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Friends Like This…Who Needs Enemies

Posted by Larry Doyle on March 19, 2009 12:36 PM |

Senator Dodd did not exactly fall on the sword for the Obama administration as Bloomberg reports, Senator Chris Dodd Blames Obama Administration for Bonus Amendment.

The very legislators who rushed through the Stimulus Bill, which included provisions to prevent AIG-like bonuses, are now railing and pandering as never before.  Who are these politicians? Nancy Pelosi, Harry Reid, Barney Frank, Chuck Schumer, and many more. Treasury Secretary Geithner Vows to Recoup AIG Bonuses as Lawmakers Express Fury.  Geithner himself feigned ignorance of his knowledge of these AIG payouts. 

What do we learn from this sort of political circus?

1. A growing lack of confidence in our political process and political leaders. Do not forget that the Stimulus Bill addressing government sponsored compensation in private business was rushed through without a full hearing or reading by our legislative bodies. That travesty is an indictment of our process and our political leaders who allowed it to happen.

2. Our government loses credibility in the world community. Rightly or wrongly, a lack of consistency and integrity in our political process generates a lack of respect in the world community: IMF Criticizes Geithner Plan as Lacking Details.  

3. As a result, the firestorm that has developed detracts from the attention and focus the administration and Congress should be directing to the whole host of issues on their plate. Where’s President Obama? Headed to an interview with Jay Leno!! Are you kidding me??!!

4. I think Dodd specifically knows this issue will be a political noose through which he may be hung in his 2010 election campaign. 

5. Companies such as Northern Trust and JP Morgan – which were forced to take government money – should not be subject to government compensation controls. Entities like Citi and AIG certainly should be subject to government compensation controls as they are effectively government owned entities.

If it weren’t so pathetic, it would be comical. 


  • Andy

    Great post LD: this is unbelievable…. So much for “taking responsibility” …Huh?
    These people are not serious; the BO Adm. is campaigning selling his budget and sending his army (no kidding–see links below)
    to knock on people’s door and tell them their
    salvation depends on their (blind?) support of all the Gov. spending policies.

    You know: if Geithner, Summers or POTUS would have addressed the Nation like adults and explained line by line in a reasoned and well founded manner 50% of what they are doing, I wouldn’t mind the campaigning. But they haven’t done that, I believe they don’t even know the fine print of the
    humongous bills they have already signed!

    Sheila Bair said to Congress that the government’s strategy in the financial crisis of bailing out huge institutions deemed “too big to fail” must end and be replaced by a new model.

  • Larry Doyle


    Thanks for the plug and the links. It is astoundingly obvious that neither the administration nor Congress has a real handle on the ramifications of their actions. As a result we end up with poorly written and enacted legislation. The costs, both real and perceived, endure and impact our confidence and economy.

    Thanks for the link to Sheila Bair. She does not get the focus she deserves.

  • Nancy

    Nice site — I linked from NQ. Great post here and also above on the Kangaroo Court

  • Larry Doyle

    Nancy…Thanks for visiting and for your plug. Larry Johnson and everybody at NQ are great. I launched this site as I had all sorts of material I wanted to deliver.

    I am glad you like the site and my writing. I look forward to having you back.

  • lizzy

    This crisis is revealing our lawmakers to be even bigger idiots than I would have imagined. I can’t believe their denials, twists and tumbles as they attempt to evade responsibility, and of course the O on Leno.

  • Larry Doyle

    In many respects they are afraid of their own shadows. Who said, “if you always tell the truth you do not have to worry about your memory.” In the midst of this scenarion we have Dodd and Geithner claiming they do not recall or never knew.

    Truly pathetic.

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