Let me see if I have this right:
- One part of a division of AIG fucked up in a major way. They lost the company tens of billions of dollars on bad contracts.
- All those contracts were overseen and approved by the US government regulator, and various EU financial regulators as well. There was nothing illegal or "slippery" about them.
- AIG executives made large donations to various politicans. The two that got the most in donations were Senator Barack Obama (Democrat) and Chris Dodd (Democrat, and Chairman of the Banking Committee that oversees the financial industry, which includes AIG). Obama and Dodd both recieved over $100,000 from AIG executives.
- When AIG went down the shitter, and the government stepped in to bail them out, the AIG managers that had fucked up were all fired. Some managers that stayed behind to try to salvage the wreck volunteered to work for a salary of $1 per year, and to recieve a bonus if they did a good job in retrieving any value (thus limiting losses to the taxpayer)
- Chris Dodd (Democrat), as Chairman of the Banking Committee, inserted specific clauses into the Stimulus Bill to ensure that those AIG staff who were entitled to bonuses would still recieve them - even after the government pumped in a supertanker full of cash.
- Nancy Pelosi (Democrat) rammed that Stimulus Bill, with Chris Dodd's little clause, through the House of Reps will little review or debate. It had to be done NOW NOW NOW.
- Harry Reid (Democrat) then rammed the bill at full speed through the Senate. No hearings were allowed, which might have uncovered gems like the bonus clause.
- President Obama (Democrat) then rushed to sign the bill, which included the bonus clause.
Will those executives on $1 at least be back-paid a salary? It would be funny if the back-paid salary equalled the amount they would have recieved as a bonus, but at least Obama etc would be covered because it would no longer be a "bonus", it would be a salary. As if there is a difference.
This kind of mob-driven populist nonsense worries me. The fact that Dodd, Pelosi, Reid and Obama could ram through a huge bill without being aware of the contents is even more of a worry.
Be very aware of people in a hurry. Their mistakes are likely to be enormous.