Grassley nails it !

Sen Grassley said Anyone taking bounus money for a failing company should stand up and apologise to the American people, or follow the Japanese lead and kill themselves . Makes sense ,,maybe some politicians should too !

Works for me.

Political grandstanding ALL the Congressfolks knew that the bonus $$$ was going to be given out when they voted for the AIG Bailout.

First and foremost, I am saddened by Grassley's performance(s) lately, almost like he's got early onset Alzheimers or something. I used to respect him but he's become a loose cannon.
It's an easy pile-on to talk about AIG bonuses but how about some facts: Chris Dodd took $100,000, McCain $60,000, external_link almost $100,000 etc.from AIG in the last elections. The government KNEW about these bonuses for the last 6-12mos....and bailed them out with NO STRINGS ATTACHED. And Chris Dodd even inserted a rider in the legislation to GIVE the bonuses. Shame on Congress for giving mutiple bailouts to AIG and never bothering about the details.
AIG is an insurance company. When they got the bailouts, where did the money go...to pay claims...to who...Goldman Sachs, Bank Societe Generale, and other U.S. and foreign banks....who had all placed insurance bets to cover Credit Default Swaps on Collateralized Debt Obligations...And we all should be VERY AFRAID of a government who decides to willy-nilly pass IRS rules to PUNISH people.
Grassley and others are piling on like dumb school boys at recess...how about tackling the REAL problems....the GOVERNMENT got us into this. It's a side show for the ignorant masses just like what planes GM Ford and Chrysler used to fly to a mtg. in Wash. Ignorant populism but no real solutions.

yea obammy is going to shut the gate after the cows have left.
if i read this right he knew about the mess from start now he's trying to cover his but before general public finds out he is just as dirty as aig
chicago politics at it's best

Well said

BUT ...nothin' will change for the better

One congressman specificly put in language allowing AIG (not by name, but by the requirements it was aimed at AIG expressly) to hand out bonuses by a specific date. Somehow, that person doesn't seem to have any comment at this time....

Hummm.

--->Paul

Time to head up to DC with the pitchforks and boiling oil.


Gene

We are in a heap of shi! My wife's uncle asked me how much ammo I have bought because of a civil war? I asked if he lost his mind but am now wondering if he's not to far off base. Agravating beyond belief!!

Well tar and feathers do, got lots of chicken feathers?lol

This was an article from the St. Petersburg Times Newspaper on Sunday. The Business Section asked readers for ideas on "How Would You Fix the Economy?" I thought this was the BEST idea....I think this guy nailed it!


Dear Mr.President,

Patriotic retirement:

There's about 40 million people over 50 in the work force-pay them $1 million apiece severance with stipulations.

They leave their jobs. Forty million job openings - Unemployment fixed.

They buy NEW American cars. Forty million cars ordered - Auto Industry fixed.

They either buy a house/pay off their mortgage - Housing Crisis fixed.

And who pays off the $40 trillion price tag? If Chuck Schumer has his way, that $1 million severance package would be taxed at a rate of 100%.

I would be sending your Uncle to the Psychiatrist.
Sit back and relax,, there is nothing you can do about it but write to your elected representatives and change things at the next election, the only problem is, you don't go and vote so the whingeing won't change anything .If anyone, suggested compulsory voting then there would be a howl about this or that amendment so you get what others give you.

Seems to me that the Bushman gave the AIG bailout on his watch.

Not sure how Grassley have blown so much smoke over the Iowa vote for for so long. Does have a woodsie rural likeable style and drives an old ride when in the home state. What ears marks did he nail for Iowa in the simulus rape of America? Bankers are smiling all the way to the bank.

I am not simply taking the side of the bankers, but Congress and the media are playing this for all it is worth. My sources say that AIG has about 100,000 employees. About 80 of them created the problems. Others at AIG were smart enough and skilled enough to minimize and lessen the damage done by the 80 -- it could have been much worse. So those good ones should be rewarded. The bonuses amount to about one- one thousandth (1/1000) of the bailout money furnished to AIG, if my math is correct. I think Congress is using this issue as smokescreen to distract us from the mess that Congress has/is making.

Congress and the Senate have no reason to be outraged by this since THEY were the ones that allowed the initial stimulus bill to be passed through with no strings of any weight. This ONE topic of "No bonuses will be paid out of the taxpayer loan to AIG" should have been the first condition to receive that money, contract or no contract.

"Sen. Chris Dodd wants to tax AIG retention bonuses at 90%, but Dodd added 'an exception for contractually obligated bonuses' into the stimulus bill! Once again, we have the real architects of this disaster acting like innocent bystanders who had no idea this was coming. We're being played for suckers with this populist assault to distract from external_link's poll numbers." -Rush Limbaugh

They are all just talking out their rears. They already know it would be illigal to tax these guys at 90%. So why are they saying it?

To get the news with less distortion, I look at news reported by non-US sources (BBC). Read a lengthy report yesterday and the Treasury knew about the bonuses months ago. They said nothing until the checks went out because then it was impossible to retract the bailout funds.

AIG was legally (through contracts) obligated to pay the bonuses if solvent. If the govt had not bailed them out and they went belly-up, the bonus contracts would have been void. By bailing AIG out, govt ensured that the contractual obligations of AIG would be met. That's the law.

I don't like it either. I absolutely believe the govt is using this to make them look like the good guys and AIG as the bad guys. Govt is hoping no one looks closely and sees the truth.

A quote by the late Dr. Adrian Rogers, 1931 – 2005:

"You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving.

The government cannot give to anybody anything that the government does not first take from somebody else.

When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation.

You cannot multiply wealth by dividing it."

Actually, that would only be 40 Billion, only 1/4 of what AIG got