A.I.G. executives received bonuses after threatening the nation's economy. Hello? Even the Queen of Hearts must be scratching her head. Since when is incompetence rewarded with a bonus? Short answer: When the incompetents guard the hen house, the piggy bank, the cookie jar, etc.
President Reagan said government should to be removed from people's back, and security regulations started to dwindle away. Executives, (no fools they) discovered a money free-for-all, building empires and granting themselves year end bonuses. People had access to easy credit cards, started running up charges, paying only monthly interest fees.
Then interest fees headed skyward. Feeling the pinch, lending institutions needed a bailout, flew to D.C. in corporate jets and asked for help. Hello? Corporate jets? No one expected them to spring wings or hitch-hike, but corporate jets? That should have been a clue.
Aware of their sticky fingered history, Senators Olympia Snow of Maine and Ron Wyden of Oregon added an amendment to the economic recovery package that specifically prevented A.I.G. from distributing bonuses to their executives.
Treasury Secretary Tim Geithner, (same guy who didn't know he was suppose to pay tax on money earned while working in a foreign country, and tried to use the statute of limitations to skip previous payments) prevailed upon Senator Dodd, (head of the Senate Banking Committee) to remove the Snow-Wyden amendment from the bailout package. Quicker than the Queen of Hearts could say, "Jack Flash," it was signed into law by the White House, and A.I.G. executives got their bonuses.
President Obama says that the buck stops with him. Says he is stunned. He is outraged. He takes full responsibility. He is the one in charge. It is the audacity of abuse! Brave words. Words have meaning. Words require action. More action than a visit to the Leno show to pronounce his stunned-om.
People had dreams. People's dreams have vanished. People lost their homes, their retirements, their health care, their futures. People are hurting and Treasury Secretary Tim Geithner had the Snow/Wnyham amendment removed from the bailout package to protect the bonuses for A.I.G. executives.
It's time for Sparky to walk the plank.