3/27/2009. Congress, Bailout Money, Legislative Contributions and Political Payoffs
Today's Zinger:
Do As I Say, Not As I Do.
Morning Briefing:
- Our politicians have once again demonstrated that they have no moral or ethical standards, demanding one thing for business while living under their own rules.
- It is time that our Government (Congress and President) be given the same laws, restrictions and rules that they legislate on the American People. This includes health care,retirement, taxes, legislative restrictions, compensation/pay for performance, etc.
The Facts:
- AIG has received over $170 billion in loans to assist them through the financial crisis and provide stability to the financial markets.
- Barney Frank and other members of Congress, as well as President Obama, showed public outrage that AIG distributed bonuses to certain employees and demanded that "they give the money back or commit suicide".
- The Financial Services industry in one of the largest contributors to politicians.
- Politicians received significant contributions from AIG even after the bailout and loans were given to AIG.
- They will not give the money back?????
Discussion:
This from Politico.com:
Joining a chorus of outrage, Rep. John Larson (D-Conn.) took to the floor Thursday to bash American International Group (AIG) and its million dollar bonuses.
"This is wrong," Larson thundered, right before he voted for a 90 percent tax on the AIG pay outs. "It's time for us to act."
Yet Larson, along with dozens of other lawmakers and senators from both sides of the aisle, was for years a big recipient of campaign contributions from AIG executives and employees while the company was moving down the path toward its financial implosion.
President Obama's campaign was the biggest recipient of AIG-related donations in the 2007-08 cycle, raking in $104,332, according to CRP. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) took in $103,900 during the same period, Sen. John McCain's (R-Ariz.) presidential campaign got $59,499, and former Sen. Hillary Clinton's (D-N.Y.) received nearly $38,000. Senate Finance Committee Max Baucus (D-Mont.) got nearly $25,000, while now Vice President Joe Biden received just under $20,000.
Lawmakers continue to take money from AIG and other companies that have received "bailout money" even after demonizing the AIG employees. These employees received bonuses based on existing contracts that were put in place early last year, at a time when the economy was running smoother and no hint of the impending collapse.
Watch the NBC video below. Click on the title.
Lawmakers funded by bailed out companies Double Click on the above link.
WE can't trust these people at all. Politics has become too lucrative and they are as greedy as the business people that claim need to be regulated.
Reply to this