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Sorry but I have my facts straight. AIG first bailout was on Sept 17th 2008 and was a cash infusion by the Fed based upon a 1932 provision. TARP wasn't enacted until October. As I read the Dodd amendment to TARP, it affects only those who receive money under it's provisions.
On Timothy Geithner, Obama's Tax cheating Treasury Secretary,
In March 2008, he arranged the rescue and sale of Bear Stearns;[9][17] in the same year, he is believed to have played a pivotal role in both the decision to bail out AIG as well as the government decision not to save Lehman Brothers from bankruptcy.
Did you miss it when the government gave them money two more times?
Quote:
From White House press secretary Robert Gibbs' briefing two weeks ago, when $30 billion in additional funds were announced for AIG. AIG had at this point designated $165 million in retention bonuses for officers of the Financial Products subsidiary, as well as an additional $121.5 million in executive bonuses.
TAPPER: AIG, is the administration confident that it, that it knows what happened to the tens of billions of dollars previously given to AIG?
Her are some more facts for the Obamatrons. The liberal can deny all they want but the Democrats have majority of the blame for the mess we are in.
Congress played major role in AIG bonus mess
Changes in laws on CEO pay, derivatives helped create current turmoil
In fact, it was a law approved by Congress in 2000 that allowed companies to place tens of trillions of dollars of these risky credit default swap bets.
After the 1998 collapse of Long Term Capital Management, a giant hedge fund that pioneered the use of derivatives, the Fed engineered a rescue to prevent the unwinding of risky bets from spreading to the larger financial system. That brought calls for tighter regulation of derivatives, including a push for greater derivatives regulation at the Commodity Futures Trading Commission, led by a former Wall Street attorney named Brooksley Born.
But strong opposition to the proposal from then-Fed Chairman Alan Greenspan and senior Clinton administration officials sank the idea. On Dec. 21, 2000, President Clinton signed into law the Commodity Futures Modernization Act, which further eased restrictions on derivatives like credit default swaps.
Location: Sunny Phoenix Arizona...wishing for a beach.
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Obama may be grandstanding about AIG’s bonuses now, but it’s worth noting that Obama himself is the second biggest benefactor of AIG political contributions. Second only to Senator Chris Dodd, who is quietly trying to tip-toe away from legislation he inserted into Obama’s “stimulus” spending spree that protected AIG’s bonuses.
Senator Barack Obama received a $101,332 bonus from American International Group in the form of political contributions according to Opensecrets.org. The two biggest Congressional recipients of bonuses from the A.I.G. are - Senators Chris Dodd and Senator Barack Obama.
The A.I.G. Financial Products affiliate of A.I.G. gave out $136,928, the most of any AIG affiliate, in the 2008 cycle. I would note that A.I.G.?s financial products division is the unit that wrote trillions of dollars? worth of credit-default swaps and “misjudged” the risk.
After throwing all this money around, it is perhaps little wonder that the politicians (including Dodd and Obama himself) jumped on board with a bailout for them. And it’s no wonder they’re thrashing about so hard trying to distance themselves now.
Location: Sunny Phoenix Arizona...wishing for a beach.
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Quote:
Originally Posted by Greatday
Please - let's not forget Barney Frank in this ... "mess".
And note that little is being said about how much money Rep Franks life partner made in the last few years from Fannie Mae
Who Barney the Banking Queen? say it isn't so.........
Frank opposed giving the Bush administration the right to approve or disapprove business activities that “could pose risk to the taxpayers.” He told the Post he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.”
Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions.
“These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis,” Frank said to the Times. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Frank has also reaped campaign contribution benefits from Fannie Mae and its counterpart Freddie Mac. According a front page story in the Sept. 19, 2008, Investor’s Business Daily by Terry Jones, Frank has received $40,100 in campaign cash over the past two decades from the GSEs.
Are Libs still buying this bunch of crooks antics?
this part is truly pathetic:
In an interview with CNN, Dodd denied inserting that exemption at the 11th hour, and insisted he doesn't know how it got there......
americans need to realize that all of this bonus outrage is designed to cover up the fact that the bulk of the money is going to bail out foreign entities. (as listed by amounts in the business forum).
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