Word: democratator
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Greenberg is not likely to escape tough questions. It was Greenberg, after all, who supervised Joseph Cassano, chief of AIG's Financial Products (FP) unit, whose sales of uncollateralized credit-default swaps brought down the company. Representative Peter Welch, a Vermont Democrat and committee member, blamed Greenberg for "allowing a culture to develop that completely contradicted the insurance-company ethic of limiting risk." Greenberg, Welch said, is trying to redeem his reputation on the grounds that "he was out the door before the roof fell...
...Recognizing that their bill was just an opening gambit, the two House Democrats notably left open one of the most controversial questions: whether, under a carbon cap-and-trade system, to auction off pollution credits to companies, as Obama's plan would do with 100% of them, or to give away some or all at no cost. If even a portion of the credits are auctioned off, the scheme could produce hundreds of billions of dollars in revenues, since almost every big company in America would need to buy the credits to initially comply with the more stringent standards...
...think the process here will be informed to some extent by what happens in the House, and we'll learn from what they're trying to get done," said Senator Tom Carper, a Delaware Democrat and longtime sponsor of climate-change legislation in the Senate. "My hope and belief is, by the time we break for August recess, we'll have had the opportunity to bring the bill to the [Senate] floor and hopefully start debating...
...middle class - and opted for a shorter time line of just five years vs. the 10-year budget the White House had crafted. "Given the state of the economy, everyone agrees that it's very difficult to predict the next five years," said Senator Mark Pryor, an Arkansas Democrat, "let alone 10 years...
...Given the GOP opposition, support from a group of moderate Democrats known as the Gang of 16 (led by Senator Evan Bayh of Indiana) is essential. Although most insisted that Obama's presence on Capitol Hill was not a sales job, the luncheon was dominated by talk of his budget. "These initiatives - education, better health care - are not free," said Senator Mary Landrieu, a Louisiana Democrat, who asked Obama about a provision she strongly opposes that would raise taxes on independent oil and gas producers. "But he was very open to consider some of those changes, which is what...