Weblog Commenting and Trackback by HaloScan.com The Barnyard: FOX On The AIG Hearings And Bonus Outrage

Wednesday, March 18, 2009

FOX On The AIG Hearings And Bonus Outrage

There is all kinds of outrage out there over AIG employees getting bonuses after the taxpayers bailed them out but who is resposible for this, namely Chris Dodd(D) who put a provision in the stimulus bill allowing for them. The thing is these were retention bonuses written into contracts signed well before the bailout was needed. A retention bonus works like this, I agree to work for a company till a certain date and then I will get paid an X amount of dollars, its not a performance bonus, its a delayed hiring bonus common in the financial sector. AIG is contractually obligated to pay those bonuses, performance bonuses are another thing and from what I have seen none of those have gone out. The government despite all the grandstanding and screaming cannot interfere in contract law. Besides they are whining about 175 million when they spent almost 2 trillion in the last couple weeks and are talking trillions more, oh cry me a river.

Here is Glenn Beck, Michelle Malkin and Jonah Goldberg talking about who really is to blame here, Democrats in Congress, via Hot Air.

Here is Shepherd Smith also giving the lowdown on who is to blame and with a bit more background on what caused the melt down in the first place which I explained in depth here many times leading up to the election of our Dufus in Chief, the community reinvestment act.

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