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March 18, 2009 - Rush Limbaugh Program
35:33
March 18, 2009, Wednesday, Hour #3
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Time Text
Well, the government appointed sacrificial lamb of AIG Ed Liddy continues his testimony before Barney Frank's committee on all this outrage over the bonuses.
Some of it quite interesting.
Great to have you back, folks, Rush Limbo.
And the fastest three hours in media.
Telephone numbers 800-282-2882.
Email address L Rushbaugh at EIBNet.com.
First thing somebody from Code Pink got in.
The anti tons of them, the anti-war group.
A bunch of code pinkers got in there.
And one of them had a had a sign set or a t-shirt or something.
Jail AIG.
Jail A like all 116,000 employees.
That's how many employees there are at AIG, is about 116,000.
Now the government appointed CEO and sacrificial lamb of the day, Ed Liddy, ditched much of his prepared testimony today.
He went straight to the bonus issue.
He said, I'm trying desperately to prevent an uncontrolled collapse of the financial products unit.
He announced that he has asked employees of the financial products unit who got these bonuses, anybody over over 100,000 to give up half the payment to give it back.
Some he said have already stepped forward and offered to give up 100% of their payments.
He also is asking not to have to name the people who got the bonuses because he fears for their safety.
Now I would venture to say that these financial products unit employees at AIG who have offered to give it all back.
I'm sure they already are fearing for their safety.
Here you have the McCarthyite, Barney Frank, the banking queen, demanding the names of people who were contractually legally obligated and were awarded these bonuses, and he wants the names.
The government wants, the Politburo wants the names of these people.
We already have a list of names of people we know that ought to be made to pay a price for this.
Unfortunately, they are the people who are asking the questions.
Barney Frank, Christopher Dodd.
It's the same old group of players.
We will have appropriate audio sound bites of this inquisition as uh as they occur.
Back to the audio sound bites.
I want to go back, folks.
I think this is highly relevant.
I told Cookie, I sent her a note last night in the middle of show prep, said I want to go back to something Obama said in a presidential candidate's debate, January 15th in Las Vegas.
This uh this debate was moderated by the late Tim Russert of NBC News.
They had Russert and Obama had the following exchange.
Senator Obama, you gave an interview to the Reno Gazette Journal, and you said we all have strengths and weaknesses.
You said one of your weaknesses is quote, I'm not an operating officer.
Do the American people want someone in the Oval Office who is an operating officer?
Well, I think what I was describing was how I view the presidency.
Now being president is not uh making sure that the schedules are being run properly or the paperwork is being shuffled effectively.
It involves having a vision for where the country needs to go.
Now, ladies and gentlemen, this is crucial to me.
This is President Obama without his teleprompter, this is during a presidential debate, telling us his view, not just of his role as president, but what he thinks operating officers are, like CEOs, chief or COO's chief operating officers.
This description of what an operating officer does is beyond ignorant and beyond shallow.
A chief operating officer does schedules and shuffles paperwork.
Another straw man argument.
Who said who said being president was any of those things?
Who who ever said that being a president of the United States is shuffling paper and handling schedules.
That's what the chief of staff does.
You know, we are witnessing as a result of this, we are witnessing what happens when a major organization has a clueless leader in charge, and that is Barack Obama, who I think is in over his head in an executive sense.
Yeah, he can do the liberal vision of things, and that's what he's trying to do.
The details are tough, and he doesn't like the criticism.
You know, he got all exercised out there.
The teleprompted to get all exercised out there because he was getting some criticism today about all this, and Geitner was getting some criticism.
And he doesn't like that.
Central planners do not accept criticism well.
Tim Geitner, I don't know, has he ever held a private sector job?
He's running one of the biggest companies in the private sector.
He is simultaneously lost and overwhelmed.
Geitner is being asked to run and save dysfunctional companies.
They are in desperate need of world class help, reorganization and bankruptcy, what have you.
Instead, AIG is being run by a guy who is pretending to know what he's doing.
And while the guy who actually is running AIG, Tim Geitner gets exempted from all this, and this poor guy Liddy up there, who was the government appointed CEO, is now the sacrificial lamb.
Geitner is so inept.
Senators like Chuck Schumer are running the microphones, telling the world how the Senate's going to solve the problems created by Congress.
And what are they going to do?
They're going to tax retention bonuses.
Yeah, that's going to fix the problem.
Think about that.
Chuck Schumer just ran over Geithner.
Schumer wasn't going to wait for Geitner because he doesn't respect him.
Geitner is dead to Schumer.
Geitner's toast to a lot of these people.
I wonder how much respect Geithner has now on Wall Street or in Congress.
This guy's radioactive, plus he's a tax cheat.
When the boss has to tell those at work with Geitner that Geitner's a good treasury secretary, which Obama did, came out voted confidence without being asked about it, and today compares him to Alexander Hamilton.
The problem Geitner has very simple.
His boss, Barack Obama, cannot help him.
Because Obama doesn't understand this job.
His politics are anti-capitalism.
All Obama knows to solve problems to throw money at them or to get a bunch of protesters marching in the streets.
That's how he knows to solve problems.
He doesn't know what the hell he's doing in the private sector.
He's never been an executive of anything, so he can't give any help to any of these people he's put in charge of things.
And so because Obama has no executive experience, and I don't know how much Geithner has either.
Decisions are not being made.
The velocity of information and the need for decisions is too much for an overworked, understaffed, and leaderless amateur like Geitner.
Remember, Geithner's on a committee of clowns in charge of the automobile industry.
Do you understand?
Do you believe this?
He's on that committee overseeing the automobile, and look at what's happening to it.
And while he's running the car business and running the bank here, the AIG is trying to staff his own department.
He has all the other responsibilities of a cabinet secretary.
Nothing is being done.
No wonder we haven't seen a toxic asset plan for banks yet.
That's why the bonuses weren't dealt with.
The issue got shoved aside.
Very big pile of papers and so forth.
Just, we're...
We are watching incompetence on parade among people we are told are the smartest and the best and the brightest the country has to offer.
All of these Ivy League academic eggheads who come out of these schools with arrogance, conceit, and contempt for everybody who didn't go to these schools.
No practical hands-on real life experience in anything.
Just a bunch of high-falutin liberal slash Socialist theory that's been drilled into them.
And they've been told they're the best.
And they've been told they're the smartest.
And they've been told they're the brightest.
And they believe it.
And then when magic doesn't happen, once they attach themselves to it.
They get totally confused, don't understand, because they have no idea what they're doing.
The very people who gave us the problem are in charge of fixing it.
This is like nominating Colonel Sanders to save the chicken population.
So that there'll be plenty of chicken McNuggets at Mickey D's in Port St. Lucy when somebody shows up and wants an order, so they don't have to call 911 when there aren't any.
Hi, welcome back.
It's great to have you here, Rush Limbaugh, the EIB network.
You want to hear something that I find hilarious and a little funny.
It's about the uh the chin.
The star of the tonight show, Jay Leno.
Jay Leno announced on his program Monday night that he's going to, I think it was Monday night.
I got the Detroit Free Press here.
Yes.
On Monday night's tonight show, the Chin said that he uh he he he loves Detroit and he's gonna go up there and he's gonna do a show for the unemployed.
In fact, you don't even have to be unemployed, you just have to be having hard times.
Uh Jay, that's really great.
That is fabulous.
I'm sure you showing up doing a comedy show is gonna help people put food on the table.
I'm sure it's gonna really inspire people to go out and get a job.
You're gonna go either do a show for the unemployed.
Great intentions, what a great guy, Jay Leno.
Accomplishment zero.
However, what's really funny about this?
He was giving the tickets away.
The tickets are free.
Some people decided they got tickets, and then they put them on eBay to sell them for like 200 bucks a piece.
Four tickets, 800 bucks or 800 bucks for a ticket on what the price was.
It was I scanned this story very hurriedly.
It's uh either 200 or 400 bucks for a ticket or 800 bucks, and Leno heard about this.
Leno heard that his free tickets to help the unemployed in Detroit were being sold, and he threw a fit.
He said, I'm not worth 800 bucks.
Right.
But he also said, I don't want this.
I don't that this is a free show.
No, nobody should be profiting off this.
Jay.
Old buddy O'Pell.
Do you understand that you're you're doing a free concert for the unemployed?
So some people who are unemployed end up getting tickets to your show.
And they wanted the money rather than to see you.
They thought it'd be far more worthwhile to sell tickets to your show if somebody would buy and obviously there was a market, Jay, because there were buyers.
They probably like you, Jay.
I'm sure these guys all like you.
And now you're taking food out of their mouths, Jay.
At the end of the day, Jay Leno goes to Detroit to help the unemployed to down on their luck with a concert.
I don't know about you folks, but after you know, an hour and a half of laughter, I really feel like I've had a five-course dinner.
And after a couple hours, hour and a half of laughter, I bought gas tanks automatically filled up.
Have you ever noticed what laughter can do for you, your economic circumstance?
So these people said, you know what, I need the money.
So they sold Jay Leno tickets.
Jay, you ought to be honored.
Somebody's willing to pay 800 bucks to see you.
What does it matter?
So the free market, the free market, entrepreneurism rears its head, and Leno shuts it down.
He told eBay to stop selling the ticket.
What you look like you want to say something sturtly.
What's the question?
Mm-hmm.
Well, that's what he Jay Leno.
I mean, again, that's his act isn't.
Oh, are you saying he doesn't do an hour and a half away?
He's a funny guy.
He can be funny.
But but uh that's not the point here.
He's gonna go up there.
Yeah, that Jay Leno's teleprompter is funny.
His writers are funny.
I don't think Leno uses a prompter.
The tonight's they put cue cards on the wall, like the Johnny Carter.
Maybe he uses a prompter, I don't know.
Uh but that's none of that's the point.
Here's a concert for the unemployed and the down under luck, and people are just having a hard time.
Which is going to accomplish nothing toward resolving the circumstance they're in.
So some of these bright eyed people said, huh, maybe I can sell these tickets, and they did.
They got 400, 800 bucks.
That will put food on the table.
That will put some gasoline in the tank.
And so Leno shuts it down.
Yes, another question from the program observer.
What?
Okay, okay, okay, all right, all right, all right.
It's a good point.
It's a good point.
We have uh you would not believe the size of this audience, folks.
It is, it's it's it's it's expanded in geometric proportions.
There are new people listening here who haven't before, and Snurdley has a point that I need to explain to people that I look at these things dispassionately.
Because Snurdly fears that I may have, while making a brilliant point, really have turned people off.
And you're right, you know, this is something I'm going to have to keep in mind as I continue to serve humanity here with new people listening.
Let me let me explain to you people who are new to the program the point here.
I like Jay Leno.
He's a nice guy.
I understand he wants to help people.
But you know, I kinda I kind of look at it in a purely logical sense.
I want you to imagine you're unemployed.
And a nationally known figure says, you know what, I care about you.
I really want to help you.
I care about you so much.
I love you so much, I'm coming to where you live, and I'm gonna rent a hall and pay for it myself, but you can come in for nothing and watch me tell jokes.
Oh, I know many of you, but but Russia's care, he's trying, he's trying to do something.
I know he's caring, it's great, compassion and all that, but at the end of the day, it's like liberalism.
Does it do anything?
Did it accomplish anything?
He's going to do a concert for the unemployed.
The unemployed don't want concerts, they want jobs.
If Jay Leno wanted to do something for the unemployed, conduct a search and hire a couple.
One of them is a teleprompter operator.
Hell, how hard can it be?
The teleprompter does the hard work, the teleprompter tells people what to say, but you still need somebody to operate the damn thing.
So I I'm not I am being critical of Leno, but but for one reason.
When the people he wanted to help, who got tickets, went out and sold the tickets for real money that could really help, he shut that down.
He shut down the eBay sales process.
So the one thing that he was doing that was generating genuine assistance to people, he stopped.
And I think this is an example of the fruit.
How is that?
You know, I as I go through this explaining this to the new listeners who um, you know, think I have no heart, no soul, no compassion.
Somehow I don't think my second explanation even got through.
I know I deal with thought, I deal with thoughts and not feelings.
I I I try to, in fact, I stay a far away as I can from the chaos of emotions.
And uh I just I'm a literalist.
I'm a literalist.
But why are you criticizing Mr. Leno?
He's only trying to help.
Well, I'm criticizing Mr. Leno because he's wrong.
I'm not saying he's a bad person.
I'm not saying his heart is not in the right place.
I'm not saying that.
I'm just saying what his objective is is not being accomplished.
And when it is being accomplished, he shuts it down.
That's all.
Jay Leno learns.
Here, you how how about how about this headline in the Detroit Free Press?
Leno Colon, take tickets for free show off eBay.
Take tickets for free show off eBay.
But Russ, he wants it to be free, and therefore people shouldn't have to pay.
Nobody's being forced to.
They're put on eBay and nobody has to buy them.
If somebody wants to buy them, it means they must really like Mr. Leno.
And they're willing to pay 800 or 400, whatever the number is, to go see his comedy show.
Everybody wins.
People get to see him.
Some people had got tickets would rather have the money.
They get the money, and Jay Leno's a winner all the way around, but now he's throwing cold water on it by telling the market that it cannot function as a free market.
Ladies and gentlemen, quick, I have a major announcement to make.
In a teachable moment.
And for those of you who may not have uh quite understood my explanation and I want to make it right with you, and I want you to understand that my heart's in the right place too.
I, ladies and gentlemen, am going to do tomorrow's radio show free.
I am going to free for you.
Tomorrow's radio show will cost you nothing.
I will still get paid, but not by you.
And I'm not just going to limit this to Detroit and the palace at Auburn Hills.
I am doing my radio show free for every American who wants to listen to it tomorrow.
There are no tickets.
If this is how you persuade people that you have a big heart and yet you're really compassionate and you care about people on hard times, spread the word.
If you know somebody unemployed, if you know somebody down on their luck, you tell them to listen tomorrow because I am doing this show free.
There is nothing to sell on eBay, Mr. Snerdley.
There's no invitation, there's no ticket.
There's nothing.
There's nothing to sell on eBay.
I got somebody might want to uh sell.
I don't know.
Look at their entrepreneurs out there.
I'm sure somebody on eBay will try to come up with some way to sell something related to my free radio show for America tomorrow.
And I'm sure there'll be a buyer or two.
It's America, after all.
All right, let's go to the audio sound bites.
By the way, uh Representative Scott Garrett, who is a Republican from New Jersey, ended up asking uh Ed Liddy of AIG more about the timeline on all these bonuses.
Now get this.
Ed Liddy said that talking last week to the Treasury Secretary, Tim Geitner, that Geitner indicated he learned about the bonus issue the prior week.
Now that appears to conflict with the timeline put forth by the Obama administration saying that Geitner only learned last Tuesday.
Ed Liddy said Geithner knew the week before last Tuesday.
Also, you should know, ladies and gentlemen, TOTUS, the teleprompter of the United States, has announced a nationally televised press conference and appearance from the White House next Tuesday night at 8 p.m.
They're going to have to move American Idol again.
Because the teleprompter of the United States has scheduled a nationwide press conference and address.
That's next Tuesday night at 8 o'clock.
Audio Sunbite's here.
Why don't you hear a little bit of Ed Liddy portion of his opening remarks before the banking queen committee, the House of Representatives.
This morning I've asked the employees of AIG Financial Products to step up and do the right thing.
Specifically, I've asked those who receive retention payments in excess of 100,000 or more to return at least half of those payments.
Some have already stepped forward and offered to give up a hundred percent of their payments.
Here's another uh soundbite from Mr. Liddy.
Yes, everything we do, we do in partnership with the Federal Reserve.
The Federal Reserve is at our board meetings.
At our compensation committee meetings at our various meetings on strategy.
There was no intent to deceive or hide anything.
These payments were due to be paid on March 15th.
We've been discussing this issue at large with many of the people's staff that are represented here today.
Meeting members of Congress staff.
We've been everybody knew these payments were coming.
This is such a manufactured crisis.
Paul Kandorsky, Democrat Pennsylvania said, You say that you've been talking about this with the board, with representatives at the Fed for three months, not with the Treasury Secretary.
No.
The way our relationship generally works is we review things with the Federal Reserve, and the Federal Reserve, as they think is appropriate, discusses it uh with the Secretary of the Treasury or with representatives of Treasury.
I've asked if the Federal Reserve would like us to have a separate line of communication with Treasury or not, and I've asked Treasury And the Treasury Secretary, he did say later on that they learned about all this.
He talked about it last week earlier than what the administration is admitting.
Uh grabs uh 26 through uh 29 here.
Uh more arriving sound bites here, even as we speak.
As I mentioned to you earlier, uh Ed Liddy does not want to mention the names of the people getting the bonuses.
He fears for their lives.
He fears for their safety.
He had this exchange with the banking queen about all this, Barney Frank.
I'm now asking you to send us the names of those who receive bonuses who have not given them back.
Can you do that?
Sir, I uh I will if I can be absolutely assured that they will remain confidential.
I won't give you that assurance.
It would be my intention to ask this committee to subpoena them.
Uh this is a situation where there's a lot of public activity.
I ask you to submit the names of the people who've received the bonuses.
I won't accept them under a confidentiality if you submitted some confidential information, and I frankly threw it away after reading it because I was afraid I would inadvertently breach the confidentiality.
Um, but I uh I I do ask that you submit those names without restriction.
And if you uh feel unable to do that, then I will ask the committee to subpoena them.
Uh I I I will I can be absolutely assured that the names will remain confidential.
I won't give it to those two months.
You're not gonna get to the two months.
I threw it away because I don't want to know anything in order to do subpoena you.
Uh OB.
The new McCarthy is among parade.
Ed Liddy then said this.
I very much want to comply with your request.
I would hope it doesn't take a subpoena.
If if it does, then we will obviously comply with the law.
I'm just really concerned about the safety of our people.
So let me just read two things to you.
All the executives in their families should be executed with piano wire around their necks.
My greatest hope.
If the government can't do this properly, we the people will take it in our own hands and see that justice is done.
I'm looking for all the CEO's names, kids, where they live, etc.
Uh you you have a legitimate request.
Well, I want to protect the well-being of our employees.
Okay, so Liddy says that did you hear the threats that he's receiving from uh I'm sure these are deranged leftists.
Uh, from the Democrat blogs and so forth.
Well, that they're the ones that hate capitalists.
All the executives and their families should be executed with piano wire around their necks.
If the government can't do this properly, we the people will take it in our own hands, see that justice is done.
I'm looking for all the CEO's names, kids, where they live, et cetera.
Mr. Frank, you have a legitimate request, but I want to protect the well-being of our employees.
And then the banking queen replied.
I will be willing to be guided to some extent by what the security officials may say.
But uh this is an important public subject.
And uh my guess is that uh there are probably threats aimed without too much specificity about people who work there.
So I am going to keep that request on the table.
I will consult with the law enforcement people, including the federal law enforcement people, and if they tell us they think there is a serious threat, we will have to take that into consideration.
It's unbelievable for crying out loud.
Look at all the stuff these people claim to I'll consult with federal law enforcement people, I'll keep the request on the table.
I'll make sure that these threats don't sound too specific to me.
These threats sound like not that much do about much of anything.
I don't think these threats only three three.
I'll keep I'll keep it on the table and look at I'll look very quickly, but screw you!
I want the raped thou through you.
And you will produce vape.
Here is the final bite.
This is Ed Liddy talking to Scott Garrett.
I just told you about this Republican New Jersey.
Uh Question, it's just puzzling to me.
The White House now seems to be second guessing the decision that the Treasury Secretary made if he allowed this to go forward.
Yeah, I don't have a comment on that.
I talked to the Treasury Secretary last week, and he indicated to me that the first he had heard of this whole situation was about a week before that, so I don't know where all the rubber meets the road, so to speak.
Well, there goes Obama's timeline.
The teleprompter told Obama that O'Geitner only knew last week, but it was the week before that that Geitner knew.
This according to uh to Ed Liddy.
So Barney Frank, folks, if these if these AIG people happen to get executed by mad Americans, it's too bad it's the public that's doing, and we're gonna go to the bottom of the name.
I want those names.
And I'm going to get those things!
Pfft!
Pfft!
I tell you, this is great illustration here of people who've gotten power, and you see what happens to them.
I mean, I would have no humility about it.
And by the way, speaking of humility, one more thing in Jay Leno.
Jay, you know I love you.
You know I really love you.
But do you realize you are stripping people of their dignity in Detroit?
These are the downtrodden, Jay.
These are the people out of work.
And you've invited them to come to your shows at the Palace at Auburn Hills, El Fribo.
And some of them said, I'd rather have the money.
And so they put the tickets on eBay.
And they got 400, 800 bucks, whatever the hell it is.
Leno heard about it and said, No, you don't.
These shickets are not worth that much.
It should be sold like takes the ticket sales off of eBay.
Robbing.
Fans of Jay Leno.
I mean, these are people that got the tickets.
Robbie, they're paying.
Robbing people of their dignity, taking money out of their hands.
Under the guise of compassion and assistance.
And helping the unemployed, taking money out of their hands.
See, this is all these great intentions.
All these wonderful intentions.
A brief timeout, ladies and gentlemen.
We'll uh take it, come back and conclude.
Uh our next broadcast segment right after this.
Case you notice the stock market going from minus 30 to plus, what is it, 108, right?
120.
Federal Reserve has announced they're going to buy 300 billion dollars of U.S. government debt in the form of treasury bills.
This is another attempt to ease the recession.
And the market's uh expressing uh excited gratitude about that.
By the way, one more thing to Jay Leno.
Jay.
You're going out there to Detroit.
You're going out there to do free concerts for the unemployed for the down in the luck and the hard uh the people having a hard time.
You're gonna go out there.
Free concerts, Jay, at the uh Palace of Auburn Hills.
Jay, just remember, no joke ever fed a hungry child.
No joke ever put a drop of gasoline inside the tank of a hybrid.
No joke ever ended up getting anybody chicken McNuggets.
Just something to remember.
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Rick and Lincoln, Nebraska.
Great to have you here, sir.
Hello.
Hi, thanks, Rush.
Yes.
Just wanted to make a quick point.
Citizens of the United States really need to demand that the lawmakers that voted for and passed the stimulus bill, that they need to be the ones that are responsible for paying the 175 million.
Because if it wasn't for them passing it, we wouldn't be talking about this right now.
And you mean because of the piece that the amendment that was in the bill that authorized the uh the bonuses and exempted them from any limitation.
Exactly.
And that's the point I wish that we would spend more time on.
Is this just a point of uh irresponsible?
And well, welcome to the club, my man.
I wish, I wish, I wish far more people of this country were awake and understanding what's really going on with their government than R. Uh but it's just it's what it is.
And we have to deal with it.
When you get into circumstance like this, the government has to really screw up things very badly for a lot of people to see how bad it is and to understand it.
And then you've got a long process to fix it.
By the way, uh before we go to the next time out, I just want to I want you to know here, uh, I want you to start preparing yourselves to get hysterical all over again.
Fannie Mae and Freddie Mack are planning to pay retention bonuses of as much as six hundred eleven thousand dollars to several of their top executives.
So if you like being hysterical about all this, get ready to get hysterical again, because it's coming.
Fanny Mae, Freddie Mac.
Sadly, ladies and gentlemen, another excursion into broadcast excellence is over.
Where did it go?
Three hours.
Zipped by.
Then remember, tomorrow's show free for the unemployed and a down on their luck.
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