What Did Geithner Know and When Did He Know It?
I'm with Jane. Tim Geithner is shortly going to have to admit he knew a lot more about AIG bonuses a lot earlier than he has admitted. And frankly, I'm more interested in what he learned in September than what he has learned in the last month.
March Madness Bracket Trash Talk
Back by popular demand: It's teh Wheelhouse March Madness Road to the Final Four Bracket Extravaganza! I gotta tell you, this is a great year to argue for your favorite team, because with the exception of a few small conference champion entrants, there is a lot of parity in the field, some key injuries here and there and some intriguing matchups.
Financial Services AIG Hearing Liveblog, Liddy Testimony Part Two
For earlier liveblog posts:Committee Members Blowhard Statements Panel 1: The RegulatorsPanel 2: Liddy, Part One
Gary Peters: Why Is It Okay to Abrogate UAW Contracts But Not Wall Street's Contracts?
Gary Peters asks the question all Michiganders have been asking since September. Why are UAW's line workers forced to renegotiate their contracts and GM's engineers forced to forgo bonuses, but not the banksters who ruined the economy?
Liddy: We Can Threaten US Taxpayers but They Can't Threaten Us
While I agree that AIGFP's employees should not be getting threats, I also think taxpayers should not tolerate the threats that AIG is making about our financial system.
Financial Services AIG Hearing Panel 2 (Liddy)
The hearing can be view on the committee stream or CSPAN3.
The witnesses are:
Panel two Mr. Edward M. Liddy, Chairman and Chief Executive Officer, American International Group Mr. Rodney Clark, Managing Director, Insurance Ratings, Standard & Poor’s
Financial Services AIG Hearing Liveblog, Panel 1
The first panel on AIG hearing.
Financial Services AIG Hearing Liveblog, Member Blowhard Statements
The Financial Services Committee beats up on AIG.
Cassano's Golden Parachute and the Retention Bonuses
We don't have the AIG retention contracts. But we do have Joseph Cassano's termination contract, which was probably negotiated at the same time. Here's what it tells us is probably in those retention contracts.
Edward Liddy's Pitch in the WaPo
Edward Liddy's op-ed in the WaPo reveals two significant details: those contracts were negotiated at least as early as March 17, 2008, just in time for AIG's public confession that AIGFP was FUBAR. And the real issue here is not the contractual obligation to the banksters, but the risk still present in the CDS strategies.
The Geithner Master Plan To Recover The AIG Bonuses
Pretty much the only news this week has been outrage over the bogus bonuses paid to individuals in the AIG Financial Products division (yes, they have already been paid) and discussion among the political class as to how to remedy the situation. The moment we have all been waiting for has arrived: Tim Geithner has announced his master plan. Sounds like he stole it from Gomer Pyle.
AIG: "Retention" Payments for Leaving?!?!?!
I'm guessing that the American taxpayers just paid 11 AIGFP former employees retention bonuses even though they have already left AIGFP because they left "for good reason." Huh!?!?!?
Time to Get Geithner under Oath on AIG
Over the weekend, Tim Geithner told the American taxpayers that AIG just had to pay out those millions in bonuses. But now we learn from Andrew Cuomo what was in those contracts, and it sure sounds like Geithner was lying to us.
Two BIFFOs Celebrate St. Paddy's Day
May you be graced with trolls who will help you find the only Beamish on tap in Boston.
Win the Super Bowl? Win a Long Trip to Ireland!!!
A nice touch, announcing this on St. Paddy' Day:
President Barack Obama today announced his intent to nominate Steelers owner Dan Rooney as ambassador to Ireland.
In a statement from the White House, Mr. Obama said, "I am honored and grateful that such a dedicated and accomplished individual has agreed to serve as the representative of the United States to the Irish people.
Greg Craig Won't Tell You How Obama Disappeared the Whistleblowers
Some lawyer who looks remarkably like Greg Craig doesn't want you to know whether or not Obama will prosecute whistleblowers.
Lawyers Revolt Against Haynes And Yoo; Where's The OPR Report?
Well, as a card carrying member of the bar, I have to say it is about time that American lawyers learned something from their feisty compatriots in Pakistan. Sure enough, they have done exactly that as the National Lawyers Guild is going after Haynes and Yoo.
AG "Paunch" Sulzberger Fellates Dick
Remember how, on two different occasions, Arthur "Pinch" Sulzberger went out of his way to hide Dick Cheney's crimes? Well now he's got his son doing it for the family paper.
Obama to Geithner: Get That Bonus Money Back
It sounds like Obama has told Tim Geithner to go back to Edward Liddy and explain that $100 million bonuses are unacceptable.
I'm glad that Obama did this (after seeing the outrage in Congress no doubt). I'm still astounded that Geithner needed to be told. And I'm still suspicious that Geithner was responding to threats from AIG that no one is much talking about.
The Semtex in the AIG Retention Contracts
AIG seems to be saying to Tim Geithner that, if the US doesn't let AIG pay its AIGFP managers their bonuses, those managers might trigger events that would put the US government on the line for billions more in payments.