As the administration scrambles to dodge the fallout generated by the revelation that AIG paid out over $165 million in executive bonuses, it may want to first check the language of its much-ballyhooed $787 billion stimulus package. For amid the thousands of pages of DC-style pork, a seemingly harmless loophole was inserted exempting TARP companies from prohibitions on paying bonuses contractually obligated before February 11th of this year.
And just who was responsible for insertion of this moral outrage? Why, that would be Senate Banking Chairman Chris Dodd, darling of the AIG lobby.
Perhaps President Obama may want to reconsider resurrecting that campaign pledge to sunset legislation before signing.
HT: National Review Online
Tuesday, March 17, 2009
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