Claire McCaskel senator from MO. recently referred to the banking executives as “idiots” for continuing to pass out large bonuses after taxpayers bailed them out. AIG and others are now saying they have to pay the bonuses because of “contractual” agreements. OK but where were the “erudite” lawmakers including CM to ask this question prior to TARP? Did congress not know that banks like this pay handsome bonuses? It could have been a precondition to receiving TARP funds that contracts like this would need to be renegotiated before taxpayers funds would go to bail out finance junkies. This is what happens when we rush to war. Whether it’s Iraq or the financial mess, it would have been better to slow down and get it right.
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