Taxpayers Lose $165 Million For Bonuses For Failure

AIG has taken a page from the NEA and public schools by rewarding failure.  Now it’s costing taxpayers $165 million to reward executives and employees who did a poor job.  Socialist Obama and Democrats don’t know what to do. The socialist Democrats pushed all this bailout money down our throats with no checks and balances.  Now they act innocent just as they did about causing the economic crisis in the beginning.  Surely they can blame another socialist mess on others.

Some of the biggest recipients of the AIG money were three European banks — France's Societe Generale at $11.9 billion, Germany's Deutsche Bank at $11.8 billion, and Britain's Barclays PLC at $8.5 billion.   That’s your tax money America, going to foreign countries.

Anger stems in large part from AIG's decision to move forward with retention bonuses for executives at the troubled Financial Products unit. In early 2008, before the government rescue, the firm's employees had been promised more than $400 million in retention pay this year and next. Lawyers for the government and AIG have agreed that most of those payments, however unsavory, are legally binding.  In addition, AIG is in the process of paying $121 million in previously scheduled corporate bonuses and hundreds of millions more in retention payments to more than 6,000 employees throughout the company's global insurance units.

Socialist Obama asked, "How do they justify this outrage to the taxpayers who are keeping the company afloat?" Noting that AIG has "received substantial sums" of federal aid from the federal government, Obama said he has asked Treasury Secretary Timothy Geithner "to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole."  Then socialist Obama said as President there is nothing he can do about the bonuses.

Socialist Barney Frank, chairman of the House Financial Services Committee, earlier Monday charged that the move to pay bonuses amounted to "rewarding incompetence." "These people may have a right to their bonuses. They don't have a right to their jobs forever," said Frank, a Massachusetts socialist Democrat.

Frank said nothing about his incompetence in causing the economic crisis.  Socialist Frank wants us taxpayers to keep paying him to be a bumbling idiot causing more problems.  He didn’t mention his incompetence in drawing up the bill and helping pass the bill that gave AIG our tax dollars.

As the government does with the public school system, they are rewarding failure at AIG.  The more you fail the more money our government gives away.  AIG rewards failure and poor performance and we the taxpayers lose $165 million to give bonuses for that failure.

America, join with SpeakNowAmerica.org today! We are ready to defend our rights and tell the truth the socialist main stream media won’t tell you. Join with us America to protect your rights, your country, and your money. Comment here and email us at YourVoice@speaknowamerica.org. Help us and be part of bringing our Great country back.

Speak Now America! we want to hear from you