3/16/09

The latest Obama obscenity

The hot news is that the Obama/Pelosi 'economic stimulus' is working very very well.

So well, in fact, that AIG has managed to use your tax dollars and mine to pay $280 million in bonuses to its highly competent and professional staff.

Yeah, you go it. AIG, those turdbags to whom we have paid $173 billion to haul their sorry asses out of the fiscal sewer, have managed to 'stimulate' their staff with $280 million in bonuses.

AIG defines the term "toxic asset", which Obama, Pelosi, Dodd, Frank, and Geithner have been tossing about like a new buzz phrase.

But wait! Like a badly written Ginzu knife commercial, there is more!

A substantial chunk of that money is just a down payment for nearly $1 billion in what AIG calls "retention bonuses", which came due over the weekend.

Now why are We the Taxpayer funding "retention bonuses" for these people? Why are they being retained? Why aren't they being fired?

Are they, like Timothy Geithner, too "valuable" to be fired? Are they too "uniquely qualified"? It might be. Something on the order of half of those bonuses are going to the busy little workers in AIG's Financial Products Division. Those are the characters who have run AIG into the ground. Those are the people who are responsible for AIG allegedly being in such bad shape that you and I just had to give them that $173 billion.

Or is it simply that AIG really isn't in a bad as shape as Obama wanted us to believe? Kind of like the rest of the economy?

You wanna hear the bestest part of all?

Guess where Financial Products Division is.

It's in London. England.

So what we have is half a billion bux to a bunch of Brits, Brits who are responsible for AIG's swirling about like a turd in the fiscal punchbowl. But we aren't close to being done yet. According to CNN:

AIG, a recipient of at least $170 billion in federal bailout money , got an $85 billion loan from the Federal Reserve.

The list released Sunday of "counterparties" that benefited from the bailout is topped by European banks Societe Generale and Deutsche Bank, which received $4.1 billion and $2.6 billion, respectively.

Wall Street firms Goldman Sachs and Merrill Lynch round out the top four, receiving $2.5 billion and $1.8 billion, respectively.

In releasing the list, AIG said it "recognizes the importance of upholding a high degree of transparency with respect to the use of public funds," in a statement.

You'll find more over in the Guardian, in the UK:

US US fury over $450m bonuses to staff who nearly broke AIG

From that article:

AIG has infuriated the Obama administration by paying "retention" bonuses of $450m (£322m) to staff at the London-run financial products division that has crippled the company with its vast losses on toxic derivatives.

The Obama administration is infuriated? Obama? Infuriated?

I doubt it. This is just part and parcel of the incompetence we are seeing in increasing measure out of the Obama administration. They are making George Bush seem like a shining star of brilliance in comparison.

The Treasury Department is overseeing this AIG bailout. Little Timmy Geithner, that Eunuch of the Treasury, that simpleton who shows up before the Clowns of Congress, testifies to his own cluelessness, who hasn't even managed to get a staff together, that buffoon who was the President of the New York Federal Reserve Bank before he was annointed as an Apostle of the Obamessiah, was totally clueless about any of this until it broke this weekend.

This is Obama's "economic team".

Is there anyone in the Obama administration who has a clue as to what they are doing?