Shocked … Shocked I Tell You

Last night President Obama told the world he was shocked … actually “stunned” … that AIG execs got bonuses. Here’s how CNN reports the story tonight.


Unfortunately for the President the facts tell a different story.

Tim Geithner and Congress claim that they got blindsided by the AIG bonuses late last week, before anyone had a chance to stop AIG from paying them. However, C-SPAN’s video library tells a very different story. Watch the clip from a March 3rd hearing of the House Ways and Means Committee in which Rep. Joseph Crowley (D-NY) specifically mentions the upcoming payouts of over $162 million in bonuses to AIG execs, the very same number that inflamed Washington DC this week:

So unless you believe there is no communication between the Treasury Secretary, Congress and the White House … they all knew. Or all incredibly incompetent. I am not sure which is worse. Go to Hot Air to see the video of the Treasury Secretary Geithner

It’s troubling to me that the President would condemn Wall Street bonuses in general and not just AIg in particular. He has, I believe, little idea of how bonuses are paid on the Street or why. From personal experience I can tell you most are linked to individual performance and not overall corporate performance. Some are linked to division performance as well. But his willingness to condemn Wall Street in general is unfortunately consistent with his overall assault on wealth and wealth creation.

Posted in

Jim Vicevich

Jim is a veteran broadcaster and conservative/libertarian blogger with more than 25 years experience in TV and radio. Jim's was the long-term host of The Jim Vicevich Show on WTIC 1080 in Hartford from 2004 through 2019. Prior to radio, Jim worked as a business and financial reporter for NBC30 - the NBC owned TV station in Hartford - and as business editor at WFSB-TV in Hartford for 14 years while earning six Emmy nominations and three Telly Awards.


  1. Dimsdale on March 20, 2009 at 2:52 pm

    "He has, I believe, little idea of how bonuses are paid on the Street or why."

    There lies the crux of the problem: Obama has no economic training whatsoever.  His only corporate experience is what Bill Ayers told him about "evil" corporations.  He wasn't even in the Senate long enough to get a sense of how things run.

    Who does he hire to fix the problem?  The selfsame people in the middle of causing the problems!  Genius!  Is he trying to play "it takes a thief to catch a thief?"  That might work if the "thief" didn't know far more than him about what is going on.

    You have to wonder if it all just isn't smoke and mirrors to transfer blame for the economic mess from the Democrats and other pols that truly caused it to any scapegoat they can find on Wall Street.  If they can't find one, they make one.  With the aid of a compliant media to help, of course.

  2. Wyndeward on March 20, 2009 at 5:10 pm

    As they say at Rick's Cafe American:  "Your winnings, sir."

  3. Wayne SW on March 20, 2009 at 11:09 pm

    About this time in Crawford Texas, our last stand up President (as in not the current sit down comedian President) has to be re-thinking proper use for the term SHOCK & AWE.

    • Dimsdale on March 21, 2009 at 2:47 am

      Are you saying "hope and change" has devolved into an economic "shock and awe?"  😉

      I just hope it doesn't turn into "crash and burn" for the country.

  4. theignorantfisherman on March 21, 2009 at 10:59 am

    He lies about the lies that he lied about.. he even lied on Leno if there is any doubt!

  5. theignorantfisherman on March 21, 2009 at 11:06 am

    In Obama's world all those's special olympians show have been aborted anyway! You have to see through the stench and fog.

  6. theignorantfisherman on March 21, 2009 at 11:08 am

    In Obama’s world all those’s special olympians should have been aborted anyway! You have to see through the stench and fog.

The website's content and articles were migrated to a new framework in October 2023. You may see [shortcodes in brackets] that do not make any sense. Please ignore that stuff. We may fix it at some point, but we do not have the time now.

You'll also note comments migrated over may have misplaced question marks and missing spaces. All comments were migrated, but trackbacks may not show.

The site is not broken.