouts and takeovers is going against him and is only going to get worse.  His poll numbers are dropping.  Time to create a massive outcry against corporate villains.  Useful idiots are supposed to be angry with “Big Business”, not with the administration and not with congress.

AIG is currently owned by the taxpayers.  The CEO is a government appointed head who is working for a dollar a year. Congress is supposed to be keeping an eye on things.   A mysterious amendment called “the Dodd amendment” by the administration provides an “exception for contractually obligated bonuses agreed on before Feb. 11,2009.” Senator Dodd says — nothing to do with him.  Senator Grassley suggested that bonus recipients should apologize and commit hari-kari. There’s a little excess going on here.

Every congressman who could get in front of a microphone was “outraged”,  Geithner is outraged, Obama is outraged.  Of course President Obama signed the bill that clearly made these bonuses legal.

The contractual bonuses paid to hundreds of employees amounted to $165 million.  AIG has benefited from more than $170 billion in a federal rescue, and they reported this month that they lost $61.7 billion in the fourth quarter of last year.  In those terms $165 million is almost petty cash.  Economist Larry Kudlow weighs in here, and Hot Air comments here.

And of course the compliant media is telling you constantly how completely outraged you should be.

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