Barack Obama was outraged—outraged!—that AIG executives were getting $400 million in bonuses after the US taxpayer bailed out the company with $170 billion—Billion!—and after it posted $60 billion in losses last quarter.
And yet AIG says that it was contractually obligated to pay these bonuses—never mind whether those were ridiculous contracts to begin with because Democrat Sen. Chris Dodd—at the urging of the White House— pushed a law requiring companies receiving bailout money to honor those contracts.
On Tuesday, Dodd denied knowledge of the amendment and then on Wednesday, he backtracked and said he thought it was just “innocent modifications,” blaming the amendment on “staffers” working with Treasury Department officials. And now he claims that even though many of the bonuses were awarded to AIG executives living in his state, he had no idea that AIG would benefit from the amendment and enrich his constituents. At this point, we can’t believe anything he says.
As for Obama, this is just more Hope and Change. As in after Obama’s economic policies are fully enacted, let’s Hope the American taxpayer is left with more than some spare Change.