Geithner Still Pushing the “Lawsuit” Myth
Apparently, Tim Geithner is about to go on CNN and admit he was the one who put the bonus loophole in the stimulus bill. But he’s still telling the "afraid of lawsuit" story that Larry Summers already spun.
Treasury Secretary Timothy Geithner told CNN Thursday his department asked Sen. Chris Dodd to include a loophole in the stimulus bill that allowed bailed-out insurance giant American International Group to keep its bonuses.
In an interview with CNN’s Ali Velshi, Geithner said the Treasury Department was particularly concerned the government would face lawsuits if bonus contracts were breached.
Aside from the fact that the White House just made the Democrats’ most endangered Senator, Chris Dodd, take the fall for this in two media cycles, I gotta say I’m utterly disgusted that Geithner is still using Larry Summers’ already-discredited excuse about lawsuits.
We own these companies.
We saved them from bankruptcy.
We can demand–as we’re demanding of the car companies–that they forgo their bonuses.
But instead, in an apparent still half-assed charade of coming clean, Geither still wants to pretend that’s why he’s bribing these banksters to stick around the collapsing house of cards.
Get rid of the clown!!
Geithner, in my opinion, has had his 15 minutes of fame (or whatever else you want to call it). He has been in the spotlight and managed to screw things up even worse. I hope President Obama has the good sense to cut his losses and find someone else…
Gee, if only the car companies had realized all they had to do was threaten a law suit…
yeahright.
I find myself agreeing with the Republicans…it’s time he resigned to pursue other interests.
Boxturtle (Yeah, yeah, like he hasn’t ALREADY been pursuing interests other than Americas)
I think I hear his family calling. They really need him to spend more time with them.
Do you think Timmy’s family would like to spend more time with Uncle Larry, too? Please please please…
That’s the problem with getting rid of Geithner. Summers would probably be named his replacement.
Well, as I used to say when this argument came up with impeachment… Get rid of ‘em both!
Or someone worse. The people Obama’s surrounded himself with for economic policy advice and implementation all strike me as being like Geithner. Maybe there’s someone on the list who doesn’t fit the pattern, but it seems clear what direction Obama wants to head in.
Yep. Obama’s the problem, not the people he’s appointed.
yep, looking more & more like that’s the case.
Now now . . . they are BOTH complicit and guilty, guilty, guilty!!!!!!!
If I had to wait on one or the other like a streetcar, Obama still gets another five minutes, though . . .
The rest of them should be pulled off the street for violation of public traffic safety laws . . .
Why shouldn’t Dodd take the fall, or at least partial blame? Geithner does not have the power to put a loophole into a bill.
Nor did Dodd have the power to put this in the bill himself–he wasn’t a conferee.
This is a GOP puke funnel lie. Dodd did not put a loophole in a bill. What he did do, under urging from the White House (Treasury Dept) was weaken his amendment to add extra restrictions. Think of it as instead of adding a deadbolt to a door, Dodd was convinced to go with a “do not open” sign. He didn’t put a new hole in the wall, just didn’t make it harder to get through.
This sounds like “psst, dude, we’re gonna take the family silver. Tonight. So, you know, don’t be home.”
I like Obama and want to keep my faith in him, but if he backs Geithner, I don’t know…I know my faith in Dodd has evaporated.
Geithner should be up in the next segment on CNN…make that the next segment…
Timmy should go home with Lassie.
Since when has the government been afraid of lawsuits?
Geithner is one of THEM. He’s not interested in saving the economy, he’s interested in minimizing the changes to the financial system. Banker barons broke everything, they can’t be expected to fix it.
yep. Geithner’s from the dark side.
no concern about possible uaw lawsuits though … who cares about them, they’re just a bunch of blue collar workers.
Z
Maybe I a wrong about this, but isn’t it the law in CT that is the problem? That there is a compensation act there, where AIG is incorporated that would control how the law is applied?
I get that we can demand changes in contracts, it is just that I don’t know if where the company is based makes a difference or not.
I wonder where they’d find a sympathetic jury in this country for the bonus thieves … the Hamptons?
Z
I think Geithner reached his job via social promotion.
For clarity sake, all I’m saying is Geithner did not have the ability to put this in a bill. The fact he suggested it is slightly damning but not as damning as what was asserted here.
Has Geithner admitted yet that he knew about the AIG bonuses prior to last week. Bloomberg knew about them back in January, for cryin’ out loud.
Geithner has made mistakes early- and probably doesn’t have many “mulligans” left. He’s not impressive. Early returns: Obama made a mistake with him- we’ll see.
let’s see . . . 9/08 it was global financial collapse ! booga booga ! and now it’s lawsuits! booga booga !
have I got this straight ?
Apparently the Obama Adminstration has completely forgotten the concept of damage control. Instead it keeps dragging this out by continually changing its story. It didn’t know about any of this until a couple of days ago or wait a few weeks or possibly months ago. It was Dodd’s fault except maybe it wasn’t or possibly Bernanke didn’t tell Geithner or maybe Bernanke told Treasury but no one told Geithner or it could be that Geithner knew all along from when he was also at the Fed. Anyway, we’re a nation of laws, except when we have lawless Presidents, and we never break contracts, except for union agreements. But we’re really only talking about $165 million here, or $450 million, or $1.2 billion. So really what could be clearer? And why are we spending so much time on this?
Great summary, as usual!
I was stunned by the tin eared, ham fisted sh* comin’ out of Axelrod earlier.
have been thinking all along it was his and Plouffe’s job to ‘protect the Brand’ and today’s crap gave me pause as to his ability to do so
Because it’s a distraction *wink* *wink*
http://theplumline.whorunsgov……straction/
Wow, Robert Gibbs (and Dana Perino) got nothin on YOU . . . perfectly done!
“Ok, that’s a wrap, people . . . look for it at 6pm news on all nets. Now let’s go pound some brewski’s!” /s
You tell us. I know Repubs would like to join Norm Coleman in a chorus of “Let’s throw Obama from the train.”, but it isn’t going to happen any more than Normie will be elected.
I guess if you’ve got the power you have something to do and if you’re a Republican all you can do is kvetch kvetch kvetch. Can’t we get a little peace and quiet around here?
In some respect I think the era of the missing bricks penumbra is the phenomenon we are seeing. SEC has a new general counsel, Cuomo is working on extending divulgation of merger-eve bonus recipients list from Merrilll to BofA proper. Perelli and Ogden were sworn only last week. Johnsen passed committee vote today, on to floor consideration next week, Specter grieving about his having abstained pending a heart to heart talk concerning A13. Maybe most of this is OffTopic, yet, it has the sense of some return to the kinds of open checks and balances that were lacking in the autocratic regime preceeding.
Oh, and where did I hear that Summers hates Stiglitz? Maybe something selise posted? Makes it hard to get reasonable policy if someone who espouses it is on the shitlist.
Summers got Stiglitz canned from his position as chief economist at the World Bank. In that position, Stiglitz criticized the wrongheaded policies of the IMF during the Asian financial crisis of 1997. It should be noted that Geithner was instrumental in promoting these. Stiglitz left the WB in early 2000. Summers had become Treasury Secretary in July 1999 and as the story goes he made getting rid of Stiglitz a condition for WB President Wolfensohn’s re-appointment.
Summers ran Stiglitz out of world bank.
I’m with EW – get him under oath – there’s every reason to believe Geithner was Made Aware of the Bonuses from his work on the Bailout back in September.
He’s too slippery – the very opposite of transparent – to get the Truth out of him with anything less than the threat of perjury hanging over his head – he’s not a transparent guy.
If it turns out that Geithner did, in fact, know about the Bonuses from last Fall, and was just hoping they would fly-by-US under the radar, then he’s clearly Broken Trust with the American People.
Geithner doesn’t appear to be forthcoming with the Truth – so, why should We Trust him?
The only person whose trust Geithner needs is Obama’s.
Lots of people can “appear to be forthcoming with the Truth”. It didn’t make Reagan more believable. And, we know many people didn’t entirely trust Clinton when he spoke about personal things (nudge nudge wink wink).
Appearances aren’t everything.
Don’t let the door hit you on the way out Tim G.
You were always a poor choice any way and not we can all see why.
need to know how much obama knew about this and when. they need to come clean
Obama may well be a one term president.
Got any money you want to back that up with? I have a nice crisp $100 that is willing to say you are completely wrong on that speculation.
No- I don’t want to bet on it- and it’s not a forgone conclusion at this stage- but the stake holders in the status quo are closing in on him and are howlin at his heels like a wolfpack. CNN is layin into him daily. It’s starting to get serious.
Can a president/CIC be impeached for ‘incompetence to lead in a crisis’ that’s not a declared war issue?
Is there any precedent for this?
When that damn Liberal press is pounding on him I somehow can’t take it very seriously. It may be repetitive and done with a scowling face meant to scare little children, but it’s still just a bunch of noise. Anybody around here got a Wurlitzer we can borrow?
Plenty of time to raid what’s left of the treasury.
Making decisions like appointing certain members of his cabinet doesn’t inspire confidence that there will be a second term.
Dear Mr. President,
Fire his fucking ass!!!
Yesterday
Time will tell, but things are not looking very good for pres.
You are known by the people you surround your self with.
Fine, get rid of Geithner. But, who do you suggest for a replacement?
Anybody you suggest comes from the same group of WS clones who all see saving their buddies as most important.
I just want to know that who becomes the next Sec of Treasury is going to make any difference. Here comes the new boss, same as the old boss.
let’s not get fooled again.
Doesn’t Geithner look like a child in a suit? What a twerp!! He and Paulson should be indicted for market manipulation and fraud.
AND THE KILLIN’ GOEZ ON AND ON AND…
Citizen emptywheel and the Firepup Freedom Fighters:
First of all, I hope that this entire sorry episode teaches Obama once and for all that Clintonistas will be the death of his administration. I think that Geithner and Summers should thank their lucky stars that Obama is the kind of leader he is…’cuz he’s manned-up in this situation and tried to cover Geithner by sayin’ “I’m in charge blame me.” But if Obama doesn’t get these two corporate toadies on a VERY short leash and sit down with the Democratic Congressional leadership on this issue…well then, he’s gunna lose more’n jest a few points on his favorables.
Second, the trashing of Chris Dodd is a classic Rahm Emmanuel job and the work that Emmanuel is doin’ to fracture the Democratic Party in both the House and Senate might jest be the undoing of the last election.
Obama has to get past this bonus stuff and in so doin’ put the light back on where the fuckin’ cash has gone in this entire fiasco.
KEEP THE FAITH AND PASS THE AMMUNITION AND GOD SAVE US FROM CLINTONISTAS AND LIBERAL ANGST!!!
Obama is really taking a bullet for his Bankster Lobbyist Geithner.
That’s a good point.
I’m dying for you to be right about the “Real Obama.”
But need some action from him: words & charm ain’t cutting it.
it’s all lipservice until obama demonstrates otherwise.
what is this business with “the real obama?” what you see is what you get: a politician who responds to political pressure.
you can say what you want and act how you want, but what you do in the end is what you meant all along.
I wonder if any President has that much control over events. Did Bush?
which events are those?
the president does have control over what he does in the end, so yes.
Rahmie gotta go, with Eric and Larry. I agree. Did so, long ago.
Don’t LIKE Rahmie, don’t like AIPAC, don’t like people holding ‘mericunz hostage to THEIR policy’s and goals.
Rahmie’s the Et Tu to Obama, and it’s already showing (not that plenty suggested this when the appointment was announced).
Keep Flamin, Norske . . . *G*
and here’s an interesting point: rove and rahm are often compared when discussing bagmen in politics.
both are shameless, unapologetic, and ruthless, and yet rove does so in service of the principles embraced by his party, his base, etc. lmfao at those who thought it would be a good thing to get the democratic version of rove.
rahm is always trying to situate “moderates” and blue dogs to maximize their grandstanding and their “bipartisanship.” that and undermining progressives. which causes is he supporting, and who is he betraying again?
Rahmie betrays us, he betrays the masses.
He betrays all of us, plural version.
And his religon is not a screen he can hide behind.
He’s godless, regardless of what he professes.
His savior is that of the power, control.
well, the screen works both ways, it is something that simultaneously shields and functions as a surface, for projection. a rather telling chief of staff choice, no?
Yes. (bows)
A rather tellin screen doncha think . . . (bows again)
see glenn greenwald’s newest article at salon–they’re going to try to walk back these lies. so geithner agrees with republicans on bonuses, is it bipartisanship yet?
disaster capitalism, pure and simple.
i never did like this guy. had a bad bad feeling about him from the first time i laid eyes on him.
he needs to GO!
NOW!
I would pick an expert in Forensic Accounting as the next Sect of the Treasury who has great management skills and ability to lead.
sounds like a plan to me, dosido
HOw about Andrew Cuomo? :]
FWIW, I have not perceived Norske to be an Obama apologist.
OK, please explain why this is true. Why should I believe Chris Dodd? I couldn’t believe how strenuously and urgently he responded to Hank Paulson’s cry of “FIRE!”. And then cave in to language about bonuses because of lawsuits? and if that’s a lie, then why did he cooperate?
Then I discover the incredible donations he has received from all these sophisticated crooks. It smells. Whether Rahm’s around or not.
Please tell me how wrong I am. I’ll listen. cuz I was a Dodd fan.
Oops I forget the reply button for Hugh and Norske at 52.
I’m not defending Dodd and agree with what you have to say about him. What he did on the original $700 billion Paulson bailout and since as been a mixture of uninformed, self-congratulatory, and bad.
But as Jane has laid out and Glenn Greenwald here:
http://www.salon.com/opinion/g…..index.html
Dodd favored stronger rather than weaker limitations on executive compensation.
Don’t forget about Dodd and the cute mortgage he got.
right. thanks for the reminder. sing it with me:
I’m baaaaaaaaaaaaaaad, I’m countrywiiiide.
Somewhere, Billy Gibbons is grinnin. Or not, if he’s a rightwingtard. *G*
The Rude Pundit has a good perspective on the AIG scandal. Nobody got this upset when billions went missing in Iraq. Nobady got this upset when Dubya got caught with his pants down allowing the 911 attack.
Geithner and Summers do suck and Obama is going the wrong way, but this AIG issue is completely blown out of proportion when contrasted with all the Bush shit that preceded it.
The Republicans are feeding the monster and Obama is sucking wind at Damage Control as Hugh suggests. Its a PR nightmare and the R’s are loving it.
This is an excellent point. Hypocrisy is a requirement for being a politician.
People were upset, just not everyone. And that was before Bush’s eff ups had a material effect on everyone, not just folks who had enlisted (and therefore “chose” to serve in that mess–not really my characterization, just making apoint). We still had our houses and our 401Ks.
Nothing dries up political contributions quicker than a depression.
Oh sorry, were you/rudepundit speaking of the stoopit GOP or people in general? I do notice a change in the amount and type of coverage of the outrage as well.
Where are the missing Iraq billions?
We can multi-task…
Find Bremer, schedule hearings
and roll the cameras, Dodd.
Where are the missing Iraq billions?
Pallets upon pallets.
Made to lay upon someone else’s floor.
Gone.
Like the missing weapons and equipment.
Gamed, to feed all sides of our insidious intentions and keep them at each other’s throats.
Like we did in so many other incursions since Dien Bien Phu.
It don’t matter who’s playing in Iraq,
The Dulles’ Brothers are still the Kings.
(apologies to Waylon Jennings and Bob Wills, the real kings)
*G*
Maybe we should do as we’re told and look forward instead of backward.
People didn’t vote for a third bush term, they voted for change and hope and cherry flavored clouds or some such balderdash.
What are they getting? Scandal after scandal. From Obama putting a man who supposedly didn’t how the tax laws in charge of the money, this same man letting billions go unwatched.
The fight going on is to preserve the players and the game on Wall Street. They have paid big time to have their people on the inside, and Geithner, Paulsen, Bernanke and Summers are Wall Street spawn. People like Stieglitz obviously are prepared to pull back the curtain on these Ozzies and structure a new economy which serves the needs of people.
They won’t be scrapping the existing system unless and until the criminality in addition to the inequity is exposed for all to see. The bonus thing showed how they suck up the wall street and trash main street – where their values are, and who they listen to and are concerned about.
The backlash may be the crack which opens up the door to what these guys were actually doing and who was beenfitting (aside from themselves with their absurd compensation packages).
This of these corporate compensation “committees”. They are composed of CEOs, execs, board member types who get some reciprocity when their compensation is review. You won’t see any workers on those compensation committees.
This is class warfare and the people needs to rise up and shut these theives down. The sooner the better.
The ‘thieves’ are a part of it all, the system, from the top to the bottom.
Thanks to Ronnie Dereguraygun and all since, including Clinton, the thieves have been able to subsume each and every level of existence in our lives, from top, to bottom.
So you have business, accountants, lobbyists, elected officials, appointed officials, board members, committee members, Wall St traders/brokers, investors, investment houses, regulators, military, pentagon, and even union leaders and more (call them bluedog labor), oos, media . . . all media . . . MSM especially, non profits, think tanks.
I don’t know if I missed a level or two . . *G*
But they are all corrupted, crooked and in it for their own.
And each and every job left out there for any of the masses now depends one way or another on falling in line like a good foot soldier. And even if ya do, ya get taken to the cleaners anyway (retirements, pensions, yadda yadda).
So ya see SanderO, if there’s ANY backlash (like oh, progressives in blogs) at all, it’s likely not to go very far other than rhetoric. At least that’s the pattern I’m seeing, and have seen for decades.
There will be obfuscation, avoidance, legislation pending for change (to ensure no one gets punished but with provisions on how they can get away with it all once again with NEW laws in place), and a few maybe hung out to dry publicly (like Ollie North they will be martyred by the GOP).
Now, the ONLY thing I see different since oh, McCarthy, Vietnam, etc., and the 50’s, 60’s and since . . .
The ONLY thing I see as being DIFFERENT, and I’ve said this a lot lately . . . is the amount, depth, breadth and largesse of info we have about who the crooks are, where they lie (everywhere) and how they have DONE their crookedness . . . . the amount of pure INFO proving there ARE these crooks (everywhere) is incredible. And it’s being spread to even the lowest of the info infirmed masses . . .
Never in the history of the species has so much been so available to so many.
And THAT, my dear FDL’ers is the ONLY game changer we have at hand. The rest is easily controlled by the crooks, and always has been.
The only question remaining is will this breadth of info serve us, or not.
Will it set us all free in some manner, or will it spell the end of info being available as the crooks shut off the flow of info (which they are assuredly trying to do in all manner of shapes and forms, even to consider the internet).
That’s the only question left unanswered for which we have no precedent.
Will this mass info, and mass knowledge, NOW, at hand while we are being stolen from . . . will it serve us to know this, or not. Will it set us free, or will the system shut THAT down, too.
The rest of what’s playing out is ‘process’ . . . we’ve been thru this ‘process’ for our species lifetime . . . it’s a process with a system in place that’s crooked and not in favor for the masses.
The rest of what’s going on has a given answer. We lose, one way or the other.
. . . unless this hoard and horde of info, sets us free. In which case, it’s a planet like we’ve never seen.
Will the info set us free, or will it chain us further within the same system.
Everything else, is mostly already put in place like the mise en place of a line cook.
Course, I’m a com studies guy, so I see everything from an info flow/usage perspective, anyways.
Always love your comments, thanks, they come forth for me to ramble a bit. Thanks, Hoss.
*G*
When do I get my bonus? I didn’t cause any companies to go under last year…
KEEP THE FAITH AND PASS THE AMMUNITION AND GOD SAVE US FROM CLINTONISTAS AND
LIBERALcentrist ANGST!!!fixed.
The prize in this contest is universal health coverage. Goopers think that if Obama is able to get it- it will tip the scales in favor of the dems for decades. They will fight it tooth and nail. These Obama slips are going to be used as ammo to paint Obama as an idiot. The world will little note nor long remember who gets these bonuses- but if goopers can kill healthcare, then we can go backwards a couple of decades.
Healthcare is on the plate, I don’t hardly believe it’s the grand prize or the blue ribbon.
Just a piece in the whole package.
And it’s the whole package at stake, IMHO.
Like it’s never been, before.
But the info available to the masses, is out there, like never before.
It’s all on the table for the taking.
How much the masses rise up and SPEAK, with all their voices be they on the blogs, in the streets, in the hallways of where Teh Committee’s Meet (Hamsher sure is ON it lately, ain’t she) . . . that’s what will decide how long this goes on, and who wins.
It’s gonna get fugly, and may stay fugly for a while.
I see WORSE econ times ahead, more poverty. Lots more poverty.
I doubt any of our savings will survive in the next decade.
And until the government (whoever is in charge) CREATES JOBS, we won’t have any improvements.
But I see people rising, coming together in all SORTS of ways.
And helping each other, as best they can.
If jobs are created, fast . . . we might be out of this crap in 5 years . . .
But I don’t think we’ll ever see our savings come back. And if yer 55+, that means yer later years are gonna be funded by the work you can find from NOW, till yer end time.
If yer 20-30, you MIGHT have a shot at new ways of saving for your older days.
And that puts the Boomers smack dab at the forefront of the dilema . . . will be have anyone to care for us as we hit 70++ and can’t work? Will a system be in place for us, to pay our rents, buy our food? Shelter us, feed us, and care for our increasing medical needs?
Or will we be shoveled aside and under . . . . sacrificed for either The Man or for generations coming behind us.
Yeah, this is ALL at stake, now. Heady times. *G*
Several things:
First, the prize is NOT universal health coverage, it’s universal health CARE and getting this country back on track in better shape than before.
Second, If Repubs think Obama has to get that to ‘tip the scales’, then they obviously weren’t watching people lose faith in the Rs during the Bush admin.
Third, they would fight whatever Obama does ‘tooth and nail’ regardless of it’s importance or likelihood of success. Why? Because they just want Obama to fail, so they can take power again and rape America again, like they always do.
For Repubs it’s never about the Truth or about better policies, it’s about Power and Money for their cronies. Dems want to make things better for everybody.
I’m actually disgusted with the progressive websites that have gone nuts over this. No one can assure me that lawsuits would not have gone forward and that we wouldn’t have ended up paying more money that way.
The progressive blogosphere has really tanked on this one, with only a few bright spots here and there.
The real issues are the budget and health care, which is what real people are worrying about, not this bonus crap.
I have brought up Geithner’s trillion dollar public private partnership fiasco, Bernanke’s trillion dollar asset support/meaningless buy up of long term Treasuries, and the $1.6 trillion in derivatives that is still on AIG’s books.
If people get angry about these bonuses, I have no problem with that. They are a metaphor for how poorly and unfairly the financial and economic crises are being dealt with. As long as they don’t obscure these other things and the larger failure of the Obama Administration on the economy, like I said I have no problems with it.
Hugh, when one factors in what you and Ecahn, then Deep Capture and Francine McKennah, have all contributed (many, many other FirePups also) in terms of info, history, background and linkages between the crooks and their previe employment and governmental lives, experiences and general skullduggery’s it’s fuckin OBVIOUS who, what, where, when, why and how.
Simple Journalism 5’s. Plus the how. *G*
So, kudo’s to you and all. It takes a village of vast voices to do all of this.
Somewhere, I think it’s Crooks N Liars, someone uses this as a tag to their posts. I love it, dearly.
“Man shall not be free until the last king is strangled with the entrails of the last priest.”
The person who uses it ascribes it to some name I don’t know . . . wiki says it’s a French agnostic.
My version might be:
“We the people shall not be free until the last capitalist is strangled with the entrails of the last politician.”
Hey, it’s just a rough draft so far . . . I’m not against any system per se . . . only how it’s governed. *G*
I think the point is the American people want to know who is looking out for them…really looking out for them. I think American People want to “control the message” and let them know we are really pissed off about losing our houses and losing our jobs and now losing our tax money to some high rolling crooks and it isn’t the bonus money, that is just salt in the wound, the straw breaking the camel’s back, the insult to injury.
It is really that. We the people. Sorry to just jump in here, but this whole thing is just a mess as far as most people are concerned. And they want their America back. They know it when they see it, and they ain’t seeing it these days. Could be that, with Obama, they thought that there was a chance to get it back. But with all this shit happening, they are sinking into that bad and sad place they were in for the last 8 years. But they are still real pissed off. Maybe this is what it will take to bring the real change. Obama did say we had to push him.
That’s OK. Jump in any time.
This whole thing just reeks of unfairness.
Unfairness is exactly the word. I don’t mind people getting rich but they have to earn it. They don’t get to steal it. I’m not rich but I have everything I need – food, clothing, housing etc. These people want what belongs to others and that’s unfair, immoral and, in my opinion, illegal.
My hubby always refers to the stock market as “legalized gambling” but now I think for anyone who works on Wall Street it’s “legalized robbery”. It’s easier to steal when you own the bank.
also, if DC can’t get a small thing like bonuses and exec pay to bailees right, how can they get a big fat budget right? It’s a small and concrete thing people can sink their teeth into and they’re not going to let go.
oh, so they need to give you that assurance in order to to be critical. LOL
you realize it’s possible to be concerned about more than one thing at a time, right, or were you too busy looking forward?
Hard to decipher what exactly you are saying here, but since you seem to want certainty on whatever path of action taken, maybe you should buy some insurance.
From AIG.
*only apply to protected areas, might cause swellling, avoid daylight or cameras, if symptoms continue beyond 4 hours consult an agent
Spanking. It hurts when done right.
*G*
The newest story appears to be this:
http://www.huffingtonpost.com/…..77016.html
Sheesh, it still feels like kabuki though. thx for link so i can catch up.
OK, this would explain remarks about Rahm wrt his role in protecting WH actions and deflecting.
Geithner has not earned any trust at all. Who recc’d him to Obama? Why was he chosen at all?
Sigh. I’m still catching up. Thanks Hugh.
As knee-jerk as this seems, I’m done with with the empathy for this White House. It’s just a more flaccid version of the last one. Same economic policies, less media savvy or control. Occasional dog-whistles to progressives instead of fundies, but little of substance that makes sense. More concerned with its own survival than with contructive national policy. More “fox guarding the hen house” type of leadership appointments. “Yes we can!” turns into “Yes we can privatize!” I’m done.
Shorter Obama Administration: “What did we know and when did we know it?…Crickets.”
Which would be worse, if Geitner is using the “Lawsuit Myth” as a phony excuse or if he actually is afraid of those bullies.
Wow! I seem to have missed a feeding frenzy here. And yes, by god, Obama has been in office for eight weeks. Eight weeks, and the fractured infrastructure has not yet been repaired. String ‘im up! No second term for him, by god! (Note: barbara is not sure things are going swimmingly; does, in fact, believe they appear not to be; but believes it is premature to commence with last rites.)
Barb, thanks for the thoughts . . . it’s not JUST the 8 weeks . . . it’s the whole phreakin 40 years. Or more.
And the lack of apparent fortitude to challenge any part of that 40 years.
Or the 1% swinehundts who have CHAMPIONED the class war for so long in our country.
Or any other one.
So, in compressed time, as time moves faster in our lives (as it has to with the growth of technology) 8 weeks is foreverland.
And in foreverland, there’s not been much to celebrate, in COMPARISION, too the stuff we can’t celebrate.
And in closing, Barbara, Obama’s picks for his key positions were weak to begin with, and now early on, proving to be so.
That’s the concern us THIS Concern Liberal Progressive.
And I think, ma’am, that’s a hell of a phreakin lot to be concerned about.
Ya think? *blink*
haven’t read through the comments to see if this was mentioned but;
We saved them from bankruptcy.
We can demand–as we’re demanding of the car companies–that they forgo their bonuses.
those people contracted to get bonuses (if such a contract exists) would be mounting the law suit not aig
however if it’s contractual it’s not a bonus it’s salary, two differant things
if it’s not salary but bonus there is no case at all as far as my understanding however as I keep saying, ianal
GEITHNER & RANGEL TO BE SUBPOENAED IN TAX FRAUD CASE
Federal Case Alleges Political Elite Get Favorable Tax Treatment Over Ordinary Citizens
On 5 March 2009 a Motion was filed in U.S. v. David Jacquot, Case # CR 08-1171, in the Federal District Court, in San Diego, California seeking to dismiss a false tax return indictment on the grounds that the Defendant was not treated in the same manner as politically prominent individuals. A hearing on this matter is set for 30 March 2009 in San Diego and the Defendant in this case intends to subpoena Secretary of the Treasury Timothy Geithner, House Ways and Means Chairman Charles Rangel, former Senate Majority Leader Tom Daschle, and others.
The Defendant in this case is David Jacquot, an attorney and retired Army Officer. He is a decorated disabled Desert Storm veteran living in rural Idaho with his family.
This “Geithner Motion” cites HR 735 titled the “Rangel Rule Act of 2009,” which if enacted, would eliminate penalties and interest for common citizens to allow them to be treated in the same manner as House Ways and Means Chairman Representative Charles Rangel. The Geithner Motion also quotes President Obama stressing the need to “treat common citizens in the same manner as politically prominent individuals in regards to tax matters”.
A copy of the Geithner Motion and the complaint against AUSA Faith Devine can be downloaded at:
http://www.jacquotlaw.com/vindictive-prosecution.html
Wow! Now that’s American!
Hallelujah! Good luck!
So, ya didn’t pay yer taxes?
Or, yer being held accountable for HOW ya paid yer taxes?
And ya got a motion in play citing unfair treatment?
So tell me, Jacq, what was the issue with yer UNRESOLVED taxes?
I’m not hip to if yer a long timer in here . . . I don’t any previe history WRT this issue at hand, and I don’t grok yer lawgeek posting . . so ’scuse me if I’m outta line somehow to asks some kwesthuns . . . .
It’s intriguing, I’ll admit . . . tells us more!!! *G*
Maybe this thing is just a big ass M80 firecracker with a long fuse burning away. Fuse length: unknown. Galbraith says it’s not going to be the same on the other side. I agree with those who think that whatever the end result is, it isn’t going to be what Wall Street wants. Whatever Obama, or anybody else, thinks they can manipulate into happening.
In a general way, I’ll agree whole heartedly that there’s NO way we can predict how this will all play out in the end.
It’s epochal in nature.
We can speculate. Use history as a guide.
But at the end point of it all . . . this is a point in time unlike all others.
Only common two things are good versus evil.
And that ain’t much to go on for forecasting, is it . . *G*
OT – Pillar of Sanity, Pete Hoekstra, has The Solution to GITMO.
We just need to get our NATO and Coalition partners to co-run our gulag with us.
After a spelling lesson from Hillary, since Obama isn’t going to do anything worthwhile anyway, he might as well task Hoekstra with heading up that little initiative.
It must be lonely for Pete without Curt Weldon and Duke Cunningham.
And that skunk Issa won’t use deodorant. Peee-yew!
CA Pol he is, I’ve hated him for so long . . . always wished I could vote against him.
Ok, lemme revise that CA Pol thang . . . Pelosi, not a prog (less pressure on her), SciFi a complete wasteland unto herself and Dick Blum, Boxer a tweener, never mind our Gov, please.
And Tauscher, now promoted to Shilary’s Bunch . . . ridding US of her and the Bluegog Influence, but putting her smack dab into the triangulating shitmire of our national issues . . .
I hate Issa in the same way I hate Lundgren, Tauscher, and well, Bluedoggie Dems everywhere.
Ok, embrace the hate, let it go . . . breathe, breathe, balance . . . nah. I still hate the fuckers. *G*
Oh, dear. There might have been lawsuits if the bankers hadn’t been bribed to accept the previous payoffs. That would have been horrible, given the lack of lawyers in the government.
/full blown snark/
101/103
He’s going to have to go on the road.
Brother Pete’s Travelling Solutions Show – is it “pack up the babies and grab the old ladies” or vice versa on the packing and grabbing?
Well, as a certified male Republican, he will grabbing and packing both women and children.
So to speak….
It’s not the $165M in pre-arranged bonuses, cleverly written with Default-Upon-No-Bonus-Pay Cratering Clauses for the Counterparties, stealthily shepherded through the Bailout and Stimulus Bill by nameless and faceless ’staffers’ – it’s not that.
Rather, it’s that the deal Stinks – it’s as if Geithner is holding his nose and handing US a diaper from Bush – stuffed with the Steaming Shitpile – plastered with ”Due Upon Receipt” Bills from the Counterparties and the AIGFP Traders, and telling US, in a nasally voice, that We are legally obligated to take it, with no questions asked.
So, rather than being Obama’s Secretary of the Treasury, he’s acting more like he’s finalizing Bush’s ’transfer of liability,’ begun last September, to US by ’making sure’ the Counterparties and their FP Traders ’legally’ get their (Our) money in a timely fashion.
It’s not the $165M – it’s the Trillions in Real Generational Debt that it represents.
The $165M is just the delivery charge, courtesy of AIGFP and their Lawyer, Tim Geithner.
Let’s face it, they weren’t afraid that they’d be sued. What with immunities, the length of time to recovery, the surplus of DOJ lawyers now that fewer Siegelman suits are in the works, the possible commercial bankruptcy or AIG turnaround during the pendency of the suits, etc – the last thing they were worried about was a lawsuit.
WINNING such a lawsuit (on huge bonuses to insiders by an insolvent company) – with all the precedent it would set – that’s what had them worried.
Just surveying the landscape and players ….
Summers has been missing for a few days … not sure *what* that means. Here’s hoping he didn’t impress with his ”rule of law” talk and the obvious wide-ranging implications for ”going forward, not backward.” Mangle the message much, Larry?
Spitzer is showing up in promo clips with Fareed Zakaria on CNN. Full interview on Sunday. Can he be invited to save the day?
Since the Republican roadshow is of OT mention, I thought I would link to a nice compendium roguegallery recently; complete with sentences and bargain pleas.
Reading over at the Great Orange One, there’s a post about the interview with a transcript – apparently Geithner did not, in fact, say what CNN is claiming.
So maybe Geithner is less guilty than is being reported (not that that makes him innocent in everything going on).
Damned if he did and damned if he didn’t — it doesn’t matter to Obama’s opponents. They just attack and imply something stinks and somebody should be fired or impeached.
Apparently they don’t care whether the problems get fixed!
who has said that they don’t care whether the problems get fixed? seriously, take a breath
whether geithner inserted the bonus provisions or he didn’t, whether he admitted to it or he didn’t, whether he told obama or he didn’t… are all pertinent to whether geithner should be the position to correct the problem, no?
for those interested in obama’s stealth chess talents, go check out his interview on the tonight show. especially during his declaration of when he learned about the bonuses, and his faith in geithner.
all his tells should be on display
Heck of a job Brownie moment?
well, it’s all damningly faint praise nonetheless, because we know obama can’t possibly still have faith in him–either to keep the lid on matters or correct things.
it’s disingenuous, hence the tells
I agree PJ ~ I heard Geithner waffle around about ”Treasury staff” {I thought he had none …} and do everything but say he didn’t know what they were up to. It’s not any better. I guess were’re supposed to ”like” him {like Bernanke} once we get to see them. But Geithner has really poor skills: he looks shifty.
I’ll be watching Obama tonight but the clip I saw … he really looks and sounds out of touch with this messaging.
He’s saying it’s awful and gosh it’s shocking that we have to suck it up and oh my let’s try and get back to some kind of personal responsibility.
But the people are fed up. And we suspect that there are banksters committing crimes. His messaging does not apply to criminals and this messaging is not going to restore trust after all these years.
I agree upthread Obama needs to get rid of the clintonistas. This smells of hillary 2012. Larry Summers caused the problem . He worked , as clinton’s treasury sec. to deregulate the banks.
Glass/Stegall was a law FDR put into place to stop banks from speculating in wall street real estate etc. This repeal deregulated the banks. bill clinton signed it into law in 1999. We would not be in this mess if it had not been for summers and clinton.
Phil Gramm worked on it too. Reaching across the aisle.If Obama doesn’t rid himself soon of these criminals he will not enjoy high approval ratings long.
I am sure the clintons will be glad to save the day.Seems like a plan. Rahm Emmanuel should be replaced with Howard Dean. He balanced Vt.’s budget.
Remember it was the Republicans running Congress in 1999.
Remember that they’ve been pushing deregulation and privatization since St Ronny was elected the first time. (Maybe you’re too young to remember him.)
we haven’t heard the last of Gramm-Leach-Bliley
One chip off an old and venerable block (JK Galbraith) offers much to contemplate in sorting through this mess:
http://www.washingtonmonthly.c…..raith.html
Excellent article!
Bob in HI
A step in the right direction–
Attorney General Issues New FOIA Guidelines to Favor Disclosure and Transparency
Bob in HI
according to obama, geithner is doing an “outstanding job”
http://www.huffingtonpost.com/…..77173.html
what can you learn about obama from this?
Getting back the bonuses is not enough for this taxpayer. We own these companies now, and it is time to liquidate them and recoup something of our investment while prosecuting the fraud artists that caused the mess.
Apparently you’ve never heard of “curb appeal.” Sometimes if you want to sell something, you’ll get more if you clean it up a bit first. That’s what Liddy was trying to say. Seems to me, however, that he was paying the clean-up crew too much, and they were maybe not the right folks to do the clean-up.
Bob in HI
Late Night Trash Talk: Michigan upset Clemson, 62-59! ESPN analyst predicts Michigan upset of Oklahoma, Beilein’s 1-3-1 to work wonders in early rounds.
Go Blue!
Bob in HI
Geithner made EVERY EFFORT to be as evasive as possible throughout that entire interview and deflect matters about past decisions made into present day. He lied when he implied he had only learned of this matter on March 10th. He chose his words with exceptional care to convey that impression, but it was intentionally deceiving.
He lied when he left the impression that it was his staff working in concert with Dodd’s that led to the result – AIG bonuses being paid.
Geithner and Dodd directly discussed this, and one or both of them insisted that the bonuses be paid.
Geithner is a dishonest weasel and a horrible liar. How many people who received these bonuses do Mr. Dodd and/or Mr. Geithner know personally? Are their wives or family members friends with the wives or family members of these recipitents ob bonus payments? How many personal relationships are intertwined that led to this decision to commit other people’s money to enrich their friends?
What was this quid pro quo for? Did Geithner (the FED and Treasury) and Dodd (Congress) buy their silence with these payments (so as not to have them reveal the fact that the Fed and Treasury were involved in the fraud all along – with a complicit Congress in position to enable it all on the bankster’s behalf)? Did they wish to “keep it out of court” so that these individuals would not turn into whistle blowers?
YOU BET YOUR ASS!
Geithner’s own words and mannerisms reveal deep and ugly secrets being withheld. Those were not bonuses. That was hush money.
Check out this image of Plunger on a cruise with George W. Bush:
http://img27.imageshack.us/img…..eeling.jpg
BooRadley has an Oxdown with the news that Cuomo now has the list of AIGFP bonus recipients. Cuomo is working with AIG to determine who is keeping the money and who is returning it before deciding on disclosure. That’s a nice counterthreat to the the AIGFP threat to take down the economy if they don’t get their money. I hope Cuomo is also suggesting “protective custody” (in terms of jail) for those who choose to keep the money.
James Moore says Eliot Spitzer is The Man to clean-up Wall Street.
http://www.huffingtonpost.com/…..76933.html
I would love to see Spitzer head up a wide-ranging probe of what went wrong… from deregulation stupidity (i.e., what needs to be re-regulated and how) to the various scams and frauds that ensued. And if (ha! when) he stumbles across criminal conduct, well then he could get the ball rolling on prosecutions as well. What a great idea, I hope it gets some traction…