Word: congression
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Clearly a student of the history of momentum in politics, Geithner decided to strike while the iron was hot. He and hapless Fed chairman Ben Bernanke went before Congress. Geithner, who was supposed to be unemployed last week, aimed high. He asked that Treasury to be given the power to essentially liquidate large non-bank financial institutions. The department would have the ability to seize a company like AIG, sell its assets, and manage its business to do as little harm to the global financial system as possible. All of this would be accomplished using taxpayer money, but there...
Geither was wise to use his unexpected popularity to ask for something that Congress would normally be reluctant to give. Spreading the regulation of the financial and credit systems around to a number of agencies has meant that one never became terribly powerful. Consequently, Congress could always keep its hand in the game by helping to decide which arms of the government should care for the most complex and, at this point, most troubled part of the system...
...Obama was among the first to cry foul, instructing Treasury Secretary Geithner to "block these bonuses and make the American taxpayer whole." Afterwards, in a letter to Congress, Geithner stated that "we will impose on AIG a contractual commitment to pay the Treasury from the operations of the company the amount of the retention awards just paid." It appears that AIG's penalty will be that the Treasury will force the insurance company to pay the Treasury back with money the Treasury has already given it. Congressman Barney Frank struck a strident tone when he proposed that the government enforce...
...Suns and has earned more than $250 million during his NBA career, should be giving out his real-time location on the Internet. But it's clear that he isn't the only celebrity for whom Twitter has changed the relationship between object of adulation and adulator. (Read "Congress's New Love Affair with Twitter...
...down. At first, friends and enemies alike wondered if it was a trick by the wily politician to bolster the besieged government. But on Monday Gyurcsany said his resignation was permanent. "I hear that I am the obstacle to the cooperation required for changes," he reportedly stated at a congress of his Socialist party (MSzP) over the weekend. "If so, then I am eliminating this obstacle...