ABC News - By Jake Tapper - March 16, 2009
TAPPER: You guys first found about these bonuses last week?
GIBBS: I think that's true, based on what I read in the newspaper.
TAPPER: But you gave money to AIG two or three weeks ago?
GIBBS: Um-hmm.
TAPPER: How could you not know that they have these millions -- hundreds of millions dollars...
GIBBS: Well, again, there's -- there's -- according to the news reports, there's existing contracts, some of which the -- or of which the president has asked the secretary to examine going forward. I think you also heard the president speak today about having a resolution authority that gives the government and taxpayers far more flexibility in dealing with the disposition of AIG in a way that gives taxpayers protection and flexibility -- disposition that we don't currently have, but steps that we would like to see taken in order to deal with AIG as a whole.
TAPPER: Why didn't you attach it to the $30 billion you gave a couple weeks ago?
GIBBS: Again, Jake, the...
TAPPER: You're looking to retroactively attached it to the new $30 billion. GIBBS: Well, they're looking through contracts to see what can be done to wrest these bonuses from their recipients.
TAPPER: I'm sorry, just -- I don't understand, so maybe I'm just not understanding, but President Obama said in early February, right when he gave his speech on executive compensation, “these kinds of compensation packages in the midst of this economic crisis isn't just bad taste, it's bad strategy, and I will not tolerate it as president. We're going to be demanding some restraint in exchange for federal aid.” Since that time, he gave tens of billions of dollars in federal aid to AIG without demanding restraint. (continues...)
1 comment:
It's a no-brainer even obots (who have no brains) can understand. These companies invested millions $$$$$ in getting their front man elected president. Now it's payback time. I guess this is called "return on investment"
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