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March 18, 2009

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DebinNC

Jake Tapper yesterday: It wasn't until Thursday, March 5, 2009, administration sources told ABC News, that officials of the Federal Reserve Bank of New York informed officials of the Treasury Department of the full extent of the $165 million in bonuses pending for the controversial Financial Products Subsidiary.

What did Treasury know prior to learning "the full extent" on March 5?


Steve

Great post!

We're covering this as well on COMMON CENTS...
http://www.commoncts.blogspot.com

Gabriel Sutherland

The left hand is Timothy Geithner as Treasury Secretary.

The right hand is Timothy Geithner as President of the NY Fed.

Might be two different people. I'll check the telepromter.

Jane

According to Greenberg the bonuses could be found as part of the annual reporting and anyone who did due diligence would have known about the bonuses last year.

Tell me again why Geithner is indispensible?

clarice

Because, Jane, it is very important to have a tax chiseler heading the Treasury Dept.
Any other questions?

I think it's be fun to lock Timothy, Dodd and Obama in a room together for a couple of hours with a chance to listen in.
But then I'm almost as evil as PUK.

Gabriel Sutherland
Tell me again why Geithner is indispensible?
He's the only nominee thus far to pass a confirmation.

If at first you don't succeed, try younger.

Charlie (Colorado)

tasked his legal team with finding a way not to stop the bonuses.

Well, at least they've succeeded at something.

Jim Rhoads a/k/a vjnjagvet

I move to amend Clarice's suggestion to add the Hon. Barney Frank to the Timothy, Dodd, BHO discussion.

DebinNC

via Hot Air: Time claims the NY Fed told Treasury on Feb. 28 of the AIG bonus problem.

matt

with the smoking gun written into the legislation itself, I think someone in Congress knew, AIG certainly knew, and most likely, Geither knew very early on as well. After all, Treasury were one of the first to get copies of the bill and should have done their due diligence.

Of course Geithner may have been doing his 2008 taxes at the time and simply misunderestimated the complexity of the bill.

matt

clarice;

I think it would be much more fun if we locked them into a room together with a very hungry alligator. Chamberlain's theory at work.

DebinNC

According to HuffPo, Dodd told CNN Treasury made him insert the bonus protection language in the bill. LUN

William Teach

Questions Tim does not to want to be asked right now:

"Do you have any clue what you are doing?"

"If the economy is job 1, why have neither you nor President Obama staffed the top levels of the Treasury Department?"

"Who's more clueless and incompetent, you or Obama?"

centralcal

Jim R., I second your motion.

Did you see that Rahm Emmanuel backed off completely today (and Nancy Pelosi even put out an official statement) on the Veteran's health care issue?

bad

Kanjorski claimed to know in JANUARY. And then sent a letter to treasury.

Charlie (Colorado)

BREAKING NEWS

(tap tap tap, taptaptap tap)

Chris Dodd just announced that he did agree to put that language into the bill, but that Treasury made him do it.

Charlie (Colorado)

"Who's more clueless and incompetent, you or Obama?"

Wow, you ask hard ones.

clarice

I was about to post that, Chaco--Curious no? What about his butt boys in the media who carried his denial ..HEH--Chris Dodd, burning bridges and his credibility every day.

David Walser

This bonus plan was put into place before AIG received it's first round of financing from the feds. The plan called for three payments. The first payment under the plan was made in December of 2008. The second was just made with the third coming late this year or early next. All of this was known (or could have been known) by reading AIG's public filings with the SEC. How is it credible that the government did not know about these bonuses (given that someone knew enough about them to write them into the Stimulus Bill)? On far less evidence Libby was convicted!

pagar

Geithner gets help in --not knowing.

Could this be the reason Treasury seems almost desperate to keeep AIG in the news?

The Weakest Link Finds a Weaker Link

The torchlit mob surrounding the AIG castle now so dominates the TV that Treasury can take advantage of its momentary placidity to hire the chief economist of Citigroup “to work on domestic financial issues.”

Bonus question --Will Citigroup realize he is gone?

clarice

Here's the video :
http://www.cnn.com/video/#/video/politics/2009/03/18/tsr.dodd.aig.bonus.intv.cnn>Dodd finally admits the obvious

Charlie (Colorado)

Just talked with my brother the fancy Park Avenue accountant.

He thinks Liddy should have stood up at the end of the meeting and announced his resignation, saying he didn't come out of retirement and take a $1 a year job to take this kind of crap.

Pofarmer

Chris Dodd just announced that he did agree to put that language into the bill, but that Treasury made him do it.

Talk about your circular firing squad.

Charlie (Colorado)

Well, Clarice, Deb in NC beat us both with it.

hit and run

Charlie:
Chris Dodd just announced that he did agree to put that language into the bill, but that Treasury made him do it.

We may never know, but I honestly suspect Obama is innocent on this point.

It's the teleprompter.

clarice

Send a mash note to Marc Ambinder who ruined his reputation parroting Dodd's lie:
http://politics.theatlantic.com/2009/03/dont_blame_chris_dodd_for_the_bonuses.php>never believe Dodd
Chaco, I'm with your brother.

bad

I'm getting scared of the teleprompter. What does it know and when did it know it?

clarice

In sum, today's storyline is Dodd lied yesterday; he DID write the exception into law but he did it for Treasury; and then it is obvious Treasury knew way before this weekend. No?

clarice

http://politics.theatlantic.com/2009/03/dont_blame_chris_dodd_for_the_bonuses.php

So--now Dodd did write the exception into the law but he did it at Treasury's behest--so then Treasury knew a lot earlier than last week.

bad

Dodd's getting just about stinky enough for a successful run at the presidency.

bad

Late yesterday, AP said Washington knew about the bonuses: LUN

The bonus problem wasn't new, as many lawmakers and administration officials knew only too well. AIG's plans to pay hundreds of millions of dollars were publicized last fall, when Congress started asking questions about expensive junkets the company had sponsored. A November SEC filing by the company details more than $469 million in "retention payments" to keep prized employees.

Back then, Rep. Elijah E. Cummings, D-Md., began pumping Liddy for information on the bonuses and pressing him to scale them back. "There was outrage brewing already," Cummings said. "I'm saying (to Liddy), 'Be a good citizen. ... Do something about this.' "

Around the same time, outside lawyers hired by the Federal Reserve started reviewing the bonuses as part of a broader look at retention and compensation plans, according to government officials who spoke on condition of anonymity. The outside attorneys examined the possibility of making changes to the company plans _ scaling them back, delaying them or rescinding them. They ultimately concluded that even if AIG's bonuses were withheld, the company would probably be sued successfully by its employees and be forced to pay them, the officials said.

In January, Reps. Joseph E. Crowley of New York and Paul E. Kanjorski of Pennsylvania wrote to the Federal Reserve and the Treasury Department pressing the administration to scrutinize AIG's bonus plans and take steps against excessive payments.

"I at that point realized that we were going to have a backlash with regard to these bonuses," Kanjorski told AP.


Jane

Of course Geithner may have been doing his 2008 taxes at the time and simply misunderestimated the complexity of the bill.

That made me laugh.

Chris Dodd just announced that he did agree to put that language into the bill, but that Treasury made him do it.

Pardon my previous unexplained lie - or something. So what does the president have on him? It's not like we don't already know about the Irish cottage.

Oh and the latest podcast of FWDAJ is up (LUN) if you haven't had enough of me.

clarice

Sure looks like a bunch of liars got together and figured the story wouldn't hold and they'd better come clean--at least just clean enough to stick it to Tim.

hit and run

HMMMMM, Dodd is looking weaker and weaker for re-election with scandal on top of lie on top of scandal on top of lie.

And...

Gary Locke has http://www.google.com/hostednews/ap/article/ALeqM5gE6wYFN36opv6FktUqoAjMgn1qCQD970I6FO0>yet to be confirmed and has http://townhall.com/columnists/MichelleMalkin/2009/02/27/obamas_new_commerce_secretary_nominee_not_so_squeaky_clean>his own , uh, issues.

NEXT MOVE: Dodd for Commerce Secretary

clarice

Boy, that post is hard to fill, it seems. Wonder why?
Must be the Israel Lobby.

hit and run

We've now lived in NC for 4 years. And I may be the only person in the state who doesn't care about college basketball, and who doesn't have a particular team he roots for.

http://politicalticker.blogs.cnn.com/2009/03/18/coack-k-disses-obamas-basketball-picks/>Until Now

WASHINGTON (CNN) – Duke basketball coach Mike Krzyzewski isn't thrilled his team got snubbed by the leader of the free world.

"Somebody said that we're not in President Obama's Final Four, and as much as I respect what he's doing, really, the economy is something that he should focus on, probably more than the brackets," Krzyzewski told a reporter from the Associated Press on Wednesday.

clarice

Dodd's toast, why don't we put up TM for his seat?

Charlie (Colorado)

We may never know, but I honestly suspect Obama is innocent on this point.

Or naive and out of his depth.

Charlie (Colorado)

may be the only person in the state who doesn't care about college basketball, and who doesn't have a particular team he roots for.

Dooook!

daddy

I hate Typepads guts!!! It is like trying to run a 440 on a track full of molasses.

We got 10 AIG comment lines going on and I can't tell who said what, when, where or why. Argggh. I got more hot steam coming out of my ears than Mt Redoubt

clarice

ditto, daddy--it's really bad tonight.. I can't even see my own posts until about 10 minutes after they're posted.

bad

Are the names of mortgage bailout recipients going to be released?

glasater

at least just clean enough to stick it to Tim

Zero isn't going to get rid of Geithner any time soon. Especially after basking in the glory of the 'come to Jesus' meeting in Orange county.

PeterUK

"I think it's be fun to lock Timothy, Dodd and Obama in a room together for a couple of hours with a chance to listen in."

Wouldn't it better even more evil to put each of these people in a room with Obama,one at a time,then compare the tapes afterwards?

William Teach

Hit and Run, I live in NC, couldn't care less about college bball, and I live in the Triangle, with State, Duke, and Carolina fans all around me. Course, I went to ECU, where we were rarely sure we had a bball team.

I have Duke going all the way in my pool, filled 'em out yesterday

DebinNC

In that CNN video Clarice posted, I heard Dodd speak of working "with the administration" (not "Treasury") six weeks ago to draft that amendment. I hope BO doesn't get away with "courageously" telling Leno tonight, "The buck stops with me" while simultaneously pointing fingers at Treasury..especially given his failure to staff it.

clarice

Who threatened to finger Dodd if he didn't come clean? I really think this sinks his already poor re-election chances.

mel

bad-

Recipients are LUN.

bad

LOL Mel

mel

clarice-

Dodd's scrambling for the campaign, and is being given his "head" by the admin. Simple as that. He's trying the "triangulation" gambit, and making the run as the anti-Obama dem. Betcha Rahm signed off on it.

Haven't you all figured out the teleprompter game yet?

Sheesh, I thought you guys would pick up on it sooner. LUN.

mel

You all need to get off the "bonus trap" being laid so cleanly at your feet. The longer cash stays stymied, the bigger the problem they get to "fix". Bernanke's onto 'em and is trying to fight with the tools he's got.

I wonder what the blast back will be for the Fed's action this afternoon. Some new taxes, I bet, to take it ALL back.

Gotta go.

Night all.

hit and run

Clarice:
I really think this sinks his already poor re-election chances.

I'm telling you, he's perfect for Commerce.

Thomas Collins

Zero's Teleprompter is facing a problem. It knows that the only way to restore some semblance of confidence in the Teleprompter's Administration is to announce that Paul Volcker has taken over as Treasury Secretary (the excuse for Geithner will be that he needs to spend time getting familiar with TurboTax 2008). But Volcker is a respected figure who will not be pushed around by the Teleprompter. And if the Teleprompter grows weary of Volcker, firing Volcker is not an option.
It is one thing to control folks such as AIG Bonus Baby Obama and Turbo Timmy, but controlling the man who, along with the Gipper, got us out of the 70s and early 80s doldrums is another matter.

I blame Bush for this. By winning in 2000 and 2004 and by thinking for himself, Bush prevented the Teleprompter from gaining the necessary experience to deal with delicate personnel matters.

clarice

Hit, we run TM for Dodd's seat--just get his video yesterday denying he authored the exception and his video today admitting he did author it. Paste them together..and put a little slogan for TM on the bottom--like he tells the same story every day.

Neo

Roll the tape!

Ooppss !! 18 minute gap

Barry Dauphin

For conspiracy theorists, Liddy is Libby with the bb's backward. Another link to Val and Joe on JOM!

Barry Dauphin

Geithner is just waiting for the next bus to come along.

clarice

It would be very wrong, I know, but in the spirit of Sarah is the mother of Bristol's baby we could suggest Geithner is Secy of Treasury because he's really Obama's brother.I mean his father was Mrs. Soetero's paymaster in Pahkeyston

PeterUK

"Hey! Mr. Teleprompter, read a speach for me,
I'm not sleepy and there is no place I'm going to.
Hey! Mr. Teleprompter, make a special plea,
In the jingle jangle morning I'll come followin' you".

hit and run

Clarice:
Hit, we run TM for Dodd's seat

Well. Glenn has been hammering Dodd for a good long while now ... and was calling for a challenger to Dodd a while back. I kept begging him to suggest TM specifically on Instapundit, I mean all those links, you know how much he likes him ... and yet, it was to no avail.

There was something or other a few weeks ago (I honestly can't remember what it was) in which I started a comment here saying I would quit my job (good thing I didn't do that or otherwise I wouldn't be enjoying this big, fat severance now!), move to CT and park out on TM's front lawn drinking a case of beer a day until he entered the race for Dodd's seat.

But let's not get carried away and say that I am really all that in to the idea.

Afterall, I was unsuccessful in the first case, and chickened out in the second.

(would he consider a run against Jim Hines may be the real question)

Jim Ryan

Just One Senator '10

clarice

Have a laugh watch Glenn Greenwald's tap dance on Dodd:
http://www.salon.com/opinion/greenwald/2009/03/17/dodd/
Has anyone checked up on Hamsher, who like Freenwald and Marc Ambinder were buying Dodd's lie?

Were the 8:45 echo chamberists taken for a really good ride?

narciso

That was deeply twisted, Clarice, I think it was Indonesia by the way, but reality is proving stranger than any thing McCarry, Drury, Frey(Steven not Patrick) and Michael Thomas, could come up and put in a blender.

Crew v1.0

Chris Dodd assured me that he was Presidential timber. Well, all I can say to that is... TIMBER!

clarice

Indonesia was it, Narciso? Ah. Well. In any event it is no more twisted than Sarah's really the mother of Bristol's baby, is it?

Read the Greenwald carp--It is beyond belief how fancy a tap dance he can do about a lying pinhead.

narciso

Clarice, this guy defended a neo nazi clansman preacher wannabe attorney, one of his partners in the venture now defends Gitmo detainees, I know you're not supposed to criticize attorneys for their clients; but that's a beaut, what are the odds.

You're right, your scenario is downright pedestrian compared to the Changeling/Omen
tableau that the birthers had to visualize
to come to their delusion, but Andrew Sullivan and Henry Blodget went there among others have gone there.

Jim Miller

My apologies if this has been discussed before, but it seems important enough to mention, even if it is not new.

According to Andrew Sorkin of the NYT, the man who arranged the AIG bailout last fall was (drum roll) Timothy Geithner.

And if you believe Gretchen Morgenson, also of the NYT, the AIG bailout is a real mess. From the taxpayer's point of view.

fdf

Dodd's scrambling for the campaign, and is being given his "head" by the admin. Simple as 中国公文网 中国皮肤网

mel

fdf-

Thanks, I'm glad you clarified everything for me.

I'll stick with the local stuff. LUN

Daddy

Barry D,

I buy your double L (Libby/Liddy) Conspiracy Theory. After all, Superman bought it:

Lana Lang
Lois Lane
Lori Lemeris (His mermade girlfriend from Atlantis) and
Lex Luthor

Libby/Liddy fit right in.

Hit, (Doook?) My man, we need to talk.

narciso

This article, by a former administration official, suggests some of the facts behind those odd fictional angles to theGeithner/
Dunham/Soetoro dynamic. Geithner pere, was in AID in Rhodesia and Thailand before moving to the Ford Foundation; and we know
what AID has been known for in certain countries. Could this explain how he's been
able to skate on this whole series of controversies; why he might have this jaded
perspective about paying taxes.

clarice

Almost ALL the IMF and WB folks --in fact..most international org employees feel they are above such things as taxes--They feel entitled to everything.

No. My storyline is complete carp, but I threw it out for those who forgot how absurd even the Palin haters as popular as Sullivan are.

Aaron

"Who's more clueless and incompetent, you or Obama?"

Wow, you ask hard ones.


Actually, to get the answer, you just need to ask the teleprompter. It has all the answers. And yes, it is official, Michelle will announce that the teleprompter has now replaced the ouija board

Dennis D

Why not demand Ambassador Richard Holbrooke testify? Holbrooke was an AIG Board Member for 7 years. He bailed in July 2008 just before the crisis went public. Holbrooke must have known.

clarice

You know, aaron, I seriously doubt that the bonuses struck anyone as a big deal when Holbrooke left; when the bailouts began or until a week or so ago when the public looked at the vast sums being spent on obviously counterproductive carp.

In a way this is like Plame's employment at the CIA. It really didn't strike anyone as significant until David Corn packaged it falsely as the deliberate outing of a covert spy.

centralcal

jeez, I didn't know we could play Mahjong here now.

Puhleez don't tell me that fdf is writing the game rules!

clarice

Sorry . I intended my last comment to Dennis, not aaron to whom I misaddressed it.

Charlie (Colorado)

Fdf, I've always wondered what the han zi for '.com' was. Not clear what the "China document network" was for, and the "China skin network" was a disappointment.

MayBee

Last night, Tapper reported in the WH "Tick Tock" of the bonus debacle that Geithner had "recused himself" from AIG business with the Fed sometime in November, after his Treasury Secretary nomination.

I know. It didn't make any sense to me either.

This all could have been avoided had Obama just said no to outrage.

Gabriel Sutherland

According to Andrew Napalitano, Fox News Legal Analyst, AIG notified the US Treasury of their compensation contracts on November 9, 2008. He was just waving around documents he somehow has a copy of from AIG.

This was on Fox Business News "Happy Hour" show.

Gabriel Sutherland

hit and run: lol

The word around my office pool is that everyone is trying to add Obama's picks to our pool. Apparently he selected winners all the way to the title game, but he chose himself as the winner.

He won after all. And he went to Harvard.

bgates

The word around my office pool is that everyone is trying to add Obama's picks to our pool.

Has anyone noted that Obama is telling 63 groups of young African American men, "I hope you fail"?

daddy

I am severely bummed:(

Obama picked my team, the UNC Tarheels' to win it all, and every decision he has ever made has wound up turning out colossally dicked up. Why the Hell didn't the SOB leave well enough alone and go ahead and pick Duke? Crud.

FeFe

I do believe the stimulus bill is the result of Timmay, Dodd, Frank, and Obama locked in a room together with a crocodile.

But is the crocodile special interests or the ethics committee?

kim

Roy, bless his everlovin' heart, needed someone else's recruiting to win his only championship.
===============================================

daddy

Kim,

Do you think I can get Obama to go back retroactively and pick Duke? Is that Constitutional? Man, maybe I was a tad hasty in damning this retroactive business.

hit and run

Go Duke!

daddy

Captain Hate, Help!

Do you think there's still time to slap some sense into our man Hit here, or is it hopeless?

hit and run

Actually, I've got a neighbor who may have a lead for me on a job ... who is a Carolina fan.

Go Tar Heels!

RichatUF

How is it that "fill out the brackets" a Presidential level duty?

Nice to know in the middle of "the worst economic crisis since the Great Depression" Obama can can play games.

Jane

Go Hit! And if it will help, I'll root for whoever you want!

Nice to know in the middle of "the worst economic crisis since the Great Depression" Obama can can play

Seems to me that is all he has been doing.

Robbins Mitchell

Timmeh !!!

JB

Coach K for President!

Bruce

The Chicago Tribune blogger (their "journalist" Frank "Bush-hater" James) has already rewritten his blog piece to delete mention of the Bush administration vouching for Memory-Loss Geithner.

The MSM would make George Orwell proud.

Gabriel Sutherland

It's hard to believe, but the President has given me a reason to root for Duke.

All he has to do now is find a reason for me to root for the Michigan Wolverines and my life can end.

Tim

Does it matter who put it in? They all voted for it and passed it. They all had the chance to reject the bill.

Just another manufactured problem for increased federal government involvement in our economy.

Jack is Back!

Does anyone know if Jay Leno has paid all his taxes? I mean he could really make a name for himself by asking Obama about all the AIG PAC money he received (and it was from Financial Products division) and also about his timeline. Then he would become the next road kill by the Gibbs bus and see his new shows ratings skyrocket leading to Proctor and Gamble increasing their ad budget thereby further stimulating the economy.

bad

The AIG Mystery Deepens [David Freddoso]


House Speaker Nancy Pelosi (D, Calif.) deepened the mystery of the AIG bonus clause this morning. In a press conference, she appeared to be claiming that no one from the House had been present at the House-Senate conference committee where AIG the provision was inserted:


"This is Senate-White House language...If you want to talk about what happened in the Senate, go to the Senate and talk to them...It was never brought to conference...This never came to the House side. You can talk to any of our conferees."

(The Hill offers a more detailed write-up here.) Pelosi's statement is at least inaccurate in that the bill came to the House side with the AIG provision, and passed on a roll call vote. But if the House Democrat conferees (Charlie Rangel, Henry Waxman, and David Obey) were not present for the House-Senate conference committee, where were they? Were they, like the Republican conferees, locked out of negotiations?

Is there anything to this or just Nancy being Nancy.....

bad

LUN to The Hill article on Pelosi, the AIG provision, and how the House is blameless.

Leo Wagner

I would dearly love to see a U.S. Navy ship's captain run his ship aground and then use any or all of the excuses which the Oboy administration/Congress have given as to why maybe some pod people did all of this.

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