RESIGNATION URGENT UPDATE: MY SOURCE ON THE HILL SAYS “RESIGNATIONS” ARE COMING—NOT CLEAR AS TO WHO OR WHEN—BUT THE CHATTER TURNED DEAD SERIOUS AS THE RESIGNATION OF A ‘FALL GUY’ SEEN AS THE MOST LIKELY STRATEGY TO CALM THE AIG BONUS OUTRAGE FOR FEARFUL DEMOCRATS UP FOR REELECTION. AN UNNAMED SENIOR WHITE HOUSE OFFICIAL EXPRESSED CONCERN THAT A HANDFUL OF DEMOCRATS MAY NOT SUPPORT FURTHER OBAMA LEGISLATION IF THIS CRISIS IS NOT ADEQUATELY HANDLED. CAUTIONARY PRAGMATISM: IT IS NOT CLEAR AS TO WHO OR WHEN WE WILL SEE RESIGNATIONS BECAUSE KEY PLAYERS ARE WAITING TO SEE WHO EMERGES AS THE FALL GUY. DON’T BE FOOLED: SOME KEY PLAYERS THAT SHOULD TAKE THE BLAME ARE PUSHING AND ARGUING WHY OTHERS DESERVE THE BLAME—IT’S WAR ON THE HILL—AND WE BROKE THE NEWS FIRST.
Thanks for the video tip Jax
From page H1412 of the Final Stimulus Bill, “SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE:
“(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a writte [sic] employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.”
This amendment provides an exception for contractually obligated bonuses agreed on before Feb. 11, 2009, which exempts the very AIG bonuses Obama is condemning every single chance he gets. The amendment is in the final version and is law.
Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org — According to the Wall Street Journal, Sen. Dodd placed this section into the final stimulus bill, making him responsible, along with Obama, for AIG receiving these bonuses.
The stimulus bill should have nothing to do with executive compensation. However, woven within the stimulus bill are laws dealing with executive bonuses and TARP cash. Other pork legislation, such as health care mandates, were in the bill to ’stimulate’ the economy.
