Bonus frenzy | Arkansas Blog

Tuesday, March 17, 2009

Bonus frenzy

Posted By on Tue, Mar 17, 2009 at 6:14 AM

A Democratic congressman says the Obama administration had the power to stop the AIG bonuses, but didn't move expeditiously.

Fascinating, if complicated. And not good for the administration. But it runs deeper.

But [Rep. Brad] Sherman also counseled wariness, as the nation gives in to expend anger over AIG's bonuses and largely ignores the weekend disclosure of the large banks who benefited because of their status as AIG counterparties in credit default swaps deals.

"Arguably, this thing with bonuses is a red herring they're throwing at us [to distract from what AIG] did with the $170 billion" they've received from the U.S. government, Sherman said. "The bonuses are chump change compared with what's going to the uninsured counterparties."

It doesn't matter, by the way, that the AIG bailout was the work of the previous administration. Obama owns it now.

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