Republicans Who Opposed Wall Street Salary Caps Last Month Now Condemning ‘Outrageous’ AIG Bonuses
Republicans Who Opposed Wall Street Salary Caps Last Month Now Condemning ‘Outrageous’ AIG Bonuses
As outrage mounts over the $165 million in executive bonuses paid to AIG staffers, many Republicans are trying to tap into the widespread public anger by striking uncharacteristically populist tones. Senate Minority Leader Mitch McConnell (R-KY) and Senate Banking Commitee ranking member Richard Shelby (R-AL) have said the following in recent days:
MCCONNELL: “Well, it is an outrageous situation. I wrote Secretary Paulson back in October complaining about the way AIG had been doing its business. […] This is an outrage.” [ABC News, 3/15/09]
SHELBY: “We ought to explore everything that we can through the government to make sure that this money is not wasted. [...] A lot of these people should be fired, not awarded bonuses. This is horrible. It’s outrageous.” [AP, 3/16/09]
However, when Congress debated limiting executive pay last month, these same key Republican lawmakers stood firm in opposing such caps. McConnell argued against the “temptation” to “dictate” business practices when it comes to salaries and bonuses:
MCCONNELL: “I really don’t want the government to take over these businesses and start telling them everything about what they can do. [...] We have to resist the temptation to basically dictate to these businesses how to run every aspect of their operation.” [ABC News, 2/4/09]
Similarly, Shelby demanded a laissez-faire approach to executive compensation as Congress pressed Secretary Paulson for details of the bailout plan:
SHELBY: “It should be up to the board of directors of a private corporation to set the compensation of an executive; it shouldn’t be Congress’s role.” [Washington Post, 9/23/08]
Not all conservatives have backtracked from their previous positions on executive compensation. Rush Limbaugh, on his program yesterday, said, “I am all for the AIG bailouts, and I am all for the AIG bonuses. Well, I’m not for the bailouts, well, in a way I’m for the bailout because I’m for the bonuses.”
Rep. Eric Cantor (R-VA), on the other hand, says he simply feels “outraged” but is not yet walking back what he said in September on opposing salary caps: “I’m not necessarily advocating going forward, that the federal government be able to set salaries across the board for any company.”
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“It should be up to the board of directors of a private corporation to set the compensation of an executive; it shouldn’t be Congress’s role.”
______
Well, when you own 80% of the company, it would seem that you could determine compensation of an executive. After all, aren’t shareholders really the owners?
Or am I missing something here?
March 17th, 2009 at 3:22 pmAhhh, the Grand Old Party of NO.
NO to our President
NO to non-partisanship
NO to the well being of our Country
NO to universal health care
NO to enhanced Veteran’s care
NO to alternative energy
NO to regulation in the financial markets
NO to presenting their own budget
NO to accepting responsibility or consequences
NO to ending illegal wars
NO to our Constitution
NO to equal marriage rights
NO to freedom of choice
NO to fair tax rates
NO to non-Christians
NO to minorities
YES to greed, hypocrisy and hate
March 17th, 2009 at 3:25 pmThese people flip-flop more than a fish fresh out of water.
March 17th, 2009 at 3:25 pm“Republicans Who Opposed Wall Street Salary Caps Last Month Now Condemning ‘Outrageous’ AIG Bonuses”
The party of No are hypocrites. These are the same clowns that voted for the Wall Street bailout last year yet voted no to the three automakers bailout package and Obama’s recovery package. And now is outrage about AIG bonuses? Please…Pass the popcorn…
March 17th, 2009 at 3:26 pmBut..but..but… This is just a PR ploy by Obama and his administration!
(said in my best Archibald,Simpleton,JK voice)
March 17th, 2009 at 3:29 pmOkay, I totally understand now why the GOOP needs daily talking points.
Look at the last 10-15 years. Every day, everyone was singing off the same page. All the little GOOPers knew exactly what to say in response to questions. If a question was posed that they didn’t have a talking point for, they would simply use one of the approved points to try to divert and redefine the argument.
Now, left to their own devices, ships adrift in a sea of their own waste, they have no idea what they want to say, what they mean, what they stand for, or how to blame it all on the Dems.
Sad, really, but with enough wine, totally funny!
PEACE
March 17th, 2009 at 3:32 pmHmmm…AIG must not be getting enough money to pay enough lobbyists to make the GOP deaf to public opinion, if the Repubs have decided to throw their CEO buddies under the bus.
March 17th, 2009 at 3:35 pmThree (rhetorical) questions — 1) What good is a bonus if it’s guaranteed? Isn’t it supposed to be a surprise? 2) Is there a nominal amount to these bonuses, including the value 0? 3) Why would AIG, or any financial services firm for that matter, worry about retention when the financial services sector as a whole is in decline?
March 17th, 2009 at 3:36 pmThe GOPers always have to put their 2 cents in everything!
March 17th, 2009 at 3:39 pmCantor should feel really foolish for opposing the salary cap for these greedy CEOs stealing taxpayer money. As we already know, regulation of the banks should have been in place long ago.
Well…ole Rusher speaks for the GOoP and he makes no sense. Who wins the Rush vs Rush debate? Time for a third party, to begin the process of discarding the unproductive Republican no-sayers.
March 17th, 2009 at 3:39 pmCould it be they are worried about election ‘10?
March 17th, 2009 at 3:40 pmLike a poorly-trained and neglected dog, they will bark at anything that moves at this point.
What a sorry state to arrive at. If they didn’t so richly deserve the ignominy, I’d actually pity them.
March 17th, 2009 at 3:40 pmI posted this on the earlier Contract thread.
TOOLS, you know who you are.
Read this
Specifically this part.
The company and some federal regulators have said it was obligated by contract to make the payments. Cuomo said the bonuses might have been fraudulent if AIG officials knew the company couldn’t afford them.
Cuomo said that despite their contracts, Financial Products employees agreed to take 2009 salaries of $1 in exchange for receiving their retention bonus packages. He said the fact AIG could negotiate the terms of the payments “flies in the face of AIG’s assertion” that it had no choice but to make the contractual bonus payments.
“You could argue if the taxpayers didn’t bail out AIG, those contracts wouldn’t be worth the paper it’s printed on,” he said Monday.
BOOM!
March 17th, 2009 at 3:40 pmContracts are broken every day of the week. Now STFU!
I read up on a previous post, troll bonanza and all, and it was interesting to read Tim43 worry about the government infringing on employer-employee contracts. Apparently, the party of taxpayer stewardship has a very narrow application with their principles.
As some of you may know, I regularly tout the effectiveness of social (safety net) spending over big military corporafornication black hole spending, with the point that the social spending pays for itself.
Well, we have a record $31.8 million on food stamps during these tough economic times with a $35-40B or so budget for the program. The federal reserve has infused AIG with 170B in less than a year. The former ensures millions can eat during these tough times, and the latter, which Timmy decides is the right way to apply those conservashit principles, is the use of tax dollars (way more expensive use) to 78 executives of $1M + and 11 more no longer working for the company to make sure they can afford stuff nobody needs, such as their mcmansions.
The right writes their history and expects no one to read it.
March 17th, 2009 at 3:49 pmcorrection — that’s 31.8 million people (delete $)
March 17th, 2009 at 3:51 pmThe Hypocrisy of the GOP…
March 17th, 2009 at 3:57 pmDont forget that this TARP was established for repubicans by republicans under the republican administration.
March 17th, 2009 at 3:59 pmFixing salaries for big wigs is an incestuous affair.
Of course there should be caps, with a process to request exceptions.
March 17th, 2009 at 4:01 pmThe cap should be relatively small. Like $500K. I’d love to see somebody justify a compensation package of $30M or more.
.
Cuomo Reveals AIG Details: 73 Employees Got Multi-Million-Dollar Bonuses
http://www.huffingtonpost.com/2009/03/17/cuomo-reveals-details-of_n_175865.html
The People doing what Congress should have done.
.
March 17th, 2009 at 4:01 pmThese people are charlatans of the worst order.
AIG should have cast these employees aside. The idea that the only way it can untangle the mess they’ve created was to give in to their extortion is disingenuous to say the least. Here’s an idea – fix what you broke or go to jail for bankrupting the company, the nation and perhaps the world. It’s sort of like time out for my 3 year old – do what I say or go time out, which is it? I pretty certain we all know what the best and the brightest would choose . . .
March 17th, 2009 at 4:04 pmRandomChaos,
And the “RETENTION” bonuses were paid out to people who no longer are retained for their services…
… Their service of tanking the global economy!
Now, what kind of company rewards that mission accomplished?
.
March 17th, 2009 at 4:11 pmWere those bonuses for analretention?
March 17th, 2009 at 4:13 pm.
I guess…
… When we live in a society where, from cradle to grave, every looser is awarded a golden trophy, is it ever a wonder how this global catastrophy is awarded a bonus for such a heck-of-a-job?
.
March 17th, 2009 at 4:13 pmDo Repukes know what kind of sh!theads they look like when they do this crap?
Obviously not.
FU – MCCONNELL & SHELBY
March 17th, 2009 at 4:14 pmMax-1,
March 17th, 2009 at 4:18 pmA company that KNEW back when they were making these agreements that the bottom was falling out and we would be in this situation.
This makes them criminal in my mind, and apparently in Coumo’s as well. I hope he continues to go after them.
RandomChaos,
And what I find more disgusting is that because America is saddled with a Congress beholden to the Corporate god of Greed instead of The People, I find it amazing that, once again, the people must take into their hands what Congress was elected to do, but chose not to (ex. this thread).
If CONgress took their Oath of Office seriously and quit being the Corporate shill, maybe, just maybe, the average American would be represented in the argument.
I mean, all the rhetoric has been centered on the “CORPORATE” front. “RETENTION” … “CONTRACTS” … “BAIL OUT”
Where is the discussion about the people AIG screwed to have these “CONTRACTS” of “RETENTION” paid with a tax payer “BAIL OUT”?
WHAT ABOUT THE TAX PAYER???
.
March 17th, 2009 at 4:29 pmPresident Obama put in the original Stimulus bill no bonues but Congress, Pelosi, Reid and Boehner got paid by the Banks to take it out. So when the Bill did pass the order was not in the final bill. Now everyone is blaming Tim Geithner for the millions AIG is getting when it was Congress and the Speaker of the House who removed it. Notice how the none of the Branches of Govenment read any Bills but go on Fox News with talking points from the Grand Poobah Limbaugh. Now Pelosi and Reid are just brought and paid for by Wall Street and the Banks.
March 17th, 2009 at 4:33 pmIt’s ridiculous that so much money will be spent on bonuses for people who need it the least. It would be much better spend elsewhere- millions of people in developing countries are dying from easily preventable diseases, simple because they lack access to clean water or medicine. This $165 million could save countless lives by providing people with simple necessities that we take for granted. Instead, it’s going into the pockets of rich executives whose biggest dilemma is whether or not to buy another yacht, fancy car, or both.
March 17th, 2009 at 4:38 pmIncompetent Establishment doesn’t even begin to describe this one…
March 17th, 2009 at 4:42 pm.
Morality dictates that if I’m “CONTRACTED” for services rendered and guaranteed a bonus on such basis and I fail, I should NOT be rewarded for my failure, NO?
Why aren’t bonus “PERFORMANCE” based?
Instead, these bonuses are “TENURE” based?
Where’s the merit for tanking the global economy?
Have these “SWINDLERS” no shame? Morality?
.
March 17th, 2009 at 4:43 pmA survey was done with conservatives a few years back, they were shown actually facts regarding bush’s policies and the results. They STILL denied the results.
Rush, hypocrite, can’t see that Hank Paulson wrote the bailout bill but blames Pelosi. Still uses the rumor that Pelosi uses the Air Force planes all the time, been debunked.
Deregulation was started by Phil Gramm in Dec 2000 late at night with a 262 page amendment slipped into another bill. Bush knew about the fraudulent methods used for mortgages and allowed it to have a false economy.
I love it now that Rush might have to cough up some more in taxes and his story is AIG execs are Democrat campaign donors. Really, I doubt that people making huge salaries are Obama fans. The ones I know even in lower income are angry because they are certain Obama will take more of their hard earned money, they forget about the mega tax write offs they take which lower income people do not benefit from.
March 17th, 2009 at 4:48 pmSorry for the long post, but these republican water carriers, from the John Kings, David Gregorys, to the double talking representatives just make me want to puke. Where is some integrity some honesty and ability or want to, to help get this country back to the top. Can’t they try to be supportive until Obama proves his plans aren’t working ?
March 17th, 2009 at 4:53 pmDon’t you just love his hair dye job and his comb over?
March 17th, 2009 at 4:54 pmJackie how do you know the bonus’s were added back in ? Remember the public who are paying for this never got a look at the first or re written bill. Just as it was very quiet about the bailouts for the Carlyle Group in May of 2008.
March 17th, 2009 at 5:03 pmalenka:
March 17th, 2009 at 5:18 pmDid you ever work for the Borgen Project? Maybe it is just the name
texaslady Says
When the White House put together the Stimulus Bill sent by President Obama it was posted on the White House website as he announced. Everything he has done since he took office has been posted. Each time the Bill passed the Congress, Senate, House of Reps. the White House posted the revised Bill. Everything this President does is posted on the White House website. Now Peter Orszag post daily reports and up dates as does Tim Geithner’s website. Hillary Clinton post her travels on her website with up dated information and you can text a question to her while she’s overseas. Where have you people been since January 20th? Even the Fed Chairman now has a website to post direction of the Feds activities. Now wonder Bush won no body knew what was going on in the Govement.
March 17th, 2009 at 5:33 pmRethugs attempt to talk out of both sides of their mouths, but nothing coherent comes out, due to the fact that they have both feet stuck up to the ankles in said pie holes.
March 17th, 2009 at 5:34 pmBush didn’t win any election without the help of rove and blackwell phoneying up the votes. And of course the Supremes that daddy bush put into place doing a one time decision in 2000.
March 17th, 2009 at 5:44 pmObama won in spite of the white racists at all levels in all States because those of us believed he has integrity. It has to be realized Obama has power but still has to maintain working relations with Pelosi, Reid, all the rest.
I say,take all bonus money out of any future “aid” given if any or don’t give any bailout let the chips fall where they fall. Think about it, we bailed out Bank Of America and AIG turned around and gave them money again. Double dip anyone ?
“It should be up to the board of directors of a private corporation to set the compensation of an executive”
With the federal government having a stake of about 80% in AIG, it hardly qualifies as “private corporation” anymore.
They don’t want to Congress to set rules? Fine. Then they shouldn’t take the bailout money.
Some people at good at having their own cake and eating it too. Or at least at trying…
March 17th, 2009 at 6:17 pmNovel thought…they are talking about merit pay for teachers, how about applying the same idea to the leeches on Wall Street.
Did you do your job? Did you make money? Your pay scale and bonuses are directly linked to the good job you did.
Economy in the tank, company failing, here’s a buck. Go see if you can panhandle enough for a cup at Starbucks.
March 17th, 2009 at 6:26 pmWell, I do.
At least until we can fix the pile of crap your private weakly regulated businesses left us. You can have it back IF we are able to fix it.
March 17th, 2009 at 6:49 pmIs anyone else getting sick of rush making fun of people with disabilities ? I know he owns a share of his radio station so is safe from losing his job but isn’t there a shred of decency left from the owners ? I am speaking of first Michael Fox and then today, Barney Frank’s speech.
March 17th, 2009 at 6:53 pmThe US Is Facing a Weimar Moment (From Commondreams.com)
http://www.commondreams.org/view/2009/03/15
March 17th, 2009 at 7:29 pmRepubliCon Party = Liars and Thieves!
March 17th, 2009 at 8:26 pmThe problem with the Progressives’ is they don’t understand how things work! “See the public is stupid.” why worry about making any sense, having honesty or integrety. The average guy is a loser and real Americans are winners. The only concern is keeping the successful happy and in charge. The Democrats have no right winning any election and Republicans do not and should not cooporate. This country belongs to the Republicans, period.
This should explain present conditions with the Republicans.
March 17th, 2009 at 8:26 pmmilan are your americans the same ones from california that took over a foreign utility and made collecting rainwater to drink illegal?
were here to keep scumbags like you from getting what you want
March 17th, 2009 at 9:14 pmActually, it’s kinda fun to watch the pubbies talk out of botn sides of their mouths WHILE spitting toenails from so frequently inserting their feet into their bloviating mouths AND, in the process, pumping out so much air that, in the words of my sainted sire, “Their a**es are sucking canal water.”
March 17th, 2009 at 10:42 pmThis republiscum channel is the best, it`s just a comedy of errors……..GOOPers you can`t laff with them, but you sure can laff at them.Now I understand completely these last eight years with the Boy Emperor in charge.
March 17th, 2009 at 11:36 pmNice try everybody, but the unavoidable fact is that the administration insisted on a provision protecting these bonuses in the stimulus bill. That bill was jammed through without enough time for all members to read it. No Republicans voted for it in the House and only three in the Senate. All senate Democrats and the vast majority of Democratic House members voted for it.
Changing the subject to salary caps is cute, but it doesn’t change the above facts. What Dems need to do is change the subject completely and hope that by fall 2010, AIG bonuses are forgotten.
The problem, however, is that congressional Democrats are already running for their lives, and don’t see Obama as providing them with the kind of cover they expected. No more votes on blind faith. Gridlock returns.
March 18th, 2009 at 4:29 amvailbeach Says:
No the unavoidable FACT is that you are a brainwashed moron and are repeating the idiocy that Drudge and Rush Limbaugh have been feeding you. Cough up some EVIDENCE that the administration insisted on a provison protecting bonuses. YOU telling us what you have been TOLD to believe isnt good enough.
March 18th, 2009 at 6:09 amOOPs vail. I misread your post. I am sorry. True. The administration did protect those bonuses from the Dodd amendment which is what I thought you were talking about. Mea Culpa
March 18th, 2009 at 1:16 pmFLASHBACK:
Is this the same obama that signed the stimulus package that HAD THE CLAUSE that guaranteed that the bonuses would be paid? You know, the same clause that Democrat Chris Dodd put in http://www.liveleak.com/view?i=b63_1237304298&c=1 . THE SAME BAIL OUT THAT GEITHER STRUCTURED FOR AIG? http://topics.nytimes.com/topics/reference/timestopics/people/g/timothy_f_geithner/index.html
I love it when politicians screw up and then scramble to point the finger at everyone else. What is even worse is that the political dolts like Barney Frank, Chris Dodd, and obama are feigning outrage in an effort to direct the peoples anger at AIG employees.
Folks, your anger should really be directed at the incompetent government politicians who…
A) installed the clause to allow these bonuses to be paid
B) did not read the bill BEFORE they signed it
Unbelievable incompetence is rampant on both sides of the aisle in this government.
March 18th, 2009 at 3:47 pm