It's so bad, even the New York Times is joining in on the pile-on.
The question was direct and prescient. Representative Joseph Crowley, Democrat of New York, asked the Treasury secretary in an open hearing what could be done to stop American International Group from paying $165 million in bonuses to hundreds of employees in the very unit that had nearly destroyed the company.
Timothy F. Geithner, the Treasury secretary, responded by saying that executive pay in the financial industry had gotten "out of whack" in recent years, and pledged to crack down on exorbitant pay at companies like A.I.G. that were being bailed out with billons of taxpayer dollars.
The exchange took place before the House Ways and Means Committee on March 3 — one week before Mr. Geithner claims he first learned that the failed insurance company was about to pay a round of bonuses that have since caused a political uproar.
A Treasury spokesman, Isaac Baker, said in a statement on Thursday night, "Although Congressman Crowley raised the issue of the bonuses two weeks ago, Secretary Geithner was not aware of the timing or full extent of the contractual retention payments or the other bonus programs until his staff brought them to his attention on March 10."
Really, now?
Puh-leaze!
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This bonus argument is unreal, some members of congress are currently saying that what is left of the AIG derivative book should be left unmanaged and that the people who understand that book of contracts best should not be paid. Any decent executive in that sector would love to have those traders and would gladly pay them in order to get an understanding of the AIG book of contracts, that information could easily be used to take AIG to the cleaners, again. As AIG is now owned by the US it is a very bad idea to leave these congressional idiots in charge of a sophisticated operation that none of them appear to be bright enough to understand.
ReplyDeleteQuite simply, if I were in that business I would hire those remaining AIG traders (the ones left are not responsible for the AIG problems) and sic them on AIG, and yes I understand that I would be siccing those traders on all of America. Congress is attempting to leave the taxpayers financially vulnerable in order to play politics because they are not sharp enough to understand risk or even the modern financial world we live in.
Having said that I would be surprised if it were found that there was no criminalitty involved in the Financial Products Division of AIG.
We all know Obama is an idiot. He
ReplyDeleteis the only one I know, that
could screw up a cup of coffee!
Bite Me, you Miserable Prick!
ReplyDelete