Wednesday was a difficult day for The American Independent News Network, which is the larger entity that operates The Iowa Independent. Our chief executive and founder announced two of our sister sites would close and their content would be moved to The American Independent.
A recently introduced bill could have far-reaching impact on the U.S. sugar industry, including American Crystal Sugar, a farmer-owned cooperative that locked out 1,300 Midwest workers on Aug. 1.
The chairman for Herman Cain’s Iowa effort says the campaign “relied more on the word of farmers than Washington regulators” in deciding to run an ad containing claims the Environmental Protection Agency says are false.
The Iowa Senate will remain under the control of a slim 26-25 Democratic majority when it reconvenes in January 2012.
Responding to news that American International Group Inc. (AIG) plans to distribute $100 million in bonuses Wednesday, U.S. Sen. Chuck Grassley said the Obama administration has been outmaneuvered by the corporate giant.
“AIG has taxpayers over a barrel,” he said, later adding: “And the closed-door negotiations just add to the skepticism that the taxpayers will ever get the upper hand.”
President Barack Obama’s pay czar responded to the criticism by saying these bonuses are grandfathered in to the nearly two-year old legislation but that they would come to an end by March.
“We are not being outmaneuvered,” [pay czar Kenneth Feinberg] said. “These AIG bonuses were signed into law years ago. What I’m trying to do now is maximize whatever leverage we have to get as much of that money back and — to use Sen. Grassley’s word — to maneuver AIG to pay back what it said it would pay back.”
AIG received a $182.3 billion bailout from the federal government in 2008. Grassley has been highly critical of the company for the size of bonuses paid to executives, specifically, $2.8 million reportedly paid to Anastasia Kelly, AIG’s general council, who resigned abruptly on Dec. 30 rather than accept new pay limits imposed by Feinberg.
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