Wednesday, March 18, 2009

Let's Sue AIG

I'm outraged. AIG, of which we the people own 80 percent as the result of massive infusions of monopoly money, is still contractually obligated to pay incentive and retention bonuses to some of its past and present employees.

This burning rage is something I share with President Obama and many members of Congress such as House Financial Services chairman Barney Frank. The Honorable Frank said this morning that taxpayers should file lawsuits to kill the bonus payments.

Last weekend, President Obama said:

"This is a corporation that finds itself in financial distress due to recklessness and greed," he said, in a rare flash of public anger, at a White House event with owners of small businesses.

"Under these circumstances, it's hard to understand how derivative traders at AIG warranted any bonuses, much less 165 million dollars in extra pay," Obama said.

"How do they justify this outrage to the taxpayers who are keeping the company afloat?" he said, adding half in jest that "I'm choked up with anger here" as his voice caught at one point.

Perhaps the word, "outrage", repeatedly flashed in red on his ever-present teleprompter.

Barney has a good idea, and it needs to be moved forward a step. We the people should file lawsuits to recover every penny AIG has paid out to politicians. Barry, write a $101,332 check to the U.S. Treasury. If not, we the AIG stakeholders will have to get a court order to garnish your White House paycheck.

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