Yea, who needs banks…let them all fail.

Not a post about the AIG bonuses either. That’s because conservatives approve of giving bailout money as bonuses to the people who dealth in the credit default swaps that brought down the company.

As detailed here, there is nothing either AIG itself, or the US government could do legally other than go forward with the bonuses which are contractual obligations in place long before the “bailout.”

The Treasury Department determined that the government did not have the legal authority to block the current payments by the company — which are part of a larger total payout reportedly valued at $450 million…

In a letter to Geithner dated Saturday, (AIG Chairman Edward) Liddy informed Treasury that outside lawyers had informed the company that AIG had contractual obligations to make the bonus payments and could face lawsuits if it did not do so.

Treasury lawyers have apparently agreed.

In his letter, Liddy told Geithner, “We believe there will be considerably greater flexibility to reduce contractual payments in respect of 2009 and AIG intends to use its best efforts to do so.”

But he also told Geithner that he felt it could be harmful to the company if the government continued to press for reductions in executive compensation.

“We cannot attract and retain the best and brightest talent to lead and staff the AIG businesses, which are now being operated principally on behalf of the American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,” Liddy said.

What is “fucked up” is the belief by self-styled “progressives” that the rule of law can be selectively enforced to suit their ignorant view of reality, and that contracts can be abrogated on the whim of the witlessly indignant.

agree. im shocked at people that are shocked that businesses that previously made bad choices and/ or wasted money, incurred no negative ramifications because of said bad choices and/ or waste, and still continue to make bad choices and/or waste money.

Do I get a tin foil hat for thinking Obama / Pelosi
/ Reid want to run the money presses full tilt until the public marches on Washington? This note is slightly off target, but it made me do some research that yielded a disturbing discovery.

I’m still suspicious that the O is on course for pulling off the Clower Pliven Strategy. Clower and Pliven were two head cases from the ’60 that proposed the way to beat the Man and take all the money from the Evil Rich people was to bankrupt the USA, principally by a systematic expansion of the welfare state.

Well, here’s my point >> Google and the other search engines have scrubbed the links to “Clower Pliven” references!! Last fall there were pages and pages of links, and now these’s a single blip about the Obama video where he says it’s okay to bankrupt the dirty, evil coal companies.

Queue Rod Serling and the background music.

Yea, who needs banks…let them all fail.

i agree 100%!! id love to open a bank after all the bad ones close. there is SERIOUS money in it… even if you run one honestly.

I don’t think Obama is at the heart of any sort of conspiracy. I think he’s just the worst kind of liberal. One who actually believes his own BS.

Which makes him worse than, say, a Clinton.