AIG Bonus Money Higher Than Previously Thought

March 21. 2009

U.S. Treasury Secretary Timothy Geithner and President Barack Obama

The AIG bonuses that caused an uproar this week, as they came from taxpayer bailout money, is higher than previously thought. The bonuses are not $165 million dollars. They total $218 million dollars. Senator Chris Dodd is being slammed for approving the measure that allowed the exorbitant bonuses. He is no stranger to controversy.

It was previously revealed, one of the major banks that caused the U.S. mortgage crisis gave him a special, discounted home loan, in a bid to buy his favor, due to his position as a member of Congress. He is one of several members that accepted such offers and as a result, they kept quiet in Congress when they should have made a stink about predatory lending. I think it's time you step down.  

Regarding the $218 million in AIG bonuses, that money could have employed a lot of people, instead of going into a few dozen people's pockets, making a handful of people rich. This is the point I keep making. The bailout money is being misappropriated by some and will not serve the greater economic good, if it is not spread around correctly. It is the equivalent of having a field to plant and unevenly placing all the seeds, too many seeds, in a few spots, leaving the rest of the land untouched. Too much wasteful conduct, favoritism and unfruitful ideas. A good harvest shall not spring forth.

AIG bonus payments $218 million

Sat Mar 21, 2009 12:44pm EDT - CHICAGO (Reuters) - Documents turned over to the Connecticut attorney general show that American International Group Inc paid out over $218 million in bonuses, more than the previously disclosed $165 million, published reports said on Saturday.

http://www.reuters.com

Dodd's stock with voters began dropping before AIG

HARTFORD, Conn. (AP) — Howard Rosenblatt voted for U.S. Sen. Christopher Dodd five years ago. He won't do that again. "It's time for Chris to resign," said the 62-year-old owner of Rosenblatt's department store in Naugatuck, Conn., a working-class borough of more than 30,000. "He sits on the Senate banking commission, and he had his hands on funny money loans." Earl Reilly, a 59-year-old factory worker from Naugatuck, shares Rosenblatt's anger with the state's senior senator. "Don't get me started on Dodd," he said. "He's been doing the job too long, and he's got a hole in his canoe and it's sinking." ...

http://www.google.com