Oh yeah, Baby. Change We Can Believe In, certainly. Freaking Lynch Mobs. Apparently someone underestimated the power of their “Bully Pulpit.”
The Washington Post has the terrifying results of demonizing an entire industry, one company at a time:
A tidal wave of public outrage over bonus payments swamped American International Group yesterday. Hired guards stood watch outside the suburban Connecticut offices of AIG Financial Products, the division whose exotic derivatives brought the insurance giant to the brink of collapse last year. Inside, death threats and angry letters flooded e-mail inboxes. Irate callers lit up the phone lines. Senior managers submitted their resignations. Some employees didn’t show up at all.
“It’s a mob effect,” one senior executive said. “It’s putting people’s lives in danger.”
Politicians and the public spent yesterday demanding that AIG rescind payouts that they said rewarded recklessness and greed at a company being bailed out with $170 billion in taxpayer funds. But company officials contend that the uproar is scaring away the very employees who understand AIG Financial Products’ complex trades and who are trying to dismantle the division before it further endangers the world’s economy.
“It’s going to blow up,” said a senior Financial Products manager, who spoke on condition of anonymity because he was not authorized to speak for the company. “I have a horrible, horrible, horrible feeling that this is going to end badly.”
President Obama yesterday vowed to “pursue every legal avenue to block these bonuses.” But that pledge might have come too late. About $165 million in retention payments started to go out Friday to employees at Financial Products, after numerous discussions with the Treasury Department and the Federal Reserve.
In other words, more intemperate talk from the do-nothing Obama Administration, with the Big-Promiser-in-Chief creating more trouble. Again. Gee, Thanks for directly putting people’s live in danger, Barry!
Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG) bonus recipients so the government could recoup the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.
While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009,” which exempts the very AIG bonuses Dodd and others are seeking to tax. The amendment is in the final version and is law.
Also, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.
Please note that the second, largest recipient of campaign donations during the 2008 election cycle was, of course, the Big-Promiser-in-Chief, Barry Obama.
Gee, there’s a surprise. Hypocrisy from the obama Administration. Huh. Fancy that.
IOWA CITY, Iowa (AP) – Iowa Sen. Charles Grassley suggested that AIG executives should take a Japanese approach toward accepting responsibility for the collapse of the insurance giant by resigning or killing themselves.
The Republican lawmaker’s harsh comments came during an interview with Cedar Rapids, Iowa, radio station WMT on Monday. They echo remarks he has made in the past about corporate executives and public apologies, but went further in suggesting suicide.
“I suggest, you know, obviously, maybe they ought to be removed,” Grassley said. “But I would suggest the first thing that would make me feel a little bit better toward them if they’d follow the Japanese example and come before the American people and take that deep bow and say, I’m sorry, and then either do one of two things: resign or go commit suicide.
“And in the case of the Japanese, they usually commit suicide before they make any apology.”
I have to say, i greatly appreciate Senator Grassley’s volunteering for the list of RINOs we need to focus on unseating in 2012. He’s an embarrassment to the party.
You suppose we’ll be able to get President Obama to give the eulogy at the funeral when one of these AIG people gets shot over this mob rage business?