Report: Federal Reserve informed Treasury staffers of AIG bonuses earlier than Geithner claimed.
By on Mar 19th, 2009 at 12:40 pm
Report: Federal Reserve informed Treasury staffers of AIG bonuses earlier than Geithner claimed.
Earlier this week, Treasury Secretary Timothy Geithner told congressional leaders that he did not learn of AIG’s plans to award $160 billion in retention bonuses to employees in its “troubled” financial products division until March 10. But as Time magazine reports today, the New York Federal Reserve “informed Treasury staff that the payments were imminent on February 28,” at least 10 days “before Treasury staffers say they first learned ‘full details’ of the bonus plan, and three days before the Administration launched a new $30 billion infusion of cash for AIG.” Time explains that “the fault [for the delay] appears to lie with career staffers at the department who failed to report the imminent bonus deadline up the chain to Geithner.”
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Would these staffers happen to be some of George’s burrowed in political appointies trying to sabatoge the new admin?
March 19th, 2009 at 12:43 pmIf Geithner didn’t know, then he should have.
March 19th, 2009 at 12:43 pmHe comes from these people.
This is jumbled and misleading. It’s possible that the Fed informed Treasury staffers on February 28 and that Geithner didn’t hear about it until March 10. This headline leads one to believe Geithner misled the public. But that isn’t necessarily true.
http://www.pufferfishblog.com/
March 19th, 2009 at 12:45 pmWould these “career staffers” be leftovers from the Bush administration? They should be fired for incompetence.
March 19th, 2009 at 12:46 pmchomot – I didn’t read your post before I posted my comment. Looks like we had the same question.
March 19th, 2009 at 12:48 pmI’m beginning to thing that Timmy may be working for the wrong team….
March 19th, 2009 at 12:48 pm.
Surprised?!?!?!
Wasn’t Timothy Geithner under scrutiny for LYING about his back taxes he owed?
Once a LIAR…
… ALWAYS A LIAR.
Obama needs to dump Timothy Geithner.
.
March 19th, 2009 at 12:49 pmPlease make the hurt silly stop, T.P.
What does the last sentance mean, “Time explains that “the fault [for the delay] appears to lie with career staffers at the department career staffers at the department who failed to report the imminent bonus deadline up the chain to Geithner.”
OUCH!!!
career staffers at the department career staffers at the department…
FOXPRAVDA KIRONS make more sense…
.
March 19th, 2009 at 12:53 pmraynman Says:
I’m beginning to thing that Timmy may be working for the wrong team….
March 19th, 2009 at 12:48 pm
_________
Agreed:
http://www.truthdig.com/report/item/20090318_perp_walks_instead_of_bonuses/
March 19th, 2009 at 12:53 pmHere’s a bipartisan list of those politicians that got donations from AIG:
http://abcnews.go.com/Politics/story?id=7110145&page=1
Is it more than coincidence that Dodd is on the top of the list with $103,000?
http://www.cnn.com/2009/POLITICS/03/18/aig.bonuses.congress/index.html
There’s a lot that is still unknown about this story, but the connection between the administration, Dodd and AIG campaign contributions needs to be addressed.
March 19th, 2009 at 12:54 pmGeithner has to go- either for complicity or incompetance. If the buck stops with the President, he needs to realize that the people really meant change when they voted for it. Think he’s learning grassroots populism is a two-edged sword. Let’s hope he takes out the trash early.
March 19th, 2009 at 12:56 pmTimmeh, please go away now. You are embarassing yourself and your boss.
March 19th, 2009 at 12:56 pmObama’s number 2, with $101,000.
The hope is that the AIG donations had nothing to do with it. But, at a minimum it is a very unfortunate set of coincidence.
The quicker the administration and Dobb can explain it, the better.
March 19th, 2009 at 12:57 pmYou know, I think Pres. Obama will get this all straightened out, however, all knew that there was a possibility of Bonuses, even I knew and I am just an average jane. The truth of this matter is that there should have been provisions so this could not have happened. Now that it has, there will have to be a fix and then regulations instituted so this can not happen again. This outrageous greed must stop.
March 19th, 2009 at 12:57 pmWow, this thing is really getting legs.
March 19th, 2009 at 12:58 pmI wonder what the underlying reasons for it are.
Surely there is more to it than stealing money.
Backup,
do you just come on down from high meaning to enlighten us? TP has been exploring the Dodd angle in at least a few posts, not to mention the countless threads discussing this. Please inform yourself.
http://www.salon.com/opinion/greenwald/2009/03/17/dodd/
ad infinitum…
March 19th, 2009 at 12:58 pmJust tax the money back and let’s get cracking on the environmental projects, rebuilding our infrastructure and firing Larry and Tim.
March 19th, 2009 at 1:00 pmBackup, do you mean Lou or Senator Dobb, or Dobbins, the horse?
March 19th, 2009 at 1:00 pmThe best case for the administration on the AIG bonuses is that they were just unaware.
There is an idea that Obama is trying to do too much.
Maybe that would abate if he spent a couple of months getting enough people at Treasury to make sure the money has oversight.
Until people feel like the finances are being addressed, they will be reluctant to support other large government initiatives.
March 19th, 2009 at 1:01 pmmy bad. good catch. Dodd.
March 19th, 2009 at 1:01 pmThis topic is a good example of Progressive supporters vs Reich-wing supporters. If this was happening under a Republican administration, Reich-wingers would be parroting coverup lies and excuses madeup by the administration and broadcast loudly by Limpy Limbaugh, Hannity, O’Reilly, etc. Progressive types want accoutablity, no matter who’s in charge.
March 19th, 2009 at 1:03 pmObama should have dumped Geithner as soon as he found out about Geithner’s tax problems.
Not a good example for someone who is to head up Treasury.
¶ AIO
March 19th, 2009 at 1:04 pmReally good point, Walt. And you even see the converse here on this thread- pathetic GOP sympathizers coming in like vultures trying to join in the accountability discussion, as if they were advocates of government oversight, just like they were for the last 8 years.
March 19th, 2009 at 1:08 pmbackup Says:
There’s a lot that is still unknown about this story, but the connection between the administration, Dodd and AIG campaign contributions needs to be addressed.
__________
Gee, b-cup… did the Stewart/Cramer thread get too hot for you?
You never did explain just how TDS cut and pasted Cramer’s comment about Apple and fomenting to deliberately make Cramer look bad. Why?
March 19th, 2009 at 1:09 pmPull the plug on AIG and let’s take our chances.
March 19th, 2009 at 1:12 pmWaltinTexas Says:
Progressive types want accoutablity, no matter who’s in charge.
_____________
Uh… yeah… I don’t recall seeing ONE tear shed here for Spitzer, Blago, or Jefferson.
And Vitter gets a standing ovation from his fellow GOOPers when he proudly marches back into the House. They should have all worn diapers as a show of solidarity.
Siiiigh… there was a time when a conservative like Barry Goldwater went to the WH and told Richard, “It’s time to go…”
March 19th, 2009 at 1:12 pmMatt. Is CNN part of the radical right wing?
http://www.cnn.com/2009/POLITICS/03/18/obama.poll/index.html
March 19th, 2009 at 1:15 pmRepublic. I’m a busy guy, but I’ll go back and check it out for you.
While you are waiting, are you troubled that Dodd gets $103,000 from AIG and Obama gets $101,000. And the two parties communicate to get language back into the bill that protects the bonuses; after days of denying they knew how it happened.
Think about it, while I head back to the Cramer thread.
March 19th, 2009 at 1:17 pmhey backup
when it says “most americans say…” and then give a weak 55% figure for the poll, i’d say CNN isn’t exactly a strong point of objective reporting… but maybe so, right? here’s what the article continues to say…
The poll also suggests that a majority of those questioned, 58 percent, feel that the president’s programs are just about right for the country. Around 36 percent say Obama’s proposals are too liberal, and 5 percent say they are not liberal enough.
hmmm, what else? let’s see….
On the issues, 59 percent say they approve of how the president is handling the economy, 57 percent like how Obama’s dealing with health care, 63 percent approve of how he’s handling energy policy and 65 percent back him when it comes to education reform.
Of those polled. 66 percent like how Obama is dealing with foreign affairs, with 63 percent approving of how the president is handling Iraq, 67 percent agreeing with him on Afghanistan and 61 percent approving of how he’s handling terrorism.
gosh, correct me if I’m wrong, but all those positive numbers are higher than 55%….
March 19th, 2009 at 1:20 pmAs the Law Makers laugh and say they are holding back appointees in the US Treasury and how can Tim do all this work by himself makes since to toss him under the bus. Americans and the GOP want Obama to step down and take his Cabinet with him. We liked it better with the Bush/Cheney polices of stealing and lieing. Tim is an educated Economicist respected around the World, we prefer Hank Paulson come back as he was only a CEO with no education or expereience in Economy. Hank can hire his friends again from Goldman Sachs at 3,000 a day pay. We are tired of an honest Govenment we want our Corrupt Govenment back. Obama/Biden should move out and let either Bush and Cheney come back since they were doing such a GREAT JOB or put McCain/Palin in office. McCain was honest and said he knows nothing about Economics but would choose a VP ( Palin ) who is strong in Economics and Foreign Affairs.
Sometimes even God can’t help people because their so stupid and esay to follow the lies and Satan worshippers.
March 19th, 2009 at 1:25 pmbackup Says:
Republic. I’m a busy guy, but I’ll go back and check it out for you.
__________
A busy guy? Trolling hard work?
March 19th, 2009 at 1:28 pmJohn Kerry,
You are flagged. You are an ignorant pathetic homophobe, and a complete waste of oxygen.
March 19th, 2009 at 1:28 pmWhat We the People need is a team of professionals like the FDIC does to go into these failed institutions, lock the doors, sift through the staff, put the books under a microscope, and eventually sell off anything that’s worth anything.
ENOUGH with the corporate bail outs! Most of my 401k is lost, my son’s college fund has 20% less than I contributed with my after-tax dollars. If the banking system is going down, so be it.
PEACE
March 19th, 2009 at 1:31 pmStart flagging JK, folks…
The personal attacks on Barney Frank are over the line.
If I didn’t know better, JK, I’d say you’re incredibly bitter about the way BotchCo finally collapsed…
March 19th, 2009 at 1:31 pmTimothy Geithner must GO! He is hurting President Obama badly!
March 19th, 2009 at 1:32 pmbackup Says:
While you are waiting, are you troubled that Dodd gets $103,000 from AIG and Obama gets $101,000.
____________
Actually, I am bothered by that.
I have to wonder, just how tone deaf could Gaithner, et al, be in this political climate?
March 19th, 2009 at 1:33 pmCome on. you have to acknowledge that it takes a little more horsepower than whack-a-troll.
Republic, if I had your situation, I could probably go out and get another job.
Not that you don’t work hard. I’m just saying.
March 19th, 2009 at 1:34 pmAnd I’m bothered by it because it’s TRUE, b-cup, and not one of your patented, proprietary “B-Cup Straw Man Specials™”…
I never felt sorry for Spitzer or Blago or Jefferson, b-cup.
How do you feel about “Diaper Dave” Vitter staying in the House?
March 19th, 2009 at 1:35 pmbackup Says:
Come on. you have to acknowledge that it takes a little more horsepower than whack-a-troll.
___________
Actually, no it doesn’t. It does take some effort to ferret out the falsehoods guys like you post.
___________
Republic, if I had your situation, I could probably go out and get another job.
___________
Really? What’s my situation, b-cup? Tell me about it. I’m all ears.
March 19th, 2009 at 1:37 pmJohn Kerry Says:
YOU are flagged!!
__________
I flagged you too, dimwatt.
Keep making homophobic slurs and you’ll be gone.
March 19th, 2009 at 1:38 pmPlease continue to flag John Kerry for homophobic remarks, please.(31)
The idiocy in bold needs to stop.
March 19th, 2009 at 1:39 pmActually, I’m in the give-the-benefit-of-the-doubt mood. I actually believe that the problem is probably staffing.
I know the mantra that Obama can walk and chew gum. I also believe that people will follow Obama and get on board with the spending if they feel the money isn’t being wasted.
The only way they will feel the money isn’t being wasted, is if there is adequate staffing to ensure the oversight.
The only way to get the oversight is for Obama to temporarily focus almost exclusively on Treasury.
Leaving the administration open to more attacks of financial mismanagement is only going to jeopardize all the other initiatives.
March 19th, 2009 at 1:39 pmIts time for the John Kerry wannabe troll to be banned from TP. It offers nothing in terms of content, doesn’t stay to discuss anything, just flame spams and runs.
Nothing less than a complete banning will suffice, TP. Thank you.
PEACE
March 19th, 2009 at 1:42 pmJohn Kerry,
are you just angry that we finally have a President that can read from a teleprompter? Or maybe that he can correctly pronounce telprompter or any other word with more than 2 syllables?
ouch….
March 19th, 2009 at 1:46 pmbackup Says:
I have to wonder, just how tone deaf could Gaithner, et al, be in this political climate?
Actually, I’m in the give-the-benefit-of-the-doubt mood. I actually believe that the problem is probably staffing.
___________
Classic b-cup. Set up a position, and immediately got to the other side.
What’s my situation, b-cup? I’m waiting.
March 19th, 2009 at 1:47 pmBoldFaceLiar does not see the irony in his using a “teleprompter website” to tell him what to say about President Obama’s use of a teleprompter.
March 19th, 2009 at 1:53 pm.
Dear TROLL Kerry,
GO BUSH GO!!!
… YES?
.
March 19th, 2009 at 1:58 pm.
Dear TROLL Kerry,
My Pet Goat!!!
… Yes?
.
March 19th, 2009 at 2:00 pm.
Speaking of oweing back taxes…
13 firms receiving federal bailout owe back taxes
http://news.yahoo.com/s/ap/20090319/ap_on_go_co/bailout_delinquent_taxes
.
March 19th, 2009 at 2:04 pm.
Of course TROLL Kerry,
Bush read his teleprompter too well, NO?
http://www.youtube.com/watch?v=UC1tFsGCqSU
.
March 19th, 2009 at 2:08 pm.
I dunno TROLL Kerry,
Maybe you can ’splain why Bush vacated so often to clear brush…
… When we were in a time of war, as he insisted we perpetually have been?
.
March 19th, 2009 at 2:17 pm$160 billion in bonuses? AIG is a $170 billion black hole, but most of the money went to Wall Street, not AIG execs.
The correct number is $165 million.
March 19th, 2009 at 2:20 pmPretty funny JK after eight years of a barely functional illiterate/criminal in office. You seem to be in a tiny minority (Rush ball lickers) who would see Obama’s communication skills as embarrassing. I and a large majority of Americans are quite happy with our President so far. Particularly after the utter shame that George W. Shithead brought to this Country. You make me laugh every time you stop by, roll down the window of your beaten down pickup truck and screamout your special brand of uninformed bullshit. Keep it up precious!
March 19th, 2009 at 2:23 pmBoldFaceLiar sure uses more than his share of question marks. Could that be because he has so little knowledge? (See, I only needed one question mark.)
March 19th, 2009 at 2:42 pmyour situation republic? It was only a comment that whack-a-troll takes less effort. Less effort that would afford more time. Nothing more than that. Sounds defensive.
March 19th, 2009 at 3:14 pmbackup Says:
your situation republic? It was only a comment that whack-a-troll takes less effort. Less effort that would afford more time. Nothing more than that. Sounds defensive.
________
Actually, you’re just blowing more smoke out your Cheney again.
So, did you finally break down, amidst copious tears, and admit you didn’t even bother to watch the Stewart/Cramer interview before coming here and embarrassing yourself?
March 19th, 2009 at 9:06 pmHow can these a-holes get these bonuses in the state they are in?
http://www.alternet.org/story/21088/
March 19th, 2009 at 9:33 pm