Word: feds
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Dates: during 2000-2009
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...York Fed even went so far as to warn Treasury staffers that the bonuses were a hot-button issue. In the past, the memo says, the "retention," or bonus, issue has drawn the attention of both Capitol Hill staffers and the media. The New York Federal Reserve forwarded further details of the plan to Treasury on March 5 and even more specifics in a March 9 memo, which Treasury officials had previously said was their first detailed warning of the bonus trouble...
...year that ended with AIG posting a $61.7 billion fourth-quarter loss, the largest quarterly loss in corporate history. (If it is any consolation, senior managers in the financial-products division will make about 43% less in 2008 than they did a year earlier, according to the company.) As Fed Chairman Ben Bernanke put it, "It makes me angry. I slammed the phone down more than a few times discussing AIG. I understand why the American people are so angry. It's absolutely unfair...
...Appointed chairman of the President's Council of Economic Advisers in 2005, shortly before being nominated to lead the Fed...
...think Bernanke is in a very difficult situation. Too many bubbles have been going on for too long. The Fed is not really in control of the situation." - Paul Volcker, Fed chief from 1979 to 1987, on Bernanke and the Fed's response to the rapidly declining economic situation. (New York Times, January...
...money paid to an operation that helped undermine AIG's viability should get nothing. Edward Libby, the feckless former head of Allstate (ALL) who was brought in to turn AIG around, apparently did not know about the bonuses until recently. In the brief note he sent to the Fed apologizing for the problem he said that the company's hands were tied. The employees getting the money had contracts guaranteeing them the payouts. Members of Congress have already asked whether the agreements were "legal." In a moment of lucidity, Lawrence Summers, a former Harvard president who is now the Obama...