The Kabuki Theater of AIG Outrage
My syndicated column today looks at the award-winning performances of Washington hypocrites outraged by the AIG entitlement beast they nurtured through four massive bailout infusions. For added comic relief, be sure to read through the entire transcript of Robert Gibbs’ press briefing yesterday. (It’s been sanitized. Just add 25 “ums” during every exchange on AIG and you will ensure accuracy.) This morning, AIG president Edward Liddy will take the hot-seat during a congressional hearing so that his enablers can wag their fingers at him while letting themselves off the hook again. One observer expects “outright talk of nationalization.” The House Financial Services subcommittee hearing begins at 10am Eastern.
As that flogging ritual takes place, hark! Tiny Tim Geithner hears the distant sounds of yonder bus wheels thumping.
On with the show…
***
The Kabuki Theater of AIG Outrage
by Michelle Malkin
Creators Syndicate
Copyright 2009
All the world’s a stage, wrote Shakespeare, and in the world of Washington, the curtains have opened on the most elaborate farce of the year. Welcome, taxpayers, to the Kabuki Theater of AIG Outrage – where D.C.’s histrionic enablers of taxpayer-funded corporate bailouts compete for Best Performance of Hypocritical Indignation.
Over the weekend, cloaked in their finest populist costumes, the Beltway’s hair-sprayed and powdered politicians and White House aides took to the airwaves to inveigh against $165 million in employee retention payments paid out by the government-backed insurance giant. Those bennies were reportedly part of a larger $450 million round of bonuses. After subpoenaing AIG, New York Attorney General Andrew Cuomo informed Congress that 73 employees in the very division responsible for the financial meltdown received bonuses of $1 million or more – 11 of whom left the company after getting the cash to retain them.
The checks were mailed Friday, but the March 15 bonus deadline had been on the Capitol Hill radar screen since December — when Maryland Democrat Rep. Elijah Cummings released a letter to AIG president Edward Liddy that noted: “Without taxpayer intervention, AIG would have ceased to exist and, to be blunt, all of its employees would have lost their jobs. Against this background – and given the massive layoffs occurring at other major financial entities, such as Citibank – the American taxpayers have a right to know why senior executives at AIG, who are frankly lucky to still have jobs, need to receive additional bonus payments of any kind to retain them at AIG.”
But it wasn’t until last week that the hapless court jester of the Obama administration, Treasury Secretary Tim Geithner, scrambled to rein in the payments. Liddy basically told him to buzz off. Geithner, the primary architect of the original $85 billion AIG bailout last fall, “reluctantly” approved the bonuses anyway. And now his outraged boss has ordered him to scour every legal nook and cranny possible to get the money back.
Spare me President Obama’s finger wag. He’s “outraged?” Meh. Two weeks ago, Team Obama forked over another $30 billion for the basket-case company after it reported $61.7 billion in fourth-quarter losses. That’s on top of the first $85 billion round and the second $38 billion round under Bush – both of which Barack Obama supported. (Obama, by the way, collected $103,000 in AIG campaign contributions.) Don’t talk to me about how the Obama administration opposes rewarding failure.
And don’t talk to me about all the politicians stampeding to tax AIG’s bonuses. Democrat Sen. Chris Dodd, the corporate crony who is the largest recipient of AIG donations (total: $281,400), is now leading the charge to tax the retention payments in order to recoup the $450 million the company is paying to employees in its financial products unit.
But Dodd, it turns out, was for protecting AIG’s bonuses before he was against them.
Fox Business reporter Rich Edson pointed out that during the Senate porkulus negotiations last month, Dodd successfully inserted a teeny, tiny amendment that provided for an “’exception for contractually obligated bonuses agreed on before Feb. 11, 2009,’ which exempts the very AIG bonuses Dodd and others are seeking to tax.” Pay no attention to what his left hand was doing. Dodd’s right fist is pounding mightily, mightily for the sake of the taxpayers.
The hypocritical indignation on the Hill is bipartisan. On his Twitter page last night, GOP Sen. John McCain huffed: “If we hadn’t bailed out AIG = no bonuses for greedy execs.” Well, if the GOP presidential candidate had held fast to his opposition to such doomed corporate bailouts in the first place, maybe bailout-palooza wouldn’t have spiraled into the gazillion-dollar mess it inevitably became. McCain asserted in a Twitter interview with ABC’s George Stephanopoulous Tuesday morning that he “would have never bailed out AIG.”
But on September 18, 2008, McCain performed a 24-hour flip-flop and abandoned his principled opposition to the $85 billion AIG bailout, lamenting that the “government was forced” to do it. Soon after, McCain joined Obama in supporting the $25 billion auto bailout, the first $350 billion banking bailout (TARP I), and his own massive $300 billion mortgage bailout.
If Washington’s newfound opponents of rewarding failure want to do taxpayers a favor, how about giving back their automatic pay raises? How about returning all their AIG donations? How about taking back all the bailout money to all the failed enterprises, from Fannie Mae and Freddie Mac to AIG, the automakers, and the big banks? Barry? Harry? Nancy? John? Chris? Bueller? Bueller?
Exit stage left. The curtain falls.
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If that is the case, that is a problem with the law and not the judges. You wouldn’t want them getting all “activisty” and ignoring the clear letter of the law, would you?
Michelle, according to this report Dodd put that in the bill with the knowledge of the WH.
Link.
Which means the WH is lying in pretending to be finding out about this for the first time.
Dodd snuck an ammendment into the Stimulus package. If I remember this correctly, please someone correct me if I am wrong, Specter, Collins and Snowe banded together and voted for the stinker. You think they might be a little angry when they found out that Dodd snuck something in? Didn’t Collins or Snowe make sure that bonuses were not part of the deal? Seems like so long ago, but I sure would like to know their outrage at Dodd or even if they are.
Yep, that’s in Michelle’s article. She also has a separate blog posting on this.
Damn right they knew. Most Dems knew.
WE KNEW when obama and pelosi LEFT TOWN before the spendulus package ink was dry but REFUSED to allow a single soul to read it… for four days.
I have NEVER been so mad at the deceit and outright lies by a president and his admin in my life, attempting to blame anyone and everyone else but their own co-conspirators, going so far as to BREAK LAWS by hinting at destroying forever contract integrity in America. And by attempting to legislate punitive taxes at 100% retroactively to cover their own arses?
Obama should be impeached and thrown out.
Dodd – JAIL.
PELOSI- JAIL.
FRANK- JAIL.
Geithner- Jail and asylum for the incompetent.
and the list will grow.
This, to me, is beyond just criminal, it borders on treasonous.
(a violation of allegiance to one’s sovereign or to one’s state.
-the betrayal of a trust or confidence; breach of faith; treachery.)
They swore to UPHOLD the Constitution of the US.
They are all at fault and in violation of their oath.
More Kabuki theater I’m sure; courtesy of Drudge:
Obama – put a sock in it! For.Crying.Out.Loud!!!
It would be nice if some reporter at this press conference were to ask Obama “what did you know and when did you know it?”
But instead they are likely to ask him to say bad things about Rush Limbaugh.
No, they will ask him about Dick Cheney and then Michelle Obama’s biceps…
They won’t have to ask a question about Rush. They all hate him so what is to ask?
Obama must be running out of time. Having squandered his popularity by washing his hands of any responsibility for what is happening, he is now about to once again force us into the comprehensive amnesty battle.
Yeah sure. Let’s do it. How soon will it be before Obama’s numbers sink below Bush’s? Can’t wait.
A little off topic here but check out this site if you think you can take it. The name is a bit redundant…
Wolf Blitzer is “digesting” what Dodd just told him on CNN:
“It was the treasury’s fault!”
after “misspeaking himself only yesterday”
is… is that a … a bus?
Fannie Mae to Pay Bonuses of up to $611,000 for Four Execs
Government-controlled mortgage finance titan discloses plan for bonuses of $470,000 to $611,000 for four top executives, on top of their base salaries, as sibling company Freddie Mac plans similar awards.
THE FAULT OF THIS FIASCO RESTS AT THE FEET OF THE PAST ADMINISTRATION, THE PRESENT ADMINISTRATION AND THE CONGRESS.
THEY SHOULD ALL FOLLOW SENATOR GRASSLEY’S SUGGESTION FROM YESTERDAY AND RESIGN.
THEY ARE ALL OBVIOUSLY INCAPABLE OF MANAGING THE RESPONSIBILTIES OF THE OFFICES THEY HAVE BEEN ELECTED TO.
Michelle this is probably your greatest piece! BRAVO!!!
On March 18th, 2009 at 4:41 pm, Misscheryl said:
Bad move, Odimbo! American Idol fans don’t take kindly to being pre-empted!
Did you see Michelle on Glenn Beck tonight? Bravo to that too!!! If you don’t get home from work in time to watch Glenn Beck, then TIVO! I love that little teddy bear and, yes, he is crazy.
I got talked into an annuity with AIG several years ago. “It would adjust to market ..whatevers”. A year later it dropped 1.5% while the market was up 2% or so. I cashed that sucker in and took the loss and invested in 5% CD. Annuity – bad idea. AIG…. let them go belly up!
I hear they are going to try to tax the bonuses. According to judge Napalatano they is unconstitutional. Can we hope that the elitist are over reaching and we can impeach them all ?
Also, isn’t this the fault of B. Hussein Obama, Pelosi, Reid and all these liars in D.C. ? They signed and passed the plan that allowed this to happen without reading it. IT IS THEIR FAULT. HOLD THEM RESPONSIBLE.
God Bless Tivo and VCRs. People are recording shows they can’t catch at certain times and are being informed. Think I will invest in Tivo stock!
Take a look at Smartmoney site. They have a lot of new features that are interesting and informative.
http://www.smartmoney.com/
They have ventured into very dangerous territory…trashing the Constitution, the very document that this entire Republic rests on. This will not stand. They are traitors and they will fail!
h/t justoneminute blog
lol
The very concept of Living Constitution, Malleable Constitution, Bill of Negative Rights all tell us they WANT to trash the Constitution–perhaps in favor of the UN or some such.
When we heard Rudy Giuliani state the Second Amendment did not apply to big cities we had a pristine example of the thought process.
Ignoring the Constitution when it is convenient to do so is a trap for more than just Liberals. It must always be resisted.
Isn’t the Supreme Court the protectors of the Constituion? Where the heck are they?
In all this Kabuki, where is the seppuku?
Is there such a thing as “comedic” Kabuki?
This isn’t very funny….
I would have loved to seen it but I no longer watch TV. I might try youtube to see if it’s there.
Prime Objective…Strike three…we’re out!
We’re becoming more and more like Putin’s Russia everyday. Thanks Progressives!!
Dance, pathetic crapweasel politicians, dance!!! Full kabuki makeup to impress the masses.
Anybody who still believes these con-artist politicians care about the American taxpayer needs a frontal lobotomy.
Now contrast Pres. Obama’s above statement with this comment he made over AIG bonuses:
I guess he was against governing out of anger before he was for it.
He was also against deficit spending, earmarks, lobbyists, partisanship, big government, the surge in Iraq, the politics of fear, etc. before he was for them. It is clear that Obama says things he doesn’t mean when they are politically expedient for the moment. But does he not even remember what he says – I mean, what he reads off the teleprompter?
Shift attention away from congress and the president, to AIG. The politicians love it, and the American public is buying it…hook, line and sinker. What a “wonderful” way to show how evil the “rich” are. Once the public has been buried under the MSM stories and the politicians’ speeches, more control of the American commerce and nationalization will occur…to “protect” us, of course. While the public shows outrage, and the MSM feeds the anger, the left is smiling and slapping each other on the back. Personally, I could care less about AIG. My whole house is burning down, and I’m supposed to be worried over a damaged sofa.
Well I’m not so certain that they ‘love it’ when it gets to the point of them having to backtrack and go so far as to admit they actually screwed up.
We are witnessing liberals in Congress squirming from a dose of their very own medicine and it only cost me and the average tax payer something under $1.00!
I say very own medicine because don’t we have a Tim Geithner for Treas Sec for the EXACT same reason that AIG says they had to pay these bonuses? “OH!! Yes, okay, they are a bunch of screw ups but they are the only ones who can do the job so we HAVE to retain them.”
It just seems like AIG applied spin and deception right out of the very playbook liberals in Congress wrote.
I can only hope to have same the opportunity arise to pay another $1.00 come late October next year.
This whole thing is so much smoke and mirrors. Makes me wonder & worry about what they are trying to hide!
So why is it ok to unload on AIG when Fannie mae/freddie mac execs get the same retention bonus.. Let’s clear the field of all bonuses when taxpayer money is involved. whats good for the goose is good for the gander. I am outraged that these execs get a bonus.