Word: aig
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...Unlike economic risks that TALF may be exposed to, political risks may pose a greater threat because they are less susceptible to accurate forecasting. The furor over AIG bonuses demonstrates that the political attitudes of the administration and the legislature are subject to the vagaries of populist outrage. The proposed legislation to impose a tax of 90 percent on the retention bonuses received by AIG executives, currently before the Senate, calls the sanctity of private contracts into question. It demonstrates that the government may retroactively alter the terms of financing agreements between it and private companies. It is likely that...
...that investors, including hedge funds and private equity funds, could make a great deal of money. That could cause the public to question why a wealthy financial manager makes millions of dollars from the arrangement while the taxpayer gets very little. That may very well stir memories of excessive AIG compensation in a year or so. Ironically, the success of the secondary market may pose the greatest threat to its revitalization...
...Many of the best traders and analysts on Wall St. have left their firms to avoid pay restrictions like the ones imposed on AIG executives. These traders have decamped to hedge funds and private equity firms. In their new jobs, they can take advantage of the government's programs to buy newly financed assets and, if the value of that paper improves along with the market's liquidity, the profits from the transactions could be stupendous. As the value of toxic assets comes full circle, many of the people who helped break the system can make huge sums while they...
...reported that "the clock was ticking" for "embattled" Treasury Secretary Tim Geithner, with a few members of Congress openly calling for his ousting. His boss, President Barack Obama, was criticized for not engaging in the congressional furor over the $165 million in bonuses paid out to top executives at AIG - the insurance giant that has received more than $180 billion in federal money. This week Obama remains relatively untouched in the polls, and Geithner is basking in his best week of media coverage yet. How did their fortunes shift so suddenly? To some degree, they were helped by the fact...
...appointees withdrawing their names from consideration in the past month. "I knew that we had a big mess on the compensation side to deal with, but I did not have - I should have had, but I did not have - detailed knowledge of these particular legally contracted retention bonuses for [AIG] until I was briefed by my staff on March 10," Geithner told a House Financial Services Committee hearing on the AIG bonuses Tuesday. "That's my responsibility." (See the top 10 unfortunate political one-liners...