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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. 


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