Word: aig
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Liddy, Edward • refusal by to name AIG bonus recipients because of death threats like "All the executives and their families should be executed with piano wire around their necks...
...unprecedented productivity on Capitol Hill this week stems from the continuing, unanimous outrage over the $165 million in bonuses handed out by AIG, which the government has funneled more than a hundred billion dollars into since last summer. At his congressional testimony earlier this week, embattled AIG CEO Edward Liddy said he'd asked employees to give half of their bonuses back, and that some had already voluntarily given all of it back. And Treasury Secretary Tim Geithner, who had signed off on the contractually promised bonuses after concluding that the government had no legal recourse to prevent them from...
...none of that has calmed this week's circus in the nation's capital. And so on Thursday, after little debate, the House overwhelmingly passed a measure to tax at a rate of 90% not just the AIG bonuses in dispute, but the lion's share of bonuses paid since the start of the year to all employees making more than $250,000 a year at firms receiving more than $5 billion from the government's banking rescue program known as TARP. The Senate next week is expected to take up its own clawback bill, which would...
...plethora of legally questionable bills caps a messy week of finger pointing as all of Washington tries to harness public anger, score political points and figure out how AIG managed to grant the bonuses even after all the legislation Congress has passed to limit compensation to executives of the companies taxpayers have spent trillions of dollars bailing out. The GOP blamed Democratic ineptitude in the rush to pass too many bailouts; Democrats and Republicans alike said the Treasury Secretary Geithner has been asleep at the wheel; and the Obama Administration tried to refocus attention on the consensus point that Wall...
...AIG bonus scandal could make that repair job even harder than it already is. Growing doubts about the Administration's revitalization plan have now mushroomed into a full-blown credibility crisis. After all, how can Obama ask for upwards of another $750 billion for another bank bailout (as he has in his 2010 budget) and $100 billion to help the world economies, when it appears the Administration has had little control over how the banks have been spending the money thus...