Recent Event Highlights: AIG official says he told truth about losses, SEC Closes Inquiry of AIG Exec Joseph Cassano, AIG needs another bailout after Exec bonuses: Peter Schiff, AIG Pays $100 Million More In Bonuses, More AIG Bonus Outrage, Duncan Presses Geithner on AIG, Bonuses, and 66 more...
Created by dipity on Mar 15, 2009
Last updated: 01/19/11 at 12:19 AM
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...also defended the compensation plan at the London-based Financial Products unit he headed. Compensation and bonuses paid by AIG came under widespread criticism after the federal bailout. Federal officials discovered 620 bonus programs totalling $455-million,...
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Globe and Mail
http://feedproxy.google.com/~r/TheGlobeAndMail-Business/~3/ICnvUxPiak4/
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...a threat to the whole U.S. financial system. Cassano left AIG in 2008, shortly after the $11 billion loss was reported. The AIG bailout has drawn much public anger, largely because the company paid employees $165 million in retention bonuses after the company...
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CBS News
http://feeds.cbsnews.com/~r/CBSNewsTravelGuru/~3/4PPgPe7PJc4/main6591088.shtml
Peter Schiff video blog 02/26/2010 Original video from youtube.com/user/SchiffReport For more info check out SchiffForSenate.com
American International Group has paid another round of employee bonuses, worth about $100 million, a year after similar payments at the bailed-out insurance giant infuriated many Americans. Meanwhile, Goldman Sachs, another firm bailed out by US taxpayers, has just announced that its chief executive, Lloyd Blankfein, received a stock-based bonus of $9 million in 2009.
Both Democratic and Republican politicians have strongly criticized another round of pay bonuses for the financial products division at AIG, which received funds from last year's bailout. Chip Reid reports.
Rep. Duncan questions Treasury Secretary Tim Geithner about the bailout of AIG and corporate salaries and bonuses during a House Committee on Oversight and Government Reform hearing on January 27, 2010.
Timothy Geithner is responsible for the AIG bonus scandal because of the bailout money he gave the bank.
Neil Barofsky, the Special Inspector General for the TARP, released an alarming audit last week which revealed Treasury Secretary Tim Geithners complete lack of oversight and total mismanagement of American International Groups (AIG) distribution of millions in bonus payments following the companys $180 billion taxpayer bailout. While Mr. Geithner maintains that he only found out about the AIG bonuses just three days before they were paid, his story is an unlikely one given that everyone at the Federal Reserve, where Geithner was President during the bailout, and everyone at the Treasury, where Mr. Geithner is now Secretary, knew about the AIG bonuses months in advance. The American people were rightly outraged when they found out about the AIG bonuses US Taxpayers own 80& of AIG and AIG then used those taxpayer funds to pay themselves huge bonuses. Follow Congressman Stearns @ www.house.gov www.twitter.com www.facebook.com
Barely a year after the Wall Street bailout sparked public outrage and calls for nationalising banks, executives are raking in record-breaking salaries and big banks are posting blockbuster profits. The windfall is evident in the $140bn in salaries that banks and investment houses are paying their executives. Many of those who will benefit work for JP Morgan, whose huge third-quarter profit boom helped push the Dow Jones Average over the coveted 10000 mark for the first time in a year. Meanwhile, ordinary American workers continue to see sharp pay cuts and the worst joblessness in 20 years. John Terrett reports.
Jason Roe of Revolvis on Fox News talking about the recent flap over million dollar AIG bonuses after accepting a taxpayer bailout.
Cummings (D-MD) Morning Joe Clip
I hate Glenn Beck for this. He's sticking up for those evil AIG bonus people who should be strung up at the nearest tree for receiving their bonuses against the will of the people. And what is this "rule of law", that he speaks of? Who is he kidding; we gave that silly thing up years ago. We are now a country of mob rule, not rule of law. Beck needs to join us hear in the 21 century. And why shouldn't this Attorney General make political gain from this issue while he has the chance? He would be a fool not to. What is he supposed to do, just let all the other politicians gain from it politically while he just sits back and does his job? I think we need some jackbooted federal thugs to bust into AIG headquarters and seize all of their documents. I would even arrest those who took bonuses. We cannot let this kind of behavior go on. The next thing you know, businesses will be wanting to make profits again like they used to back in the capitalist days, and then we will be right back where we used to be, back in the days of corporate greed. All bonuses and all income over $100000 should be taxed at a rate on 100%. I believe that his would be a real boost to our economy because it would put a lot more money back into the pockets of government, where it came from in the first place. I always get a kick out of people who think that they know how to spend the government's money better than the government does, I mean give me a break; it's their money. OK, I can't keep this up any ...
Finally tonight, as promised, a Special Comment on the latest atrocity from the banks. The vast, engorged, gluttonous multi-national corporations. Whose sneezes can be fatal to our jobs. Whose mistakes can turn us into the homeless. Whose accounting errors can be so panoramic that they can make our economy tremble and force us to hand them billions after billions in a blackmail scheme that has come to be known as bailout. Five weeks ago Vikram Pandit, the chief executive officer of Citigroup, went back to Congress, tail seemingly between his legs, and, with entreaty dripping from his voice, announced I get the new reality and Ill make sure Citi gets it as well.what Mr. Pandit got was a new $10 million executive suite for himself and his key associates...said he would show his leadership by accepting compensation of $1 a year. In fact, he then accepted a total compensation package for 2008 of $38 million. Enough! Mr. Pandit, youre probably just a good actor and a damned liar and a con man...God knows you guys have pulled off every other accounting trick every dreamt up by immoral man. You, Sir, and the other corporate pirates like you — those who are saved from your obsessive spending and greed and self-aggrandizement by the taxpayer — who then pretend to atone — who then publicly promise good behavior — and who then revert immediately to the rapaciousness that is your only skill. You, sir, all of you, need to be fired. Enough! The far right in this country, without the ...
On March 15th, AIG paid out at least $165 million in retention bonuses to high-level employees, with some executives taking home as much as $4 million. Amidst mounting public outcry, AIG Chairman Edward Liddy asked bonus recipients to GIVE BACK no less than half of the money they received. At this point, AIG refuses to disclose which executives followed this suggestion, but there are probably a few people who aren't taking it too well. Red Ferarri, Cialis, Pepto Bismal, Life is Dismal, I hate My Wife I Hate My Life WHoooooooooooooooooooooo gottagoextreme
Rep. Ron Paul (R-TX) yet again went against the grain in Congress when he stood up in the House and argued against a proposal that would tax 90 percent of AIG executive bonuses, saying that it was a "disgrace," a "distraction" and an "outrage" that undermined the Constitution. "I rise in opposition to this rule and the bill because of the problem -- because of the lack of need for this and the disgrace that this has brought upon us," Paul said. "Yesterday, for instance, the Federal Reserve met and they came out and they announced that they would create new money to the tune of $1.25 trillion." "Today...on emergency legislation, we're going to deal with $165 million of bonuses, which obviously shouldn't have never been given, but who's responsible for this?" Paul said. "It's the Congress and the president who signed this [$787 billion stimulus bill that allowed the bonuses to go forward]. So this is a distraction, this is an outrage." He chided his fellow House members who were considering supporting the new tax legislation for only caring about the millions in bonuses when they should be concerned with the trillions in deficits the country is facing. "So everybody can go home that voted for this bill, say, 'Look, I'm clamping [down] on this $165 million but I don't care about the previous $5 trillion the Fed created and the $1.25 trillion they created yesterday,'" he said. "Think of the loss of purchasing power in less than 24 hours." Paul urged his House members to ...
Ron Paul discusses bailouts and bonuses with Kiran Chetry 3/20/09.Please join the fight for Freedom, Peace and Prosperity at Campaign For Liberty www.campaignforliberty.com and Liberty Works Radio Network www.libertyworksradionetwork.com FAIR USE NOTICE: This post may contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a "fair use" of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 USC Section 107, the material in this post is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: www.law.cornell.edu If you wish to use copyrighted material from this post for purposes of your own that go beyond "fair use", you must obtain permission from the copyright owner.
"Perp Walks Instead of Bonuses": Veteran Journalist Robert Scheer on AIG Bonuses, the "Backdoor Bailout" and Why Obama Should Fire Geithner, Summers Appearing on Capitol Hill, AIG CEO Edward Liddy was repeatedly questioned over why the failed insurance giant is paying out over $165 million in bonuses after it received a $170 billion taxpayer bailout. While the Obama administration is expressing outrage, more details have come to light indicating that some officials have known about the bonuses for months. Meanwhile, little attention has been paid to what might be a bigger scandal: AIGs funneling of tens of billions of dollars in taxpayer bailout money to other banks. We speak to veteran journalist and Truthdig editor Robert Scheer, author of the forthcoming The Great American Stickup: Greedy Bankers and the Politicians Who Love Them.
"Perp Walks Instead of Bonuses": Veteran Journalist Robert Scheer on AIG Bonuses, the "Backdoor Bailout" and Why Obama Should Fire Geithner, Summers Appearing on Capitol Hill, AIG CEO Edward Liddy was repeatedly questioned over why the failed insurance giant is paying out over $165 million in bonuses after it received a $170 billion taxpayer bailout. While the Obama administration is expressing outrage, more details have come to light indicating that some officials have known about the bonuses for months. Meanwhile, little attention has been paid to what might be a bigger scandal: AIGs funneling of tens of billions of dollars in taxpayer bailout money to other banks. We speak to veteran journalist and Truthdig editor Robert Scheer, author of the forthcoming The Great American Stickup: Greedy Bankers and the Politicians Who Love Them.
President Obama is still looking for a legal way to block $165 million in bonus payments for AIG executives. The insurance giant paid the bonuses using some of the bailout money it received from the governmenta move that set off a public outcry and a bipartisan backlash from politicians. Lawmakers grilled AIG CEO Edward Liddy on Capitol Hill this week. Liddy says he will ask employees who received $100000 or more to return at least half of the money. Treasury Secretary Timothy Geithner claims he found out about the bonuses just last week, but there is speculation that he may have known earlier. Senator Chris Dodd said an amendment to the economic stimulus legislation he authored may have given AIG the go ahead to issue the bonuses. Obama called the bonus payments "an inappropriate use of taxpayer funds" and says he's pushing for legislation to prevent similar situations from happening in the future. Following those remarks, the president flew to California for a two-day trip. This is the first time Obama has visited the state as president. He addressed a crowd of more than a thousand at a town hall meeting in Costa Mesa, California on Wednesday. He took questions from audience members and touched on issues like immigration and the economy. Obama also talked about the AIG bonuses, saying the controversy is a small part of a larger problem. The president held another town hall-style meeting in downtown Los Angeles today. Hell follow that with an appearance on The Tonight ...
During an interview with FOX Business, Sen. Jim DeMint (RS.C.) discusses Americans' outrage with AIG bonuses and government bailouts. DeMint calls upon President Obama to fire Treasury Secretary Timothy Geithner, saying that "clearly the country have lost confidence" in his ability to deal with America's current economic crisis.
Congressman Scalise speaks out on the House Floor about the Bailout Scandal and AIG Bonuses.
Appearing on Capitol Hill, AIG CEO Edward Liddy was repeatedly questioned over why the failed insurance giant is paying out over $165 million in bonuses after it received a $170 billion taxpayer bailout. While the Obama administration is expressing outrage, more details have come to light indicating that some officials have known about the bonuses for months. Meanwhile, little attention has been paid to what might be a bigger scandal: AIGs funneling of tens of billions of dollars in taxpayer bailout money to other banks. We speak to veteran journalist and Truthdig editor Robert Scheer, author of the forthcoming The Great American Stickup: Greedy Bankers and the Politicians Who Love Them.
Appearing on Capitol Hill, AIG CEO Edward Liddy was repeatedly questioned over why the failed insurance giant is paying out over $165 million in bonuses after it received a $170 billion taxpayer bailout. While the Obama administration is expressing outrage, more details have come to light indicating that some officials have known about the bonuses for months. Meanwhile, little attention has been paid to what might be a bigger scandal: AIGs funneling of tens of billions of dollars in taxpayer bailout money to other banks. We speak to veteran journalist and Truthdig editor Robert Scheer, author of the forthcoming The Great American Stickup: Greedy Bankers and the Politicians Who Love Them.
Congresswoman Virginia Foxx wonders why the AIG millionaire bonuses were allowed to happen in the first place. Foxx opposed the $170 billion in AIG bailouts from the start.
Public Outcry Forces Lawmakers To Say They'll Recoup Millions in AIG Bonuses, But Why Not the Billions in Taxpayer Bailout Funds? Lawmakers on Capitol Hill have responded to growing public outrage with a pledge to recoup million-dollar bonuses paided out by the bailed-out insurance giant AIG. But the hundreds of millions of dollars in bonus money pails to the billion used to bailout AIG a second time. We speak to consumer advocate Ralph Nader and economist Robert Kuttner, co-founder and co-editor of The American Prospect. Kuttner says, I think [Treasury Secretary Timothy] Geithner is probably gone within 60 days because he has become a liability to the administration.
The Honorable Barney Frank is insisting that the CEO of AIG give up the names of those who received bonuses out of the 165 million dollars that was recently given away as bonuses. Frank wants the entire world to be able to go to these peoples homes and tar and feather them. But I have a better idea, let's all go to the home of the Honorable Barney Frank, and let's tar and feather his ass. But then again, he might like it, so maybe we should think of something else, something that he would not get so much pleasure out of. jbranstetter04 Pressure grows on AIG to return bonuses WASHINGTON - Talking tougher by the hour, livid Democrats confronted beleaguered insurance giant AIG with an ultimatum Tuesday: Give back $165 million in post-bailout bonuses or watch Congress tax it away with emergency legislation. Republicans declared the Democrats were hardly blameless, accusing them of standing by while the bonus deal was cemented and suggesting that Treasury Secretary Timothy Geithner could and should have done more. While the White House expressed confidence in Geithner, it was clearly placing the responsibility for how the matter was handled on his shoulders. Geithner sent a letter late Tuesday to congressional leaders informing them that he was working with the Justice Department to determine whether any of the AIG payments could be recovered. He cited a provision in the recent economic stimulus law that gave him authority to review compensation to the highest-paid employees ...
Rep. Bachmann discusses the AIG bonuses debacle with Larry King, as well as an exit strategy for the government from their private sector bailouts.
Glen Beck talks about the AIG bailouts and how the Government, including Chris Dodd, knew about them and allowed them. Now that the people are outraged, the Government, led by Chris Dodd, is crying foul. You are being bought off. Don't fall for the dog and pony show. AIG has valid contracts for bonuses that the government allowed! Don't be upset with AIG for accepting bonuses after they ran the company into the ground, be upset with the government for allowing AIG to pay bonuses out of our tax money. Video used under "fair use"
www.amazon.com David gives Kids Talk Politics his reaction to the $160 million in bonuses AIG is paying its execs from the billions TARP money the taxpayers granted them.
The financial collapse and the theft of America's wealth was engineered by the Federal Reserve. Chief architect and tax-cheat Timothy Geithner is the proverbial fox in the hen house. Learn the truth about the Federal Reserve System educationalrevolution.wordpress.com Join the Campaign For Liberty www.campaignforliberty.com
Issa to White House: When did you learn of AIG Bonuses? WASHINGTON. DC House Committee on Oversight and Government Reform Ranking Member Darrell Issa (R-CA) today, in a letter to President Barack Obama, requested that the Administration provide information about when senior administration and White House officials first became aware of imminent bonus payments to AIG executives. Given your recent expressions of outrage about bonuses being paid to AIG executives, I am concerned that members of your Administration may not be bringing critical information to your attention in a timely manner, said the letter from Issa. There is good reason to believe that White House officials have long known about impending bonus payments to AIG executives, even prior to the decision two weeks ago to approve a $30 billion bailout payment to AIG. The letter cites statements from White House Press Secretary Robert Gibbs and a CBS News report indicating that the Administration had prior knowledge of AIG bonuses. The text of the letter to the President is below: March 17, 2009 The President The White House Washington, DC 20500 Dear Mr. President: The American people are rightly outraged over the news that AIG is paying $165 million in bonuses to its executives. This news is especially troubling given that AIG received another $30 billion in bailouts just two weeks ago. The egregious actions of AIG underscore the fact that even more taxpayer dollars are vulnerable to waste and abuse due to the ...
The AIG bonus payout has received a lot of attention and justifiable outrage, but before we start mailing seppuku knives to executives whose employment contracts required the payments, watch Rachel Maddow interview Rep. Barney Frank to get a better understanding of the financial situation. There are prosecutors like NY Attorney General Andrew Cuomo looking out for the public interest, and since the people in question do not feel shame, jail time maybe the best answer.
Senator Jon Tester blasted insurance giant AIG for its recent plan to award $165 million in bonuses to employees, even after the struggling company accepted a $173 billion taxpayer-funded bailout. AIG has claimed that the bonuses are written into the companys employment contracts, but Tester shot down the excuse as incredibly unacceptable. What would those contracts have been if the taxpayers wouldnt have bailed them out? Tester said during a Senate Banking Committee hearing on Capitol Hill. That company would have been broke. Those people would be part of the 600000 unemployed that occur in this country every month. And they would be on the street.
Rep. Louie Gohmert expresses his outrage that AIG paid $165 million in executive bonuses after the company received $173 billion in taxpayer-funded government bailouts. Gohmert says this is not the change we were promised by the President who just weeks before said during his address to Congress and the American people that "CEOs won't be able to use taxpayer money to pad their paychecks."
www.headzup.tv Larry Summers talks about how he believes the government is powerless to stop AIG from giving executives bonuses after AIG accepted taxpayer bailout money. Read more about it here- http Download daily Catch and Release Comedy™ political cartoons to your mobile phone or iPod at www.headzup.tv
White House Goes from Confident to Clueless on Bailout Dollars WASHINGTON. DC House Committee on Oversight and Government Reform Ranking Member Darrell Issa (R-CA) today continued his call for the Administration to honor its commitment to transparency by implementing the means necessary to track every government bailout dollar and unlock the value of toxic assets. The federal government has been woefully inadequate at fulfilling its promise to monitor hundreds of billions of taxpayer dollars committed to businesses, banks and Wall Street, Issa said. The result has been an inexplicable inability to prevent inappropriate spending such as money given to AIG being used as a conduit for bonuses. After two Administrations and roughly six months of calling these loan instruments toxic, we have yet implement a common platform that would institute a design for independent transparency. Ironically enough, White House Press Secretary Robert Gibbs was asked only two weeks ago if the Administration knew how AIG was spending bailout dollars: JAKE TAPPER: AIG, is the administration confident that it, that it knows what happened to the tens of billions of dollars previously given to AIG? GIBBS: Is it confident -- I'm sorry? TAPPER: That they know -- that you guys know what happened to the previous billions before you hand over this next $30 billion. GIBBS: Yes -- yes, the -- I mean, I don't think it's a -- well, obviously, you've got a huge insurance company that is losing money, not the ...
White House Goes from Confident to Clueless on Bailout Dollars WASHINGTON. DC House Committee on Oversight and Government Reform Ranking Member Darrell Issa (R-CA) today continued his call for the Administration to honor its commitment to transparency by implementing the means necessary to track every government bailout dollar and unlock the value of toxic assets. The federal government has been woefully inadequate at fulfilling its promise to monitor hundreds of billions of taxpayer dollars committed to businesses, banks and Wall Street, Issa said. The result has been an inexplicable inability to prevent inappropriate spending such as money given to AIG being used as a conduit for bonuses. After two Administrations and roughly six months of calling these loan instruments toxic, we have yet implement a common platform that would institute a design for independent transparency. Ironically enough, White House Press Secretary Robert Gibbs was asked only two weeks ago if the Administration knew how AIG was spending bailout dollars: JAKE TAPPER: AIG, is the administration confident that it, that it knows what happened to the tens of billions of dollars previously given to AIG? GIBBS: Is it confident -- I'm sorry? TAPPER: That they know -- that you guys know what happened to the previous billions before you hand over this next $30 billion. GIBBS: Yes -- yes, the -- I mean, I don't think it's a -- well, obviously, you've got a huge insurance company that is losing money, not the ...
On America's Newsroom with Megyn Kelly, Rep. Darrell Issa discusses AIG executives receiving bonuses after the company received bailout funds.
There is growing anger over AIG's payment of bonuses to executives, after receiving a taxpayer bailout. As Chip Reid reports, a new CBS News poll shows only 37% of Americans approve of such bailouts.
March 16, 2009 During a press conference Monday, White House spokesman Robert Gibbs said that the administration is looking into whether "taxpayer protection can be added" to rules regarding the drawing down of the latest $30 billion loan slated for AIG. Gibbs placed the blame on the Bush administration. He said Monday that the Obama administration is dealing with contractual obligations and responsibilities "we found when they gave us the key to the front door."
3-16-09: MSNBC
3-16-09: MSNBC
If you were an AIG executive, would you accept a bonus this year? Representative Barney Frank said that maybe its time some people should be fired. Since the federal government now effectively owns AIG, should Congress be able to do that? Of the $100 billion that AIG was given, over half of it went to foreign banks to pay off debt. Should taxpayer money essentially go to bailing out foreign banks?
President Barack Obama declared Monday that insurance giant American International Group is in financial straits because of "recklessness and greed" and said he intends to stop it from paying out millions in executive bonuses. (March 16)
AIG Planning Huge Bonuses After $170 Billion Bailout •Planning to pay $165 million in bonuses to executives in the same business unit that brought the company to the brink of collapse. •This is after the taxpayers gave $170 billion in to AIG. •Treasury Secretary Timothy F. Geithner told the firm that it was unacceptable, but it didnt matter. •Apparently, he firm was contractually obligated to pay them. •The new bonuses are in addition to original $121 million in previously scheduled bonuses for the companys senior executives and 6400 employees www.nytimes.com White House May Want AIG Money Back •Administration Investigating Ways To Retrieve Some Of The Millions AIG Used For Bonuses •AIG disclosed Sunday that it used more than $90 billion in federal aid to pay out foreign and domestic banks. •Some of these have already received billions in bailout money. www.cbsnews.com California's state work force grew despite budget woes and cut promises •despite Gov. Arnold Schwarzenegger's order to freeze hiring •From June 2008 to February 2009, most state agencies either increased or kept the same number of full-time employees www.sacbee.com G-20 Commits to Recovery Measures, Not Stimulus Spending •Finance ministers and central bank governors from the Group of 20 leading nations met and agreed to some measures, but theyre not backing the stimulus spending. online.wsj.com HIV/AIDS Rate in DC Hits 3% •At least 3 percent of District residents have HIV or AIDS, a percentage that far ...
3-16-09: Fox News
As a taxpayer, small business owner and citizen of the US, I am absolutely appalled at the AIG bonus information that rolled out today. Paying 165 + million to a unit within AIG that had direct impact on the companies failure requiring a federal bail out that uses my money makes me sick. Follow the conversation and add your 2 cents on twitter #AIG or DM me www.twitter.com/bobsullivan
American International Group is giving its executives tens of millions of dollars in new bonuses even though it received a taxpayer bailout of more than $170 billion dollars. (March 15)
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...whom Federal Reserve and Treasury officials recruited after AIG faltered in September and received its first round of bailout money, said the bonuses and "retention pay" had been agreed to in early 2008 and were for the most part legally required. The company...
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Minneapolis Star Tribune
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http://www.startribune.com/nation/41270242.html
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