Skip to comments.The Obama Administration Is Lying It's Ass Off About AIG Bonuses
Posted on 03/17/2009 6:31:23 PM PDT by DrGop0821
I demand that someone be fired over the AIG bonus "scandal"!
And it's not anyone who works for the company.
Tim Geithner needs to go!
Team "O" wants us to believe that they did not know about the AIG bonuses until two weeks ago, March 5th.
This is all a big fat fu*king lie! Who are they trying to kid? Seriously!
This is preposterous that President Obama is blasting AIG and his "outrage" is creating chaos!
Chris Dodd knew about it when he secretly placed an amendment into the CRAPUulus Socialism Bill over a month ago? Did no one bother to read it?
Oh wait, they didn't! President Obama signed the bill! Are you telling me that neither he nor anyone on his staff read the bill?
Our President is either a bold-face liar or an incompetent fool! We have a President who is not understanding what he is signing? How dangerous is that!
The bonus contracts were written in March of last year and included a provision that required most bonuses to amount to 100 percent of their 2007 bonuses.
Are we to believe that this was not known when Tim Geithner brokered the AIG bailout last fall?
I don't care if Geithner is under-staffed or not! If you can't stand the heat, get out! This is bullsh*t and I'm sick of the incompetance of this administratio so far.
Jake Tapper reports on the AIG timetable:
Sources in the Obama administration Tuesday said that despite previous media reports administration officials did not know until a couple weeks ago that the officials of the controversial AIG Financial Product Division were set to receive $165 million in bonuses on March 13.It wasn't until Monday, March 5, 2009, administration sources told ABC News, that officials of the Federal Reserve Bank of New York informed officials of the Treasury Department of the full extent of the $165 million in bonuses pending for the controversial Financial Products Subsidiary.
This was three days after the Obama administration had already announced a new commitment of an additional $30 billion for AIG.Treasury Secretary Tim Geithner was alerted last Tuesday, March 10; he phoned AIG CEO Edward Liddy on Wednesday evening, March 11, to protest the bonuses, sources told ABC News.
On Thursday, March 12, Secretary Geithner informed a senior White House official about the controversy, aides passed the information on to President Obama later in the day.
How the Obama administration was caught flat-footed by this controversy dates back to last Fall, when the New York Federal Reserve Bank -- then run by Geithner -- stepped in to give AIG a high-interest loan for $85 billion to help prevent the company from going under -- which Lehman Brothers was doing at the time. As part of the deal, AIG CEO Hank Greenberg was replaced by the new CEO, Liddy.In late October, the $700 billion Troubled Assets Relief Program passed Congress, which includes rules about executive compensation but nothing about retention bonuses.
In November, the Fed and Treasury Department soon began pumping more money into AIG -- $40 billion, to take down the $85 billion credit facility set up by the Federal Reserve Bank of New York.
At this point, an Obama administration official says, Treasury officials generally became aware that AIG had put retention programs in place, but whom they were for and the extent of them were unknown. The New York Fed began studying the compensation policies on the books -- while also making efforts to save banks and rescue the economy. But by then Geithner's nomination was pending and he had recused himself from dealings with AIG.
I can't waste my time on AIG anymore; it's causing my blood to boil.
A final note, the outrage is not that AIG used a small fraction of bailout money to pay bonuses.
The outrage is our incompetent Liar-in-Chief! I'm not kidding. He is either a liar or stupid.
Obama is radical, arrogant, dishonest and dangerous.
Welcome to FR and read this article from last Oct: Waxman investigated this executive pay pack
Obama could revoke these bonuses immediately with an executive order just like he does for everything else he doesn’t want to have to bother congress with. I don’t have proof, but it would seem like they insisted on hiring Geitner so they could rob us blind and now he’s hedging because someone actually reported on it. Perhaps Cuomo getting back for not becoming Senator?
I believe it that no one in the 0bama administration knew anything about the AIG bonuses.
They are a bunch of incompetents who don’t know anything about anything else. So why would they know anything about this one?