Word: aig
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...just pooped on AIG. Then I puked on Bernie Madoff, attacked Coldplay with a chainsaw and peed on the stock market. And I did it all with help from Netdisaster.com...
Treasury Secretary Tim Geithner had every reason to think he had seen all of AIG's dirty laundry. The government owned 80% of the company, and Geithner had just orchestrated AIG's most recent handout - its fourth, if you are keeping score, for $30 billion on March 2 - to prevent the teetering insurance giant from going over the cliff and taking the rest of the global financial system with it. AIG had already cost the taxpayers some $170 billion, mostly to repair the damage done by one of its units, AIG Financial Products (AIG FP), which last year alone piled...
...bill, no matter who originates it. Others say this type of legislation would raise the ugly face of nationalization and the specter of politicians micromanaging the financial system because the government "owns" it. Representative Elijah Cummings, a senior member of the House Oversight Committee who has been looking into AIG for months, said he doesn't believe it's lawful to tax the bonuses just to get them back. "We're going to have to recoup it from the company, and there's going to have to be some type of investigation," he told TIME. (See 10 ideas changing...
Since it will take time to get at AIG and those taxpayer dollars turned bonuses, the most immediate target of outrage (next to Liddy, who's due for a tongue-lashing in congressional testimony on Wednesday) may have to be Geithner. In his letter to Reid, Geithner said the Administration was still looking for legal ways to get the money back (as Obama has loudly demanded). He reiterated his own outrage when he confronted Liddy about the bonuses and declared that the government would force AIG to repay the Treasury from the operations of the company, in addition to deducting...
...original version of this story failed to make clear that Senator Chris Dodd knew nothing about the AIG bonuses when the stimulus bill was being drafted...