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.

7 replies
  1. Dimsdale
    Dimsdale says:

    "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. Wayne SW
    Wayne SW says:

    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
      Dimsdale says:

      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.

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