Grassley: AIG's 'suicide' obligations

How long will it be before conservatives are demanding that Obama kill himself?

http://www.political-buzz.com/

How sad that an elected official has such little regard for human life that he finds it acceptable to advise someone to commit suicide. I find Senator Grassley’s remarks to be ignorant and racist. I hope the people of Iowa take a good look at the man they elected to office.

I wish Senators Reid and McConnel would apply this same outrage to themselves and the rest of the Congress when talking about the bills full of pork that they keep trying to push through.

"The first thing that would make me feel a little bit better towards them if they'd follow the Japanese model and come before the American people and take that deep bow and say I'm sorry, and then either do one of two things -- resign, or go commit suicide,'' Grassley (R-Iowa) said on an Iowa radio station"

Well, it is a bit blunt, but I wonder just how they manage to hold their heads up every morning knowing they helped take down the US economy. Right now, I'd like to see their names, just so they can go down in history. Imagine that; their grandchildren will be able to read 'family' history when they get to school.

The thing that's appalling is that the Congress did not write safeguards into the enabling legislation. Don't these representatives ever think?

How absolutely insensitive to all those people who have had to deal with the horrible tragedy that suicide is. While I agree that the bonus issue is over the top, let's not confuse it by adding in serious mental health issues.

The congress is the one who should be taking a pay cut. So, AIG spent 1/10 of 1% of the stimulus money that it received to reward it's best employees from last year. Maybe those employees will be less afraid for their jobs and willing to spend some money and revitalize the economy...oh wait, here comes Senator numbskull suggesting they all resign or kill themselves. I wonder how much of that bonus money is going to make it back into the economy now. Thanks, Senator. All you are doing is contributing to the 'brain drain' that is already occurring at all the federally assisted financial firms. All the best employees are moving to companies that aren't being beaten up daily for what are normal business operations. AIGs death will be hastened by the stupidity of our nations elected officials.

"Rhetorically speaking"? Hell, no! The American taxpayer is ready for the real thing. Don't you know that? Bring back the guillotine and let's watch the heads roll. Front row seat.

Wow! I'm a Democrat, but I really like this Republican's idea, rhetorical or not.

How sad that an elected official has such little regard for human life that he finds it acceptable to advise someone to commit suicide. I find Senator Grassley’s remarks to be ignorant and racist. I hope the people of Iowa take a good look at the man they elected to office.
Posted by: BJ Baker | March 17, 2009 8:57 AM

How in the world are his comments 'racist?'

Am i the only one who knows that what is NOT being reported here is that the TREASURY DEPARTMENT APPROVED THE CONTRACTUAL BONUSES BEFORE BAILING OUT AIG??? This means either one of two things: 1) selective reporting by news outlets (No, that CAN'T BE!) or 2) The Obamanator doesn't know what Treasury is doing---verrrry scary!

Suicide? The issue here is only money and the amount of money is only 1% of the total amount given to AIG. To put this in perspective, the $165 million bonus figure, is only slightly more than the $136 million Cubs agreed to pay to Alfonso Soriano over several years. The bonuses may be wrong but the level of "outrage '" is childish and hysterical. To call for people to consider committing suicide over a few dollars, crosses the line of decency.

Congress has agreed to and authorized billions of dollars of no strings attached payments to AIG with billions more going to them and others. They just voted for a boondoggle last week with billions of earmarks attached. Why the fake outrage now-why not redirect it to where it belongs, our politicians?

"I find Senator Grassley’s remarks to be ignorant and racist."

What a silly comment. The above reflects the notion that labelling something racist ends the discussion. Does the author think the AIG is run by a bunch of black/asian/whatever chief executives and that Grassley was referring to them. And how was the remark "ignorant" - it reflects knowledge of a traditional of asian countries. The only thing that should be labelled is the above comment.

Senior officers at our bank did not receive bonuses this year because our bank ended up in the red due to two things, loan losses and upfront costs to support growth. Meanwhile, our core deposits nearly doubled and our loan growth is nearly as strong as our bank continues to expand in these difficult times. We avoided the subprime market and other controversial activities to simply provide good old fashioned banking services to our clients. Yet, our senior officers sacrificed bonuses until our bank returns to profitability.

Oh please.
The left has been calling for their heads in feigned righteous indignation and now again with this.
Please, give it break.

Perhaps he should have called for them to be aborted.
There, better?

For the first time in a very long time, a Republican senator has said something I actually agree with. But the Chuck is not a neocon, not a fundamentalist fruitcake and not a goosestepping authoritarian. He's what Republicans were like before the party went insane. In other words, he sounds very much like a Democrat.

Grassley is not the first congressman to tell someone to committ suicide:
.
Remember this from Congressman Lantos regarding Craig Livingstone
.
http://www.counterpunch.org/madsen02152003.html

I agree with what the Senator said. They have no conscience and does not deserve to live.

Congress gave AIG the money with no restrictions. AIG is following their legal advise and paying bonuses according to their employment contracts. If Congress didn't want the money to be spent this way they had the ability to pass laws restricting it. You can't blame AIG for the ineptness of Congress. What is outragous is that Congress would give them $105 billion with no limits on how they can spend it. Back away from the microphones and write legislation.

Here is a quote from WSJ:
"The Washington crowd wants to focus on bonuses because it aims public anger on private actors, not the political class. But our politicians and regulators should direct some of their anger back on themselves -- for kicking off AIG's demise by ousting Mr. Greenberg, for failing to supervise its bets, and then for blowing a mountain of taxpayer cash on their AIG nationalization."

Great idea.

They should be expected to commit suicide. White collar crime needs to be more then a joke.

While in no way am I pleased by these bonuses.....I have to remind Grassley he was one who voted for the first Tarp.

Their resignations should have been a condition of receiveing the bailout money. But I much prefer the idea of these crooks killing themselves.

What do you think of this guy? (linkback) Hero or Jerk? Senator: AIG exes should "resign, or go commit suicide" [VOTE] - http://www.pikk.com/04cd5

Old School, Old Guard--I've had those terms applied to me, in ambiguous ways.

Anyway, Grassley is the only member of Congress to takes whistleblower laws seriously, among other things.

Yes, Japanese execs might well choose death over humiliation.

Shysters on Wall Street have no such concept, never did.

Masters of the Universe. My foot. They have done more to destroy the American economy than Osama Bil Laden ever could.

They should be shipped off to Gtmo and waterboarded until they disclose the location of their offshore bank accounts.

I knew Paulson and Kash&Karry were up to no good from the getgo.

Now, this weekend, it came out AIG has paid $12 billion to Goldman Sachs.

How convenient.

Another particularly insulting aspect of the AIG debacle is that anyone who criticizes it is characterized as a "populist".

"Populist rage" etc. etc.

As if we don't understand the inner secrets of the temple and how the Masters of the Universe must be appeased.

At least their demands so far are only for $$$ and not for human sacrifices.

Grassley has called them and suggested that they themselves need to be the human sacrifices.

I don't think Tim is up to the job. His kids probably go to the same private schools as those of the Masters of the Universe.

To take action against them might create unpleasantness at the PTA meeting.

Finally an elected official says what so many are thinking. AIG executives should do the right thing to help the economy. Don't take the money!

When this first arose several months ago the Democratic Congress cried out that this will never happen again. Lo and behold the Democratic Congress, and now the Democratic President, have still not imposed any restrictions on bonuses with bail-out money. It is easier to cry out after the fact than to lead. It also makes it hard when you accept campaign contributions from these same recipients.

the senator should take his own advice...how arrogant these politicians are to think they have the right to call the "kettle black"...what did you think was going to happen when you funneled this kind of money to them to keep the business afloat...are they to hand out "little silver star stickers" when an employee does well...I'm sure the bonuses were not for "who looks the best or showed up on time"...come on get real...and senators quit meddling in business you have no aptitude to understand..."term limits" anyone...?

Most of the previous comments are pro scum. These executives are as unpatriotic and self-serving as you can get while thinking that the patriotic hoi polloi are suckers. It reprehensible that most of them have zero shame (so suicide is out of the question) and are perfectly capable of rationalizing their behavior even to their grandchildren. Forget Japan, let’s do it the Chinese way which is a public execution with a sign on them stating their crimes against the people.

Most of the previous comments are pro scum. These executives are as unpatriotic and self-serving as you can get while thinking that the patriotic hoi polloi are suckers. It reprehensible that most of them have zero shame (so suicide is out of the question) and are perfectly capable of rationalizing their behavior even to their grandchildren. Forget Japan, let’s do it the Chinese way which is a public execution with a sign on them stating their crimes against the people.

As a sansei, I fully understand Senator Grassley's comment. In fact, the same has occurred to me, many times during the last few years. Ritual seppuku is rarely practiced even in Japan anymore. But, this country would benefit from such a deep sense of obligation that requires absolution for one's shaming oneself to society. I wonder, is the senator a WWII vet who's spent some time in Japan?

How sad that an elected official has such little regard for human life that he finds it acceptable to advise someone to commit suicide.
Dear BJ, how is this remark racist? Please explain? Do you feel the same way regarding elected oficials that support the right to abortion?

Dear Allison
No where in the article or comments made did anyone reference "serious mental health issues" as you state. Learn to read the article for what it is not what you want it to be.

Thank you, Sen Grassley. You are correct. People who act with honor and possess innate decency would correct their lapses by commiting suicide, but we are not really talking about people of honor and innate decency here.

I believe that to get the job done, the banking executives who play fast and loose with our money need to have their names and pictures posted publically so that we all may have a dialogue with them about higher principles.

Isnt Grassley a "xtian"? I'm sure his "jesus" is so PROUD of him? Like I keep saying, "xtianity" is a lifestyle. When it suits their purpose, they are "xtian" when it doesnt. They dont.

Obama voted for the legislation as it was written. there were no pre-conditions to how the money was dispersed.

Perhaps he should have read it first.

Where is the outrage over the $8 billion dollars of pork in the omnibus budget bill? These bonuses are chicken feed compared to that.
I won't ask the congressmen to kill themselves. Just resign.

The $165 million is a FRACTION OF THE EARMARKS JUST PASSED BY CONGRESS.

Get real.

And find some reporters that have some perspective.

'I find Senator Grassley’s remarks to be ignorant and racist...'

Posted by: BJ Baker | March 17, 2009 8:57 AM

Racist!? Ignorant I'll give you, but racist, how so? Wow, people pull out the whole "race card" way too often.

I agree with the Senator. After they fall on the sword, it should then be passed to members of Congress.

Given the presence of gerrymandering in the U.S., where Grassley et al. try to minimize the power of voters as much as possible, maybe they should shift the gunpoint about 180 degrees.

Are you kidding me? Every stinking lib on Capitol Hill needs to be standing not in the well of the House or on the Senate floor, but in front of a firing squad for treason.

It was part of their contacted pay. How would everyone like it if the company they worked for received some bailout money and then had their pay slashed by 30%? Not everyone receiving the bonuses is at fault.

These bonuses aren't going to te rank & file employees - they aremostly going to executives -the decision makers.
The point isn't how much they are but that there are any at all. I worked hard all year, things are tight - no bonuses. But things are not just tight at AIG, they are billions in debt. That should mean cuts to the bare bones, cuts to benefits and elimination of ALL bonuses.

btw - there are strings attached to the bailout money and the new round to banks includes limitations on use. This AIG issue is about executive contracts written long ago that may not be able to be legally bypassed. These contracts prbably also include severance packages that would cost as much or more as the bonuses so firing them, unless you can prove cause, is not really an option.

Are we really naive enough to think they would voluntarily give up the money?

Remember, the whole bailout of AIG is still about keeping foreign investors happy so they don't start calling in debt and walk away.

There might well be some criminal liability to be imposed on those who approved and paid the bonuses.
We're told nothing can be done because these are "contractual" rights.
However, many contracts are illegal and some are fraudulently induced.
So, let's see those minutes of the compensation committee. Let's see the performance evaluations of the beneficiaries whose "excellence" has been so munificently rewarded.

It will get ugly. In the end, you'll find at most a mimeographed sheet of paper with some indecipherable hen scratches and illegible initials on it, as the "basis" for someone's $6 million bonus.

Just like the "deal sheets" in ENRON in the transactions with special purpose entitied. There, some of the sheets didn't even have initials or check marks by any of the relevant boxes.

Again I'll ask : Why does Kash&Karry have any access to the money button?
AIG admitted this weekend that billions of its Tarp windfall was paid over to his old employer, and Paulson's, GOLDMAN SACHS.

Obama is asking the wrong people to "try to get the bonus money back".

He should turn it over to prosecutors from the ENRON criminal cases.

Obviously the cookie pushing lawyers at the Treasury Dept. are, like Prof. Wu who wrote Bush's torture memos as instructed, not going to be able to undo their prior legal memos given Paulson and Kash&Karry authority to do whatever they wanted to do with Tarp funds.

False outrage to deflect from their own neglect and oversight.

The current and last administration are liars and doing everything they can to hide their ineptitude

**

Watching the coverage the past 24 hours, it would seem AIG just made public its plans to give top employees big bonuses. Wrong.

AIG disclosed its retention-bonus program more than a year ago, including bonuses directed to those handling the exotic derivatives that got the company and the country into this mess.

The bonuses were essentially a nonissue when AIG got its initial bailout money, almost $150 billion under President Bush in the two months surrounding the presidential election. Joe Biden, then the vice presidential nominee, came out strongly against the bailout. Obama did not.

Timothy Geithner, then at the New York branch of the Federal Reserve, was a huge proponent and architect of the AIG bailout. So if Obama had strong private opposition to the idea it did not affect his pick for the person who would oversee all bailouts.

The bonuses were again a nonissue when Obama himself increased the bailout to $173 billion last month.

Are you kidding me? Every stinking lib on Capitol Hill needs to be standing not in the well of the House or on the Senate floor, but in front of a firing squad for treason.

Posted by: Vast Right Wing Conspirator | March 17, 2009 1:09 PM

I have to say Vast.....you are truly one of the ignorant. I didn't mind putting my life on the line in Nam for freedoms....but I"m starting to change my views with your unamerican crap. It must bother you that a "lib" faught for the right for you to spew your vile garbage. You are disgusting.

My subgroup at my company profitted $2 million last year, but the entire company lost $1 billion. So, I don't get any kind of raise this coming year...no COLA...nothing. So why should any execs at AIG losing hundreds of $billions collect hundreds of $millions in BONUSES from taxpayers trying to bail them out? Not pay. Bonuses. If the taxpayers had not bailed them out there would be no bonuses. No pay. No AIG. Period.

I've heard rumors that AIG is the overseer of the retirement funds for the Congress and Senate. If true, then it would make sense that AIG was bailed out three times. If it is not true then there must be another explanation! You don't see too many lawmakers getting worked up about it do you?

It's amazing to hear a Republican like Charles Grassley talk sense instead of turning to tired, pathetic ideology, the normal habit of the GOP.

Grassley said what everyone else was thinking. Good for him. You know what would be great right now? If Tim Geithner wasn't treasury secretary. How can the man in charge of the treasury demand accountability of these AIG execs when he, himself, is a tax cheat?

Let me know where the committee is meeting to go down to the AIG building and paint bullseyes on the sidewalk. Jump, jump, jump.

Let me know where the committee is meeting to go down to the AIG building and paint bullseyes on the sidewalk. Jump, jump, jump.

Bill, I wore the uniform for eight years myself, so don't give me that crap. The difference between me and you is that I haven't repudiated my oath to support and defend the Constitution. Those who have, like these lib subversives in Congress and the White House, are guilty of treason, pure and simple. If you're one of those, feel free to take your place in front of the wall.

Get a clue people we need to be angry and rightly so about these bonuses but not at the recipients.

***

Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.9099, 0.1298, 16.64%) bonus recipients so the government could recoup some or all of the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.

The move represents somewhat of an about-face for the Senator.

While the Senate was constructing the $787 billion stimulus last month, Dodd added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax.

The amendment made it into the final version of the bill, and is law.

Separately, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.

Dodd’s office did not immediately return a request for comment.

"This AIG issue is about executive contracts written long ago that may not be able to be legally bypassed. These contracts prbably also include severance packages that would cost as much or more as the bonuses so firing them, unless you can prove cause, is not really an option."

If AIG were to go out of business these contractual agreements would cease to exist. These contracts should have been re-written so that the bonuses are only paid out when the company makes a profit.

This is what Obama's good buddy did

While the Senate was constructing the $787 billion stimulus last month, Chris Dodd added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009” -- which exempts the very AIG bonuses Dodd and others are now seeking to tax.

The amendment made it into the final version of the bill, and is law.

Separately, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org

There wasn't near this level of outrage about Frank Raines and Jamie Gorelick taking $200 million+ out of a failing Fannie Mae PERSONALLY - just the 2 of them. Is it because those 2 were DIRECTLY out of the Clinton White House?

I also haven't heard Obama's outrage at the cost of the GM union contracts and retiree health care.

There's a double standard alright.

The AIG execs owe everyone who pays taxes a round of golf at their clubs, including dinner and drinks. Maybe a day trip on their yachts as well.

Yes AIG is involved in some Govt. plans.

Which is why they're so defensive and evasive when the bailout is criticised in any way.

It's all "contractual". Nothing to see, move along, sheeple.

Hey, I'm all for it and not rhetorically.

The AIG bonuses are completely annoying, but what is really shocking is what they are doing with their bail out money. The USA Today reports today on tens of billions paid out by AIG from bail out funds to foreign banks. If foreign banks are interested in keeping AIG afloat they need to kick in on the bail out. But instead of outrage over tens of billions of taxpayer money going to foreign banks, our president and Congress are too busy yelling from their soap boxes about 160m.

How about we let the Taliban use them for target practice?

BREAKING NEWS: Obama Received a $101,332 Bonus from AIG

On various websites, check it out!!

The difference between me and you is that I haven't repudiated my oath to support and defend the Constitution.
Posted by: Vast Right Wing Conspirator | March 17, 2009 2:26 PM

If you think for one minute that the garbage you spew is defending the constitution I'd have to ask "who's" uniform you wore.

I am outraged by this senator's outrage. This is just outrageous.

When will the outrage end, and when will B Hussein restore hope and change?

Obama appointed Geithner. How can one cheater police all the other cheaters in the business world?

Nice comments, very becoming of a Senator of the U.S. Perhaps the stupid govt. should NEVER have given any of these financial institutions any money at all.

Um, FYI, that was campaign contributions, not a "bonus" ... How much did they donate to McCain at the same time?

....FRAUDULANT BREAKING NEWS: Obama Received a $101,332 Bonus from AIG

On various CONSERVATIVE websites, check it out!! ....

Obama has given plenty of bounses to places like Acorn, unions, ect. What should HE do?

Funds were given to AIG without any constraints. Instead of giving the money to AIG directly, it may have been better to pay off its trading partners on the company's behalf - the real reason the funds were needed to begin with. AIG may not be a going concern regardless of what the government does. If it cannot generate new business then the bail out will also go to fund future operating losses. To learn more go to http://www.newyorkshockexchange.com/content/view/79/37/

Let's see, everybody is mad at AIG for acting like AIG. The time to worry about the bonus was BEFORE throwing truckloads of money at them.

Obama should not have given AIG anything. Obama should not have borrowed anything.

Perhaps I should go easier? I have more experience in management and finance than Obama. The presidency should not be an entry level job.

Sen. Charles Grassley and the rest of Congress should cut down government expenses in half or commit suicide.

Stalin had the right idea. Sometimes you just have to line up the B*******ds and shoot them.

Senator Grassley helped Bush ruin our economy. Grassley should commit suicide. Lead by example.

Who said BEST employees? These bonuses went directly to execs in the derivitives division, who came up with the schemes that have almost toppled economies of all developed countries. Yes, suicide is over the top. But their names should be published, and I like Senator Dodd's proposal that the bonuses be taxed at 90%. Congress doesn't have the power to void the contracts -- but they do have the power to pass a very, very selective tax increase. One exec got a $6.5 million bonus, then quit!!

If you don't like how they're spending the money, maybe you should have been a little more particular when you voted on a bill to give them that money in the first place.

Whether or not these bonuses were "pre-approved" or not, the fact that AIG proceeded to dole them out despite the incredibly poor outcome which resulted by the work produced by the recipients is an insult to the government who bailed them out, and the citizens of this country who are the victims of AIG's incompetence and foolhardy ventures.

Grassleys comment reflects the frustration with the attitude of the ME crowd that run many of the major corporations.

"Are you kidding me? Every stinking lib on Capitol Hill needs to be standing not in the well of the House or on the Senate floor, but in front of a firing squad for treason."

Posted by: Vast Right Wing Conspirator | March 17, 2009 1:09 PM

WOW! Just WOW! You must be one of the followers of Moses Beck with his "Glenn Commandments". Why is it always the right wingers who advocate violence over political differences? Chuck Norris wants to be President of Texas - sounds seditious to me, not at all like a patriotic American. Pat Boone wants to be "installed" as President after Obama is FORCED to resign. Sheesh! Y'all shure like to bully and bluster, even when you've been soundly defeated at the polls. Your ideology of deregulation and helping the rich hasn't worked. In fact, the results are looking REALLY SUCKY right now. Thanks Phil Gramm, thanks a hell of a lot.

Regarding those who are confused and accusing Grassley of being a liberal Democrat, think again, he is a religiously conservative Republican from Iowa.

BTW - Rush is ALL ABOUT defending these guys "right" to this money. Just as he was all about how the UAW should roll over and play dead in the bailout of the automotive sector. Apparently SOME contracts are more equal than others. He was even deriding a listener for not making $250K+ in salary, telling him he could make that kind of money, he JUST WASN'T WORKING HARD ENOUGH LONG ENOUGH. What a bunch of elitist BS. The man is completely out of touch with reality for most (hopefully) working Americans - people who are HAPPY if they can bring in $35K per year.