Soon after we learned of the AIG bonuses last weekend, we were told that taxpayer money must not be used to fund them. Late Tuesday that prospect was remedied:
In an effort to quell a mounting furor, the Treasury Department said late Tuesday that it would require AIG to repay the government more than $165 million in bonuses doled out last week to the executives blamed for driving the firm to insolvency.
In a letter to congressional leaders, Treasury Secretary Timothy Geithner (pictured) said the money would be deducted from the government’s latest $30 billion infusion of bailout funds to the insurance company at the center of the nation’s deepening financial crisis.
If one deemed the problem as one of the fiscal variety, yes. But the real problems were political, as in Barack Obama’s increasing disapproval rating; Congressional Democrats’ falling approval numbers and Obama/Geithner/Dodd duplicity in inserting an Amendment into the stimulus bill exempting the AIG bonuses from TARP guidelines.
Hence, the slobbering McCarthy-ite demands of Barney Frank that AIG name names of bonus recipients (as opposed to real communist spy enemies of the state) under death threats and the House passage of an ex post facto Bill of Attainder to impose 90% confiscatory taxes on the bonuses.
The former smacks of a dangerous, third world like vigilantism against invented demons while the latter would have the government make a 90% profit on the bonuses given that Treasury is already recouping the amount of the bonuses by deducting $165M in spit from the latest $30B ocean bailout installment.
The Brothers House of Representatives, (with only 87 Republicans outside the patricide conspiracy) with no Grand Inquisitors in sight, set about to kill Daddy, i.e. the goose of free market capitalism that lays the golden eggs.
All to the tune of a non-Dostoevsky (pictured) like pied piper with contempt for the disabled whose first 60 days have been spent disabling the American economy and improving his bowling score from 37 to 129.
“One man with courage makes a majority.” – Andrew Jackson
Originally published by Mike “gamecock” DeVine @ Examiner.com, where all verification links may be accessed.