BOB CASEY’S WHINING GUTLESS LETTER TO AIG
Bob Casey’s office sent me a copy of the letter he wrote to AIG. It is also posted at his website. It makes an art form of gutlessness and cowardice.
March 17, 2009
Mr. Edward M. Liddy
Chairman and CEO
American International Group, Inc.
70 Pine Street
New York, NY 10270
Dear Mr. Liddy:I write today to convey my outrage over American International Group’s (AIG’s) payout of $165 million in bonuses to executives in its Financial Products division. As you know, this unit wrote trillions of dollars of credit default swaps, leading to the near collapse of AIG and necessitating the infusion of $170 billion in federal assistance. Under these circumstances, it defies all logic that these executives deserve to receive millions of dollars in performance-based bonus payments.
As the company faced imminent collapse, the government assumed an 80 percent stake in AIG. Accordingly, its new owners- namely taxpayers- have a right to know how their money is being spent.Therefore, I ask you to provide detailed information regarding the performance of all executives in the Financial Products division receiving bonuses, including specific information about their involvement with credit default swaps and other risky derivatives. Echoing the requests of the New York Attorney General, I believe AIG must provide a list of payment recipients, position, job description and summary of performance at AIG financial products.
Let me be clear—given AIG’s reported a loss of $61.7 billion for the final quarter of 2008, I find it inconceivable that these bonuses could be warranted based on any fair or rational metric of executive performance. However, I also understand that contracts are in place that may require these bonuses to be paid notwithstanding AIG’s recent dismal financial performance.
While it is questionable whether AIG exercised reasonable judgment when it entered into these contracts in early 2008, I recognize this is now water over the dam. It is unquestionable however that payment of these bonuses would lavishly reward some of the very individuals responsible for the near collapse of AIG. This action would be a direct insult to taxpayers who have contributed $170 billion to avert this collapse and are now the company’s owners.
Considering these facts, I think it appropriate that executives in AIG’s Financial Products division be asked to forgo their bonuses. If they are unwilling to do so, they should be fired. The taxpayers cannot trust those who profit from their own poor decisions to effectively turn around the company.
Thank you for considering my requests. I urge you to act quickly. AIG’s survival is contingent on the support of the American people. Without swift action on your part, I fear that we will no longer be in a position to provide future assistance.Sincerely,
Robert P. Casey, Jr.
United States Senator
Translation: I am very upset with you for taking my lunch money, but not brave enough to actually do anything about it. Would you please consider not giving me a wedgie during gym class today?
Seriously, is there anything more pathetic than this? If I was Ed Liddy, I’d use Boob’s letter as toilet paper. Look at the mewling, cowering language. “I ask you to provide the information”. “I understand [you say] the contracts must be honored [and who am i to deny that]“. Is this the representation the people of Pennyslvania, who rose up nearly 235 years ago against the king stealing their hard earned money, have come to expect?
Here’s the letter Boob would have written if he had any genitals.
March 17, 2009
Mr. Edward M. Liddy
Chairman and CEO
American International Group, Inc.
70 Pine Street
New York, NY 10270
Dear Ed:Let me be blunt with you. My constituents are already calling for your head, and this news about your decision to use their taxpayer dollars to pay bonuses to the clowns in your Financial Products division, which brought down our economy is too much for them, or me, to take. Please understand that i am going to undertake swift action to make sure you are replaced.
That’s right: the US government, on behalf of the taxpayer, owns 80% of YOUR company. That’s called “a controlling stake”, and you have about 24 hours to begin toeing the line, or I’m going to have your sorry ass fired: no job, no retention bonus. Howdoya like THEM apples, Ed?
Effective immediately, I DEMAND thAat you to provide detailed information regarding the performance of all executives in the Financial Products division receiving bonuses, including specific information about their involvement with credit default swaps and other risky derivatives. If you miss one, I’m going to see to it that you’re not only fired, but publicly shamed.
Let me be clear—given AIG’s reported a loss of $61.7 billion for the final quarter of 2008, I find it inconceivable that these bonuses could be warranted based on any fair or rational metric of executive performance. As for your contracts, we saw to it that the UAW had to tear up THEIR contracts if they wanted just a fraction of what we’ve lavished on YOUR failure of on industry. Do NOT think we won’t do it to you too: you’ve ruined the lives of thousands of my constituents, and I would be only too glad to put you in the poorhouse as well.
You have 24 hours to do the riught thing Ed. I urge you to act quickly. AIG’s survival is contingent on the support of the American people. Without swift action on your part, I fear that we will no longer be in a position to provide future assistance. Do NOT try me.
Sincerely,
Robert P. Casey, Jr.
United States Senator
But of course, Boob can’t write this letter. He’s one of the idiots who voted for a mandate free bailout. In fact, his office told me specifically that if mandates were included, the banks wouldn’t want to participate. So all he can do is beg the guys at AIG to stop stealing our milk money. It’s like George McFly versus Butch if “Back to the Future” had never happened.
March 19th, 2009 at 10:23 am
Hello…McFly? Boob has the cover of all of the other quivering losers in Congress to protect him. It’s amazing how they have survived this long. I guess there is safety in numbers, if the numbers are willing to stick together.
I’m sick of the wimpy language too. They take us for fools, we rise up in protest, then they spin us around and around. Weeeeee!
Barf.