Thursday, March 19, 2009
AIG Fiasco: Dems Didn't Connect The Dots
Failed to connect the dots. Well, nothing says a failure in connecting the dots the way the Democrats handled AIG, does it?
We know that Treasury Secretary Timmy Tax Cheat Geither knew about AIG bonuses last Tuesday. al-Reuters:
U.S. Treasury Secretary Timothy Geithner found out about the impending bonuses to executives at insurer AIG last Tuesday and alerted the White House on Thursday.
Here is a timeline of events, according to an administration official:
March 10 Geithner finds out about impending bonuses.
March 11 After 6 p.m., Geithner calls AIG CEO Edward Liddy to express outrage and says the bonus payments are unacceptable and Liddy must go back and renegotiate. Geithner and Treasury lawyers look for legal solutions to avoid paying the bonuses.
March 12 Geithner informs the White House about the bonuses. Later in the day, senior aides tell President Barack Obama. Geithner and Treasury lawyers keep looking for legal avenues to avoid paying the bonuses.
President Obama was informed about the $165 million in bonuses due to employees of the American Insurance Group the day before they were paid out last week, the White House disclosed late Tuesday.
The president did not publicly express anger over the bonuses until after they were disclosed Sunday in The Washington Post.
But Ol' Timmy Tax Cheat From Wall Street...he can't stop himself from giving his buddies taxpayer money. Yahoo Finance:
Republicans have made Geithner their top target, not surprising given Obama's continued high approval ratings.
"It's shocking that they would -- the administration would come to us now and act surprised about these contracts," said Sen. Mitch McConnell, R-Ky., the Senate GOP leader. "This administration could have and should have ... prevented this from happening. They had a lot of leverage two weeks ago."
That would be when the Treasury Department decided to make an additional $30 billion available to American International Group Inc., the huge insurance conglomerate deemed too big to fail by two administrations.
Party on, Barry. "Depression? What depression?"
But Ol' Barry sticks by his Corrupt Fascist Pig Cronies telling The Tax Cheat Treasury Secretary, "you're doing a heck of job, Timmy." Bloomberg:
Obama today defended Treasury Secretary Timothy Geithner against attacks by Republican lawmakers, some of whom have threatened to block any more bailouts of struggling companies. The president said Geithner has been making “all the right moves” in dealing with AIG and the financial crisis.
“Two weeks ago, the president’s spokesman said they were confident that they knew how every dime was being spent at AIG,” House Republican Leader John Boehner of Ohio told reporters yesterday. “They didn’t know what they were talking about,” Boehner said.
On Intrade, users are betting on a futures contract that pays out if Mr. Geithner is out of his job by June 30. Right now, the futures contract shows a low probability of that happening — it’s currently at 15 percent, or $1.50. Still, that’s up from previous levels, according to the prediction market’s Web site.
Calls for Mr. Geithner’s resignation have grown louder after the flap over $165 million in bonus payments at the American International Group[.]
Florida Republican Rep. Connie Mack called for Treasury Secretary Tim Geithner to lose his job Wednesday, becoming the first Capitol Hill lawmaker to call for his ouster over AIG's using tens of millions of taxpayer dollars for executive bonuses.
Rep. Darrell Issa, R-Calif., later joined in the call Wednesday.
Mack told FOX News that Geithner should resign or the administration should fire him.
"The American people certainly don't see any competence in him. And I think he's got a lot of questions to answer," he said.
"Quite simply, the Timothy Geithner experience has been a disaster. The Treasury Department is in disarray. Taxpayer dollars are being wasted," he said.
White House Press Secretary Robert Gibbs said Tuesday that Obama has "complete confidence" in Geithner[.]
Senators Ron Wyden (D-Oregon) and Olympia Snowe (R-Maine) put together the Wyden-Snowe Amendment that would have prevented things like bonuses being paid out by companies receiving bailout money. But someone killed that provision. From NY Daily News:
The questions have been flying fast about who changed Sen. Chris Dodd’s tough executive pay amendment in the recently passed stimulus bill to let AIG go ahead with its bonuses.
Dodd just told CNN that he did it — at the request of the Treasury Department.
But he didn’t say who over there wanted the change.
Dodd’s amendment would have barred the payouts, but it was changed to permit agreements made before the stimulus bill was passed.
Still a mystery: Who removed the Ron Wyden-Olympia Snowe amendment that would have capped bonuses in bailed out firms at $100,000, and taxed anything above that at 35%. The Senate passed it. Someone on the House-Senate conference committee removed it in reconciling the two bills.
Senate Banking committee Chairman Christopher Dodd told CNN’s Dana Bash and Wolf Blitzer Wednesday that he was responsible for adding the bonus loophole into the stimulus package that permitted AIG and other companies that received bailout funds to pay bonuses.
Watch: I'm responsible for bonus loophole, Dodd says
On Tuesday, Dodd denied to CNN that he had anything to do with the adding of that provision.
3) When caught, blame the other guy.
But Dodd couldn't maintain the facade any longer. The heat was too much. Dodd - a complete and total lying sack of liquid shit - should resign or have his sorry ass booted from the Senate.
Yep...all this Hope 'n Change is sure doing wonders for America, isn't it?
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