Sunday, March 29, 2009

Pitch Forks and Forked Tongues

For awhile now I've been suggesting the recipients of the "bailout bonuses" aren't necessarily the bad guys. This morning on Meet the Press David Gregory repeatedly asked Timothy Geitner, why, if he knew of the bonus plan at it's inception when he was still with the Fed, did he not object rather than feigning anger so far after the fact. Geitner never answered the question. No surprise there. Never stray from the administration's talking points.

As distasteful as the whole AIG mess has been, it is but the tip of the iceberg and shows what a bunch of hypocrites we have holding the reins. According to Newsweek , five major TARP recipients made campaign contributions to members of committees overseeing the TARP program since the administration came to power. You know, the ones in front of the cameras expressing their outrage.

Two of those receiving the contributions are House Majority Leader Steny Hoyer and GOP Whip Eric Cantor. This is the first real sign of bipartisanship I've seen!

The rationale is that this money doesn't actually come from the company, but rather it's employees. This is how it works. The company has a political action committee (PAC) to which the employees are strongly advised to contribute. Therefore it is employee money. The problem, as I see it, is the employee has no say as to where the money goes. To me that makes it, technically, a corporate contribution of employee funds.

Hoyer's office said accepting such contributions is legal and "policy". Pelosi and Frank have said they won't take money from TARP recipients but, the article goes on, House fundraisers have said that "down the road" they will resume accepting them. Right. As soon as it's back under the radar!

This is not how I envisioned the pay back would work. I would have thought the money would go back into the treasury coffer; not campaign coffers! It indicates to me we do indeed have the best Congress money can buy!


Anonymous said...

As well as the best reps that could buy Congress! CU

Sylvia K said...

No one says it better. I can't even keep track anymore, it's all just become more babble saying nothing.

cconz said...

After reading the latest on bacchus, It brought back some not so fond memories. I know how gut-wrenching it is. There is always a sick feeling in your stomach. On the outside your fine but, under it all there is that Thing digging at you. I feel your pain.

Linda said...

This is a very good post. I think I'm finally ready to join in the chorus of "throw the bums out."

Word Tosser said...

it isn't the corp who is paying, it is the employee's who are.. is worse yet. Having been on the end of one of these deals but over United Fund...I can tell you, it isn't the CHOICE of the employee. It is your job, or valuation that will be effected if you don't agree. Been there, did that.
so to say well, the employees did it, is worse, so the corp isn't big enough to do it... and stand ?proud? they force their employees.

June Saville said...

The actions of those characters are indefensible. It must be so frustrating for you guys. As it is in all countries affected - we're even further from the villains.

Margie's Musings said...

I've been gone three days. How is Bacchus doing?