{"id":31949,"date":"2009-03-17T01:01:01","date_gmt":"2011-05-19T02:40:02","guid":{"rendered":""},"modified":"2011-05-19T02:40:02","modified_gmt":"2011-05-19T02:40:02","slug":"cuomo_s_phony_letter_to_frank","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2009\/03\/17\/cuomo_s_phony_letter_to_frank\/","title":{"rendered":"Cuomo\u2019s Phony Letter to Frank"},"content":{"rendered":"
\n

RUSH: This is Bob in South Jacksonville, Florida. Great to have you on the EIB Network, sir. Hello.<\/p>\n

CALLER: Hello. Hello, Rush. Been listening to you for years. Keep up the good work, especially now.<\/p>\n

RUSH: Thank you.<\/p>\n

CALLER: Listen, Barney Frank, I heard him, he\u2019s talking about pushing this $500,000 limit to all industries. What about the star basketball or football players so poor people can go see sporting events, too? How about that?<\/p>\n

RUSH: That\u2019s not going to happen. He\u2019s not going to limit the pay of movie stars, athletes, or any of this. Look, this is not new. Grab audio sound bite number 29. This is not new. If you want to know where this executive pay limitation garbage began, you need go back only as far back as 1993, and it was the president of the United States, Clinton, who put a limit on the deductibility that a corporation may deduct on a CEO or executive salary. You could pay the CEO ten mill, but you could only deduct one million of it as a business expense. Do you know what this gave rise to? Yes, Snerdley, this limitation gave rise to the now-famous stock option. And how many of you people have been told to resent people who have stock options? Well, I remember Michael Eisner in December of 1992, just a month before Slick Willie was to be inaugurated, Michael Eisner cashed in $292 million of stock options from Disney to escape Mr. Clinton\u2019s forthcoming retroactive tax increase. Well, some stock options were in existence, but the whole notion of limiting any kind of executive pay caused creative people to come up with other ways to pay themselves. And it\u2019s going to happen now. <\/p>\n

This $500,000 limit on executive pay, let me tell you why it won\u2019t work. New York City will die! New York City needs a whole bunch of people being paid a whole lot of money so they can tax their butts off so that the city can maintain its stupid streets, potholes, and welfare state. Without the super wealthy in New York, it\u2019s over. You might as well go get Kurt Russell in there, put a fence around the whole country and turn it into a prison, because that\u2019s what it would be — Escape from New York, did you see the movie? That\u2019s what it would be if you start limiting the pay of people whose taxes pay the freight in that city. That\u2019s why it\u2019s never going to happen. It\u2019s just a populist ruse. It\u2019s just designed to get people to, ‘Yeah, yeah.\u2019 People are going to get poorer under Obama. Their taxes are going to go up. They\u2019re not going to have jobs. They\u2019re going to be angry. One way of ameliorating the anger is to say these bastard SOB execs are not going to get any more than $500,000. That\u2019s supposed to make you happy when you head down to the unemployment office for your check. That\u2019s supposed to make you happy when you cash in your food stamps for some dog food, that some CEO has been limited to $500,000, when the CEO is going to make as much as he always did, particularly if he isn\u2019t accepting any bailout money. <\/p>\n

So you\u2019re being played like Stradivariuses. You\u2019re being played like a bunch of violins. All this is typical liberal smoke and mirrors. You\u2019re gonna get poor, you\u2019re gonna get jobless, you\u2019re gonna have inflation, you\u2019re gonna have inflation so bad it\u2019s going to be climbing into every pore of your body. You think your home is worthless now, give it five years. But the CEOs, ‘Yeah, we\u2019re going to screw those SOBs! We\u2019re going to make sure they make no more than 500 grand, and while we\u2019re at it, we\u2019re going to get back that $165 million. That\u2019s your money. That\u2019s your money. We\u2019re going to get your money back for you from those dreaded AIG drecks. We\u2019re going to get your money back for you. That\u2019s right.\u2019 Why, here, listen to Barney Frank tell us how he\u2019s going to.<\/p>\n

FRANK: Senator Dodd sponsored that in the Senate, and there was some modification. There are two things about call back. We have required call back with regard to any new rules compensation they have to have call back. The question about whether or not you can retroactively, if that\u2019s a problem a piece of legislation wouldn\u2019t necessarily have cured that. My own view, what I will be talking to the administration about, is people have been looking at that from the standpoint of the federal government as the entity that lent the money to these parties. We\u2019re the owner of that company. There are some covenants that have kept us from doing that. I think the time has come to exercise our ownership rights and then say as owner, ‘No, I\u2019m not paying you the bonus, you didn\u2019t live up to this contract.\u2019<\/p>\n

RUSH: Screw the contract, we own the company, screw the contract, I\u2019m not paying you the bonus. Oh, by the way, I\u2019m not paying your tax refund next year either because I don\u2019t have it, you don\u2019t deserve it, you should be paying more in taxes. Tax refund, oh, by the way, we\u2019re going to raise your taxes, too. This man, Barney Frank and Chris Dodd, these are your saviors, these are the people, along with President Obama\u2019s teleprompter, that are going to lead you to the Promised Land of prosperity. God what a bunch of idiot jerks we are in this country. What have we given ourselves? What have we elected for ourselves? You just heard Elmer Fudd. Elmer Fudd is in charge of inspiring and motivating you to be the best you can be, the hell with contracts. We are going to take that bonus money back. Well, if they can do that, then nothing you have is yours.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Kevin in Montgomery County, Pennsylvania. It\u2019s nice to have you, sir, on the EIB Network. Hello.<\/p>\n

CALLER: Hey, Rush, great to talk to you. I got a question. Why doesn\u2019t the CEO of AIG have a press conference, cite the exemption in this stimulus bill, and its author, and then write a check for the $163 million and throw in a couple million for the parties they had and say, ‘Leave us alone\u2019?<\/p>\n

RUSH: Well, see, they\u2019ve accepted $173 billion in bailout money, and of the $173 billion, they have awarded $165 million in bonuses. We\u2019ve now learned that Wall Street Journal is reporting Andrew Cuomo\u2019s letter to Barney Frank. Folks, this was known. I\u2019m telling you, everybody knew this but were acting like it\u2019s brand-new — and it is news, \u2019cause they didn\u2019t know it, but the people acting like they\u2019re shocked and surprised knew it. Let\u2019s see, what did I do with it? Don\u2019t tell me I deleted it. Anyway, there\u2019s something like 40 execs, 43 execs who got a million dollars or more in bonuses, including 11 execs who are no longer there. I must have trashed this. I didn\u2019t mean to trash it. There we go. Let\u2019s see. AIG paid bonuses of $1 million or more to 73 employees, including 11 who no longer worked for the company, said Andrew Cuomo, the Reichstag attorney general in New York. <\/p>\n

The top ten bonus recipients received a combined $42 million, he said. He described these payments in a letter to Barney Frank, Elmer Fudd, who is now trying to figure out how to get the money back. They could write the government a check for $165 million. It won\u2019t matter. This is set in motion now. You see, all of this is a giant political ploy to distract. This is not about $165 million, folks. It\u2019s not about a hundred… If it were about the money they\u2019d be upset at the $93 billion that AIG gave away and didn\u2019t use to shore up its own operations. That\u2019s the dirty little secret! We\u2019ve bailed out AIG with $173 billion, and they funneled $93 billion or more of it to other banks, without shoring up their own operation. This $165 million, this is not about the money. This is a political opportunity to play populism, and they\u2019re creating the same kind of outrage the Dubai Ports Deal did. <\/p>\n

It\u2019s the same kind of thing here, but this is fraudulent. This is entirely phony, because AIG announced the bonus structure. They announced the date. It\u2019s been known for months! I can\u2019t say this enough. I\u2019m sorry if you\u2019re listening all day long today and you\u2019re getting tired of me saying this. I\u2019m sorry, but I\u2019m the only voice pointing it out, other than some others. The American Thinker is doing a good job of this on their blog, but nobody is pointing this out. This is all a giant joke! This is a script. It is a three-act play. Have you people been watching \u201924,\u2019 by the way? Ohhh! You like it, Brian? Man. I feel like this country is in the middle of its own \u201924.\u2019 I mean, I wrote it down. I wrote it down last night. I\u2019ll go through all the things happening in this season of \u201924\u2019 with this country involved. Not the TV show, but our own \u201924.\u2019 I am Jack Bauer! I am Jack Bauer. My own government\u2019s coming after me at every turn. It happened again yesterday with that bumbling idiot Bob Gibbs. This is an act. This is a three-act play. The script has been written. Everybody\u2019s doing their part, except I\u2019m Jack Bauer, and I\u2019m trying to say, ‘No, no, no! What you\u2019re being told is a bunch of BS. We need to torture some people!\u2019<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: This is Bob in South Jacksonville, Florida. Great to have you on the EIB Network, sir. Hello. CALLER: Hello. Hello, Rush. Been listening to you for years. Keep up the good work, especially now. RUSH: Thank you. CALLER: Listen, Barney Frank, I heard him, he\u2019s talking about pushing this $500,000 limit to all industries. 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