The Socialists Knew About Retention Bonuses

Once again socialist Obama and team are fumbling the ball.  Proof keeps coming out that Obama, Geithner, and Dodd knew about the retention bonuses for AIG employees.  As is the normal socialist Obama trait you dodge and sway rather than tell the truth.

Bonuses paid for with hard earned taxpayer dollars are reprehensible.  The handling of this by socialist Obama and his team is just as reprehensible.  The refusal of Obama and friends to be truthful about knowing about retention bonuses show how unethical this President and his administration are.

How the Obama administration was caught flat-footed by this controversy dates back to last Fall, when the New York Federal Reserve Bank which was then run by Geithner, stepped in to give AIG a high-interest loan for $85 billion to help prevent the company from going under.  As part of the deal, AIG CEO Robert Willumstad was replaced by the new CEO, Edward Liddy.

In late October, the $700 billion Troubled Assets Relief Program passed Congress, which includes rules about executive compensation but nothing about retention bonuses.  An Obama administration official says, Treasury officials generally became aware that AIG had put retention programs in place, but whom they were for and the extent of them were unknown. The New York Fed began studying the compensation policies on the books, while also making efforts to save banks and rescue the economy

AIG provided information about the company's myriad compensation packages to the New York Fed, but officials described the information as extremely complex and not easily understood. AIG had more than 100 compensation policies for more than 116,000 employees throughout the world.

In February, the Senate unanimously approved an amendment restricting bonuses over $100,000 at any company receiving federal bailout funds, but during the closed-door House and Senate negotiations the provision was stripped out and replaced with a measure by Sen. Christopher Dodd (D-CT)exempting bonuses agreed to prior to the passage of the stimulus bill on February 11, 2009. 

Socialist Dodd received over $100,000 in campaign contributions from AIG in 2008.  AIG headquarters are in Connecticut. Sen. Dodd represents Connecticut and puts a measure in a bill to let AIG employees get exorbitant bonuses.  Nothing out of the ordinary here, corrupt socialist politics as usual.

Geithner told Liddy he was going to make efforts to, at a minimum, recoup the bonus money as part of the agreement for the pending $30 billion the government announced in aid for AIG on March 2. Liddy agreed to trim or reduce executive compensation for the top 47 officers of the company, to reduce and renegotiate 2009 bonuses, tying them to performance, specifically to what officers are doing to unwind the company.  Why did Obama and Geithner give AIG another $30 billion knowing about the retention bonuses?

"I don't know if he should resign over this," said Sen. Richard Shelby, R-Ala., the Senate Banking Committee's top Republican.  The White House swiftly hit back, supported by Sen. Chuck Schumer, like Geithner a New Yorker and an early supporter of Geithner's nomination.

Senate Majority Leader Harry Reid dodges the question of Geithner’s competence.  Reid said, “The economic picture revolves around the fortunes of the housing market.  I feel very comfortable with what the treasury secretary has done, what the housing secretary has done."  Socialist Reid went on, “Housing is the main focus of the problems we have with our economy. That's where it started, and everyone says, until we work out the housing issue, we will never be at the bottom of this economic crisis."

America it’s time for this administration to stop being bumbling idiots that only think of ways to spend hard earned tax dollars for their socialist agenda.  The socialist Democrats including Obama, Geithner, and Dodd knew all about the retention bonuses and chose to give AIG another $30 billion.  Now that America is mad they say they will do something.  How much more will that cost taxpayers?

Tax evader Geithner should never have been Secretary of the Treasury.  Since he has been in office it has been one mess up after another.  Geithner is not the man for the job. 

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

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