
by: Bill Dupray posted: 2009-03-19 16:04:00
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According to Open Secrets, Virginia Democratic Senator Mark Warner received $5,000.00 in campaign contributions from AIG in the last election cycle, and is the only sitting member of Congress from Virginia to do so.
We contacted Senator Warner's office yesterday to confirm whether the contribution had been received, and if so, whether he intends to return the money. Warner's Communications Director, Kevin Hall, could not confirm or deny the contribution, but said he would look into the matter. Despite another message left for Mr. Hall today, the Senator's office has not responded.
Senator Warner issued a press release and letter on Tuesday blasting AIG CEO Edward Liddy for having the temerity to pay $165 million in bonuses out of taxpayer bailout money.
SENATOR WARNER JOINS COLLEAGUES IN DEMANDING REPAYMENT OF AIG BONUSES~ Criticizes bonuses as "unconscionable" and "morally unacceptable" ~
Senator Mark R. Warner today joined his colleagues in demanding that AIG Chairman and CEO Edward Liddy renegotiate contracts that include $165 million in taxpayer-financed bonuses to employees who were in part responsible for the insurance giant’s near collapse.
The letter pledges additional action if AIG fails to act, including legislation that could impose severe tax penalties in order to recover the bonus money.
"It is simply unacceptable that these executives would expect American taxpayers to finance these retention bonuses after AIG accepted more than $170 billion in US government funding," Senator Warner said.
"If AIG officials do not step up and do the right thing by finding a way to cancel these contracts, Congress will take swift action to make sure the taxpayers are not subsidizing these extravagant and unacceptable bonuses."
As a member of the Senate Banking Committee, Senator Warner is continuing to work with his colleagues on legislation that will impose rational regulations and restore accountability to Wall Street practices.
In light of the fact that the stimulus bill, which Senator Warner voted for, explicitly permitted the bonuses, it seems that Liddy was simply following the law. The outrage expressed by those on Capitol Hill is starting to look an awful lot like a deflection from their own misguided vote on a bill the Democrats unanimously supported.
If, as Senator Warner says, "the very employees responsible for running the company into the ground," are the same employees who gave him $5,000.00 in campaign donations, wouldn't the right thing to do be to return the money to the taxpayers? If not, it sure makes his criticism of AIG ring a little hollow, when their donations helped get him elected to the office he now holds.
Tags: AIG, Mark Warner, Virginia,
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Back in November, the House passed its health care bill by a narrow 220 to 215 margin, with 39 Democrats voting against it. Since then, the one Republican who voted for it — Joseph Cao — has indicated that he would not support the bill a second time around given the weaker language on abortion in the Senate version. In addition, Florida Rep. Robert Wexler already retired prematurely. Factor in Murtha’s death today, and Pelosi is down to 217 votes — one short of passage. To pass the bill at some point in the next few months, she’ll need to flip a Democrat who is already on record voting against the bill.
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Don't think that Republicans can't be sucked in when an anti-Wall Street lynch mob gets its blood up. Recall that Sarbanes-Oxley, the devastating antigrowth response in 2002 to the Enron and Worldcom scandals, was passed with virtually unanimous support by Republicans in Congress, and signed by a Republican president. Recall that last year 85 House Republicans voted for a 90% tax on bonuses for any employee of any bank that took more than $5 billion in TARP money. Investors got some good news last Friday. Stocks resisted following through on Thursday's sharp plunge after (Congress) reached an impasse on bank re-regulation. That's a nice down payment on what investors need a lot more of now: proof that the GOP won't join Democrats in a populist rush to seek revenge against Wall Street.
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Just two years after Mr. Obama helped his party pull in record Wall Street contributions — $89 million from the securities and investment business, according to the nonpartisan Center for Responsive Politics — some of his biggest supporters, like Mr. Dimon, have become the industry’s chief lobbyists against his regulatory agenda. Republicans are rushing to capitalize on what they call Wall Street’s “buyer’s remorse” with the Democrats. And industry executives and lobbyists are warning Democrats that if Mr. Obama keeps attacking Wall Street “fat cats,” they may fight back by withholding their cash.
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The Dow, down almost 104 points, had its 10th triple-digit move in 16 trading days. Shares of big banks pulled the market lower, extending a slump that has led to four straight weekly losses.I can't, for the life of me, understand why bank stocks would be dropping. Inexplicable.
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Contrary to President Obama's promises, voters say special interests have more influence on the political process now than they did a year ago, according to a new poll. The poll, paid for by groups looking to curb the Supreme Court's recent campaign finance ruling, found that majorities of both Republicans and Democrats say special interests have increased their influence since the president took office, and they say Mr. Obama has not done enough to fight back.
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If the starting point for this meeting is the job-killing bills the American people have already soundly rejected, Republicans would rightly be reluctant to participate,” the pair explained in a letter to White House Chief of Staff Rahm Emanuel. They also said President Barack Obama should remove reconciliation from the table. Using budget reconciliation rules to move healthcare reform in the Senate would mean Democrats would only need 51 votes on procedural measures instead of 60... On Sunday afternoon however, Obama refused to say he would start from scratch.
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An announcement from his office said Murtha died at 1:18 p.m. at the Virginia Hospital Center, where he had been admitted last week after having his gallbladder removed at Bethesda Naval Hospital.
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The scientist at the centre of the “climategate” email scandal has revealed that he was so traumatised by the global backlash against him that he contemplated suicide. Jones, 57, said he was unprepared for the scandal: “I am just a scientist. I have no training in PR or dealing with crises.”Actually, he's using the term "scientist" loosely there, given that real scientists don't do what he did. And while he may not have any training dealing with crises, he sure was good at generating one: it was called the global warming crisis.
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