And the Oscar goes to......

Did anyone else feel like they were watching a drama filled with bad actors being telecast from Washington DC? Anyone who was within spitting distance of a microphone was going on and on about how outraged they were about the AIG bonuses. Really? Really??!!! Looks like more than a few politicians, who are up for reelection in 2010, have been paying attention to their polling numbers. In the words of my kids, "What a bunch of Phony Baloneys!".

First, let's take a look at the numbers. In total, AIG has received over 170 Billion dollars of our taxpayer money. Do you know how that money was used? For starters, through AIG, billions were funneled to other financial institutes such as Meryl Lynch, Bank of America, Goldman Sachs, and other Wall Street failures. Even more interesting, over 62 Billion dollars was shipped overseas to help bailout banks in the UK, Germany, France, and Switzerland. Some of the tally sheets that I have seen put the amounts of money being sent overseas larger than the amounts of money staying here in The United States. But I don't remember seeing any outrage in Washington over this.....do you?

Now the question on everyone's lips is who knew what and when did they know it? Poor Timmy Geithner......he has alot of explaining to do. This issue touches the previous and current administration but Timmy was the chief cook and bottle washer at the New York Federal Reserve that negotiated the terms for the AIG bailout. He had a very intimate understanding of the executive compensation and bonus structure. Senator Christopher Dodd, the #1 receiver of AIG campaign contributions, was also caught with his hand in the cookie jar. His amendment in the Stimulus Package, called "The Dodd Amendment", paved the way for executives bonuses to be grandfathered in in the event of executive pay limitations in the future. Starting to think we have a bunch of weasels in Washington?

Am I angry about the payout of the AIG bonuses.....absolutely! However, the 165 Million is ashes in the wind compared to what you and I have already shelled out. At this point, I'm more outraged over the following facts:

1. Geithner knew about these bonuses (and others!!) and did nothing but sit back and try to look innocent once the American people got a hold of the information......but Obama is standing by his man.
2. Christopher Dodd tried to protect his campaign contributors....no backlash from those in his party.
3. The House and Congress passed a Omnibus Bill with over 9,000 earmarks that totaled more than the AIG bonuses but no outrage there. Senator Chuck Shumar went on live TV and said the earmarks were no big deal and the American people should just get over it.......waste is waste, isn't it?
4. Over 62 Billion, that we will never have a prayer of seeing paid back, went to fund overseas bailouts. Bonuses to other bailout companies, such as Freddie Mac and Fannie Mae, have been paid. Not so much as a peep was made!
5. Right or wrong, a contract is a contract and if there were no strings attached to the bailout money, we should honor the contract. Once the government steps in and targets a small group of people in order to manipulate or break a contract, then we are all in jeopardy.
6. Taxing the AIG bonuses at some astronomical amount is like eating fat-free jello after a loaded steak dinner with all the trimmings.......what's the point!?!?!?!

The American people are starting to rally and aren't buying the packaged smoke coming out of Washington. Perhaps there is a way to make up for the 165 Million in bonuses paid out. The House and Senate voted themselves a nice pay raise in the Stimulus bill. They could do the right thing, as they are asking the AIG bonus recepiants to do, and give that money back. In the words of our own Vice President, Joe Biden, it would be the patriotic thing to do.