Oh what a tangled web we weave …
First make a law … then implement it … then express outrage when it is … mix it up and you get …
The $165 million AIG bonus flap that has caused outrage around the nation has its roots in a provision of Connecticut labor law that political leaders say needs to be changed.
The embattled insurance giant, which has received about $170 billion in federal bailout money, has said it is legally bound to pay the bonuses because of a provision in the Connecticut Wage Act. Many of those receiving the bonuses work for AIG’s financial products unit in Wilton.
If AIG failed to pay the bonuses, under state law the company could be forced to pay a double penalty, legislators said.
“The state of Connecticut should not be used as the scapegoat or the excuse for AIG to pay these outrageous” bonuses, said House Republican leader Lawrence Cafero of Norwalk.
Read the whole story to hear the outrage from all of the lawmakers … ummm … who wrote and passed the law.
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Ah the irony! It is purest poetic justice when the feel good pols get bitten on the butt by their own half baked legislation.
I forget: does the law of unintended consequences come before or after Murphy's law (and corollaries)?
This argument is total bull – the statute at issue – C.G.S.A. 31-72, has an exception for professional, administrative and similar 'exempt' employees. The definitions section of the statute provides:
(f) "Employee" means any individual employed or permitted to work by an employer but shall not include any individual employed . . . in a bona fide executive, administrative or professional capacity as defined in the regulations of the Labor Commissioner or an individual employed by the federal government . . .
So -there are two exceptions that apply – first – AIG employees are now technically federal government employees and more importantly, every single employee getting a bonus likely is an exempt employee.
Can't our lawmakers even read the laws they pass?
Bonuses & Mr. Dodd's fingerprints are hugely important. ALSO – keep in mind – the Feds put in provisions that safeguard these financial terrorists from legal action. Protection for work that they were hired to do perhaps???
And now we are starting to see lawmakers scramble (C.Y.A.) for their political lives as they realize the voters are upset. If we knew their next three typical moves, perhaps we can capitalize on the situation to bring some good to this. OR oss them all out now.
Tossing them out would save alot of time and effort. Even better, they have enough rope now to hang themselves – most efficient. But, not being honorable, not likely from this crowd.
Wanna bet Dodd and Frank decide retire and hide before too long?
There is a lot intrest in throwing out congress. I just saw a media clip where Dodd was justifiably explaining how he did not enter any language into the stimulus bill, but did so under the guidance nad pressure of the White House, for the loophole on making sure that AIG execs got their bonus.
The clip had a person saying in the background that he wants to see Dodd go down. Then another person said that he wanted Barny to go down as well. Then the announcer spoke of how the public wants Dodd to go down with Barney.
This confusion could all be prevented if everyone had a tele prompter.
Why the fuss over AIG, Fannie Mae is planning bonuses? Check it out.
Well of course! They have done such a fine job, if that job is screwing the U.S.'s economy into the ground!
Will Bawney Fwank demand their names as well?