Tuesday, March 17, 2009

Is Breaking Someone's Thumbs a "Legal Avenue?"


Briefly, on Obama vs. AIG.

AIG was/is broke, and has accepted large sums of bailout cheddar in order to stay afloat, only to turn around and issue about $165 million in executive bonuses under "contractual obligations."

Obama says no dice, fool. He's encouraging his man in the field, Timmy "Asthma" Geithner, to pursue "every legal avenue" to make sure that these people can't pay these bonuses.

It's quite the pickle.

The President is still trying to stimulate the economy but let the businesses play ball. But these businesses — the executives of which by the way, haven't really proven themselves to be, how do you say, good at their jobs — are refusing. Admittedly, their CEO Libby has bitten the sacrificial bullet, taking a tremendous pay cut to one dollar, but that's about $164,999,999 too little of a cut, says most.

The government already took over one bank, Citigroup. I don't think they want to take over another (although they already own a measly 80 percent of AIG). Then we're getting into some pretty serious territories over government control of businesses, more socialist angst, etc. etc. Even with their controlling stake, politicians are put off about just what to do.

This fellow from The Daily Beast has a pretty neat idea: Why doesn't Obama just ask them to forgo their bonuses? Not threaten with pseudo-legalese, or make them criminals in the public eye, but simply ask them because their country needs it. The author points to the need for sacrifice that is apparent during war times, and equates the current climate to economic warfare.

Obama is set to go on The Tonight Show with Jay Leno on Thursday, the only sitting President to do so, and likely one of the only Presidents who can garner enough public appeal to make a pleasant appearance. Don't expect any shoe tossers. Here's where Obama will be at his best: Outside of politics, drumming up public support for his economic vision.

The point is this — Don't expect AIG to win verses the President. In fact, it'd be best for everyone if the two just found a common ground. But so far, neither have budged. Obama might be able to take a graceful offensive; Use his best weapon (public appeal) to wrap his arm around the shoulders of AIG and give them a hug. Or a squeeze?

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