The White House and Congress is currently pretending that they are outraged over AIG bonuses. But, many more banks that received bailout funds from either the U.S. Treasury or the Federal Reserve are set to hand out big bonuses. Next up: Morgan Stanley. The Morgan Stanley bonuses will likely be much larger than AIG’s bonuses.
The White House acts like they are surprised, but they were well aware of these bonuses. The Congress voted on most of these bailout funds. Congressional leaders Reid and Pelosi didn’t hold committee meetings, didn’t allow amendments, didn’t allow floor debate and didn’t allow the public to know the details. The Bush administration and the Obama administration approved of the funds going to AIG and others and they KNEW about the coming bonuses. The “outrage” is good theater and good politcs, but it is not genuine.