$100 Million In Taxpayer Money Going To AIG Top Executives

Bernie Madoff is complaining his first meal-- microwaved frozen chicken patties and canned string beans-- was served in a styrofoam container.

As one veteran defense attorney, who has had several clients locked up in the jail, put it: "Le Cirque it ain't."

While he's in "the box," Madoff's relatives won't even be allowed to put money into a commissary account, which would allow him to supplement the meager fare with chips or candy bars.

Each family member should be brought into a room and asked to give the location of every single cent they have. If they hesitate they should be shot and I'm guessing the next one will tell where whatever is left of the between $65 and $170 billion they stole will be recovered, although, I wouldn't mind if 2 or 3 of them leave this mortal coil before the third or fourth one coughs up the loot. I have no sympathy for any of the Madoffs' feelings of self-entitlement. He should feel lucky he's being fed on styrofoam instead of being fed styrofoam. I'm sure it's better than what I was given when I was in jail near Mazar-i-Sharif.

Now something I do get upset over is when taxpayer money-- we bailed out AIG to the tune of $170 billion-- gets put into bonuses for the failed executives who have forced their companies onto the public dole. In fact, I'm fuming over a report in the NY Times that AIG is paying out "about $100 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year." Seven of these losers are due to get over $3 million each and one gets over $6 million-- of our money... in the middle of a Depression they helped cause. Geithner told them that that's a no-go but the government-appointed chairman, Edward Liddy (a Republican scumbag who has donated thousands of dollars to the GOP), came back and told him that AIG is "contractually obligated" to pay them. Geithner said ok. Obama should fire both of them. These guys aren't living in the real world.

Liddy defended the need to continue paying bonuses if A.I.G. was going to unwind the rest of its disastrous mortgage-related business at the lowest possible cost to taxpayers.

“We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses-- which are now being operated principally on behalf of American taxpayers-- if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,” he wrote Mr. Geithner. The government owns nearly 80 percent of the company.

It's time for Liddy and Geithner to get a clue. They don't have the best; they don't have the brightest. They employ a bunch of failures and losers who are lucky to have jobs at all after leading their company into the toilet.

Wednesday morning the House Financial Services Committee will be holding an AIG hearing at 10AM. These people won't be facing a Wall Street shill like Geithner or a panel like Stephanopolous' today on ABC-TV. They'll be facing Barney Frank, Alan Grayson, Brad Sherman, Jim Himes, Jackie Speier, Mary Jo Kilroy, Keith Ellison, Brad Miller, Gary Peters and Maxine Waters. (I might add the committee also includes worthless Blue Dogs and fellow travelers with no comprehension of how to deal with banksters and corporate crooks-- i.e., their campaign donors-- so expect either silence of meaningless palaver from the pathetic likes of Melissa Bean, Joe Donnelly, Travis Childers, Walt Minnick, Bill Foster, David Scott, Ed Perlmutter, Ron Klein, Dennis Moore, Gregory Meeks, Joe Baca and Paul Kanjorski-- not to mention that crooks on the other side of the aisle, from Spencer Bachus and Frank Lucas to Kevin McCarthy, Patrick McHenry, Scott Garrett, Gary Miller and Michele Bachmann. This should be interesting to watch. Sharpen your pitchforks.

Is this an admission of criminal activity? Cramer says most of it is legal-- but won't talk about it on TV. Maybe Cuomo should take a look. I hope you're not feeling sorry for this whipped dog.




UPDATE: CHENEY GIVES BARNEY FRANK THE WINGNUT SHOUT-OUT!

House Financial Services Committee chairman, Barney Frank, is who the guilty Republicans caught with their fingers in the cookie jar or, alternatively, asleep at the switch, like to blame for the disaster they made of the economy. Frank answered one such clueless loon, Todd Akin (R-MO), last week. Cheney piled on today as though his authoritarian voice would sway anyone not already a complete dittohead. While Cheney was on CNN trying his hand at re-writing history, Barney was over at Fox talking about recovering the bailout money stolen by AIG executives as bonuses. And Russ Feingold (D-WI) sent a letter:

The Honorable Timothy Geithner
Secretary of the Treasury
Department of the Treasury
1500 Pennsylvania Avenue, N.W.
Washington, DC 20220

Dear Mr. Secretary:

I deeply troubled by reports that the American International Group (AIG) intends to pay about $165 million in bonuses to its executives. As you know, the federal government has provided AIG with $170 billion in taxpayer money and currently owns 80% of the company. I share your outrage that a company which has been bailed out by the taxpayers for its mistakes would turn around and pay its executives such a staggering sum of money.

Reports suggest that AIG’s chairman claims AIG is legally obligated to pay some or all of these bonuses. I write to ask why any bonuses would be legally required, given the company’s abysmal performance. In addition, I would like to know what legal options have been explored for canceling the bonuses or recouping the money from the recipients, and in particular whether the Administration has considered holding AIG executives accountable in court for any breaches of their fiduciary duties to the shareholders.

Reports also suggest that AIG’s chairman claimed that the bonuses are needed to ensure the company can “attract and retain the best and the brightest talent to lead and staff the AIG businesses.” Since some of the recipients of these bonuses may have been responsible for the practices that drove the company to the brink of collapse – jeopardizing the financial system – I am sure many Americans will question whether they are indeed “the best and the brightest” and whether they deserve this level of taxpayer-subsidized compensation.

I look forward to your prompt response.

Sincerely,

Russell D. Feingold
United States Senator