Had a long drive back from a mediation yesterday so I began flipping through the radio dial looking for a political show to listen to. I settled on Rush Limbaugh, someone I have rarely listened to since he first came on the air years ago. Limbaugh's topic of the moment was the AIG bonuses. He declared that the public wasn't really angry about the bonuses and railed against the Obama administration for starting to question those bonuses.
Huh? If Limbaugh is, as some Democrats have claimed, a spokesman for the Republican Party, he's doing a terrible job. Yes, the American public is angry about the bonuses, and rightfully so. Billions of taxpayer money was used to bail out the failing AIG because it was deemed"too big to fail." Then the company then turned around and handed out turn around and hands out $165 million in bonuses. The public is not so stupid that they can't make the connection between their taxpayer dollars bailing out the company and the bonuses being handed out.
But we are told that the bonuses are "contractual obligations" that have to be honored. There is a pending $30 billion dollar bailout installment pending. That's pretty good leverage. Threaten to cut off that installment and let's see how quickly those "contractual obligations" get modified. It will happen. Trust me.
See also: Excessive CEO Pay (9/30/2008)
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