Geithner forgot to alert White House about AIG bonuses

Discussion in 'Politics' started by B_starinvestor, Mar 18, 2009.

  1. B_starinvestor

    B_starinvestor New Member

    Joined:
    Mar 1, 2006
    Messages:
    4,409
    Likes Received:
    0
    Gender:
    Male
    Location:
    Midwest
    FACTBOX: Geithner knew of AIG bonuses last Tuesday | U.S. | Reuters


    I wonder if Geithner should put yarn on his fingers to remind him to take care of important matters.

    Yarn on index finger: Pay your taxes
    Yarn on middle finger: Remember to share critical information with White House

    What's wrong with this retard? This has turned into a publicity nightmare for The Chosen One.
     
  2. Wyldgusechaz

    Wyldgusechaz New Member

    Joined:
    Dec 14, 2006
    Messages:
    1,259
    Likes Received:
    0
    Gender:
    Male
    This morning, liberal /progressive/left wing David Sirota, filling in for L/P/L Jay Marvin on liberal talk radio AM 760 in Denver formerly of Air America was calling the Obama administration a bunch of liars!! Said President Obama is a liar. He said he expected this sort of lying by Pres. Bush but never from the new Prez.

    He called for Tim Geithner to step down. He said President Obama knew of the bonuses, was OK with them, and is now trying to blame Chris Dodd, (who IMO knows not the word shame).

    They are starting to eat their young.
     
  3. houtx48

    Gold Member

    Joined:
    Sep 13, 2006
    Messages:
    7,095
    Likes Received:
    35
    Gender:
    Male
    somebody needs eaten over this aig mess...........president zippy started it but obama is continuing it.
     
  4. tripod

    Gold Member

    Joined:
    Jan 17, 2006
    Messages:
    5,249
    Albums:
    3
    Likes Received:
    460
    Gender:
    Male
    Location:
    Statesville N.C.
    Geitner and Summers were a HUUUUUUUUUUGE mistake!!!!!

    The problem is that the only people that should be angry at Obama are the liberals who were fucking puking in our mouths when he announced those appointments. The "investor class" and the right wingers were PLENTY pleased that Obama hired Wall Street's man on the inside to run the Treasury.

    All the right wingers and members of the investment class were paranoid that Obama was a secret Marxist and the Obama administration had to put the former head of Citibank as watchdog over the treasury to appease the "investor class".

    You fucking right wingers were jizzing in your pants that Obama put Geitner on.

    Now you wanna jump all over the Obama administration because they did WHAT YOU WANTED THEM TO DO!!!!!

    You fucking scream and bitch to get the wolf to watch the henhouse and then you moan and groan when the henhouse is full of nothing but feathers.

    I want to take the "investor class" out and then dump them off of a fucking cliff. They are human piles of dogshit and are mostly crooks plain and simple. Anyone involved in "Shorting" should be hung by their balls before having their throat slit.
     
  5. D_Ireonsyd_Colonrinse

    Joined:
    Dec 27, 2007
    Messages:
    1,539
    Likes Received:
    1
    These AIG bonus hearings have completely taken over the cable news stations! You'd think it was Ronald Reagan's (or Anna Nicole Smith's) funeral the way these stations are all showing the same footage. Right now members of the House Financial Services subcommittee are holding hearings on Capitol Hill. The chairman, Barney Frank, is grilling regarding the board of AIG paying out "retention bonus money". (hey! didn't you cons just tell me Barney Frank was part of the problem? Well, he's the fox in charge of the henhouse, you know).


    I think what I'm most interested in is the way that socializing (ar nationaling) various institutions slowly creeps into the conversations these days (banks, automobile, healthcare). How a society shifts, and makes that transition, from a largely "free market capitalism" (regarding the giant corporations) to a capitalistic/socialistic hybrid.

    On Wednesday's "American Morning," Barney Frank shared what was legally and legislatively within the government's power on recovering the AIG bonuses and reforming the whole financial incentive system.

    Kiran Chetry, CNN anchor: When he appears before your committee today, what type of assurances are you guys seeking from Mr. Liddy with regard to these bonuses?

    Rep. Barney Frank, D-Massachusetts: Well, I don't have a lot of confidence in Mr. Liddy's view at this point. When he said that first he couldn't get the money back because they had contractual rights but also that he was worried about not retaining them, it left me unconvinced he's really going to be trying. The notion that we want to retain these people, that we want to pay the people who messed it up in the first place so they don't leave, is just backward to me. I think we would probably be better off if they did leave. We are going to ask him to fully be cooperative in our effort, but I think the federal government has to take the lead on the lawsuits. We own this company in effect, and we're not asking that these bonuses be rescinded because we have lent money to the company. I believe we are saying as the owners of the company, we do not think we should be paying bonuses or should have paid bonuses to people who made mistakes, who were incompetent.

    Chetry: Right. You said this yesterday, as well, "We own it." We own 80 percent of AIG, but the government seems to be caught in this purgatory ... where you own and you're paying for bailing out this company, yet you don't have any say in the decisions it makes.

    Frank: Well, I want to change that.

    Chetry: I mean, fully nationalized.

    Frank: It is de facto nationalizing, in the sense of the ownership. Understand, this is not, by the way, part of the congressionally voted rescue plan initially. The Federal Reserve has power under a statute that dates from 1932 that most of us weren't aware of. It hasn't been used for many years. And in September, the chairman of the Federal Reserve, Mr. Bernanke, came to Congress and announced to us [about the bailout]. We weren't asked or consulted. We were told that he was lending $85 billion to AIG under this authority. Now, since then, when we have voted, we have learned how to put tough conditions on, and so I do want to reassure people. Because I think people need to know that, is this a recurring pattern or not? We will not see this happening again. We have banks that got money now that are getting money or just got money that want to give it back because we've been too tough. And I'm proud of that. But we do have this problem where, under that statute from 75 years ago, the Federal Reserve gave the money without any conditions. I still believe that we have a right legally to recover this, because we can assert our ownership rights and say, yes, you may have had a contractual right to a bonus but your rotten performance means you should forfeit it.

    Chetry: When your colleagues in the Senate moved to prevent bonuses in the stimulus bill last month, they made an exception. The Senate made an exception for pre-existing contracts, which, effectively exempted AIG. So, you talk about these strings that are attached. Why did that happen?

    Frank: Because there is a problem with doing things retroactively legislatively. And you have to hear -- understand the distinction between legislative and legal. No, I don't think the American people want a situation where Congress, whenever it feels a contract shouldn't have been signed, passes a law to abrogate that past contract. That's why I am saying we should assert our ownership rights. I want to invalidate these contracts and say, look, we are the owners of this company. Yes, contracts were signed with you that I wish hadn't been signed. But given how badly you performed, I want to argue that they did not perform under the contract... we ought to fine you for messing it up.

    Chetry: I think people are asking, why now? Why did it get stripped from the stimulus bill in closed-door negotiations between the White House and the House?

    Frank: Because that provision would not have worked. You could not have legislatively canceled them out. You say you hear me, but you're not -- I mean, look we all wish a lot of things could be different. I wish when the Federal Reserve had initially done this, they'd done it differently. We have a constitutional provision against the abrogation of contracts. That's why, again, I don't think it works to simply pass a law. We could pass a law tomorrow and say those contracts are no good. I don't think it would hold up in court. What I think can hold up in court is for us to say, "You do not deserve those bonuses under the contract because you performed so badly."
     
  6. Flashy

    Gold Member

    Joined:
    Feb 27, 2007
    Messages:
    8,097
    Likes Received:
    3
    Gender:
    Male
    Location:
    at home
  7. houtx48

    Gold Member

    Joined:
    Sep 13, 2006
    Messages:
    7,095
    Likes Received:
    35
    Gender:
    Male
    what a ringing endorsement.
     
  8. tripod

    Gold Member

    Joined:
    Jan 17, 2006
    Messages:
    5,249
    Albums:
    3
    Likes Received:
    460
    Gender:
    Male
    Location:
    Statesville N.C.
    So he's some kind of an Asian economics expert? I kept on hearing about his connections to Citigroup, but I couldn't really find any after I read that link you gave. I haven't paid Wall Street any attention until this recent debacle that we are in... so I am more confused about this mess then armed with any kind of real knowledge. that's the problem... the world of finance and the stock market is like fucking trying to understand another language... maybe more difficult. The only people that understand the shit are the people that have been doing the trading or whatever the fuck it's called that they are doing on Wall Street. I hear a lot of anger and people complaining about Obama's team's policies... yet nobody is offering up any solutions. :eek:

    I didn't hear any names bandied about in the mainstream (non-financial) media as to who would be better than Geithner or Summers (I don't read the financial sections of the papers... heck I don't read newspapers, I just listen to NPR, MSNBC, CNN, PBS and Democracy Now and they didn't have any solutions to offer). :confused:

    So you are involved in the world of Wall Street or finance or whatever the hell it is that you do in New York that has filled your head with knowledge on the subject. Who should Obama have picked as his economic team? If he is making mistakes, then what should he be doing? Enlighten the majority of those who read this forum that are clueless as to what should be done. Most of us will go along with anything that Obama does because we don't know any better. The other side will oppose anything that Obama does because they don't have any solutions either.

    What should be done Flashy?
     
  9. Flashy

    Gold Member

    Joined:
    Feb 27, 2007
    Messages:
    8,097
    Likes Received:
    3
    Gender:
    Male
    Location:
    at home
    i have already stated my stimulus plan three times on this forum. Go find it.

    I have already stated that the banking bailout is insufficient, poorly targeted and should be modeled on the Japanese response to their Banking crisis in the nineties, and the lessons learned from it.
     
  10. lucky8

    Gold Member

    Joined:
    Oct 30, 2006
    Messages:
    3,716
    Likes Received:
    17
    Gender:
    Male
    Flashman, do you really want a lost decade here in America?
     
  11. Flashy

    Gold Member

    Joined:
    Feb 27, 2007
    Messages:
    8,097
    Likes Received:
    3
    Gender:
    Male
    Location:
    at home
    so i guessed you missed my last sentence?

    the one that said

    "I have already stated that the banking bailout is insufficient, poorly targeted and should be modeled on the Japanese response to their Banking crisis in the nineties, and the lessons learned from it."
     
  12. lucky8

    Gold Member

    Joined:
    Oct 30, 2006
    Messages:
    3,716
    Likes Received:
    17
    Gender:
    Male
    Nope I saw it
     
  13. Flashy

    Gold Member

    Joined:
    Feb 27, 2007
    Messages:
    8,097
    Likes Received:
    3
    Gender:
    Male
    Location:
    at home
    then you should understand that it means we should pay attention to what did not work and we should pay attention to the "LESSONS LEARNED" that they screwed around with for a few years, doing little bites and not making a comprehensive, massive plan in the beginning to nip it in the bud, and not contribute to long term malaise.

    you may find this article interesting. (or not)



    Japan sees U.S. repeating its mistakes on bank plan - International Herald Tribune



    some eerie similarities with "public outrage" slowing down the government response for fear of upsetting the voters is now being seen with the AIG bonuses etc...people are getting angry, and this is happening similar to the Japanese banking crisis
     
    #13 Flashy, Mar 18, 2009
    Last edited: Mar 18, 2009
  14. B_New End

    B_New End New Member

    Joined:
    Aug 22, 2007
    Messages:
    3,029
    Likes Received:
    3
    Gender:
    Male
    Location:
    WA
    Of course Geithner knew.

    Fuck Obama.

    I'm done with him. His stripes are just like McCain's and Clinton's. Owned by the banks.
     
  15. lucky8

    Gold Member

    Joined:
    Oct 30, 2006
    Messages:
    3,716
    Likes Received:
    17
    Gender:
    Male
    I'm not disagreeing with you, but the only big thing I see right now that we're doing that the Japanese did, is keeping rates extremely low. Granted, it is taking awhile to get things done, which I disagree with, but it is America. Everything in the legislation process here takes insanely too long. The house and senate are just too big to be efficient IMO. We're getting there, slowly, but we're getting there.
     
  16. Flashy

    Gold Member

    Joined:
    Feb 27, 2007
    Messages:
    8,097
    Likes Received:
    3
    Gender:
    Male
    Location:
    at home
    the fact is that both Geithner, and Obama, and Dodd knew about these bonuses weeks ago...

    as i have already stated, guess who were the top two recipients of AIG PAC money in the last election cycle?

    Obama and Dodd, each over $100,000

    I find it really rather distressing that nobody here has mentioned the fact, that the Obama stimulus plan, which had to be passed "immediately" with virtually no debate at a cost of $787 billion, had an amendment inserted into it by Chairman Dodd (D) that made an exception for AIG being able to get those bonuses paid.

    think President Obama and Geithner did not know about that? Sure...

    and now they "find out" and are angry and surprised? funny that only happened once the public found out.

    Obama, Dodd, and Geithner knew those bonuses were going to be paid, so they can spare me the faux outrage.

    they took AIG money, they inserted the clause into the 787 billion dollar stimulus plan that they rammed through as quick as possible.

    Obama and Dodd are bought and paid for, Just Like Bush and his crew.

    now Dodd is saying "i don't know how that got in there"

    Bonuses allowed by stimulus bill - CNN.com

    sure...
     
  17. Flashy

    Gold Member

    Joined:
    Feb 27, 2007
    Messages:
    8,097
    Likes Received:
    3
    Gender:
    Male
    Location:
    at home
    that is the whole point...we are not getting there.

    that is precisely what is wrong...all we are doing is dicking around, when we sho0ld have gone right to similar actions that Japan took in 2002.

    this could have been done in a month with some spine and without the whining and worrying about "voter outrage"

    voters understand shit especially a major financial crisis.

    they should have ramped up a massive plan for the banking system instead of that absurd 787 billion dollar stimulus fuck up.

    how on earth they offer a 3.2 trillion dollar a budget, a near 800 billion dollar stimulus package, without even having addressed a colossally important banking crisis that threatens our national welfare is absolutely mind boggling.

    that stimulus package money plus an extra 400 billion from the absurd proposed budget would have given the administration 1.2 trillion to immediately reform the banks.

    now, the stimulus package is already a total failure, and they are already talking about a SECOND one while the banking crisis is still looming!!!

    i have never seen such madness.

    i honestly do not know how the hell Obama can be off on his little tours while the treasury department is still totally understaffed...i have never seen such irresponsibility. Whether it is his fault or Emanuel's i don't know, but you would think that he would spend some time filling Treasury positions faster than anything else while our nation is in the middle of a massive economic crisis.

    the first stimulus is already officially out the door, with no discernible effect, and when even Warren Buffet, who voted for him is criticizing the stimulus and the budget, you have to know something is wrong.

    hell, treasury is *STILL* being staffed mainly by Bush holdovers!!!!

    i honestly can't even write this without more venom... (please note i am not angry at you, lucky, merely the absurdity of this situation)
     
  18. faceking

    faceking Well-Known Member

    Joined:
    Nov 14, 2004
    Messages:
    7,453
    Albums:
    1
    Likes Received:
    49
    Gender:
    Male
    Location:
    Mavs, NOR * CAL
    "Treasury Secretary Timothy Geithner won a strong vote of confidence Wednesday from President Barack Obama, whose administration has been struggling with the controversy since the weekend."

    FWD to '09: "Yer doin' a heck of a job, Timmy".
     
  19. VeeP

    Gold Member

    Joined:
    Sep 3, 2005
    Messages:
    1,787
    Albums:
    1
    Likes Received:
    2
    Gender:
    Male
    "strong vote of confidence" is D.C. speak for you'll soon be stepping down to "spend more time with your family", at which time you'll be dead to me.
     
  20. Penis Aficionado

    Gold Member

    Joined:
    Dec 1, 2007
    Messages:
    2,135
    Likes Received:
    18
    Gender:
    Male
    Location:
    Texas
    That interview with Barney Frank posted above is the first clear statement I've heard from Someone in Charge, explaining what they're trying to do about this mess.
     
Draft saved Draft deleted