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Posted by: Progressive 9 months, 2 weeks ago

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Progressive9 months, 2 weeks ago

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The company and some federal regulators have said it was obligated by contract to make the payments. NY Atty. Gen. Cuomo said the bonuses might have been fraudulent if AIG officials knew the company couldn't afford them.

http://www.msnbc.msn.com/id/29739834/

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  fishifanb9 months, 2 weeks ago
  
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  Contracts are not enforcable when they are against the public interest. Legalistic arguments like the one you make seek to avoid the fact that these payments are ethically wrong and the contracts requiring them could, very likely, be declared null and void by a court.
  
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    crghss9 months, 2 weeks ago
    
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    "Contracts are not enforcable when they are against the public interest."
    
    Sorry but not the case. But if they would made stipulation to the company BEFORE they gave them money maybe we could voided the contracts. But once they got the money and dispensed it. To late.
    
    Chaos, pure chaos.
    
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    ybdogsct9 months, 2 weeks ago
    
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    Odd that you provided no links to the actual legislation.
    
    http://mediamatters.org/items/200903170026
    A March 17 FoxBusiness.com article reporting on an amendment that Sen. Chris Dodd (D-CT) added to the American Recovery and Reinvestment Act featured the false headline -- subsequently posted by the Drudge Report -- "Amid AIG Furor, Dodd Tries to Undo Bonus Protections He Put In."
    Additionally, Fox News anchor Trace Gallagher falsely claimed that Dodd "created a loophole that allowed AIG to give out these bonuses."
    
    And Rush Limbaugh falsely asserted on the March 17 edition of his radio show that Dodd's amendment provided an "exemption from any limits on" contractual bonuses agreed to before February 11.
    
    In fact, Dodd's amendment actually limited bonuses; it did not add 'protection' for bonuses or 'create a loophole' without which the bonuses could not be paid. Nor did it provide an 'exemption from any limits' on bonuses agreed to before February 11 ."
    
    http://www.govtrack.us/congress/amendment.xpd?sess...
    http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi...
    http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi...
    http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi...
    
    http://www.businessinsider.com/republicans-try-pin...
    "There's no evidence that Dodd specifically inserted this provision to help AIG, though that'd be a big story if it emerges. We'll keep an eye on this, but don't expect it to amount to a whole lot."
    
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      Progressive9 months, 2 weeks ago
      
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      Thanks so much for providing those links, ybdogsct!
      
      The Fox report never made any sense, given Dodd's latest statements, and the fact that the disinformation was disseminated solely by the usual right wingnuts was an indication that they were engaging in their usual obfuscation.
      
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      lovemylibs9 months, 2 weeks ago
      
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      From your media matters link, here is the bill modification in question:
      
      "The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary [of the Treasury] or the designee of the Secretary"
      
      President Obama signed his name to the bill that contained this language.
      
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  rockymeet4 months, 1 week ago
  
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