Tuesday, March 17, 2009
Did Sec Geithner know about the AIG bonuses?
Pres Obama is angry about the AIG bonuses.
I am mad, too.
However, what's the story behind the AIG bonuses? Could it be that the Obama administration messed this one up? Did Sec Geithner know?
"Despite this administration's reflexive instinct to talk about the problems it inherited, the fourth round of AIG's government assistance — an additional $30 billion — was approved March 2.
Why couldn't someone at Treasury* have made that assistance contingent on not handing out additional bonuses to managers who put the company in this hole?
* I suppose it might help to have someone besides Tim Geithner working at the Treasury Department, to help manage issues like these . . ."
We need a better explanation from the Obama Administration.
Michael D. Shear and Paul Kane wrote today that the Obama Administration can't do a darn thing abut these bonuses.