Attorney General Andrew Cuomo won a ruling yesterday against BofA, owner of Merill Lynch, to compel them to release the names of those who received the 200 highest bonuses paid out by Merrill.
When A.I.G. wasn’t forthcoming about the bonuses paid out that have everyone so outraged, Cuomo subpoenaed A.I.G. to release the names. CNBC was the first to report it, but A.I.G. has delivered those names to Attorney General Cuomo:
I have received the list of AIG FP employees who received retention payouts. Mr. Liddy testified in Congress yesterday that he intended to comply with our subpoena and expressed concern for employee safety. Mr. Liddy has in fact now complied with the subpoena. We are aware of the security concerns of AIG employees, and we will be sensitive to those issues by doing a risk assessment before releasing any individual’s name. The Attorney General’s Office is a law enforcement agency and is experienced in making these assessments. …
Finally, someone not only campaigning or simply grandstanding, but actually doing the job he was elected to do.
On another financial note we have the antithesis of Mr. Cuomo. Tim Geithner admitted today in an interview with CNN that he asked Sen. Dodd to include the bonus loophole, because he was afraid the feds would get sued. This is as Dodd recently recounted in his second explanation for how it all happened, after first denying involvement. Boy, this could have been handled better. See Cuomo.
So the question is — did Geithner tell the President of his request of Dodd? If so the President might want to soon address this. If not, then why not?
Sec. Geithner should resign.
No, he shouldn’t. That would hurt the economy, the country and the President in a huge way. Wall Street abhors confusion. Obama’s standing in front of Geithner, with both now taking responsibility and control of the message. Geithner will weather this storm, ugly, but he’ll weather it. The worst is over for Mr. Treasury.
While I’m not calling for Geithner to resign the unfolding of these events are confirming my early misgivings about him. For whatever reason he seems to have taken the path of least resistance instead of going out and knocking heads because that’s exactly what is happening now. He looked like pablum. I know GeoT won’t agree with me but than we don’t always agree on everything. I have to give kudos to Andrew Cuomo. I’m glad Patterson didn’t appoint him as senator; he’s a much better AG.
We need more people debating and disagreeing around here, so keep it comin’, JA. You too, kris.
Hey Taylor, I’m juggling about 16 things at the moment. I love to be able to sit and debate and disagree and once in awhile wax philosophical. I feel like I’m on a roller coaster lately. But I check in every day even if I don’t comment. I always enjoy your analysis. I can’t type to save my life today.
Taylor Marsh says:
19 March 2009 at 5:25 pm
Taylor, I totally agree. My hubby said he should resign, but he’s never liked him since he found out he ducked his income taxes. Anyway, I told him that would be disastrous if he resigned.
Did you all watch the President’s town hall meeting in LA? It was very good, and the last question by the little 8 year old was great.
Taylor – Your comment that Wall Street abhors confusion is spot on. That’s exactly why he should resign. There has been no clear concise message and now a question of integrity (Geithner, not Obama). The concern from the beginning about Geithner was his involvement in the bailout of AIG to begin with.
He has done nothing to help himself except to solidy early impressions.
Betsy –
I was never concerned so much about the income tax issue. It seems to be a disease lately.
What also might be helpful is to actually staff the Treasury Dept. If Geithner can’t do it then find someone who can.
My real issue is credibility here. Geithner needs credibility to be effective and he needs a concise plan and message. So far – not so good in my opinion.
CNN just had a clip of Zakaria’s interview with Spitzer. He talks about AIG and its tentacles. It airs Sunday at 1 ET. Very interesting what he had to say about AIG. Obama and Geithner might want to talk to him because he said he was concerned about AIG when he was the NY AG.
It would be nice if the Republican’s stopped blocking the appointments to Treasury and stopped putting party before country.
Reposted
Here
http://tinyurl.com/c7nfs5
and here
http://tinyurl.com/cljtkt
So if they hold up the appointments, they can say the administration is not doing a good job, and if the the admin fails, they can say, we voted NO on everything and we told you so. Seems like the are actually try and hoping that this fails, as it is the only way for them to win in 2012.
Geithner and by proxy the Obama administration made the mistake of looking at the AIG bonuses from a purely legal and practical standpoint and not a political red meat for the masses standpoint. They thought and where advised that any effort to stopped the bonuses would end up costing the taxpayers more than 165 million in legal costs, because the recipients would sue. They misjudged how big the ‘outrage story’ would be played 24/7 on cable, etc. Now everybody is running for cover in a circular firing squad. With the exception of Obama (yesterday) and Geithner (today) who are taking blame.
I’m finding this whole situation very confusing. For my mental health and my burgeoning ulcer, I’ve tried to stay uniformed the last couple of weeks. The whole AIG brouhaha sucked me back in. I thought we all knew about the bonuses back in January – are these different bonuses? Also, I thought the whole outrage was because Geithner didn’t know about the bonuses until last week — like on Tuesday and didn’t tell the president until Thursday. So, today we hear that Geithner told Dodd to put the bonuses in the stimulus plan. What am I missing?
well i go to local dem activist eevnts all the time and its getting bad. we are the foot soldiers of the party and are very angry with geithner and summers. we want boldness here. we are ready for efca. steel union tells us they will sit out 10 if efca isnt passed. on healthcare there si strong resistance to obamacare. we wont subisize humana and hmo blue. if real universal healthcare with a public option is not passed by 10 i and many others will be pretty bummed and devastated. but aig is a disaster for the greassroots-the footsoldiers ho like me are furious. we want to be protected from the vices of wall st. giethner did not do that.
People, open your eyes! Don’t you that this is all theater and what really happened today was the first steps in taxing all income above $250k so that money can be sent to the Bilderberg group?
(I gotta stop reading puma sites)
Actually, I think Audiegrl summed it up nicely.
you are right Ag and they are also holding up the appt of Amb Hill to be the Ambassador to Iraq. And guess who’s behind it. McCain and Graham.
Sec. Geithner resign? Perhaps “the die has (already) been cast.”
Meaning that events have passed a point of no return. Unfortunately in our society perceptions (especially in politics) sometimes trump all other criteria / priorities; such as experience, qualifications, urgency, necessity, etc. With the recent SNL opening skit, AIG, lack of Treasury appointments (for whatever reason) a perception of Geithner has been formed whether fairly or not and it is often quite difficult to alter that perception.
I mentioned this a few weeks ago – I think they should have an Economy Czar similar to the role the Surgeon General plays for healthcare. Someone who can effectively communicate these very complicated economic decisions that the administration is making.
On the whole of it – the amount spent on the bonuses is diddly – but the confusion of how it was presented to the public and who knew what and when – shakes confidence at a time when confidence is in short supply.
Betsy
General Petraeus is not very happy with McGraham….
Petraeus ‘Frustrated’ By Admirers Lindsey Graham And John McCain’s Opposition To Chris Hill
http://tinyurl.com/crun2s
I think Geithner will be fine. Next week we’ll have a new outrage. I need a crib sheet to keep up. The budget is coming up, that’s when the Repubs will really go off the rails. Go on Obama to do these town halls, Leno, 60 Minutes on Sunday and a primetime presser on Tues.
Despite all of this, the President is going to be just fine. And I think after all these appearances his ratings will go way up. And then poor Ron Christie will really flip.
I think Obama is wise to do the town halls – anytime you can get out and meet the voters its a good thing. At some point however, he needs to stop referring to “those people back in Washington” —he is one of those people back in Washington – he can’t play the outsider forever.
Betsy,
BTW from an earlier thread comment. You must have misread my comments. I happened to have been tasking up for GeoT.
Betsy says:
19 March 2009 at 7:13 pm
I don’t care if his ratings go up – he’s not running for office – it’s his for the next 4 years. The barometer I care about right now is the confidence the financial markets have in him – that’s what is going to turn this economic fiasco around.
AMEN Nancy50. Glad to see you.
Nancy50
I agree. He can’t keep up that kind of talk. But, by doing the townhalls, he has an opportunity to take the message away from msm. We need to regain control of information disemination – then we can take are country back to the people and away from the “robber barrons of Wall Street and MSM
taking up for GeoT
kris says:
19 March 2009 at 7:19 pm
Hi Kris – probably not for too long – March Madness calls.
Hi Djjl. I agree about taking the message away from msm.
I don’t think Dodd is going quietly:
“The administration sought changes in [executive compensation rules],” Dodd told reporters outside his office Thursday. “At the time they seemed, at least in one case, relatively technical to me, having no connection whatsoever to the AIG issue. So we agreed to a couple of those changes in order to preserve the amendment.”
“Had there been any connection at the time or any notification that somehow this was involved with AIG we would have rejected that entirely,” he said. “But at the time that was not the connection.”
March madness calls me too Nancy50. My Dukies are playing tonight. Hope it’s televised.
kris says:
19 March 2009 at 7:24 pm
I’m 7 for 7 so far on the Facebook pool I’m in! Good luck to Duke – I have them going far (sorry – I picked Louisville to win it all)
Wow good for you Nancy.
As much as I love Duke I pick Memphis.
Having followed him for a long time (my daughter volunteered for him in 2003 here in Illinois), he does very well with the ‘I’m an outsider’ message (he used in in Chicago too), so I doubt he will be losing that any time soon. Its his trademark, he would be crazy to stop, since it has served him so well.
I just rechecked – I’m 8 for 8 now! GTG – have a good night Kris and Djjl – thanks for acknowledging my presence!
No problem Nancy. You have a good night too.
AG
He is the President of the United States. He is not an outsider.
Congrats nancy50
Sorry audiegrl but I agree with Nancy50 and djjl on this one. Obama is the President of the United States. He is a very large part of Washington whether he likes it or not.
Betsy and GeoT, I left a response to your comments on the earlier thread.
djjl
I will make this short and sweet (since my husband just got home with a bbq dinner, and I need to run
As a politician, he ran as an outsider of business as usual in Washington and in Chicago.
As a person, he is an outsider, based on the fact of his bi-racial background. I am a year younger than Obama, and also grew up bi-racial in this country. You have to come to terms with the fact that you don’t fit exactly into one or the other group, and find your own way to incorporate both worlds into who you are.
Perhaps, it is just something that comes natural to him, and why so many people believe him when he refers to himself as an outsider.
Outsider in the terms you were discussing had nothing to do with being biracial. He is not an outsider in the political sense. He is now the epicenter. THAT IS NOT A CRITICISM of President Obama.
Who just saw Larry O’Donnell’s breakdown of the GOP house breakdown vote on countdown … ?
He just put everything into perfect context.
The same Republicans who claim Obama’s 4% tax increase will ruin America just had 85 house members of their party just vote for the HIGHEST TAX INCREASE EVER … 90 % …
Talk about having NO principles WHATSOEVER !
by the way all, just heard that when they told Dodd to change the language it was making it start in February, which they didn’t realize the bonuses had already been promised.
Laura Rozen is on Rachel talking about the hold up on Hill’s appt.
And hc4bo I saw that and got a good chuckle.
By the way GeoT please don’t stay on the sideline I enjoy your posts and chatting with you.
hc4bo says:
19 March 2009 at 8:23 pm
This really puts the Republican’s in a quandry to explain.
Betsy
What happened to GeoT?
Nevermind. I went back to read the last thread.
He is a little upset I think. If you go one thread down you will see.
Ok, LOL
Hopefully he will come back tomorrow.
He apologized and that should have been the end of it, period end of report. But it was carried on I think way beyond what it needed to be. Now I’ll get in trouble for that statement, LOL. But, I really don’t care because it just got very petty. Hopefully we can all agree to disagree at times and leave it at that.
If you defend Obama you are somehow worshiping him like the Messiah. And then there are those who seem to find things wrong with him and if they are confronted about that then it just goes down hill from then on. I defend him when I think he’s right. But when he’s wrong I will state it.
GeoT is likely watching the NCAA’s. He is not thin skinned. He may do a quick read at times and misread. But of all people, GeoT is not one to not to reread and apologize if necessary. Which isn’t often. GeoT hasn’t run off to a corner – he’s having a better time somewhere.
And I guess I haven’t found too much wrong so far. I must admit that this whole Geithner thing was really bad. But I read somewhere today that he didn’t pick him because of his charming personality. He picked him because he knows what he’s doing, is bright, and Obama felt he was right for the job at this time. Oh well Ag, I guess all of us get a little uptight once in a while.
Did you go to the down thread djjl? He posted after your post.
Wow, a gay West Pointer was just on Rachel. There are 35 West Point grads that have come out of the closet. Good for them.
Take it back, thought GeoT’s problem was 2 posts back. Still don’t get the problem. Wish Taylor’s archives could be opened – but appartenly can’t right now. If I mistakenly included GeoT in those who called Puma in the months since the primary end – I APOLOGIZE. Obviously from my posts GeoT is someone I like. You must all be happier if I leave again. Have at it.
You know, there are likely a lot of people who have big problems in their lives who do not share it here. As i said earlier, it might benefit all if you would hear posts in a kind voice and not an ugly one. You may perceive the post more accurately.
Yeah I did. What I have posted in this and the last 2 threads stand for me.
Betsy says:
19 March 2009 at 9:55 pm
my internet connection crashed, at the same time the guys audio went out. Spooky
djjl, I do not have a problem with you at all. I like you but I think that you may have hurt his feelings. I do not remember him ever calling you a puma, I really don’t. And that is what really upset him that you accused him of that.
And I agree about if you could hear posts. But you can’t so sometimes the words look different then you meant them to be. I know I’ve done that with my words. And then realized they came out wrong.
IMHO, everybody needs to take it down a notch ( I try everyday to take this advice.)
Quit trying to paint people into a ‘always has praise for Obama’ and ‘always complains about Obama’ camp. We WON in November. Remember?
Personally, when someone attacks me on this blog, I simply ignore the post. Life is too short. .:-)
Are you on dial-up or dsl Ag.
Comcast broadband. The problem is on my main computer, go figure, my tech guy was here today, so I was guaranteed to have a problem. LOL
All the other computers are working fine, so it was just one that lost connection. Now I know why Elvis shot his TV set.
I agree Ag. Life is way too short. And I agree it needs to be taken down a notch.
Hopefully everyone else will too. I really like everyone here that are regulars. Usually the ones that just run through and shoot at us are the ones that I personally think are funny.
Anyway, I will keep my big mouth shut, I just hate to see people take things so personally.
GeoT where are you. Are you watching the playoffs?
No its easy to do. I’m guilty of letting my feelings get hurt too much too.
So my advice was for myself too.
Did you hear that Michelle Obama is planting a White House Kitchen Garden?
I saw that. I think that is so neat. She is one awesome lady. And it was great to see a Republican strategist say she was an asset to the President.
I wonder if Schwartzenegger is going to stay with the Republican party or switch to Independent like it’s rumored.
I saw that.
It sounds like the WH chef is happy about it too.
Not sure, but he definately is not taking the Rep. path of refusing the money. Although I heard Sarah Palin just turned it down.
Really. Well that figures. She would risk her state so she can run in 2012 and all the wingnuts will support her. I saw somewhere that Obama would really run away with the election if she’s the candidate.
Good evening folks. I just got caught up on the MSNBC shows and in my opinion, the Republicans are scared. They are at the point where they are complaining about basketball and Leno. I expect the celebrity ad to roll out soon. Paris Hilton, you’re up next.
Chris M. kept saying Obama is the Reagan of the left and I swear the rep strategists looked like their heads were going to explode. Imagine, this commie, socialist black dude being compared to their king. he he he.
I know maxadog, it is really funny to watch them. Then watching O’Donnell take Cantor down was the greatest.
Hey GeoT
They don’t want him out and about. LOL
sorry, I meant to say maxadog
AG,
I absolutely love that the Obama’s are planting a kitchen garden. I am in the progress on imulating them.
Betsy, if what I wrote was a hurtful accusation – as I said I apologize. If you recall my GeoT posts you will recall that they are respectful. It is clear that I like GeoT. There are other -who are not here now – that I did not have such respect. It is possible that GeoT never called me a puma – I think he did – but I certainly could be wrong. Either way the response seems to be a bit over reaching based on what was actually said. But it is no big deal from my prosepective and had nothing to do with the essence of my post.
Cantor is a tool. The sad thing is that if O’Donnell hadn’t kept at him, Joe and Mika (yuck and double yuck) would have let Cantor go on and on with his circle speak.
Speaking of Mika – does anyone else notice that she never pays attention to what guests are saying, even when she is asking them questions. Once they start talking, she starts fiddling with papers, or her blackberry or whatever. It’s so disrespectful.
Thankfully, I live on the West Coast and don’t see them very much.
djjl
I wish I could get out in my yard and plant some collards and rhubarb
I know djjl. I think we all need to just drop all of this. I am sure that he will read your apology. He may be even lurking right now.
I also wonder if she doesn’t have a thing for Joe. A couple of years ago when I was watching them it just seemed like she was really into Joe. But, she’s actually a pretty accomplished journalist. I was reading her bio on the msnbc site.
maxadog says:
19 March 2009 at 11:15 pm
did you notice when she subbed for Chris Matthews this week, the direction the show took? I can’t see how she fell so far from the tree. Her dad seems so different.
It’s tough when you are reading a post to know someone’s motive. But that’s life on the internet.
speaking of the internet, I was on facebook and saw my daughter’s new picture. So, I said, Kat I really am not sure I like the pic. She wrote back and said “mom everyone I know can read what you said, so if you have a criticism please send me a private email.” Ouch!! I forget on facebook everyone that you list as a friend can read your posts.
Maybe she has ADHD. I noticed she did it on Hardball the other night when guest hosting. I just want to ask why do you have all those papers? You read news that is selected for you and put on the teleprompter… why all the shuffling.
I follow Joey S on Twitter and his posts are like… listening to Death Cab for Cutie – great album. Yeah, we get it Joe, you’re very hip.
It’s fun to get mad at them.
Hey all. Got the transcript for Leno a bit earlier. We’ll see if the wingnuts jump on this one:
THE PRESIDENT: No, no. I have been practicing all –- (laughter.)
Q Really? Really?
THE PRESIDENT: I bowled a 129. (Laughter and applause.)
Q No, that’s very good. Yes. That’s very good, Mr. President.
THE PRESIDENT: It’s like — it was like Special Olympics, or something. (Laughter.)
Q No, that’s very good.
THE PRESIDENT: No, listen, I’m making progress on the bowling, yes.
Q And how about, are you going to put in a basketball court?
—
Talking about the Special Olympics in this way is never a good idea.
AG – OMG! it was horrible. I fast forwarded thru most of it. She had way too much of that Ron Christie. He is so against anything that Obama does. It really loses credibility with me. You can’t possibly be that against everything the man does. Even Bush did a lot for aid to Africa.
Already on ABC:
http://blogs.abcnews.com/politicalpunch/2009/03/president-ob-15.html
Keith O. mentioned this on his show tonight. Obama is going to catch hell for that remark. As he should, it was insensitive and offensive.
Oh geez Taylor, you know they will. He inserted his foot. It will be the talk of msm tomorrow for sure.
Well everyone, I’m off here now to watch the rest of Private Practice and then local news. See you all tomorrow.
Night!!
new thread…
It’s all over the intertubes. Front page HuffPo with a poll.
I think it was a dumb thing to say, but I think the special olympians will get that it wasn’t meant against them.
My outrage pipe is cashed.
Anybody notice during the townhall today, he asked a guy to stand up to ask his question, and the guy told him he was exempt due to the ADA. Of course, there was no way the President could have known that one. He just looked like he was sitting down like everyone else.
Well, AG, Biden caught hell for doing the same thing.
But I thought the guy that Biden said that to was visably in a wheelchair. I couldn’t tell the guy was disabled either, he was just in a seat.
This whole “bonus rebellion” is completely out of hand, and it definitely shows that Congress has a double-digit IQ well below 50,
approximating that of Sen. Joe McCarthy in quantity and deed.
Let’s start with the basics: What is a “Retention Bonus”?
It’s an incentive to keep someone working for you who would rather find another job at a _successful_ business. (Now that AIG folks are being targetted in more ways than one, guess how many people are going to hang around there, and guess how soon AIG collapses completely?)
By now you’ve also heard that Fannie Mae & Freddie Mac execs are getting retention bonuses, too, but the “public outrage” on the matter seems selective.
Don’t be surprised when most of the AIG folks who had _contracts_ to receive their _retention_ bonuses go to court and receive not only their contracts, but ten times damages for pain & suffering.
You taxpayers will pay for that, too.
– Mike