Thanks for the tip, Freedom Fairy. I’m glad I skipped supper today.
Breaking news on the breaking of America:
WASHINGTON — Despite being bailed out with more than $170 billion from the Treasury and Federal Reserve, the American International Group is preparing to pay about $100 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year.
Can you believe the audacity of these thieves? And can you believe the audacity of their Wall Street buddy, Tim Geithner?
An official in the Obama administration said Saturday that Treasury Secretary Timothy F. Geithner had called A.I.G.’s government-appointed chairman, Edward M. Liddy, on Wednesday and asked that the company renegotiate the bonuses.
Administration officials said they had managed to reduce some of the bonuses but had allowed most of them to go forward after the company’s chief executive said A.I.G. was contractually obligated to pay them.
In a letter to Mr. Geithner, Mr. Liddy wrote: “Needless to say, in the current circumstances, I do not like these arrangements and find it distasteful and difficult to recommend to you that we must proceed with them.”
Geithner asked him? He asked him?
So guess what else? Guess who gets the bonuses? Are you ready?
The bonuses will be paid to executives at American International Group’s Financial Products division, the unit that wrote trillions of dollars’ worth of credit-default swaps that protected investors from defaults on bonds backed by subprime mortgages.
That’s right folks. The people who tanked the company are getting the bonuses. And you? You get it up your ass.
UPDATE: I just read this over at RBO and feel it should be added. Liddy is AIG’s CEO.
Actually, to be fair, BushCo and Barackistan HQ are both guilty in this one:
Liddy was recruited by former Treasury secretary Henry M. Paulson Jr. (left) to run the company. Since then, the rescue package has ballooned.
……and as we all know, Mr. Paulson is still around. These people are simply incestuous.