Word: geithner
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...Geithner's failure to reckon quickly with the existence of large retention bonuses for AIG employees in the Financial Products division is perplexing. On Jan. 27, Bloomberg News reported that AIG has offered "about $450 million in retention pay" to the AIG FP staff, a program that AIG confirmed. Representative Elijah Cummings, a Maryland Democrat, knew about the bonuses two weeks earlier, on Jan. 15, when he met with Liddy, and the Congressman never kept his displeasure secret. Nor was he alone in raising alarms. In January, Richard Shelby, the ranking Republican on the Senate Banking Committee, called the bonuses...
...Geithner, who was overseeing the AIG rescue effort with the Federal Reserve, says he had no idea until March 10 that more bonuses were in the pipeline for AIG FP. The President found out two days later, igniting an internal firestorm of White House indignation as officials scrambled to stem the public-relations damage. And now both the White House and Congress are determined to limit the pay packets of executives of any company that is getting TARP money or other government assistance...
...considering the risks still infecting the system, the clawback is pointless. Geithner and Bernanke have way more important things on their plate. Did we mention the economy, with unemployment headed toward 10%? And the upcoming G-20 meeting that has the U.S. and Europe at odds over what to do first - regulate the global economy or stimulate it? Nor will the albatross of AIG be removed from the government's neck anytime soon. Liddy said his goal is to restructure AIG's core businesses into "clearly separate, independent" companies that are "worthy of investor confidence." AIG has "made meaningful progress...
...slip is embarrassing for Treasury officials who have been assuring the media and the markets that the plan was coming, first in mid-February, and as recently as March 14 when Treasury Secretary Tim Geithner told Bloomberg TV he would release details soon. A senior Treasury department official says the plan isn't slipping, but other government officials say it is and could be unveiled anywhere from next week to early April. (See TIME's top 25 people to blame for the financial crisis...
...relieve banks of their toxic assets - including such securities as subprime mortgage bonds - through purchases by a public-private investment fund, heavily backed by government money. But versions of the plan have faced challenges from the start. Last year, when he was head of the New York Federal Reserve, Geithner said the government might to try by itself to restart sales in these assets using a "reverse auction" where sellers bid down an asset's price to compete for buyers. (Read "Obama's Challenge: Containing the AIG Bonus Outrage...