If Greenwald's article is correct, I am disappointed in the Administration. What a shitty political

[GarbagemanLB]

ploy to cover your own failures.

Dodd isn't a saint, but to pin this on him when he was actually trying to do a GOOD thing with regard to placing restrictions on this bailout money?

This is the first time I have been disgusted with this administration. I hope it is the last.

Also, please don't try and argue that this is all Geithner's plan and that he is implementing it without Obama's knowledge or consent. To suggest that is to suggest Obama is incompetent, which I don't believe.

[SemiCharmedQuark]

1. Rec.

[Uzybone]

2. The truth will seep out

hopefully it's more media lies, either way the whole thing stinks.

Right now is nothing but rumor.

[Bolo Boffin]

3. Read the Greenwald article.

http://www.salon.com/opinion/greenwald/2009/03/17/dodd/index.html

The Obama Administration put a knife into Dodd's back.

And it's backfiring horribly.

[Uzybone]

6. I've read the story...and its still rumor and unsourced.

the truth will come out soon. Greenwald the rumor-mongerer already has Rahm penned as the man who is smearing Dodd. With nothing to base his accusations on.

The NYTimes had this story out this afternoon.

[Bolo Boffin]

7. Umm, what?

I suggest you read it again. It's sourced enough to know that the knife in Dodd's back came from the White House.

[Uzybone]

8. Is there a single person named in the article as a source?

This entire thing rests on what "an administration official" said. Greenwald thinks that person is Rahm. None of us have any idea who that person is.

I been lied to by the media and blogs too many times to lap up their rubbish without more facts.

[Bolo Boffin]

9. When they don't name names, they give as much as they can.

You don't think it's a Bush Administration official, do you?

How about Gibbs calling it the Dodd compensation requirements repeatedly? Is that a good enough name for you?

[Uzybone]

10. I didnt hear that Gibbs did that

if he did also try and pin the blame on Dodd then its a done deal on this story. I'll look for a transcript. Thanks.

[Bolo Boffin]

Well, it's in the Greenwald article. n/t

[Uzybone]

19. Im reading the whitehouse transcripts; Greenwald is dishonest there

Greenwald can say anything he wants (true or not). He mentioned Gibbs talking about the Dobbs compensation requirements. But Gibbs referenced them as a way to recoup the money, not as a reason the bonueses were paid.

http://www.whitehouse.gov/the_press_office/Briefing-by-WH-Press-Secretary-Gibbs-3-17-09/


MR. GIBBS: Well, I think two things -- obviously, as the President mentioned yesterday and as I just talked about here, the President has asked us to do everything possible to look at recoupment for these retention bonuses that he and all of us find outrageous -- whether that's in, as I mentioned, the existing law that was passed as part of the recovery and reinvestment plan, or whether that is, secondly, some mix of new legislation that's proposed -- the administration and the legal team would certainly look at those as it is looking at existing law, including the Dodd provisions, in order to meet the test of looking at all remedies at recoupment, including whether it's changing the tax code, or whatever ideas I think percolate between now and whenever coming out of Congress. Obviously, the President is committed to working as quickly as possible with Congress to find ways to recoup this money.


The President has asked the team here to examine ways in which we can go back in terms of a look back and a recoupment process that includes the process in the Dodd amendment -- the Dodd legislation that was in part of the Recovery and Reinvestment, as well as mechanisms moving forward to do that.


MR. GIBBS: Yes, and he asked us to look again. That's what he announced at the remarks in which you point -- happened four hours earlier, and that's why the review of provisions in existing law, including the Dodd compensation requirements as contained in the Recovery and Reinvestment Act, are one of the avenues with which the administration continues to look.
"


Does Greenwald know that Dodd added a measure that required the Treasury to review all prior bonus payments and to negotiate with bailout recipients for reimbursement of money used for any bonuses deemed inappropriate.

[SemiCharmedQuark]

24. I was just searching for that transcript, thanks

However, Greenwald did cite articles that show Dodd wanted more stringent regulation against Summers and Geihtner.

[Uzybone]

27. Your welcome

I think pretty much everyone around the WH wanted harsher oversight (especially on the compensation issue) than Geithner and Summers. I remember reading an article about how the Geithner-Summers wing overruled Axelrod on the compensation issue.

I just don't see any proof yet that the WH is setting Dodd up as the fall guy.

[SemiCharmedQuark]

30. Well I read through it, and you're correct about the context.

My blood pressure dropped about 10 points and I can breathe a little better. Thanks.

[Frank Booth]

42. Thanks for finding that.

I have no doubt that Dodd wanted much stricter restrictions than Summers and Geithner.

But now I have HUGE doubts that the administration's trying to pin this on Dodd. Greenwald's basis for this conclusion is flimsy at best.

[Cha]

80. The White House takes

responsibility for its own shit..thank you for bringing some facts in on this garbage.

[Bolo Boffin]

32. I disagree that Greenwald's being dishonest

Gibbs is making sure everyone knows that they have to go back and look at what Dodd did to see if they can find some way to get those bonuses back.

Meanwhile, "administration officials" are feeding stories to newspapers about how Dodd put that into the bill.

[SemiCharmedQuark]

35. What is he supposed to say? Dodd put those protections there.

Not only did Dodd *NOT* work against oversight and regulation, regulation exists because of Dodd.

[Bolo Boffin]

37. Why did he have to bring Dodd's name up at all?

Why couldn't he have said they were looking at all the provisions available in the bill? Why did he have to make sure Dodd's name was connected to the section?

Again and again?

I think Greenwald's got the better reading here.

[SemiCharmedQuark]

39. Maybe, we'll see. But at very least, it is not as malicious as portrayed in the blog

In the post, it is presented as though Gibbs outright said that "We'd like to do something but Dodd wouldn't let us."

[stillcool]

60. Perhaps it was a pertinent provision..

that was axed because of something done on the other side of the aisle. This bailout bill business is all Bush's baby.

[karynnj]

73. The provision in question was on a bill this year not last

The "other side of the aisle" doesn't seem likely. Dodd said his provision was changed in the House/Senate conference to add that exclusion. The bill was supported in both houses by nearly ALL Democrats and a few Senate Republicans. That exclusion added to the conference version of a must pass bill that almost all Democrats then had to vote for stinks - and if it was the WH that added it - I am disgusted.

[stillcool]

78. Perhaps I don't watch enough tv...

but the 'bonus brouhaha' seems like a lot of hooey. Trillions of dollars are gone, and the bonus provision in the stimulus bill are what people are up in arms about? They're trying to slip a noose over Geithner/Obama's head over bonuses in a stimulus bill?

On Tuesday night, ABC News reported that "during late night, closed door talks" last month, conference negotiators stripped out an amendment drafted by Sen. Olympia Snowe, R-Maine, and Sen. Ron Wyden, D-Ore., that aimed to retroactively restrict bonuses over $100,000 at any company receiving federal bailout funds."

The provision was stripped out during the closed-door conference negotiations involving House and Senate leaders and the White House. A measure by Sen. Chris Dodd, D-Conn., to limit executive compensation replaced it. But Dodd's measure explicitly exempted bonuses agreed to prior to the passage of the stimulus bill.

[Uzybone]

36. But why would he do that if they are trying to smear Dodd?

Hey you may end up being correct.

But they would have to be beyond amateur to insert Dodds name in the conversation when they know fully well that the provision he placed in the ARRA actually makes it harder for bonuses to be paid.

The context that Gibbs used Dodds name is clearly saying that they want to use his provision to go after the money.

[Frank Booth]

44. This is what the Times article says:

"The administration official said the Treasury Department did its own legal analysis and concluded that those contracts could not be broken. The official noted that even a provision recently pushed through Congress by Senator Christopher J. Dodd, a Connecticut Democrat, had an exemption for such bonus agreements already in place." http://www.nytimes.com/2009/03/15/business/15AIG.html?_r=1&hp

That hardly sounds like they're trying to pin the lack of restrictions on Dodd. Instead, it reads like the most stringent requirements were pushed through by Dodd.

[SemiCharmedQuark]

14. Right here:

"And today, during his White House Press Conference, Robert Gibbs advanced this dishonest attack by repeatedly describing the offending provisions as the "the Dodd compensation requirements."

[Uzybone]

22. Read the WH transcript

You may come to a different notion of what Gibbs was referring to when he spoke about Dodd.

[SemiCharmedQuark]

25. I'm reading through your link now. Thanks for posting it.

[Thrill]

23. I didn't get the impression Gibbs was trying to blame Dodd for anything

[Bolo Boffin]

31. He was just making sure that the "Dodd compensation" rules became a phrase

[Uzybone]

33. Yes and that would be a good thing

because the Dodd compensation rules "require the Treasury to review all prior bonus payments and to negotiate with bailout recipients for reimbursement of money used for any bonuses deemed inappropriate."


Greenwald is playing his readers for fools.

[WeDidIt]

38. Greenwald is being an idiot

Time to cast him into the pit of journalistic idiocy.

Maybe he'll get to say hi to Jason Leopold after 24 business hours.

[AZCat]

28. The transcript, for those who are interested.

March 17th, 2009 Gibbs Press Briefing Transcript

Q Can you address how the administration would view those proposals, whether they're seen as viable?

MR. GIBBS: Well, I think two things -- obviously, as the President mentioned yesterday and as I just talked about here, the President has asked us to do everything possible to look at recoupment for these retention bonuses that he and all of us find outrageous -- whether that's in, as I mentioned, the existing law that was passed as part of the recovery and reinvestment plan, or whether that is, secondly, some mix of new legislation that's proposed -- the administration and the legal team would certainly look at those as it is looking at existing law, including the Dodd provisions, in order to meet the test of looking at all remedies at recoupment, including whether it's changing the tax code, or whatever ideas I think percolate between now and whenever coming out of Congress. Obviously, the President is committed to working as quickly as possible with Congress to find ways to recoup this money.

(emphasis mine)

Q But why didn't you know about it until last week?

MR. GIBBS: Well, I -- again, I will check on some exact tick-tock. But understand, there's a contract -- there are existing contracts. The Secretary of Treasury did each and every -- did everything that we know of humanly possible to change the structure of what AIG ultimately was required to pay out -- change that structure going forward.

The President has asked the team here to examine ways in which we can go back in terms of a look back and a recoupment process that includes the process in the Dodd amendment -- the Dodd legislation that was in part of the Recovery and Reinvestment, as well as mechanisms moving forward to do that.

(emphasis mine)

Q To break the contracts. That under current law, to break those contracts would actually cost the taxpayers more money than to let the money go out. About four hours before that, the President of the United States walked before the cameras and said that to block -- he promised to pursue every legal avenue to block these bonuses and make the American taxpayers whole. Did the President, when he went before the camera, did he know at that time that the legal review had already concluded that actually to block those bonuses would be pretty much legally unfeasible?

MR. GIBBS: Yes, and he asked us to look again. That's what he announced at the remarks in which you point -- happened four hours earlier, and that's why the review of provisions in existing law, including the Dodd compensation requirements as contained in the Recovery and Reinvestment Act, are one of the avenues with which the administration continues to look.

Again, let's point out that that's a piece of legislation that Congress has passed but rules have yet to be promulgated on, which provides an interesting case because the legislation contains provisions dealing with TARP money and preexisting contracts.

(emphasis mine)

[NavyDavy]

52. some here hate President Obama so much they want it to be true

, actually any rumor to be true.....just more PUMAs

[Bolo Boffin]

54. I voted for Obama 3 times here in Texas

Maybe, just maybe, I'm horrified by this if it's true.

So take your PUMA idea and place it someplace that it's likely to get misplaced.

[Solomon]

75. "if it's true" LOL

Classique!

[WinkyDink]

72. In general, are we now saying that unless Obama holds a press conference, everything is unfounded?

Because I've been reading posts like that, questioning absolutely every less-tnan-flattering-to-Obama bit of news.

[karynnj]

70. The greenwald article may go too far trying to connect dots that really don't exist

but there does look to be some WH unwillingness to take responsibility for that provision. What I don't get is that it really doesn't help Geitner or Summers, because even if you take it at face value, they weren't out there speaking against it.

If it is true that the WH pushed for that exemption, Obama needs to put this right TODAY. Otherwise, it is clear that Dodd, because he tried to ADD regulation, is the one getting the blame. The reason the right has made Dodd the scapegoat is likely because they sense a vulnerability. Dodd is running for re-election in 2010 and has had weak polling. This story, untrue as it is, placed with the large banking PAC contributions and the sweetheart mortgage makes a story a Republican can and will use.

[tbyg52]

4. Link? TIA! - edited to say thanks to the above poster. nt

[ProSense]

5. Frankly, the media's 24/7 rumor mill is creating a lot of hysteria.

People aren't even checking to see if these reports make sense.

[WeDidIt]

11. Yeah, Greenwald is oh so unbiased

From the primaries by Greenwald:

"Dodd is not the planet's greatest orator and is never going to be. But he has something, at least right now, that is far more important: authenticity and passion about defending the Constitution and the rule of law, along with the resolve to accompany those convictions with action, even if it risks alienating his 'friends and colleagues,' in the oh-so-august Senate."

[SemiCharmedQuark]

13. He backs up his words with articles.

[Thrill]

16. He talks out of his ass

[seaglass]

67. Yes, Greenwald supports the rule of law and civil liberties - much

more than the current occupants of the WH.

[karynnj]

74. That is your proof that he is biased? This is clearly an opinion on Dodd as a candidate

Look at the parts - and then tell me where they are wrong.

There was no speech in 2008 or any other time where Dodd was more than just competent. On the "authenticity and passion about defending the Constitution and the rule of law, along with the resolve to accompany those convictions with action, even if it risks alienating his 'friends and colleagues,' in the oh-so-august Senate.", you might want to look at his speech against the torture bill, which was the best speech I ever heard him give - though nowhere near as compelling as John Kerry's or Ted Kennedy's, he made a very strong case - referencing his father's work as a Nuremberg prosecutor. He also took a very strong stand on FISA - likely about the time that was written.

[Frank Booth]

12. Whether true or not,

it's time for Geithner and Summers to go. They've both been complete embarrassments to this administration already.

On edit: Now that I've read the Gibbs transcript and the Times article, I realize Greenwald's full of shit. Geithner and Summers should still go though.

[Thrill]

15. Why does Greenwald always come up with BS rumors he can't back up?

What happened to his bullshit story about Obama not closing Gitmo and was going to have special tribunals for the prisoners there? That had people in frenzy on this board. Turned out to be pure horseshit.

[SemiCharmedQuark]

17. He did back this up with articles.

[WeDidIt]

18. I'm sorry, I just ain't buyin' his spin.

I'll wait and see how this develops but without some more mainstream confirmations on the particulars, I can't buy the dot connecting Greenwald is making.

[SemiCharmedQuark]

21. How do you spin the fact that there are articles from mid February touting

Dodd as trying to impose stricter regulations on bailout funds? The same articles ALSO pointing out that this puts Dodd directly against Summers and Geithner.

[WeDidIt]

26. What are the specfics?

Seriously, blogger posts without specifics amounts to SPIN.

The articles are blogger posts with unnamed sources. There are no specifics. This is another example of Greenwald bullshit until I get it from a legitimate source.

[Louis-Emmanuel]

49. The Wall Street Journal is not a blog

And not all blogs are bad.

WSJ, 2-14-09: As word spread Friday about the new and retroactive limit -- inserted by Democratic Sen. Christopher Dodd of Connecticut -- so did consternation on Wall Street and in the Obama administration, which opposed it.


Can you tell who opposed limits and who supported them?
http://online.wsj.com/article/SB123457165806186405.html?mod=testMod

[stillcool]

20. He backed up with other blogs..

quoting more un-named sources, and interpreting statements like he's reading tea leaves.

[Louis-Emmanuel]

43. Dodd tells the NY Times that the Treasury pushed the exemption

So whoever tries to smear Greenwald is also trying to attack Dodd.

"Mr. Dodd, in turn, responded Tuesday with a statement saying that the exemption actually had been inserted at the insistence of Treasury during Congress’s final legislative negotiations."

http://www.nytimes.com/2009/03/18/business/18bailout.html?hp

[stillcool]

58. yeah..and so that would be Paulson.

[GarbagemanLB]

68. No. We are talking about an amendment to the economic recovery package. This is Geithner

[Louis-Emmanuel]

29. Greenwald did not say Obama was going to have special tribunals

he said the possibility was there.

Can you please quote Greenwald's words. Let's not do to him what was done to Dodd.

[firedupdem]

45. He was flat out wrong and way off the mark. Who was getting

smeared then?

[Louis-Emmanuel]

47. What was he flat-out wrong about? Details please

And link(s).

[firedupdem]

50. nah- your turn. He was wrong on Obama not closing Gitmo and

having tribunals. You can find the links yourself.

[Louis-Emmanuel]

51. No. I can't find the links myself because they don't exist

When did Greenwald say that Obama was not going to close Gitmo?

When did Greenwald say that Obama was going to have tribunals?

He WARNED Obama not to have tribunals.

The burden is on you to provide links, since you are accusing Greenwald of being wrong.

[Luminous Animal]

63. Flat out smearing with no facts to back you up.

You made the claim. Back it up.

[Median Democrat]

34. Greenwald's Article Is Full Of Shit - The Alleged Retroactive Dodd Clause Is Unconstitutional

How can you retroactively re-write the bonus contracts?

Here is the contract clause:

“No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility."

I think this alleged backstabbing story is bullshit all around, and trying to manufacture a dispute that does not exist.

[WeDidIt]

40. Well, they retroactively rewrote UAW contracts for the auto industry bailout

so I'm sure they could do it with wall street fat cat bonus contracts.

[Median Democrat]

41. The UAW Contracts Are For Work Going Forward

In other words, the autoworkers are not being requird to give back wages earned. If so, then the UAW contracts would violate the clause. It cannot be retroactive. Only prospective.

[Thrill]

46. The UAW voluntarily renegotiated. And they also had the threat of bankruptcy.

I don't know why people keep trying to compare the two situations. Its different.

[depakid]

76. It's NOT unconstitutional under controlling law

Which is set out here:

http://caselaw.lp.findlaw.com/cgi-bin/getcase.pl?court=us&vol=459&invol=400

[PopSixSquish]

48. NY Times Article - 2/10/09

http://www.nytimes.com/2009/02/10/business/economy/10bailout.html

I also remember reading an article where both Axelrod and Rahm wanted stricter rules imposed on the bailouts (similar to Dodd's) and Geithner prevailed in that arguement.

BTW - Rahm Emanuel worked on Chris Dodd's staff a very long time ago and I doubt he would let Senator Dodd get any kind of blame.

It's also interesting that the COS put out a statement tonight saying that Geithner's job wasn't in jeopardy which means that Geither's job is in jeopardy...

[KittyWampus]

55. yes, with any luck Geithner will be out before summertime.

[Uzybone]

53. Greenwald is a getting close to hack territory

his false attack on Gibbs is the sign of someone with an agenda, or someone who doesn't event take the time to research what he posts. Gibbs never tried to blame Dodd for this mess. Greenwald has also thrown Rahm in there as the person who is spreading rumors against Dodd....with zero proof.

[Louis-Emmanuel]

56. So I guess Thinkprogress lied too

Feb. 15:
"On the Sunday shows this morning, White House aides David Axelrod and Robert Gibbs indicated that they wanted Congress to loosen the executive pay provision."

http://thinkprogress.org/2009/02/15/exec-pay-debate/

[Uzybone]

57. Your link adds nothing to this current issue

We all know Dodd wanted stronger restrictions. The issue is Greenwald making up shit about Gibbs and Rahm.

[stillcool]

59. the executive pay provision..

had to do with capping salaries at half a million. It had nothing to do with bonuses.

[truedelphi]

61. I struggle here with several conflicting notions:

Is obama that naive -that he thinks he can use the same people that have been out to destroy the middle class in order to jam up the Wall Street interests?

or is Obama now one of them?

[masuki bance]

62. You're a broken record. Kucinich= Good, Obama= Bad

[truedelphi]

77. I'm not saying Obama is bad. I am saying his ridiculous appointments

To his economic team, to Treasury and to the Federal Reserve are weird and dangerous. At least they are weird if you were once a Presidential candidate running on the theme of promised change.

I am not the only one. Here is just a tip of the iceberg of people who have started topics about the mishmash of weirdness related to our Private Central Bank and its Wall Street owned managers in the last 48 hours:

http://tinyurl.com/dgs7su

http://tinyurl.com/c8zwe6

http://tinyurl.com/cjr3ys

And last but not least:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x60576

[masuki bance]

79. You and those others, have become tools of the permanent oligarchy

[truedelphi]

84. Do you know the meaning of the word "oligarchy" ?

We live in a nation where the Oligarchy exists, and has existed for several decades (I can remember debates back when I was in college , fer Pete's sake, abt how much like an Oligarchy we are) And especially now, we praise the current regime daily for being so much better than the Fascist totalitarian state of the former President, Bush the Torturer.

On the one hand I am debased by you and your alter ego for liking Kucinich too much (how would being Pro-Kucinich indicate that someone is an Oligarchy supporter?)

[vaberella]

66. That's President Obama to you.

And you definitely have things a bit skewed.

[truedelphi]

85. Yes, as he is the one I voted for he is President obama

But that doesn't mean I don't criticize his policies when his policies are not in my interest or the interest of Main Street.

Wall Street and Fortune Five Hundred offer far less in terms of money created and jobs provided. They are a narrow group of people and not all of it is bad. But what has happened along the lines of hedge funds, SIV'S, CDO'S, credit default swaps, etc is an abomination. Reform is needed, not rearranging the deck chairs on the Ship of State.

Others here feel this way too:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8273223

This is democraticunderground.com - not "Pres Obama is always right".com

[liberalsince1968]

64. I just can't believe you fucking assholes trashing Glenn Greenwald. What a bunch of blinddumbasses.

[WeDidIt]

69. Greenwald is a lying fuck

so fuck his dumb ass.

[SoCalDem]

65. A missed opportunity cannot be retrieved..

Imagine where we would be now, if P.Obama had said: (on Day ONE)

ALL the parties involved in the financial meltdown are being nationalized temporarily, ALL CEOs are FIRED..with NO golden parachute.. After a thorough audit is done, and indictments issued, the companies/banks will be broken up into manageable units and sold..


and it would have been infintely BETTER, had he stayed completely AWAY from ANYONE who was a wallStreeter in another "life"..

There are certainly plenty of academics who happen to be versed in economics..

[Jennicut]

71. Why oh why do people get in a frenzy here without concrete proof

How many times have things turned out not to be true that were treated like total fact? Dodd is my Senator and I do no appreciate anyone trashing him for no reason but this article stinks of speculation. I really don't like Geinther and Summers for various reasons but how can Greenwald blame this on Rahm with no proof? Now Gibbs is being trashed for no reason.

[HiFructosePronSyrup]

81. Is Greenwald abusing alcohol again?

That's what some folks say.

[oviedodem]

82. Yeah if true this is a disgrace.

[masuki bance]

83. How does it feel to be used by right wing thugs?