Geithner says he should have known about bonus problems sooner

[sabra]

Source: CNN

(CNN) -- Treasury Secretary Timothy Geithner said Thursday that he takes responsibility for knowing the stimulus legislation had a loophole that would allow bailed-out insurance giant American International Group to keep its bonuses.

In an interview with CNN's Ali Velshi, Geithner said the Treasury Department did talk to Sen. Chris Dodd about a clause he put forth that would have strictly limited executive bonuses.

The Treasury Department was concerned that legislation that would restrict contractual bonuses would not hold up to legal challenges, Geithner said.

"We expressed concern about this specific version. We wanted to make sure it was strong enough to survive legal challenge," Geithner said.

Geithner's interview will air on CNN in part at 5 p.m. ET on Thursday and in full at 8 p.m.

Read more: http://www.cnn.com/2009/POLITICS/03/19/aig.bonuses.congress/index.html?iref=newssearch

[cliss]

1. Why do I not believe this man?

When the interview is aired, look closely at Mr. Geithner. Does he blink? Look down? Fidget with his fingers? Wish he were somewhere else?????

Time to go, dude:smoke:

[tridim]

6. Probably because you're stuck in BushCo mode.

Snap the fuck out of it!

[EFerrari]

7. So is the economy and its manipulaters. n/t

/oops

[tridim]

8. True, but that doesn't mean we don't have a new administration that is on our side.

[EFerrari]

9. And yet Bernanke is still there. And Timmy. And Summers.

They're all in this up to their eyeballs.

I trust Obama but I also know the pool of experienced people he had to draw from has been corrupting since Reagan. That's not his fault but his challenge.

[Mind_your_head]

2. If he's not "ahead of the curve" that 10% or on the intertubes KNOW ALREADY.....

he's not fit to 'lead'. IN fact, he's NOT 'leading'. Poor choice in Mr. Geithner, Mr. Obama. Try again.

[pleah]

3. He is a lying SOB! He knew because he is an insider!

For him to say he didn't know about "bonuses" is pure shit.

[kpete]

4. Geithner: Treasury pushed for bonus loophole

Source: CNN

March 19, 2009
Geithner: Treasury pushed for bonus loophole
Posted: 04:25 PM ET

Treasury Secretary Timothy Geithner told CNN Thursday his department asked Sen. Chris Dodd to include a loophole in the stimulus bill allowing bonuses to be paid.


(CNN) — Treasury Secretary Timothy Geithner told CNN Thursday his department asked Sen. Chris Dodd to include a loophole in the stimulus bill that allowed bailed-out insurance giant American International Group to keep its bonuses.

In an interview with CNN's Ali Velshi, Geithner said the Treasury Department was particularly concerned the government would face lawsuits if bonus contracts were breached.

Dodd admitted to CNN Thursday he'd added the controversial provision after a Treasury official pushed for it. Earlier in the week, Dodd had said he had not played any role in the addition of the loophole.

Geithner told Velshi Thursday he takes full responsibility for the situation.

Read more: http://politicalticker.blogs.cnn.com/2009/03/19/geithner-treasury-pushed-for-bonus-loophole/

[jordi_fanclub]

5. Well, well, well... the mess is compounding! (n/t)

Seems that yesterday "Dodd's moment" was a waste of time.

:popcorn:

[Jefferson23]

13. That is correct, in plain english, Geithner is full of shit on this one.

[empire we are]

10. Geithner is an oligarch.

His roots and his loyalties are to the people who benefit from
the TARP.

Geithner and Lawrence Summers must go.

[onethatcares]

11. this taking responsibility and feeling bad about things that

happened is all well and good, but I'm starting to wonder why things weren't looked at prior to any type of money handout.

I would luv to see the contract that says, "if you screw up and cost the company a largre, large , large amount of income and complete loss of face, you will be rewarded with a bonus not to exceed 5 times your base pay"

[MisterP]

12. to believe that, Timmy, we'd have to believe somebody poked your brain out with a stick (hmm...) n/t

[MarjorieG]

14. He didn't know about these until after the $30b went out, and should have been told before.

I hope he talks all about what he's dealing with, other responsibilities, not defined by bonus crap.

[rhett o rick]

15. Watch closely and you'll see his nose get longer. nm