Last post about AIG Bonuses

Yes. I know I posted on this subject a lot lately. And I am certain you are fairly bored with it. That is why this shall be the last post about it.

I think the words on a previous comment, describing all of this fuss about the Executive bonuses as "faux outrage" is correct. The reality is that even though some of our congress critters did not want to allow for bonuses that the final wording of the bail-out allowed for it. At this point neither the White House or Congress can get that money back. The Raging Dave frequently tells me the press is still doing damage control for the White House. I am usually in disbelief considering how much damning information comes across the Main Stream Media these days. I think this finally coming out is proof of what he says.

But though some lawmakers did move to prevent bonuses in the stimulus bill last month, the final language actually makes an exception for pre-existing contracts, effectively exempting AIG.

Senate Banking Committee Chairman Chris Dodd, D-Connecticut, who originally proposed the executive compensation provision, said he did not include the exemption clause, which said new rules "shall not be construed to prohibit any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009."

In an interview with CNN, Dodd denied inserting that exemption at the 11th hour, and insisted he doesn't know how it got there.

"When I wrote the language there was no such language like that," Dodd told CNN Tuesday.