Obama’s AIG Circus Comes To Town
Ringling Brother’s Barnum & Bailey Circus has it’s first serious competition in years. President Obama has an semi organized circus group that is about to open their three ring acts for us all to witness. An AIG high wire act will be the centerpiece of the first performance. The legendary clowns such as Bozo, Clarabelle and Emit Kelly are about to have their memorable acts eclipsed by a new cadre of clowns performing in Washington.
The opening clown skit will consist of the classic finger pointing routine designed to set the scene for an expected fall from the wire by the recipients of AIG bonuses. Barney Frank will lead the finger pointing act supported by the Ring Mistress Nancy Pelosi. There is no doubt that the three circus rings will be filled over the next few weeks. Frank will be joined by Geitner, Bernanki, Edward Libby, Pelosi, Wrangle, Cuomo, Dodd and a cast of hundreds.
Barney Frank has expressed his outrage that bonuses have been paid to AIG executives that were involved in the companies fall from grace. I share some outrage but direct mine in another direction. How could Representative Barney Frank, the Massachusetts Democrat and Chairman of the Financial Services Committee approve a Bill that contained a section inserted by Senator Christopher Dodd that exempted the bonuses protected by the AIG contracts. Dodd the Connecticut Democrat, is Chairman of Senate Banking Committee. Who are these people kidding. Read your Bill! You wrote it. Didn’t you?
Frank made statements establishing for all to note that he represented the government’s 80% ownership position and expected to exert that majority ownership authority to recover the bonuses. Oh Boy! Frank running AIG? That is not going to be a pretty picture. If I were Edward Libby who is working, for a dollar a year, to try to straighten out AIG, my appearance before Frank’s committee would include a notice of resignation.
AIG was until recently a legendary company built and run by Hank Greenberg an amazing man. Greenberg ran the company almost like a Mom and Pop candy store. He knew where every jelly bean was and which flavor made the most money. Greenberg was criticized for not developing a strategy to ensure management after he left the company. He left a little earlier than expected thanks to then Democrat NY Attorney General Elliot Spitzer. Spitzer targeted Greenberg as part of a witch hunt which was being directed at a number of successful corporate giants. They were tools in the Spitzer project to become governor of New York. Greenberg’s resignation at AIG resulted from the unproven Spitzer allegations concerning financial irregularities. Spitzer became governor.
Spitzer has become a legendary figure in his own right. He resigned as Governor of NY when it was discovered that he was overspending on irregular activities.
The AIG mess is part of the tangled web that is created in a search for political power This web was started by Spitzer, now picked up by Frank, Pelosi, Dodd, Geitner and the others who are demonstrating their lack of administration capability or experience. If they were experienced in management operations they would call up Hank Greenberg and bring him in as a Consultant with the required powers to help Edward Libby straighten out this aspect of our economic problems.
It won’t happen and the reason is that a move like that would not be politically expedient in helping the administration reach it’s ultimate goal, which is to expand control over our nation’s business structure.
We must now sit back and watch the opening of the circus act attempting to get back the AIG bonuses. Perhaps along the way someone will take time to read the Stimulus Bill and it’s various provisions. That would be a good first step in administering a Stimulus.
Watching this I can’t help thinking- Does anyone really think this gang should be revising and running the Nation’s Health System?
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Excellent article! It is hard to believe that this Carter lite administration and bozos like Elmer Fudd,Princess Pelosi and Dodd ,the drunk, ever got into a position of power.