by Rebecca Cole
Looks like President Barack Obama is escaping some of the populist heat generated by the AIG bonus controversy.
According to a USA Today/Gallup poll, a majority of Americans -- 54 percent -- are satisfied with the way the president has dealt with the issue. But Congress and Treasury Secretary Tim Geithner aren't so lucky; 65 percent of Americans said they are not satisfied with the way Congress has handled the drama while 54 percent say Geithner's actions come up short.
But AIG executives are the biggest losers. Eighty percent of Americans blamed the company's management team for doling out $165 million in bonuses after the insurance giant received nearly $30 billion in taxpayer handouts.
Amid finger-pointing last week between Congress, Treasury and the Federal Reserve about who knew about the bonuses and when, and who authorized a provision in the $787 billion stimulus bill that opened the door for the bonuses to be paid, Americans also expressed unsatisfaction with Congressional leaders and Geithner.
Three in four Americans said the government should recover the money, according to last week's instant Gallup reaction poll. Yet they are not sure how to do that. Only 25 percent agreed with the House provision that would heavily tax the money; a slighter higher percentage -- 27 percent -- said AIG bonus recipients should voluntarily return the money. Twenty-six percent did not favor new laws, instead saying pursuing a legal route would be the better option.
Only 7 percent of Democrats said the money should not be returned, compared with 19 percent of Republicans.
One AIG executive, Jake DeSantis, has taken matters into his own hands, sending a letter of resignation to AIG CEO Edward Liddy that appeared as an op-ed piece in today's New York Times. (The Swamp's Frank James wrote about it earlier today.)
In the letter, DeSantis said he would donate all of the after-tax proceeds of his $742,000 retention bonus -- which may end up to be far less if Congress passes its proposed 90 percent tax -- "directly to organizations that are helping people who are suffering from the global downturn."
In last night's nationally televised press conference, Obama appeared testy when he was pressed by CNN reporter Ed Henry on why he waited days to express outrage. "It took us a couple of days because I like to know what I'm talking about before I speak," Obama said.
Earlier in the day Obama's administration unveiled a proposal for the government to have the authority to take over and restructure troubled corporations such as AIG that threaten the entire health of the financial system.
"It is precisely because of the lack of this authority that the AIG situation has gotten worse," Obama said.
Comments
Please add interest when talking about $787 billion. It's not 787, it's 787+ interest.
And a simple point that's never mentioned. AIG and other Private companies, DON'T have the ability to give OUR tax dollars away. If you think so then go back to school.
AIG, the Financial industry, Detroit (car bailout).... etc, can go to Congress to ask for money, but THEY cannot take the taxpayer money. Who gives away taxpayer money, Congress. Congress are the mothers in this entire deal, from creating bills, not reading the bills to not knowing what's in them, to then vote on/pass and have signed by the President.
CONGRESS gives our money away and no-one else.
Please write an article on Congress giving OUR money away.
Posted by: PG | March 25, 2009 12:50 PM
This President won't be blaimed for AIG.
But the Treas. Secretary may well be.
Posted by: ornery | March 25, 2009 1:28 PM
How stupid are the people of this country?
Who appointed Geithner?
What group approved the bailout?
What the poll results show is that Obama is suffering a decline in public support as witness by his treasury numbers.
The public is not stupid, Obama is likeable, but that likeablity wanes after a time.
The tide is turning despite the propaganda churned out by the White House.
This country is not a Hollywood set and the Obama team is trying to manipulate the public through vignettes and settings that are sought to soothe and quiet the rumblings from the masses.
Directing the public's anger toward others, rather than Obama, can not be sustained.
The debris will land where it belongs...on the current administration and their plans, as well as, the dominating party in congress.
Posted by: rupp | March 25, 2009 1:43 PM
All this poll tells you is how truly ignorant much of the American populace is...or how their news sources let them down in favor of stories about toned arms, play equipment and the dog-that-will-never-happen.
Posted by: Norton | March 25, 2009 1:46 PM
When are the media going to ask Obama when he plans to return his $160,000 campaign contribution from AIG? Sure, the Bama wants all the AIG guys to give back their bonuses, but when are he, Chris Dodd and the other big cat Democrats going to give back the mega-buck they got from AIG? And more important, why won't the media ask the question?
Posted by: Danvers | March 25, 2009 1:49 PM
Danvers, the media won't ask because they are largely in the bag for Obama. They will cover up for him as much as possible, with the Chicago Tribune his chief PR agency.
Posted by: John D | March 25, 2009 2:30 PM
It sounds like you mean - dangit, he got away, Rebecca.
Posted by: kravitz | March 25, 2009 2:34 PM
Newsflash for all of you, outraged "tax-payers".
5% of American top earners - riches - pay 70% of all taxes. Do the math. Families making less than 50K a year are actually subsidized by the very people majority of you villify. So it is definitely not YOUR taxpayer's money that has been going into bailout. It was your irresponsibility - borrowing and borrowing more on what the smarter and more successfull HAVE earned and HAVE paid their taxes for - and now you are crying foul because your game is up? When Wall Street sneezes Main Street has an epidemic. Just deal with it.
Posted by: FromWallStreet | March 25, 2009 6:30 PM
"It took us a couple of days because I like to know what I'm talking about before I speak," Obama said.
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I loved this quote by BO. The implied statement was that Attorney General Cumou doesn't think before he speaks.
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I like the fact that BO is backing away from this 90% tax rate - the first windfall tax passed by Pelosi and Reid. BO will be smart to veto this if it ever gets to his desk.
Posted by: Terry | March 25, 2009 7:55 PM