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Though he said his organization applauded Obama and Congress for acting quickly with this appointment, there is worry about how funding will actually play...
...Turn the negative into a positive Overall approval ratings show that Obama has not personally suffered in the AIG uproar, though Geithner, Congress and Wall Street most certainly have. On Tuesday Geithner tried to parlay his boss's position of strength into a larger mandate to prevent another AIG Bonusgate from happening again. Suddenly, members found themselves contemplating giving more power to the guy whom many wanted fired last week. "It is clear that we're going to need to ask, and we will ask, for broader authority to deal with future AIGs," Geithner warned the committee. "Our responsibility...
Last week, outlets 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...
...Once Congress has worked itself into a snit, there's no reasoning with them The best recourse, which the Obama Administration successfully employed, is to treat the House and Senate like a 2-year-old having a temper tantrum. Utter a few reassuring words: "Today's vote rightly reflects the outrage that so many feel over the lavish bonuses AIG provided its employees at the expense of taxpayers," Obama said in a statement Thursday after the House passed a bill to tax back 90% of the bonuses - a bill he later effectively came out against. It may also be necessary...
These lessons will be particularly important as Obama this week tries to persuade skeptics in Congress to pass his $3.6 trillion budget and, as Geithner warned, the Administration is forced to go back to ask Congress for upwards of $750 billion to fund the bank-bailout plan. "We recognize it's going to be extraordinarily difficult, particularly in the wake of not just the events of the last two weeks, but the last nine months, frankly," Geithner conceded in the hearing...