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Obama Tells Geithner to Block A.I.G. Bonuses
New York Times ^ | 03/16/2009 | New York Times

Posted on 03/16/2009 9:53:59 AM PDT by autumnraine

WASHINGTON — President Obama vowed to try to stop the faltering insurance giant American International Group from paying out hundreds of millions of dollars in bonuses to executives, as the administration scrambled to avert a populist backlash against banks and Wall Street that could complicate Mr. Obama’s economic recovery agenda.

In the last six months, A.I.G. has received substantial sums from the U.S. Treasury,” Mr. Obama said. He added that he had asked Treasury Secretary Timothy F. Geithner “to use that leverage and pursue every single legal avenue to block these bonuses and make the American taxpayers whole.”

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: aig; bho; bhotreasury; geithner
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1 posted on 03/16/2009 9:54:00 AM PDT by autumnraine
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To: autumnraine

Contractual bonuses cannot be blocked without a lawsuit.................


2 posted on 03/16/2009 9:55:45 AM PDT by Red Badger (0bama: I'm not a socialist......................(I'm a Trotskyite)...............)
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To: autumnraine

Don’t go to the government for bailouts.


3 posted on 03/16/2009 9:56:19 AM PDT by demshateGod (The fool hath said in his heart, There is no God.)
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To: autumnraine

I got an email recently about AIG. They gave it the money to keep it going because AIG handles the US Congress critters’ pension plan or fund. Any truth to this?


4 posted on 03/16/2009 9:56:20 AM PDT by Buddygirl
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To: Admin Moderator

Admin, I see now a similiar article is posted from WSJ. Didn’t see in search, but you can judge to leave this NYT article or not.

Thanks


5 posted on 03/16/2009 9:56:33 AM PDT by autumnraine (Freedom's just another word for nothing left to lose- Kris Kristoferrson VIVA LA REVOLUTION!)
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To: autumnraine

Wow...MORE Tea Party attendees by the hundreds.
Someone issue AIG a special invitation.....Like the Tea Parties, AIG is nationwide !


6 posted on 03/16/2009 9:56:35 AM PDT by 4Speed
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To: Buddygirl

I wouldn’t doubt it. AIG is HUGE and they have a chunk of nearly everything from Workers Comp to pension plans.


7 posted on 03/16/2009 9:57:08 AM PDT by autumnraine (Freedom's just another word for nothing left to lose- Kris Kristoferrson VIVA LA REVOLUTION!)
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To: Buddygirl

I heard the same thing.


8 posted on 03/16/2009 9:58:30 AM PDT by unkus
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To: autumnraine

While he’s at it, block the BILLIONS going to groups like ACORN, and the 900 MILLION going to HAMAS!


9 posted on 03/16/2009 9:58:37 AM PDT by Enterprise (I went to America and all I got were some DVDs and little helicopters.)
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To: autumnraine

So what does this mean when these people sue AIG for failure to comply with contractual obligations?

While I’m opposed to my tax dollars paying for someone’s bonus. At the same time they are obligated to pay out. This is the baggage that comes with this TARP money people. get used to it

for f*ck sake, damned if you do, damned if you don’t.


10 posted on 03/16/2009 9:58:51 AM PDT by cups
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To: autumnraine
President Obama vowed to try to stop the faltering insurance giant American International Group from paying out hundreds of millions of dollars in bonuses to executives, as the administration scrambled to avert a populist backlash against banks and Wall Street that could complicate Mr. Obama’s economic recovery agenda.

In other words, Mr. Obama wants government to be the sole candy man, all others are evil.

11 posted on 03/16/2009 9:59:48 AM PDT by EGPWS (Trust in God, Question everyone else)
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To: Buddygirl
Pretty close. AIG handles State and Federal Gov't employee union pension funds as well as teacher pension funds.

Now you know the real anawer to why the Feds won't let AIG fail.

12 posted on 03/16/2009 10:00:10 AM PDT by CWW (Palin & Jindal in 2012!!)
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To: autumnraine

make the American taxpayers whole.”

LOL! Sure. - Resign. - and give the American taxpayers back a few Trillion. - then talk about “whole.”


13 posted on 03/16/2009 10:00:20 AM PDT by bill1952 (Power is an illusion created between those with power - and those without)
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To: autumnraine

“President Obama vowed..... “

The word “vowed” after the word “Obama”..... is nothing more than a noise.


14 posted on 03/16/2009 10:00:46 AM PDT by Gator113 (For America to Survive, Obama Must Fail..... Obama=Failure in Chief with the Audacity of Dope.....)
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To: cups
You are 100% right. Obama is a hypocrite. If you don't trust a business to spend money appropriately, don't lend that business any money! Once you do lend or give money with no strings attached, don't complain about how the money is spent. Obama has set Geithner up to take the fall on this, whichever way it goes down.
15 posted on 03/16/2009 10:02:52 AM PDT by utahagen
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To: Buddygirl

No.


16 posted on 03/16/2009 10:02:55 AM PDT by listenhillary (Rahm Emmanuel slip - A crisis is a terrible thing to waste.)
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To: autumnraine

So is the congress going to halt its own automatic payraise in the spirit of “shared sacrifice”?


17 posted on 03/16/2009 10:05:24 AM PDT by RonboTex (Get off my lawn!!!!!!!!)
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To: CWW
Now you know the real anawer to why the Feds won't let AIG fail.

The Feds could have easily guaranteed all of the pension funds for far less than they've shelled out. The main reason for throwing 120B or whatever into it is to prop up the failed idea of credit default insurance. There's no way to spread the risk when the entire financial system fails, but if they didn't funnel out that money, the Feds believed the financial system would fail.

18 posted on 03/16/2009 10:05:35 AM PDT by palmer (Cooperating with Obama = helping him extend the depression and implement socialism.)
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To: autumnraine
...block these bonuses and make the American taxpayers whole... - I now fully believe that Obama is the most dishonest person to hold the position of POTUS. One thousand times the amount of these bonuses would not make American taxpayers "whole", and he knows it. Flat-out lie. Wonder if this was on his teleprompter?
19 posted on 03/16/2009 10:06:06 AM PDT by bobsatwork
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To: cups

I say let them sue. AIG is nowed 80% by US taxpayer.

Arrest any foolish enough to sue as they are the fraudsters who put us in this mess!


20 posted on 03/16/2009 10:06:41 AM PDT by packrat35 (You could make a fortune as a politician if you have the moral standards of a convicted pedophile)
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