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Monday, March 16, 2009

Caveat Emptor

Being a lawyer I would have thought that Obama would have known this one -- those who don't know Latin, it means buyer beware

AIG to Hand Out Another $165M in Bonuses -

"Troubled insurer American International Group (AIG: 0.8559, 0.3744, 77.76%), which is 79.9%-owned by the federal government, will pay $165 million in retention bonuses on Sunday to those at the division that has drawn most of the heat for the company's near-collapse....

... Last year, the company disclosed it would pay $450 million in bonuses to keep employees at AIG Financial Products, the division that focused much of its business on credit default swaps. The bonuses range from $1,000 to $6.5 million, with seven employees making more than $3 million each. ...."

The best response to all this mess I've heard so far came from Judge Andrew Napolitano on FoxNews .... The government bought a pig-in-a-poke and didn't do their research -- that means that the NORMAL process, that any other person/business would do, of checking the obligations of a company before buying it (and the government DID basically buy the company) ...

and that there it would be wrong for the government to step in and stop the payments --- they would be interferring in the rendering of a LEGALLY BINDING contract .... and that it would be UNCONSTITUTIONAL to do so ....

saying that the Constitution protects " ... the obligational contract from govermental interference"

What does this mean if Obama has his way to stop these bonuses then? Why it would mean that he has broken the oath of office in which he swore to:

"I do solemnly swear (or affirm) that I will faithfully execute the office of President of the United States, and will to the best of my ability, preserve, protect and defend the Constitution of the United States."
It doesn't say "just protect/defend those parts I think are worth it" ... it doesn't say "jusr make up how it should go to suit my needs" .... and it definately doesn't say "unless a person is making too much money"!!

He can not, nor any other public official, interfere with these bonuses which were promised before and still fill that "preserve" part of his oath ....

If the President breaks the oath ...... can he be impeached??

What are the rules on that sort of thing?

Oh Look --- Biden's ears just pricked up and his eyes are shining!!

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