So president Obama tells jay Leno on the tonight Show that he was shocked to find out about the AIG bonuses. It reminds me of the great line in Casablanca when Captain Reneau closes down Rick's place because he is "Shocked, Shocked to find out that there is gambling going on there." At that point, one of Rick's employees, Sasha, comes up and hands the good Captain his winnings.
How can Obama believe that he can get away with the this? Anyone who paid the slightest attention to the various bailouts knew that there would still be bonuses. And so what. If the retention bonuses had been paid as higher base salaries all along rather than a bonus on a date and in an amount fixed by contract, no one would look twice at them. The bonuses that really are annoying are the performance bonuses given to folks who led their companies into disaster (like those at Merrill), not the one who agreed to stay on so that the company could unwind unwise positions (like those at AIG). Obama knew, without a doubt, all about these bonuses. If, in fact, he were truly surprised to find out about the bonuses (rather than his actual surprise at the anger of the American people), then he is even more incompetant than he has appeared to date (and that is truly saying something major).
Oh well, only three years and ten months to go. I hope that the US can survive this.
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