“Rep. Frank calls insurance giant’s decision to pay millions in executive bonuses ‘rewarding incompetence'”.
One Man’s Vote calls the failure of Massachusetts voters to diselect Rep. Frank from Congress “rewarding incompetence”, since Rep. Frank doesn’t seem to understand that the bonuses are a) a drop in the bucket compared to what AIG has been given by the government, and b) owed to the people to whom they were paid.
As Don Surber notes,
Question: Why did AIG pay those “big” bonuses — which amounted to less than one-tenth of 1% of the bailout money?
Answer: For the same reason GM paid its workers on payday: The company owed its employees the money. The bonuses are simply salary that is delayed until the end of the year.
The fat cats in Washington dine on wagyu and scapegoat people who worked hard, and who were hit by a worldwide recession that was caused in no small part by Washington’s desire to give mortgages to the undeserving.
99.9% of the money does not go to bonuses, which are deferred payments as it were.
That a tax cheat like Tim Geithner, who is in way over his head, now wants to dictate bonuses is absurd. He does not deserve a nickel from taxpayers. He is an empty suit who should be shown the door.
President Obama and the rest of Washington know this is the wrong man at the wrong time. They are ruining capitalism and they do not care.
So there.
(The Fox article referenced is here.)