I was able to view some of the inquisition that the Congressional House Financial Services Subcommittee held with the head of AIG, Mr. Libby. A little history first. The government asked Mr. Libby to come out of retirement and help manage AIG and work to wind down all of the bad debt and recoup the taxpayer’s money. Mr. Libby answered the call, came out of retirement and is working for one dollar – $1. Oh, by the way, Mr. Libby had nothing to do with the AIG problems and never worked there.
You might ask what’s his reward from the Congress for his service in trying to manage this AIG mess, which no one in the administration is eager to touch? Well, he was treated like dirt at the hands of a bunch of pompous, sanctimonious, incompetent congressmen and women. Here we had the biggest grandstanding bunch of phonies that the congress could muster together. Some of these windbags bragged how they were former lawyers and wonder how such contracts could be written. Hello, that’s what lawyers do for a living, write confusing and stupid contracts.
It’s time that someone investigates these congressmen and women in their utter incompetence and their negligence in this AIG mess. After the hearing it was revealed that Christopher Dodd, chairman of the Senate Banking Committee and one of the prominent faces of the Democratic Party, is scrambling to explain how a loophole ended up in $787 billion legislation that allowed the condemned bonuses to go forward.
A clause in the $787 billion economic stimulus plan approved by Congress in February capped bonuses for executives at companies getting federal bailout aid. A one-paragraph provision tucked into the thick bill modified the cap to apply it only to future bonuses, not those that might have already been legally contracted. This had the effect of allowing the $165 million in American International Group Inc bonuses to go forward. Voila, the villain in this “Bonusgate” is exposed. It’s Chris Dodd and all of the members of congress that voted for this stimulus bill that they didn’t have time to read.
It’s time to impeach, recall and term limit the Congress for failing the people of the United States.