This letter has been quite popular in the past couple of days. I certainly support the fact that Congress and the Administration have not handled the bonus issue well. If it's true, as some talking heads contend, that Senator Dodd, Secretary Geithner and others with 'Team Obama' knew about this or endorsed it while they were doling out $ billions, their recent protestations and pandering to the populace have been shameful.
Dear AIG, I Quit!!
3 comments:
It's interesting how people in the government were able to fool the whole world with this so called bonuses scandal. They knew about it, or at least some of them, including Obama. Also the proposal of 90% tax was totally inappropriate and unconstitutional.
And there's more.. today I've read more than interesting article here http://www.alternet.org/workplace/133228/the_real_aig_scandal%3A_how_the_game_is_rigged_at_wall_street%27s_casino/
Take care,
Elli
Geithner may have known about the bonuses and deferred to Liddy's judgement that though they were distastefull, on balance, they were a needed retention measure. Its interesting to me that you single out Obama and Geithner for pandering - they expressed outrage - that is true but I viewed that more of a realization that the bonus issue needed more fact finding and examination because clearly with a renewed focus brought about by the attention they were now getting claw back options should be explored. The pandering came in after that by Congress and Andrew Cuomo - Cuomo with his Spitzerlike threat to go public with names - a coercive threat gussied up the ruse of "public right to know" - and Congress with their total lack of understanding of the Constitution and compensation. Our Congress people showed themselves for what they are - ignoramuses. Geithner has shown himself this week as well - thoughtfull, focused on important details, thinks before he speaks, patient and knowledgeable. We are in very capable hands and things are going to be fine.
I do think the that Geithner is probably as apolitical as he's allowed to be by people such as Emmanuel and Podesta. He is working under enormously trying conditions with new and probably not enough talent to help him.
Yet, I do believe "Team Obama" and Congress were attempting to deflect blame from themselves and enlisting the media to feed the fire.
We are in full agreement that when in crisis most in Congress act like ignoramuses.
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