We’ve been asking for transparency in the TARP and other bank bailout matters. But it isn’t just credit default swaps and collateralized debt obligations.

FireDogLake got its hands on copies of the letter sent from AIG to Tim Geitner and an enclosed “white paper” that is supposed to back up its conclusions. AIG is running a con and you can see it in their own words.

AIG is only “legally required” to pay retention bonuses if they want to retain the employees who brought the company to the point of disaster. I have a better idea. Don’t pay the bonuses and dare the employees to find a jury who make you do it.

[Laughing so hard my belly hurts. ]

FDL has obtained  a copy of the letter from AIG Chairman Ed Liddy’s letter to Timothy Geithner justifying the payment of $100 million in bonuses to their Financial Products Group (PDF), and a white paper explaining the legal justification for it (AIGFP Employee Retention Plan – PDF).  The Financial Products Group, remember, was the London office run by Joseph Cassano that was doing all the derivatives trading that tanked AIG.

The white paper claims AIG have no choice but to make these payments:

Here Comes the No-Strings, Stealth TARP

Saturday Night With Cotton-Eyed Joe Biden

ABC: Larry Summer, Sen. Mitch McConnell. CBS: Larry Summers, Thomas Friedman, Michael Fletcher. CNN: Dick Cheney, Joe Sestak. Fox: Austan Goolsbee, Sen. Bob Corker, Rep. Barney Frank, Mark Zandi, Sheila Bair. NBC: Dr. Christina Romer, Rep. Eric Cantor, Steve Liesman. Q & A: Cliff Groh. 60 Minutes: Ben Bernanke, Alice Waters.
FDL Book Salon: Marion Nestle.

Tonight’s cartoon is a 1961 Hanna-Barbera Production starring Snagglepuss and Yakky Doodle in Live and Lion.  Written by Michael Maltese.  Story director Alex Lovy.  Animation by Lewis Marshall.  Layout by Tony Rivera.  Backgrounds by Art Lozzi.  Titles by Lawrence Goble.  Production supervision by Howard Hanson.  Vocal Talent: Daws Butler (Snagglepuss), Don Messick.  Produced and directed by William Hanna and Joseph Barbera.

 What’s on your mind tonight?

Glenn Beck Surrounds You. Probably in order to rifle through your underwear drawer when you leave for work. But it’s OK — he’s looking for terrorists.

Why won’t he just go away? In his first television interview since leaving office, former Vice President Dick Cheney will appear Sunday, March 15 exclusively on State of the Union with John King.