Wednesday, March 18, 2009

AIG Smackdown: Federal Compensation Oversight Board Coming

In the wake of AIG bonuses, Congress-critters are speaking daily of taxing bonuses some 100 percent, so the taxpayers, who own 80 percent of the company, now, can recoup some 164 million in the bonuses.

former Congressman Harold Ford, Jr., on MSNBC's Morning Joe, said a TARP-like entity should be formed to have oversight over compensation of AIG.

Uh oh, talk about conspiracy theories. If many in the White House, Congress, knew of the bonuses back in Sept. 08, (if they didn't they shouldn't have voted on the bailout) and incoming President and Cabinet and Treasury Sec. Wm Geithner were aware the bonuses were contractual and coming, why did they permit another 30 billion, yes billion, to be dispersed to AIG?

And having dispersed the billions to AIG, knowing of the contractual bonuses, why wasn't a rider, or stipulation placed in subsequent bailout/rescue agreements with AIG? For instance, a higher pay-back rate?

Now to even consider a federal compensation oversight board because the feds didn't prevent AIG bonuses they were aware of seems a whole lot like a back door opening to government takeover of not only one banking entity, but all.

Was this in the works long ago?

Net the Truth Online

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