Word: geithner
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...this week, Treasury Secretary Geithner and President Obama have both taken some responsibility for the fact that AIG employees got large bonuses which were, if effect, paid from government bailout money. Senator Chris Dodd, who may have had a role in allowing a loophole in a bill which let the AIG compensation slip through, refuses to be cast as the villain who let bankers make more money than they deserved. (See 25 people to blame for the financial collapse...
...bonuses to top executives.) Citi finalized its plan for paying 2008 bonuses in January. But it's unclear whether Citi's deferred-payout plan would be considered a valid employment contract under the rules set out in the stimulus package. The law leaves that up to Treasury Secretary Tim Geithner to decide...
...Geithner, Timothy • job performance of is described by Obama as "outstanding" • speculation begins about date of end of tenure as Treasury Secretary...
...more than a hundred billion dollars into since last summer. At his congressional testimony earlier this week, embattled AIG CEO Edward Liddy said he'd asked employees to give half of their bonuses back, and that some had already voluntarily given all of it back. And Treasury Secretary Tim Geithner, who had signed off on the contractually promised bonuses after concluding that the government had no legal recourse to prevent them from being paid, said earlier this week that he plans to take the money out of the next $30 billion tranche Treasury approved for AIG two weeks ago. (Read...
...worth a try. If nothing else, it would give the outraged American electorate the sense that the responsible parties are paying for something closer to their fair share of the financial bailout. Which would allow us all to get back to the Important Things that Larry Summers and Tim Geithner (and I) would rather focus...