Geithner WROTE the AIG Bailout!

This blaming everything on Bush is getting real frackin’ old, real frackin’ fast!

Obama Hypocrisy 2.0: President Blasts AIG Bonuses; But Forgets Geithner Wrote The AIG Bailout!

The Obama administration is highly critical over the recent AIG executive bonuses controversy. The administration is once again trying to blame the Bush Administration for its faulty bailout which enables AIG to pay out such bonuses using tax-payer funds.

Reality Check: Obama and his administration need to look in the mirror! Last fall, Treasury Secretary Tim Geithner not only consulted with then-Secretary Hank Paulson, it was Geithner, not Paulson, who put together the original rescue plan for the American International Group!

Bloomberg reports:

American International Group Inc., barraged by criticism on how it’s using $173 billion of taxpayer money, faces demands from President Barack Obama to rescind or repay $165 million in bonuses.

“It’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million,” said Obama at the White House speech today. “How do they justify this outrage to the taxpayers who are keeping the company afloat?”

“These people may have a right to their bonuses but they don’t have a right to their jobs forever,” Barney Frank said on NBC’s “Today” program.

“The federal government now is the 80 percent owner (of AIG),” Frank said. “These bonuses are going to people who screwed this thing up enormously … Since the federal government … now essentially owns that company, maybe it’s time to fire some people.”

Well let’s revisit something: Timothy Geithner, Obama’s own whiz kid WROTE THE AIG BAILOUT PLAN!

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Explore posts in the same categories: Abuse of Power, Economics

4 Comments on “Geithner WROTE the AIG Bailout!”

  1. dom youngross Says:

    President Obama’s ‘outrage’ over AIG bonuses didn’t take my mind off the fact that AIG shouldn’t have receive our taxpayer money in the first place.

    And what leg does Obama have to stand on anyways? The $165 million in bonuses is only a paltry amount of the $170 billion they received in taxpayer money anyways, and were the result of ‘last year’s business.’

    That $165 million is a way-smaller percentage of the total amount than the earmarks were in the recent $410 billion Congressional spending package. Obama didn’t express ‘outrage’ toward Congress over those earmarks. His mouthpiece, Rohm Emmanuel dismissed earmarks as ‘last year’s business’…

  2. jmb Says:

    from http://ace.mu.nu/

    “While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009,” which exempts the very AIG bonuses Dodd and others are seeking to tax. The amendment is in the final version and is law.

    Also, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org.”

  3. irishoaks Says:

    I’ll bet Dodd nor Obama returned any of the $$$ received from this.
    What galls is the money sent overseas to bail out the banks in England, France, Switzerland, etc. There was more sent to them than to America. What –a 60/40 ratio???
    Geithner needs to be fired. Period.

  4. Dr Gop Says:

    Good work here. Thanks for the plug.


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