According to Politico, CNN’s Dana Bash and Ted Barrett reported yesterday on how the $800 billion Stimulus bill managed to not only protect AIG’s bonuses; but a provision that would’ve prevented the executive bonuses was stripped. The obvious question is why these protections were put in place by Congress for AIG’s executive bonuses? A stunning comment from Senate Finance Committee Chairman Max Baucus (D-MT) says it all:
Frankly it was such a rush — we’re talking about the stimulus bill now — to get it passed, I didn’t have time and other conferees didn’t have time to address many of the provisions that were modified significantly.
So not only did the rush to pass an $800 billion Stimulus bill cause the situation outraging America right now, but Senator Baucus has readily admitted that there could be a whole slew of incompetence buried in the stimulus bill. The time has come for Congress to take a second look at this $800 billion Stimulus bill and decide what parts they can rescind before they do anymore damage.
It should be noted that Senator Baucus called for “the highest excise tax we can impose that will stand up in court” for the AIG executives who followed Congress’ direction. Who will be the next American put on the ‘enemy’s list’ for doing exactly what Congress told them to do?