Obama Seeks To Block AIG Bonus Payments, Cuomo Issues Subpoenas

[Chris]

Your daily AIG news...

Obama Seeks To Block AIG Bonus Payments
President Obama said Monday he has asked the Treasury Department to try to block $165 million in bonuses that insurer AIG plans to award to its staff, despite getting a bailout from the government to pay creditors.

Obama said he has directed Treasury Secretary Timothy Geithner to use the government's leverage as a lender and partial owner of AIG — and all legal measures — to try to block the payout of the money. Earlier this month, AIG reported that it lost $61.7 billion in the fourth quarter of 2008, the largest corporate loss in history.

(NPR)

Cuomo to Investigate AIG Over Bonus Payments, Issue Subpoenas
ALBANY, N.Y. -- New York Attorney General Andrew Cuomo says American International Group missed a deadline to give him details about employees set to receive millions of dollars in bonuses and he's issuing subpoenas for the information.

Cuomo says his office will investigate whether the employees were involved in the insurance giant's near-collapse and whether the $165 million in bonus payments are fraudulent under state law.

(Fox News)

Meanwhile, Barry is going on Leno.  Maybe do a little driving around Burbank in one of Jay's cars or smoke some weed with Kevin Eubanks and the band. 

[The Village Idiot]

they sure like to party while the economy tanks

[Crazy Horse]

Well why the hell don't they go into Detroit and block all those bonuses (Union wages) since they accepted bailout cash.

And people wonder why the hell Wells Fargo wanted nothing to do with this and some are starting to hand theirs back.

So lets be consistenet Juggy......................I fully expect you to go and cancel all these Union conracts for enities that recieve bailout funds......states, teachers, big three.............well damn

[Chris]

Chris "Countrywide" Dodd sticks his nose in...

Tax AIG Executive Bonuses, Dodd Says
As public and political outrage grows over $165 million AIG paid as bonuses to executives while taking billions in taxpayer dollars, an idea is germinating in Congress. If you cannot get the money back, tax the bonuses.

"It's an idea very much at the embryonic stage," said Senate Banking Committee Chairman Chris Dodd, D-Conn., "You can write a tax provision targeted specifically at 98 percent of the taxable proceeds."

Dodd said that "doesn't violate the terms of the contracts," referring to legally-binding agreements that appear to preclude government action.

Senate Finance Committee Chairman Max Baucus, D-Mont., says his staff is reviewing such a proposal. He called it a "worthy" idea but said he needs to know more about how it would work.

[Ptarmigan]

Why do we need a bailout for anyone? Let'em all crash! Also, why the hell is Obama going to a talk show? I have never seen a President do that, which involves a serious matter.