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Kissing or Kicking the Fanny of Fannie and Freddie?

April 7, 2009
John Lillpop

President Barack Obama displayed a goodly bit of presidential wrath last month over bonuses to be paid to AIG executives after the insurance carrier had accepted over $170 billion dollars in corporate welfare from American taxpayers.

Recall, please, Obama’s hell and brimstone oratory of March 16, reported in part by CNN:

“President Obama said Monday he will attempt to block bonuses to executives at ailing insurance giant AIG, payments he described as an ‘outrage.’

‘This is a corporation that finds itself in financial distress due to recklessness and greed,’ Obama told politicians and reporters in the Roosevelt Room of the White House, where he and Treasury Secretary Tim Geithner were unveiling a package to aid the nation’s small businesses.

The president expressed dismay and anger over the bonuses to executives at AIG, which has received $173 billion in U.S. government bailouts over the past six months.

‘Under these circumstances, it’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. I mean, how do they justify this outrage to the taxpayers who are keeping the company afloat?’ ”

The story continues …..

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