Congress and the Executive Branch: Knee Deep in Retention Bonuses

For over a week the nation has been in an uproar over the retention bonuses being handed out by AIG. Granted, these may seem extravagant during an economic crisis and the question of their morality is a legitimate discussion topic. The tragedy, however, is the complicity of Congress in AIG paying out the bonuses and in the cover-up of their own guilt.

The Stimulus (aka Stealth) Bill passed by Congress and signed into law by Mr. Obama included a clause known as the Dodd Amendment which exempted AIG from any penalty or restrictions on bonuses. Translated: CONGRESS AUTHORIZED AIG TO PAY BONUSES TO THEIR EXECUTIVES.

The Stimulus (aka Stealth) Bill was written by none other than Nancy Pelosi, Barney Frank, and Chief of Staff to Mr. Obama, Rahm (Rambo) Emannuel. The 1100 + page bill was given to members of Congress 10 minutes before they voted. There are probably some speed readers in Congress but more than likely none of the 535 members had the appropriate amount of time to read, study, analyze, and question what was in this piece of legislation.

At first, Senator Chris Dodd denied he had written the Dodd Amendment. The next day he admitted he wrote it, but immediately Dodd claimed he did not know how it got attached to the legislation. Then, two days later Dodd admitted he had submitted it but the Executive branch "made" him do it! What is Dodd, some kind of puppet? What does he take the American people for, some kind of Kool Aid drinking idiots who cannot think?

When Secretary of Treasury Timothy Geithner ( who has an MBA but can't figure out how to use Turbo Tax and that was why he didn't pay his taxes) was asked about the AIG bonuses, he said he was unaware of them and outraged. Now we've learned Timothy Geithner as the director of the New York Fed last fall, knew about AIG's bonus plan and that as the Secretary of Treasury had full knowledge of the Dodd Amendment. The White House also knew about the Dodd Amendment and encouraged the Dodd Amendment be kept in the stealth legislation known as the Stimulus Bill.

In a knee jerk reaction and an attempt to take the heat off of themselves, Nancy Pelosi, beloved Speaker of the House, pushed through a bill to tax individuals who received AIG retention bonuses to the tune of a 90% tax on these bonuses.

Think about the significance of this action. The US Congress in the Stimulus Bill endorsed by 100% of the Democrat members of Congress and the three renegade Republicans GAVE and ENDORSED an exemption for AIG to pay out these Retention Bonuses. What will prevent Congress from targeting individuals or groups of people they choose to levy taxes in an attempt to silence?

Now, in an attempt to appear shocked and outraged over this incident, we have a Congress that is promoting Mob Rule by promulgating class hatred and envy towards persons who chose to enter the financial profession. Not only is Congress engaged in promoting class envy and hatred, but apparently the President has chosen to debunk persons who have chosen careers as investment bankers. On Friday, March 20, when introducing his new education policy urged persons to consider careers other than investment banking.

Why not include careers as Congressional and presidential politicians in this class envy and hatred hit list?