Connecticut steps on AIG's contract argument

[ProSense]

Connecticut Governor aims to win back AIG bonus payments

Thu Mar 19, 2009

NEW YORK (Reuters) - Connecticut will issue a subpoena to American International Group on Thursday for details about bonus payments to see if it can wrest them from the insurer because they violate state law, Governor Jodi Rell said in a statement.

The Republican, noting that AIG's financial products arm makes its home in Wilton, Connecticut, explained the insurer has cited Connecticut law as requiring the bonus payments.

Vowing to hold AIG accountable under Connecticut law, Rell added: "The use of bailout funds -- which really means taxpayer money -- to pay employee bonuses was certainly not the 'public policy' Congress had in mind when it enacted the Troubled Asset Relief Program." Rell added: "We will use all legal means available to void the bonuses and recapture taxpayer dollars."

Connecticut Subpoenas AIG for Bonus Recipients, Contracts:

Blumenthal also demanded information on all agreements and discussions, and a review of AIG’s legal responsibility to pay the bonuses. Blumenthal said AIG was “categorically wrong when it claimed that Connecticut state labor law compelled” the payments.

[indepat]

1. The AG's rockets seem aimed right up these assholes assholes

:P

[CTyankee]

2. AG Dick Blumenthal has launched many of those rockets in his career!

He takes no prisoners and is tough as nails. But very likeable. He was our staunchest ally when I worked for Planned Parenthood of CT.

[ProSense]

3. That's going to make a lot of people sad, but I suspect

not these people:

Contracts Can’t Be Broken—Unless They Involve Union Workers

[Hawkowl]

4. Hit men have contracts.

Doesn't mean they are legal or morally or ethically acceptable. The way Geithner just rolled over for this contract shit just moved him into the completely incompetent and unacceptable column.

I am heartened that President Obama appears to have overruled him. I hope Geithner leaves to pursue more time with his family the incompetent corrupt little fuck.

[indepat]

5. Ouch! Geither is really taking a pounding from many to left of center,

so he must be unbelievably bad news. :P