Steve Sailer Sucks


Racism | Interracial Marriage | Xenophobia | Fascism | Lies
Darwinism | Eugenics | Pseudo-Science | Hypocrisy | Garbage
Pedophilia | Depression | Financial Ruin | Murder Suicide
Fear | Insanity | Digital Footprints | Terrorism

Wednesday, March 25, 2009

Obama chooses ethics over AIG bonus fraud

It's a Republicans' dream come true. Run a multi-million dollar corporation based on fraud, corruption, and incompetence. When the company collapses and the customers and shareholders are screwed, receive multi-million dollar taxpayer money and reward the fraudulent management with multi-million dollar bonuses.

Too bad Bush and the Republicans aren't in power to carry out their dream plan.

Obama tries to stop AIG bonuses: 'How do they justify this outrage?'
WASHINGTON (CNN) -- President Obama said Monday he will attempt to block bonuses to executives at ailing insurance giant AIG, payments he described as an "outrage."

"This is a corporation that finds itself in financial distress due to recklessness and greed," Obama told politicians and reporters in the Roosevelt Room of the White House, where he and Treasury Secretary Tim Geithner were unveiling a package to aid the nation's small businesses.

The president expressed dismay and anger over the bonuses to executives at AIG, which has received $173 billion in U.S. government bailouts over the past six months.

"Under these circumstances, it's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. I mean, how do they justify this outrage to the taxpayers who are keeping the company afloat?"

Obama was referring to the bonuses paid to traders in AIG's financial products division, the tiny group of people who crafted complicated deals that wound up shaking the world's economic foundations.

The president said he has asked Geithner to "pursue every single legal avenue to block these bonuses and make the American taxpayers whole."

Obama spared AIG's new CEO, Edward Liddy, from criticism, saying he got the job "after the contracts that led to these bonuses were agreed to last year."

But he said the impropriety of the bonuses goes beyond economics. "It's about our fundamental values," he said.

"All across the country, there are people who are working hard and meeting their responsibilities every single day, without the benefit of government bailouts or multimillion-dollar bonuses. You've got a bunch of small-business people here who are struggling just to keep their credit line open," Obama said.

...

0 Comments:

Post a Comment

<< Home