And, as noted by Jane, Treasury Secretary Tim Geithner was involved in negotiating the size and scope of the FP bonus package—might Cuomo want to talk with him, as well?

Yes!!!

President Obama has said he wants every legal angle pursued in stopping these bonuses from going out—do you think he had this in mind?

No

Hopefully he’ll find fraud that nullifies their contracts and the bonuses.

I hope Cumo leaks the names to the public. That would put allot of pressure on the rich to get AIG to settle because they would not want to be next.
I know these names are suppose to be secret but in ever high profile murder case I have heard the main suspects name is released, so why not release these names.
We want to get more dirt on them enlisting the public and the blogs help would be good.

It should its grounds for firing everywhere else in the world.

Still waiting for the outcome of the BoA subpoenas.

Let’s hope he bites down like a pitbull and doesn’t let go. I don’t want to see any wimping out. That would really piss me off…

I do hope Cuomo’s subpoenas are not this season’s version of the sternly worded letter.

yeah!!!!
and results in some arrest warrants while he’s at it!

and i’m DONE trying to give Geithner the benefit of the doubt. I’m just OVER IT with that Treasury Dept. bunch, and Obama needs to take a note here!

Sounds good to me. If it is true that AIG was trying legal blackmail to loot, then that needs to come out. Scare stories and lists of horribles that might occur should not stop it.

If it is true, that will be more evidence that Stiglitz was right to say that it is better to audit, and put insolvent firms into some kind of receivership. Better to face the chain of default consequences directly, rather than indirectly by pumping money into zombie firms run by people who are irreversibly bound to a set of bad incentives.

That would be very cool. Strip them of their cash and then throw their asses in The Pen.

I can’t see Geithner surviving this.

Obama will have to stick up for him for this week, possibly into next week, but, judging from the way Obama’s PR people are already having to backpedal away from the knowledge that the TSec was in on the negotiation of these bonuses, I predict he’s gone by next Friday. Late, late afternoon.

you and me both.

I’m glad The Heist is finally getting attention in middle America.

Thanks Gregg, digg is open.

How much longer can Tim Geithner hold onto his job the pressure to get rid of him must be overwhelming. Summers should be let go to forget getting the trust of the markets its the people’s trust Obama needs.
That and the trust of China. China wants more stimulus to perk up our economy so we buy their stuff.
China wants a strong dollar so their t-bills do not drop in value.

It’s time for Ellen Tauscher to propose retroactive immunity for the banks and AIG.
Because we need to look forward in a moderate, sensible centrist way.
And we can’t recriminate our way out of the recession which was brought about by entitlements.

I hate to say it, but BHO has brought this on himself by trusting people like Summers and Geithner.

707

Truman said of MacArthur: Fire the sonofabitch!

I think Obie should apply that sentiment to Geithner…like Today…

Thanks ET. I thought it might just be wishful thinking on my part. But that would be a good start.

I think the old fashioned phrase I was looking for is “ennumeration of horribles”. In any case, need to go full steam ahead on an investigation, no matter what dire consequences are advertised by interested parties.

I hope you’re right. It may be a real test of Larry Summers’ influence.

If Summers loses Geithner, imvho, it’s going to be a lot tougher for him to get one of “his” guys past a Senate confirmation.

Saw a good idea in these rapidly developing threads:

Leave the contracts in place so that the suicide vests don’t explode (see emptywheel) but tax the income these f&(kers are making at 100%. Done.

Maybe we’ll get lucky and someone will leak a list or two. That just might start an avalanche…

So forget about cutting entitlements Obama, Geithner, and the GOP less Social Security money means less money for poor people buying Chinese stuff at Wallmart.
We spend more money on private healthcare that does not cover everybody than National Healthcare costs, Medical emergencies are the #1 reason people stop paying their mortgages.
China has some of our Mortgage loan paper I’m sure they want Americans to stop losing their homes.
Remember all these bank bailouts and the Stimulus are paid for by China and other countries.

I heard AIG’s excuse for paying the bonuses were contractual. If this is true why weren’t they made to change the contracts as the Auto Industry was forced to do before they received any funds?

Leave the contracts in place so that the suicide vests don’t explode (see emptywheel) but tax the income these f&(kers are making at 100% 200%. Done.

fixed it for ya

I hope so. Besides it would increase public pressure on AIG which is something a smart politician can use.

Hope everyone is letting Obama know how we feel about Geithner and Summers. I have e-mailed the WH twice in the last few days saying “fire them”.

Ditto.

with bolded asterixies for all who came from ENRON.

anyone else sick of hearing how “sophisticated” these “financial instruments” are and how the people who made up the scam are the ones who best know how to regulate them? I’m sick sick sick of that BS. It’s all a con.

I’ll bet that they’ll make a deal and receive half of their bonuses now and the other half at another time. I agree with Cenk Uyger that it’s all fake outrage. They’ll find a way around it.

is it beyond the realm of possiblity that Geithner (and perhaps Summers) are being set up to fail here? I wouldn’t think so.. he’s Obama’s friend and all, but still.. there’s something distinctly Pilate-like in Obama’s behavior on Tarp.. washing his hands of what he may be trying to pain as a shrub/congressional concoction, if it fails.

I just sent mine in too. Adding that we also need Glass-Steagall reinstated immediately.

That’s what kills me the nost. We are telling them to reinstate Glass-Steagall but the fact is they know damn well it needs to happen. They all have theirs and seem content to give ours away because it has zero effect of their lives.

may as well add a return to usury laws.

Ian’s up!
Another Giveaway? The Sad Truth about the Geithner TALF Plan

yes, i know they know it needs to happen. it’s all very frustrating.

more than subpoenas for aig, i want arrests on the subpoenas that miers and rove didn’t respond too. and i want people running our economy who will run it for the good of the people, the regular people. and i want the end of torture and the return of habeas corpus and the end of warrantless wiretapping and independent media. there, that’s a good start. if anyone’s giving out early christmas presents.

Great idea. also at Glenn’s, someone noted the government could immunize AIG against bonus related lawsuits, ala the telecom companies.

New post—>

Agreed, put some of their asses in jail. Gitmo sounds about right. Bet that makes people stop ignoring subpoenas and requests for information.

I think AIG should be audited to find out why they lost $60 BILLION last year in the last quarter. For all we know, THEY STOLE IT AND THEN WROTE IT OFF.

i have no problem with having usury laws. sounds like a simply smashing idea. :-)

Ruth and Bernie Madoff …mixed up in that?

LOL Could be. You never know.

BINGO. That’s a winner.

None of the TARP recipients should be liable for any breach of contract resulting from adherence to the terms of TARP.

It might also act as a disincentive to banks who received TARP funds but were not financially in at risk from keeping the TARP funds since their employees would prefer not to have their compensation threatened.

Agree with the sentiment, but I believe it’s considerably harder, Constitutionally speaking, to interfere with the agreed terms of actual contracts (as in the AIG case), as compared with immunizing against statutory penalties (as per FISA). The former is specifically ruled out in the Constitution.

If the government and congress could force the Unions and car companies to renegotiate existing contracts before receiving any federal funds, then it’s for damn sure that the government can force AIG to do the same thing.

Can’t disagree with that. Like everything else, the logical, moral, and legal arguments are only one side of it, and most often it’s the raw-power side of things that actually decides.

Just as an aside here – if Cuomo pulls this off, he’s the next Governor of NYS.

How about a *de*tention bonus? Free room and board for life!

anyone else sick of hearing how “sophisticated” these “financial instruments” are and how the people who made up the scam are the ones who best know how to regulate them? I’m sick sick sick of that BS. It’s all a con.

Oh? So, you know all about them huh? Do tell.

Adding that we also need Glass-Steagall reinstated immediately.

That could be disastrous in the middle of a recession and after many firms have based their strategies on the laws now in existence.