House Republicans To Force Geithner's Hand on AIG Negotiations

[FrenchieCat]

Good Times! Media will love it. :bounce:

House Republicans To Force Geithner's Hand on AIG Negotiations
By Elana Schor - March 17, 2009, 5:08PM

Have you been wondering whether Treasury Secretary Tim Geithner is leaving some key details out in the chronology of his negotiations with AIG CEO Edward Liddy?

Since Geithner knew about Liddy's plans to pay out the company's now-infamous bonuses before they became public on Saturday -- and since the bonuses have been common knowledge in the media for months -- it's worth asking how directly Treasury was involved in okaying the payouts.

But it's too bad for Democrats that Republicans are the ones seeking the information. Reps. Steven LaTourette (R-OH) and Thaddeus McCotter (R-MI) introduced a resolution of inquiry today that would force Geithner to reveal the full extent of his department's communications with AIG.

The resolution would affect not just talks over bonuses but about the very structure of the Federal Reserve's investment in the company -- which appears to have included built-in limitations on the government's influence over management.

This is the real deal, folks: resolutions of inquiry (ROIs) are a crucial procedural tool for the minority party to seek information from the executive branch. Democrats did this during the Valerie Plame/Spygate scandal and the debate over the Bush administration's extraordinary rendition. The Congressional Research Service found in a November study that ROIs oftentimes succeed in prying out information even if they fail on the House floor.

But could Democrats conceivably vote against LaTourette and McCotter's move?
http://tpmdc.talkingpointsmemo.com/2009/03/house-republicans-to-force-geithners-hand-on-aig-negotiations.php

You can Kiss our Progressive agenda goodbye now.

Sometimes not seeing the forest for the trees is dangerous to your health care

--->

[FrenchieCat]

1. If we ignore it, will it go away?

:shrug:

[Luminous Animal]

2. Now is the time for all good Democrats to come to the aid of their

party. Dems in government should have exposed this. Our "leaders" will only be as strong as we push them to be.

[FrenchieCat]

3. Ain't gonna happen!

They are marching next week!

Damn, I hate this fucking sorry ass party.

Folks are expecting Barack Obama to be perfect
(except for those who always supported him, that is),
and so both the Left and the Right criticize him
for not being perfect....and gave him just 60 fucking days
to change the fucking world!!

Do you know how fast 60 days go by?

This is so fucking unfair, till it hurts!

Why is everyone all up in Barack Obama's ass 60 days in?
Makes no fucking sense.

It's like harrassing the fucking janitor who's trying to clean up
after the frat boy's trash the place!

[Luminous Animal]

4. If he's going to let the frat boys run the show...

then he should anticipate that the janitors are going to be upset.

[FrenchieCat]

5. It's not only the Frat Boys with their foot up his ass.....

and he is the janitor...

We are the torn bits that he's trying to pick up off the floor.

We want it all now, and we want it just so.
Instead, I'm afraid,
we won't get shit.

[bread_and_roses]

11. Maybe Obama should re-think putting corporate shills in charge of the till?

The Democrats are handing the miserable Rs a big bow-tied gift by allowing THEM to own populist outrage over bailing out the rich - an unbelievable irony, but it fuels all the R lies about "big government" and "pork" and "wasteful spending" etc etc etc. Remember that the Rs allowed the Ds to pass the original "bail-out" over which there were spontaeneous protests all over the County - "bail out Main Street, not Wall Street!" remember?

Summers and Geithner were and are horrible mistakes, and unless Obama and the Dems get a grip on this real quick it is indeed going to hurt them badly, and deservedly so, though I don't want to see that any more than you do. But they need to change course here, and fast.

[radfringe]

6. Geithner

blatherheads are hinting Geithner's job may be on the line...

[w4rma]

9. Good. That weasel needs to go, yesterday. (nt)

[radfringe]

7. AIG CEO to Testify Before Congress Today

AIG CEO to Testify Before Congress Today
Edward Liddy to Testify in Wake of Bailout, Bonus Outrage
By ALICE GOMSTYN
ABC NEWS Business Unit
March 18, 2009
http://abcnews.go.com/Business/Economy/story?id=7102844&page=1

As outrage continues to swell around bailed-out insurance giant American International Group, the company's chief executive will take the hot seat today in a hearing before a House Financial Services subcommittee.

The testimony of Edward M. Liddy, who took over as AIG's CEO in September as part of the government's initial rescue efforts for the embattled firm, will come days after news broke that AIG awarded $165 million in retention bonuses to employees of the AIG Financial Products unit.

The Financial Products unit is blamed for plunging AIG into the financial turmoil that eventually led the government to lend and invest some $170 billion in taxpayer money in the company.

Part of the purpose of today's hearing is to examine how AIG arrived at its "terrible situation" and why it is receiving so much taxpayer money, according to a statement issued by the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.

"Taxpayers do not understand how AIG ended up in such a terrible situation, nor do they understand why the federal government continues to give it money," Rep. Paul E. Kanjorski, D-Pa., the chairman of the subcommittee, said in the statement. "We must assess AIG's progress, as well as how we move forward to ensure that any taxpayer money AIG receives is spent efficiently and effectively."

[billyoc]

8. Get ready to start hearing about the "embattled" administration...

[democracy1st]

10. Geithner will not survive this, he failed to see what was happening with Citi Bank and from the very

start of his selection,quite a few people were just puzzled over his appointment. Same for Summers