450 MILLION in AIG Bonuses to be paid, not the reported 150 million
"I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that . . . I've always thought that under-populated countries in Africa are vastly underpolluted."
Lawrence Summers, Oboma's Director of the WH National Economic Council in a 1991 memo while at the World Bank. Summers is leading the chorus demanding that Wall Street gangsters be allowed to keep their bonuses.
Uhh, is this the kind of "exports" to the 3rd World you're talking about Larry? Dumping toxic crap, including radioactive waste off Somalia's coastline?
While the MSM is reporting that AIG bonuses are "only" in the 150 million dollar range , Amy Goodman of Democracy Now brings us the real number, 450 MILLION and the mealy-mouthed apology issued for this travesty by Oboma insider Larry Summers.
The failed insurance giant AIG is preparing to pay out $450 million in bonuses to top executives and other employees despite receiving a $173 billion government bailout. The bonuses include over $165 million to executives in the Financial Products unit, which lost $40 billion last year and played a major role in the meltdown of the global financial system. AIG is paying out the bonuses even though it is now 80 percent owned by the US government. On Sunday, Lawrence Summers, the director of the White House National Economic Council, described the bonuses as outrageous, but he said the bonuses are part of a contract.
Lawrence Summers: “We are a country of law. There are contracts. The government cannot just abrogate contracts. Every legal step possible to limit those bonuses is being taken by Secretary Geithner and by the Federal Reserve system.”
AIG’s new chief executive Edward Liddy justified the bonuses, saying AIG would have trouble attracting and retaining talent “if employees believe their compensation is subject to continued and arbitrary adjustment by the US Treasury.”
"Retaining talent?" The same band of clowns who helped run AIG into the ground, that kind of talent you want to reward?
Who is this humanitarian Larry Summers? For starters he's President OBOMBA's Director of the White House National Economic Council, whose functions are to coordinate policy-making for domestic and international economic issues, coordinate economic policy advice for the President, ensure that policy decisions and programs are consistent with the President's economic goals, and monitor implementation of the President's economic policy agenda.
In other words, "Lucky" Larry is going to help Wall Street banks to continue on with their planned theft of taxpayer funds from 401K retirement accounts and pension funds.
Summers was Secretary of the Treasury during the waning years of Slick Willie's administration when the "Financial Services Modernization Act" was pushed thru Congress. That act nullified the Depression era "Glass-Steagall" act that forbid banks from acting like casinos.
Summers has continually fought for lower corporate taxes at the same time fighting to eliminate unemployment for the laid off. Great guy, Larry is.
Larry also helped Enron while they were defrauding Californians out of money and electricity.
Where did some of that loot that AIG got from American taxpayers get off to?
Meanwhile, AIG has disclosed for the first time the names of the financial institutions that benefited from the government’s $173 billion bailout. Goldman Sachs was the largest recipient at nearly $13 billion. Over $35 billion was also paid out to foreign banks including Société Générale of France, Deutsche Bank of Germany, Barclays of Britain and UBS of Switzerland.