Monday, March 16, 2009

450 MILLION in AIG Bonuses to be paid, not the reported 150 million

"I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that . . . I've always thought that under-populated countries in Africa are vastly underpolluted."

Lawrence Summers, Oboma's Director of the WH National Economic Council in a 1991 memo while at the World Bank. Summers is leading the chorus demanding that Wall Street gangsters be allowed to keep their bonuses.

Uhh, is this the kind of "exports" to the 3rd World you're talking about Larry? Dumping toxic crap, including radioactive waste off Somalia's coastline?

Lawrence "Toxic Dump" Summers in all his regal splendor.

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While the MSM is reporting that AIG bonuses are "only" in the 150 million dollar range , Amy Goodman of Democracy Now brings us the real number, 450 MILLION and the mealy-mouthed apology issued for this travesty by Oboma insider Larry Summers.

AIG to Pay Out $450 Million in Bonuses

The failed insurance giant AIG is preparing to pay out $450 million in bonuses to top executives and other employees despite receiving a $173 billion government bailout. The bonuses include over $165 million to executives in the Financial Products unit, which lost $40 billion last year and played a major role in the meltdown of the global financial system. AIG is paying out the bonuses even though it is now 80 percent owned by the US government. On Sunday, Lawrence Summers, the director of the White House National Economic Council, described the bonuses as outrageous, but he said the bonuses are part of a contract.

Lawrence Summers: “We are a country of law. There are contracts. The government cannot just abrogate contracts. Every legal step possible to limit those bonuses is being taken by Secretary Geithner and by the Federal Reserve system.”

AIG’s new chief executive Edward Liddy justified the bonuses, saying AIG would have trouble attracting and retaining talent “if employees believe their compensation is subject to continued and arbitrary adjustment by the US Treasury.”

"Retaining talent?" The same band of clowns who helped run AIG into the ground, that kind of talent you want to reward?

Who is this humanitarian Larry Summers? For starters he's President OBOMBA's Director of the White House National Economic Council, whose functions are to coordinate policy-making for domestic and international economic issues, coordinate economic policy advice for the President, ensure that policy decisions and programs are consistent with the President's economic goals, and monitor implementation of the President's economic policy agenda.

In other words, "Lucky" Larry is going to help Wall Street banks to continue on with their planned theft of taxpayer funds from 401K retirement accounts and pension funds.

Summers was Secretary of the Treasury during the waning years of Slick Willie's administration when the "Financial Services Modernization Act" was pushed thru Congress. That act nullified the Depression era "Glass-Steagall" act that forbid banks from acting like casinos.

Summers has continually fought for lower corporate taxes at the same time fighting to eliminate unemployment for the laid off. Great guy, Larry is.

Larry also helped Enron while they were defrauding Californians out of money and electricity.

Where did some of that loot that AIG got from American taxpayers get off to?

AIG Lists Banks It Gave Bailout Money To

Meanwhile, AIG has disclosed for the first time the names of the financial institutions that benefited from the government’s $173 billion bailout. Goldman Sachs was the largest recipient at nearly $13 billion. Over $35 billion was also paid out to foreign banks including Société Générale of France, Deutsche Bank of Germany, Barclays of Britain and UBS of Switzerland.

6 comments:

Anonymous said...

The bonus payout excesses at AIG are just the tip of the iceberg of what is happening with the other Wall Street bailouts including Bank of America. Working productive Americans are bailing out the same crooks that destroyed our economy along with 45% of the wealth in the world and now the American taxpayers and our children will be forced to live a far lower standard of living with reduced prosperity and opportunities due to this but only we pay the price.

Washington has bailed out the banks, Wall Street & their Washington special interests and much of the cost is added to the national debt to by paid by this and future generations while real estate and investments continue to fall. Find out what a growing repudiate the debt movement could mean for treasuries, the dollar, gold and the stock market and how this is a better alternative than Washington’s plans to monetize the debt in future years and tax and destroy our remaining wealth by depreciating the dollar.

The Campaign to Cancel the Washington National Debt By 12/21/2012 Constitutional Amendment is starting now in the U.S. See: http://www.facebook.com/group.php?gid=67594690498&ref=ts

Greg Bacon said...

Welcome to the 3rd World, America.

While our kids and grandkids are scraping by, fighting over minimum wage jobs at Wal Mart and McDonald's, Wall Street fat cats will be living like King Midas.

Anonymous said...

It's time to round them up again folks, and throw them into camps somewhere in the desert. These vile selfish beasts will drain every dollar they can into their own selfish pockets with no concern for anyone else.

I am of course talking about the jews. The pulled similar stunts in the 1920's and 30's in Germany and got their just deserts. It's unfortunate that they didn't get the chance to finish the job.

It's now a job we must take up ourselves.

Greg Bacon said...

If you go to this link below, there's a chart of AIG's "performance" over the last year. It looks like AIG was raided Big Time on that other 9/11 of September 11, 2008 when certain parties pulled over 500 BILLION dollars out of the American banking system and were trying to loot more when the Treasury Dept called off the feeding frenzy.

AIG is rumored to be a CIA front and has more than a few links to that Zionist/Neocon Demolition Derby held on the first 9/11. Maybe the boys from the "Farm" are getting a bit greedy and demanding more and more money for their silence.

http://willyloman.wordpress.com/2009/03/16/aig-bonuses-total-450-million-and-half-of-their-tarp-bailouts-went-to-off-shore-banks/

Anonymous said...

It's time to round them up again folks, and throw them into camps somewhere in the desert. These vile selfish beasts will drain every dollar they can into their own selfish pockets with no concern for anyone else.

I am of course talking about the jews. The pulled similar stunts in the 1920's and 30's in Germany and got their just deserts. It's unfortunate that they didn't get the chance to finish the job.

It's now a job we must take up ourselves.

You moron these people are from all ethnicities not just Jews...your need to stereotype a whole people as a scapegoat for all the worlds financial problems is pure stupidity and ignorance which a recipe for racism. Go away u facist nazi

mls gta said...

Well, 150 million or 450 million - it's still only millions. Most people can't see the difference between millions, billion or trillions. This case is only interesting because some politicians can make political capital from it. If you're interested in what the country is really dealing with at the moment, I recommend you a video on the following site: http://themessthatgreenspanmade.blogspot.com/2009/03/ron-paul-on-aig-bonuses.html

Take care,
Julie

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