"Outrage!" I Guess They Didn’t See It Coming
Posted on March 21, 2009
Filed Under Political Rantings |
"OUTRAGE" That is the operative word in the great smear against AIG executives who actually accepted the bonuses that they were under contract to receive. We’ve heard it from Obama and most of the Dems and they want their (or as they say "taxpayers’ " as if they really give a damn about taxpayers) money 
back. Forget that the Democratic congress approved the bonuses and Obama signed the "Stimulus" bill. They are "outraged" none the less. And their "outrage" is leading to more government control of private business practices.
And from the New York Times:
The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.
The outlines of the plan are expected to be unveiled this week in preparation for President Obama’s first foreign summit meeting in early April.
Increasing oversight of executive pay has been under consideration for some time, but the decision was made in recent days as public fury over bonuses has spilled into the regulatory effort.
From the Financial Times (London):
Bankers on Wall Street and in Europe have struck back against moves by US lawmakers to slap punitive taxes on bonuses paid to high earners at bailed-out institutions.
Senior executives on both sides of the Atlantic on Friday warned of an exodus of talent from some of the biggest names in US finance, saying the “anti-American” measures smacked of “a McCarthy witch-hunt” that would send the country “back to the stone age”.
There were fears that the backlash triggered by AIG’s payment of $165m in bonuses to executives responsible for losses that forced a $170bn taxpayer-funded rescue would have devastating consequences for the largest banks.
“Finance is one of America’s great industries, and they’re destroying it,” said one banker at a firm that has accepted public money. “This happened out of haste and anger over AIG, but we’re not like AIG.”
I must say, however, that in some regards, Wall St. is paying for their "outrage" over Bush and Republicans with their support of Obama and the Democrats in the last election cycle. According to opensecrets.com, Wall St. went for Obama in a big way. Securities and Investment firms gave 57% of their PAC and individual campaign contributions to Democrats.
Wall Street types are supposed to be smart. What were they thinking the radicals would do once in power? Did they think that the demagoguery about "Big Business" was just talk?
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Note how the issue of bank CEO pay just ‘went away?’ It seems that many of the guys the lefties hauled up before Congress to explain why they flew in on private planes, turned out to be Democrat contributors! Serves them right. Contribute to Democrats, you deserve to get treated this way.
Obama then came out and said that he was reconsidering the limit on executive pay because he didn’t want to cause a ‘brain-drain’ in the US financial markets.