Showing posts with label AIG. Show all posts
Showing posts with label AIG. Show all posts

Monday, November 23, 2009

Burgess to Geithner: “I thought you should have never been hired”


November 20, 2009

Treasury Secretary Tim Geithner is not a very bright man. He doesn’t seem to understand he was in someone else’s house and they’re not going to tolerate his mouthing off. Must say he has grown a spine since his confirmation hearings.

Joint Economic Committee of Congress

Rep Peter DeFazio (D-OR) thinks Geithner should step down, citing his poor handling of the AIG bailout.

Rep MICHAEL C BURGESS (R-TX):

I don’t think that you should be fired. I thought you should have never been hired.

Rep KEVIN BRADY (R-TX)

Conservatives agree that as point person, you failed. Liberals are growing in that consensus as well. Poll after poll shows Americans have lost confidence in this president’s ability to handle the economy. For the sake of our jobs, will you step down from your post?

GEITHNER:

I think almost nothing you said represents a fair and accurate perception of where this economy is today. If any measure of confidence in the financial system, it is substantially stronger today than when the president took office. We would have had a stronger fiscal position if we hadn’t had eight years of paying for our commitments — not borrowing against them.

Why is it barry people always say ‘it’s not our fault’? Democrats have been in control since 2006 but it’s all Bush’s fault. After 10 months, yes it is their fault and the polls back that up.

Rep BRADY:

At some point you have to take responsibility for your decisions.

GEITHNER:

I take responsibility for anything I am part of doing. What I can’t take responsibility for is the legacy of crisis–

Rep BRADY:

This is your budget, this is your bailout, this is your stimulus, this is your–

GEITHNER:

I take full responsibility for those with great honor--

Why does Geithner pretend he had no idea what was going on until he became Treasury Secretary? He was part of the problem as president of the NY Federal Reserve Bank. And he knew all about the bonuses.

WH statement in defense of Geithner:

Secretary Geithner has helped steer the American economy back from the brink, and is now leading the effort on financial reform. His focus today – and ours – is economic recovery and addressing the challenges the American people face everyday.

Wednesday, April 22, 2009

Chicago Tribune requesting bonus payouts

April 22, 2009

Well at least the Tribune is asking before it doles out cash. Severance pay - fine. “Discretionary incentive bonuses” are another matter. AIG’s were “retention bonuses” and 11 folks got a minimum of $1M after they had left the company - including one who received $4.6M.

From WGNTV:

Chicago Tribune parent Tribune Co. today filed motions in Delaware seeking U.S. Bankruptcy Court authorization to resume severance payments to individuals who left the media company before its Chapter 11 filing in December, as well as to pay discretionary incentive bonuses for 2008 to nearly 700 managers, directors and others, according to the Tribune’s Tower Ticker blog.

They’re asking for a more modest sum: $13M (compared to AIG’s grotesque $165M) and consider it “part of the would-be recipients’ annual compensation as part of the normal course of business.”

The proposal:

  • Top 10 executives would not get any of the money
  • The 700 would split $13M
  • Median bonus: $9500
  • Average $18K
  • 84% < $30K
  • 70% < $20K

Unfortunately, it’s not going to help the 53 people they let go today.

How many people could stay on if that $13M was used strictly for salary?

=======
AIG Timeline
Hardball: timeline of bonuses
Tim Geithner’s AIG Timeline

AIG $165M bonuses after $170B bailout
AIG bonus breakdown
Andrew Cuomo: $30M of AIG bonuses will be returned

========

Friday, April 10, 2009

Hardball: timeline of AIG bonuses

I don’t know what happened to this post so I’m reposting it. It goes along with the AIG timeline (9/08 - 3/09) and Tim Geithner’s (3/10-15) - see below. For AIG before Sept 2008 see Paul Kiel at Pro Publica. He goes into the financial details.

March 20, 2009

Time line of bonuses per Hardball.

Sept 08: AIG revealed bonus plan in regulatory filings.

Sept 16: Fed saves AIG by pledging $85 billion

Oct 8: Fed pledges another $37.8 billion

Nov 08: US Treasury and Federal Reserve negotiated AIG’s retention payments and pledge a total of $150 billion

Present Treasury Secretary, Tim Geithner was President of the NY Federal Reserve at the time. The fact that he denied knowing about them says he’s either a liar or totally inept. Time will tell if he’s both.

Dec 08: Reps. Kanjorski & Cummings complained about bonuses.

Congress knew.

Feb 09: Federal Reserve told Treasury about bonuses — Geithner opposed tax on bonuses,

Geithner knew.

March 10: Geithner learned “the full scale” of bonuses.

He got caught.

March 12: Geithner told barry advisor Axelrod. He said choosing to go ahead with the bonuses – 70 people received $1 million each or more — was “secondarily a legal consideration and primarily a risk consideration.”

***

AIG Timeline
Hardball: timeline of bonuses
Tim Geithner’s AIG Timeline

AIG $165M bonuses after $170B bailout
AIG bonus breakdown
barry on AIG (video)
AIG: Edward Liddy (video)
Tim Geithner on Charlie Rose (video)
Andrew Cuomo: $30M of AIG bonuses will be returned
Andrew Cuomo’s letter to AIG (10-28-08)
Chris Dodd: 33% approval rating

Chris Dodd: 33% approval rating

April 8, 2009

Sen Chris Dodd (D-CT), Chairman of the Senate Banking Committee was talking to Ed Schultz on MSNBC and they got around to the poll results.

Quinnipiac University Poll
March 26- 31
MOE +/- 2.9

Who do voters blame for AIG bonuses?
1-Bush
2-Dodd

Chris Dodd among CT voters:
Disapprove 58%
Approve 33%

Listen to how he asks the question. He goes out of his way not to use the word “lie”.

ED SCHULTZ: How much do you think that hurt you - reversal of your position, and also the way you changed, you know, your position on the bonuses as to who was responsible for how the bonuses were dished out?

DODD: It hurt terribly. I acknowledge that.

In February, I wrote up an 8 page amendment to deal with bonuses, golden parachutes and luxury items, and the like, to try and deal with these issues across the board - not one fact situations one after another.

And that was the right thing to do, and I still stand by it.

He should have stuck completely to it.

DODD: In February, if I had known then what I now know — no one brought up or had any idea that there were bonuses for AIG involved all of this - then we obviously would have taken a different position.

He’s chairman of the committee — who is he expecting to “bring things up”? And how is saying no one had any idea an excuse? Why didn’t “we” have an idea? That’s what created the problem. And how much doesn’t he still not know?

DODD: But, the administration came to me, along with some others, and said ‘Look this is going to create some real legal problems’. It made some sense, I thought, at the time. I now know that it was a mistake. I’d like to have that moment back.

Totally lame. Imagine what would have happened if they tried to sue - especially the 11 that weren’t even working for AIG when they got their “retention” bonuses.

ED: You were afraid of the legal aspect of all of this?

DODD: That’s what-those were the arguments raised to me. And as I said nobody brought up AIG at the time. And had they done so, and I had known we’d be confronting the problem here, I would have had a very different position.

Notice the two qualifiers…if somebody told him and if he had known he’d get caught - which goes along with word regret no I’m sorry.

DODD: I regret that deeply. It caused an awful lot of frustration and an awful lot of anger at me in my state. I understand it. I acknowledge it. And I’m gonna try to fix it.

There is no personal responsibility admitted to here and he came off like he always does - angry.

***

AIG Timeline
Tim Geithner’s AIG Timeline

AIG $165M bonuses after $170B bailout
AIG bonus breakdown
barry on AIG (video)
AIG: Edward Liddy (video)
Tim Geithner on Charlie Rose (video)
Andrew Cuomo: $30M of AIG bonuses will be returned
Andrew Cuomo’s letter to AIG (10-28-08)
Chris Dodd: 33% approval rating

Tuesday, March 31, 2009

Andrew Cuomo letter to AIG

March 30, 2009

Found this interesting. NY States Attorney Andrew Cuomo set this letter to AIG on October 18, 2009. What are the chances the president of the New York Federal Reserve Bank - Tim Geithner - didn’t know about it? What are the chances he didn’t get a copy from somewhere? It’s from the New York States Attorney. Why isn’t the press looking for internal memos?

And what are the chances that at least one of barry’s 2500 campaign operatives saw it? Congress had hearings.

Why isn’t the press going after him about this? Imagine if this were Hillary Clinton or John McCain or George Bush? And none of them every claims transparency! and change! and no old Washington! which is exactly what Chris Dodd and Geithner and barry did. And exactly what the press is doing.

Any wonder that one of the last polls showed htat only 7% of Americans believed barry had knowledge of the bonuses. Not only did the proobamedia get him elected they are continuing to underreport, misreport or flat out ignore the facts.

Where is the outrage against the press for not identifying the bonuses before they were handed out?

Click TOP RIGHT for full screen.

***

***
AIG Timeline
Tim Geithner’s AIG Timeline

AIG $165M bonuses after $170B bailout
AIG bonus breakdown
barry on AIG (video)
AIG: Edward Liddy (video)
Tim Geithner on Charlie Rose (video)
Andrew Cuomo: $30M of AIG bonuses will be returned

Monday, March 30, 2009

Tim Geithner’s AIG timeline

March 30, 2009

Timeline provided by the White House via LYNN SWEET:

TUESDAY (3-10)

Secretary Geithner finds out about impending bonuses

Even though he was president of NY Federal Reserve Bank prior to becoming Treasury Secretary. If I had the time and inclination I would go back and find some of his quotes from September and October. Same with barry and Biden.

WEDNESDAY (3-11)

After 6pm, Geithner calls Liddy to express outrage and says payments are unacceptable and Liddy need to go back and renegotiate.

Secretary Geithner and Treasury lawyers look for legal solutions to not paying the bonuses.

Liddy said the company had entered into the bonus agreements in early 2008 before AIG got into severe financial straits and was forced to obtain a government bailout. Who can possibly believe this? They claim the bonuses were “retention” incentives to keep the “best people: working for them and yet 11 of the people who got the bonuses have already left AIG - including to the top bonus getter $4.6M.

THURSDAY (3-12)

Secretary Geithner informs the White House. Later in the day, senior aides inform the President.

Secretary Geithner and Treasury lawyers continue looking for legal solutions to not paying the bonuses.

FRIDAY (3-13)

Secretary Geithner and Treasury lawyers continue looking for legal solutions to not paying the bonuses until the last possible legal moment.

Secretary Geithner speaks with Liddy again and after some back and forth, AIG agrees to:

  • Cut bonuses in half and to stretch the exec bonuses (that fall outside our contract with them and our FSP rules) out overtime, so that execs are more on the hook for the successful wind down of the company, which is the best way to protect taxpayers
  • [Rather than the Senior Partners (top approx. 50 people) getting an aggregate of $9.6M in bonus now, they will get 50% in cash now (avg. payment of approx. $112K), plus 25% on July 15 and 25% on September 15 (avg. payments of approx $56K each). However, both of the 25% payments will be contingent upon the Board finding that the steps in the disposition plan are being met at each payment date.]
  • Renegotiate and reduce 2009 retention bonuses.
    Recoup the money in 30 billion AIG restructuring agreement

Following the conversation, Secretary Geithner asks for Liddy letter to codify the changes.

SATURDAY AND SUNDAY (3-14 & 15)

Following deadline on Friday, treasury attorneys continue to look at legal solutions for recoupment.

SUNDAY EVENING (3-15)

POTUS asks the economic and legal team to continue looking for ways to recoup the bonuses.

barry in classic obamanator form gets involved after the bonuses were paid out on the 15th even though the WH confirmed he was notified on the 12th.

Folks, do you like having a president with no spine?

***
AIG Timeline
Tim Geithner’s AIG Timeline

AIG $165M bonuses after $170B bailout
AIG bonus breakdown
barry on AIG (video)
AIG: Edward Liddy (video)
Tim Geithner on Charlie Rose (video)
Mario Cuomo: $30M of AIG bonuses will be returned

AIG timeline

March 20, 2009

barry was “stunned” but Geithner, ex-president of the NY Federals Reserve Bank was working on TARP before he even got near barry. How stupid do they think we are?

AIG received more than $170 billion, which puts the government - taxpayer’s - stake at about 80 percent. 9 out of the top 10 as well as 15 ou the top 20 have agreed to give the bonus back in full.

Here’s a great recap by REUTERS:

Sept. 16, 2008:

American International Group, the world’s largest insurer, avoids bankruptcy after an $85 billion federal bailout that gives the U.S. government a 79.9% stake in the company.

Sept. 18:

AIG names Edward Liddy, former Allstate chairman, as chairman and chief executive. He succeeds Robert Willumstad, who steps down after three months on the job.

Oct. 3:

AIG announces plan to sell assets to repay its loan from the U.S. government. Moody’s Investors Service cuts AIG’s debt ratings, citing the company’s plans to sell assets, limiting the insurer’s ability to do business.

Oct. 10:

AIG says it had borrowed $70.3 billion from the government as of Oct. 8. AIG draws fire after reports it had spent $223,000 on hotel rooms and spa services days after it got the federal loan.

Oct. 15:

New York Attorney General Andrew Cuomo says he is investigating “unwarranted and outrageous” spending by AIG. Cuomo seeks a full accounting of “bonuses, stock options, severance payments, gratuities, benefits, junkets and any and all other perks.” He wants AIG to recover or rescind the payments.

So Cuomo was already on to the bonuses. barry gets elected and begins transition.

Nov. 6:

AIG says the total owed under its $85 billion line of credit from the U.S. government is down to $61.3 billion. AIG companies also had borrowed $19.9 billion under a separate $38 billion securities lending agreement, making the total amount the government had made available to AIG about $123 billion.

Nov. 25:

AIG says Liddy’s salary will be $1 for the coming year and rules out 2008 bonuses for AIG’s seven top executives. Fifty more executives won’t get raises in 2009, the company says.

Dec. 2:

AIG and the government agree to clear the insurer of its obligations on about $53.5 billion in bad mortgage debt.

Dec. 22:

German reinsurer Munich Re says it will buy AIG’s HSB Group for $742 million.

Jan. 26, 2009:

AIG says it is working with Bank of America and Merrill Lynch to sell a fund management business that operates 15 funds with more than $12.4 billion in assets.

March 2:

The Treasury and the Fed announce a third new aid plan for AIG, putting $30 billion more at its disposal.

March 14:

AIG once again comes under criticism after reports that its financial products unit is obligated to pay at least $165 million in employee bonuses.

Wednesday, March 25, 2009

Chuckle from Jay Leno re: AIG

March 25, 2009

Last night on Leno:

A very strange incident at JFK airport in New York City today....An AIG executive going through security had to empty out all his pockets...

You know what fell out?

Senator Chris Dodd!

Tuesday, March 24, 2009

Geithner pix of the day: About to blow a gasket

March 24, 2009

http://allisonkilkenny.files.wordpress.com/2009/03/timothy_geithner_reuters.jpg?w=461&h=402

…If Maxine Waters doesn’t leave me the hell alone I’m gonna sic my IRS auditers on her.

Why does he keep pretending he didn’t know about the bonuses until March 10th? He was head of the NY Federal Reserve and was working with AIG and the rest of them back in September. And why doesn’t the press keep hounding him - and barry?

Mario Cuome $30M of AIG bonuses may be returned

March 24, 2009
Morning Joe

Mario Cuomo, NY Attorney General, says some of the AIG bonus recipients are willing to return the money. He sure sounds like his son.

CUOMO (phone call): So far 9 of the top 10 recipients have agreed to give the bonuses back. Of the top 20 recipients, 15 have agreed to return the bonuses. Those bonuses will be returned in full...I would like to say to the individuals who have given the money back, you have done the "right thing." You've done what this country now needs and demands...It might be possible to recoup at the end of the process, approximately $80M, which is approximately half the amount received by Americans...

If a person returns the money, I don't believe there's a public interest in releasing their names.

Well that's a subtle brand of blackmail: return the money and nobody knows you were a greedy, selfish pig. Don't, and the nation will know exactly who you are. Bravo, Mr Cuomo.

FYI:What are the chances the top recipient is the one refusing to return the money?

  • Top recipient received more than $6.4 million
  • Top seven bonus recipients each received more than $4 million
  • Top 10 bonus recipients received a combined $42 million
  • 22 individuals received bonuses of $2 million or more, and combined, they received more than $72 million
  • 73 individuals received bonuses of $1 million or more
  • 11 individuals who received $1 million or more are no longer working at AIG, including one who received $4.6 million

Recall that these bonuses were pawned off as "retention bonuses" and yet 11 don't even work there anymore. How many of them are returning the money? Those names should be top of the list, whether they returned the money or not.

IMG is asking 1200 of its employess to return bonuses. How much of the bailout money went to bonuses? And how much did Geithner, hence barry, know about it beforehand?

Every single person who received a bonus derived from the bailout should have their name listed somewhere and then every single one of them should have a simple background check to see if they have paid their taxes prior to receiving it. If not - the money should be have to be immediately surrendered + fines.

Saturday, March 21, 2009

AIG bonus breakdown

March 20, 2009

Rundown of the bonuses. No names as yet - that I’ve seen. AIG Liddy said that some will return their bonuses 100% - but he wants to protect their identities because of death threats.

AIG BONUSES BY THE NUMBERS:

  • Top recipient received more than $6.4 million
  • Top seven bonus recipients each received more than $4 million
  • Top 10 bonus recipients received a combined $42 million
  • 22 individuals received bonuses of $2 million or more, and combined, they received more than $72 million
  • 73 individuals received bonuses of $1 million or more
  • 11 individuals who received $1 million or more are no longer working at AIG, including one who received $4.6 million

Source: New York Office of Attorney General

AIG: Edward Liddy

March 20, 2009

I honestly don’t know what to say about these pigs who accepted that money and I can’t understand how they could use the excuse they needed to keep the best people when those same people made the very decisions that allowed the company to fail.

On top of that 11 of the greedy men aren’t even working there so that logic means nothing. And they were afraid of a lawsuit? So let them try and sue and expose their names to the press.

Here’s Edward Liddy in October saying what he wants to do to save AIG. He really can’t be the scapegoat because he’s working for a dollar and came out of retirement to try and help. I wonder if he can just quit.

drenima55

And here he is before Congress - abbreviated.

talwanonline

Tim Geithner pix of the day: Just try it, barry

March 20, 2009

http://www.blogcdn.com/news.aol.com/political-machine/media/2009/01/timothy-geithner-698kb.jpg

news.aol.com

Doesn’t take a thousand words to translate this look. You throw me under barry - I tell them how little you know about anything - except for the bonuses. barry told him and Dodd to give the bonuses but hide it barry transparency style. Unfortunately they got caught - but only after they lied. Change we can believe in!

***

Geithner Pix: Beam me up Scotty
Geithner Pix: Uh, what?

List of financial achievements
TurboTax made me do it
barry on Geithner

Rep LaTourette: “giant sucking sound…tightening of sphincters on both ends”

March 20, 2009

Just watch. He's referring to the AIG bonuses.

08blatz

Rep. Steve LaTourette (R-OH): Ross Perot when he ran for president in 1992 talked about the giant sucking sound. Well, today, there’s another giant sucking sound going on in Washington D.C. And that’s tightening of sphincters on both ends of Pennsylvania Avenue as people are having to explain who put into the stimulus bill this provision of law.

The sucking sound ended up being Chris Dodd being thrown under the tires of the bus.

Larry King: Mitt Romney

March 20, 2009

Mitt Romney was on Larry King Live last night. It's time for barry to dump Geithner and actually reach across the aisle to Romney. He commented on barry [not focusing - too many personal appearances - the bonuses slipped by him - not experienced], tax bill passed is unconstitutional - just taking focus away from who caused it, Gov Palin [was surprised by her - thought she'd have trouble at the convention - has great political instincts], Rush Limbaugh [he listens to him - he's not the head of the party - they don't have one right now, and is in favor of stem-cell research as long as embryos already exist. His wife has MS.

CNN TRANSCRIPT: [Emphasis added]

Larry King: Some are seeing a problem with the president doing the "Tonight Show," the first sitting president ever to do a late-evening [talk] show. Do you have a problem with it?

Mitt Romney: Well, this probably isn't the right time for it. I line up with Warren Buffett on this. I prefer to see the president focusing all of his time and energy on the economy.

King: That's what he was talking about.

Romney: He is talking about it. He's out doing a rally in California. He's posing for the cover of magazines and doing a number of things. He's putting together a health care plan, putting together a cap and trade program, a lot of things on the agenda. And frankly, if you're doing too many things, a couple of important things can slip by. And one of them that slipped by was the AIG legislation that allowed AIG executives to get these bonuses. It was put in a specific bill.

King: Are you as angered over this AIG thing as probably 90 percent of the public?

Romney: Yes, my view is that this is really the fault of two parties. One, the members of our government that weren't paying attention, at best. That's the most favorable way to characterize it. ...

The other, of course, is the folks at AIG. And you ask yourself, why couldn't they have done what other enterprises do that get in trouble, which is people come together; they talk about the sacrifice they are going to make to try and keep the enterprise going. But these guys seemed not to be willing to do that. ...

This is a president who is learning on the fly. He's never turned anything around before. He hasn't had the experience of leading a nation or a business or a state in trouble. And the first rule I can tell him is focus, focus, focus.

[He doesn't know how to focus because he has never had to. The only experience he has is campaigning, which is what he is doing. Already people have had enough of him.]

King: How do you account for the fact that his popularity stays high?

Romney: I know that people recognize that this is a man who is a decent fellow. He's intelligent. He's well-intentioned. He's just not experienced in the matters that we're dealing with right now.

[Right on.]

King: The latest polls say you are the leader to get the party's nomination the next time around. Others say it's Rush Limbaugh leading the party. Is he the head of your party?

Romney: He's a very powerful voice among conservatives. And I listen to him. A lot of other people listen to him. He's not a spokesman for the party, of course. But we don't have one spokesman right now.

King: You are apparently [leading] in recent polls ...

Romney: Kind of early, don't you think?

King: Are you going to run again?

Romney: I can't imagine making that decision at this point.

King: But you're going to run again.

Romney: No, I don't think [so]. I'm glad that you're so insistent.

King: What did you make of Gov. [Sarah] Palin?

Romney: Boy, she was able to connect with our party in a very powerful way, ignite a lot of enthusiasm and excitement. That kind of political skill is rare. I hadn't met her before the announcement that she was going to be our VP nominee. And I thought, boy, she's going to have a tough time up there on the stage at the Republican convention. Was I wrong. She got out there and just lit the place up.

[Why was that his first impression if he didn't know her? Because she is an attractive woman? Because she's from Alaska?]

King: The House today passed a measure to slap a hefty tax on big employee bonuses paid by companies getting federal bail outs. Good idea?

Romney: Well, look, everybody is mad at AIG and their executives for doing what they did. But to suggest that this is not the fault of the people in Congress who passed the specific measure allowing them to take these bonuses is a diversionary tactic and wrong. You don't have a government take punitive action against a small group of people. Frankly, it's unconstitutional, in my view.

King: Former President Bush said he's not going to spend anytime criticizing Obama. He says he deserves silence. However, former Vice President [Dick] Cheney is taking a very different tact, charging that he's making choices which would make us vulnerable for another attack. Which way do you go here?

Romney: Well, I think there's a standard which is applied to former presidents, and that standard is that they have had their time on the stage and it's best for them to step aside and let the new president have his or her chance. I think President Bush is doing the right thing.

King: Do you think we're more vulnerable to an attack?

Romney: I think if we're going to release the detainees that are in Guantanamo and put them out either in our own prisons or at prisons in nations that are going to release them, that will make us less secure. ... I'm glad that President Obama decided to pull back on his original plans to immediately bring our troops home from Iraq. We're succeeding there. He's decided to go a little more slowly. ... That's the right course, and I appreciate that.

[Classy way of saying barry broke the promise that got him elected. Just think of what the world would be like right now if McCain had picked Romney.]

King: Do you have faith in American business?

Romney: Yes. ... Every job we have that isn't working for [the] government comes because somebody had an idea and began a business. Small business people, big business people, they're just American citizens who took a risk, and some of them find the chance to make that risk became positive and generate jobs and income. That's a great thing.

King: What about when business goofs?

Romney: To err is human and to make bad decisions is also human. You've seen some very bad characters. But whether that's an executive or a basketball player or a politician, it's throughout every society I know of. ... I'm not going to be taking my time taking pot shots at the entire profession of business or any other profession in this country. Except maybe lawyers -- I'm kidding.

King: Your wife has multiple sclerosis, a disease some scientists think will be cured through stem cell research. How is she doing?

Romney: She's doing terrifically well. She's riding horses on a regular basis. And she's one of the few that has had very little progression from the disease. So I'm pleased and hopeful.

King: Do you support the stem cell thing?

Romney: I support stem cell research. I do not support creating new embryos for the purpose of taking away the life of that embryo, and taking stem cells from those embryos.

King: Do you think we're going to cure MS?

Romney: I sure hope so. I think eventually we'll be curing most of the major diseases we know during our lifetimes.

Friday, March 20, 2009

Pix of the day: Beam me up, Scotty!

March 18, 2009

This man’s face fascinates me. He is so clearly out of his depth and each day he looks a little more willing to admit to it. What are the folks saying who have declined his job offers?

As the furor over AIG bonuses rages on Capitol Hill, a Republican congressman is calling for Treasury Secretary Timothy Geithner to 'resign or be fired.'

Treasury Secretary Tim Geithner

Mr President, it’s time to actually reach across the aisle…to Mitt Romney…if you haven’t already.

What your folks did, especially Dodd’s attempted cover up, is vintage Washington.

Campaign promises are over - words do matter - start meaning them. You mesmerism is fading fast and people are actually hearing the emptiness of your teleprompter speeches.

ps Your use of transparency has expired. Try *honesty*.

Rep Connie Mack: “The Timothy Geithner experience has been a disaster”

March 18, 2009

Tim Geithner is sinking fast. One wonders if he wants to be forced out early. He looks adrift.

Rep Connie Mack (R-FL) makes an excellent point:

Well before Timothy Geithner became Secretary of the Treasury, he was working hand-in-hand with AIG and other financial institutions to provide them hundreds of billions of dollars of taxpayer money as one of the key architects of the financial sector bailout.

I was outspoken against the bailouts then, and I’m even more outraged now.

I’ve had serious concerns about Secretary Geithner from the moment he was nominated. In the months since, he has shown us time and again why he was the wrong choice for this critical post. This week’s news on the AIG bonus scandal is but the latest fiasco under his watch and he has lost the confidence of the American people.

Quite simply, the Timothy Geithner experience has been a disaster.

I know nothing about business or the economy or whatever - but who in their right mind thought a man who had used TurboTax, been audited by the IRS and still didn’t pay up was the right man to straighten out the economy and head up the IRS?

Source: CNN

Monday, March 16, 2009

barry on AIG (video)

March 16, 2009

barry’s outrage is 6 months late and 3 months seriously overdue. He should have expressed it before the bailout money was disbursed and The American People should have been able to know about it so they could pressure their elected officials. This is only the tip of the iceberg.

Transparency is an imaginary concept with barry.

AIG $165M bonuses after a $170B bailout?

March 16, 2009

Today's question is the same as yesterday's: Does Timothy Geithner inspire confidence?

How hard is this AIG thing to figure out? And why wasn't this in writing before they received any cash whatsoever?

AIG got $170B in bail out money and they are going to use $165M in bonuses. AIG lost $61.7B last quarter and yet the bonus deal was made in 2008 "before they were in serious financial trouble". Wrong. And the government knew about the bonuses before the bailout but it is only now coming to light?

Why?

Where is this transparency barry's always babbling about?

BARNEY FRANK: These people may have a right to their bonuses. They don't have a right to their jobs forever.

I don't know anything about business, but something about this seems straightforward and the rest of it scummy. It's like standing in line at the food bank and saying you have nothing to eat and then refusing to accept anything but gourmet food. Or having no clothes and expecting a designer outfit. Or telling the bank thanks for rescuing me from foreclosure but I need a loan to go on vacation.

Where are these people's names? Put them in every magazine. Put a website up with all these bailout companies and give a run down of how much money the people, who caused the problem, will profit from the bailout. Let The American People see the greed first hand. Also list the people who were part of the deal-making process and knew about the contracts. They all need to be shamed. Then do a background check on every single person getting a bonus. See if they have paid their taxes.

And this argument that if they don't pay the bonuses they'll lose"talented people"? These talented people are responsible for what happened and they knew no matter what happened their money was safe. That is why it happened.

Why not force whatever section is getting the bonuses into bankruptcy? Make them chose a job or no job and a bonus. Or tell them they won't get their bonus unless x happens. That should be stimulus enough for things to turn around.

How many hardworking autoworkers were laid off? Will be laid off? $165M could save a lot of jobs and houses. How many AIG shareholders have lost their IRAs, jobs and homes? A percentage of those bonuses should go to tax payers.

If there is no way around these bonuses then make these people donate their time. Make them do community service. They must be held accountable.

BARRY:

In the last six months, AIG has received substantial sums from the U.S. Treasury. I've asked Secretary Geithner to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole.

Six months?

Why is this only coming out now?

What else is going on behind the scenes?

It's becoming clearer why no one wants to work with Geithner.