Diary

Carol Shea Porter voted for bonuses

On February 12 2009 congresswoman Carol Shea Porter admitted on WGIR AM that the stimulus bill known as The American Recovery and Reinvestment Act, will be paid with borrowed money and our kids will be paying the bill. She also admitted she did not know about everything in the bill.

Today we find out that executives at AIG Financial Products Division will be receiving a combined total of 160 million dollars in retention bonuses that were agreed to about a year ago. The US Government currently controls about 80 % of AIG and would be in the position to stop any payouts. As a matter of fact President Obama promised a $500,000 salary-and-bonus cap for top executives on February 4th. So what gives, this is what gives. There was some language inserted in the The American Recovery and Reinvestment Act by Senator Chris Dodd that granted an exception for exsisting bonus contracts. Here is the excerpt from the The American Recovery and Reinvestment Act:

‘(IV) For any financial institution that received
financial assistance provided under the TARP equal
to $500,000,000 or more, the prohibition shall apply
to the senior executive officers and at least the 20
next most highly-compensated employees, or such
higher number as the Secretary may determine is in
the public interest with respect to any TARP recipient.

‘‘(iii) The prohibition required under clause (i) shall
not be construed to prohibit any bonus payment required
to be paid pursuant to a written employment contract
executed on or before February 11, 2009, as such valid
employment contracts are determined by the Secretary or
the designee of the Secretary.

What Carol Shea Porter voted for was millions of dollars in bonus money for executives for companies being bailed out by the TARP program. I don’t know about you but that is not standing up for the bottom 99% of us.

Here is a quote from Carol Shea Porters 2008 web site.

I will continue to fight fiscal irresponsibility and work towards a budget that is financially sound and morally fair to all.”