Liddy's Lies to Congress: Meet AIG's $6.4 Million Man
Edward Liddy said that all the CDS traders were gone. But apparently, we just paid $6.4 million to one of them (though he did give the bonus back).
Obama Creates Delicious Hell for Stimulus Lobbyists
Obama just issued a memo requiring all communications with lobbyists about the stimulus bill to be posted online.
President Obama Warns Americans about Threat from Financial Terrorists
Just days after I accused AIG's traders of threatening a terrorist attack, Obama's making the same analogy.
The Fear-Mongering to Silence the AIG Employees
Yes, AIG has given employees a memo warning them to watch for their own safety. But the apparent purpose of that memo is to make sure they don't talk to the press.
Is AIG's Reinsurance Side a House of Cards, Too?
Here are a few more details why we're right to be panicked about stories that AIG's reinsurance side is a house of cards, too.
More Whines from AIG
Funny. I never heard any UAW employees whine like this when they were falsely accused of ruining the domestic manufacturing industry because they demanded a completely fictional $75/hour.
One A.I.G. executive, who spoke on the condition of anonymity because he feared the consequences of identifying himself, said many workers felt demonized and betrayed.
Geithner Still Pushing the "Lawsuit" Myth
Apparently, Tim Geithner is about to go on CNN and admit he was the one who put through the bonus loophole in the stimulus bill. But he's still telling the "afraid of lawsuit" story that Larry Summers already spun.Treasury Secretary Timothy Geithner told CNN Thursday his department asked Sen. Chris Dodd to include a loophole in the stimulus bill that allowed bailed-out insurance giant American International Group to keep its bonuses.In
emptywheel at University of Michigan College Dems Event
For those of you who are local (to me, I mean), I'll be speaking at a U Michigan College Dems event tonight. And there will be the requisite socialization at Arbor Brewing Company afterwards. I'd love to see some of you there.
Details:
The College Democrats at the University of Michigan will be hosting a Statewide Blogging Convention to talk about the role of blogs, politics, and new media today.
Wah! Wah! Wah! And More Semtex from AIGFP
The WaPo is out with a story about how the remaining people at AIGFP are being unfairly lumped in with the banksters who broke the world economy. But then, toward the end of the article, someone reissues the same kinds of threats we saw in the white paper demanding bonuses: give me my bonus or I'll wreck the world economy.
What Did Geithner Know and When Did He Know It?
I'm with Jane. Tim Geithner is shortly going to have to admit he knew a lot more about AIG bonuses a lot earlier than he has admitted. And frankly, I'm more interested in what he learned in September than what he has learned in the last month.
March Madness Bracket Trash Talk
Back by popular demand: It's teh Wheelhouse March Madness Road to the Final Four Bracket Extravaganza! I gotta tell you, this is a great year to argue for your favorite team, because with the exception of a few small conference champion entrants, there is a lot of parity in the field, some key injuries here and there and some intriguing matchups.
Financial Services AIG Hearing Liveblog, Liddy Testimony Part Two
For earlier liveblog posts:Committee Members Blowhard Statements Panel 1: The RegulatorsPanel 2: Liddy, Part One
Gary Peters: Why Is It Okay to Abrogate UAW Contracts But Not Wall Street's Contracts?
Gary Peters asks the question all Michiganders have been asking since September. Why are UAW's line workers forced to renegotiate their contracts and GM's engineers forced to forgo bonuses, but not the banksters who ruined the economy?
Liddy: We Can Threaten US Taxpayers but They Can't Threaten Us
While I agree that AIGFP's employees should not be getting threats, I also think taxpayers should not tolerate the threats that AIG is making about our financial system.
Financial Services AIG Hearing Panel 2 (Liddy)
The hearing can be view on the committee stream or CSPAN3.
The witnesses are:
Panel two Mr. Edward M. Liddy, Chairman and Chief Executive Officer, American International Group Mr. Rodney Clark, Managing Director, Insurance Ratings, Standard & Poor’s
Financial Services AIG Hearing Liveblog, Panel 1
The first panel on AIG hearing.
Financial Services AIG Hearing Liveblog, Member Blowhard Statements
The Financial Services Committee beats up on AIG.
Cassano's Golden Parachute and the Retention Bonuses
We don't have the AIG retention contracts. But we do have Joseph Cassano's termination contract, which was probably negotiated at the same time. Here's what it tells us is probably in those retention contracts.
Edward Liddy's Pitch in the WaPo
Edward Liddy's op-ed in the WaPo reveals two significant details: those contracts were negotiated at least as early as March 17, 2008, just in time for AIG's public confession that AIGFP was FUBAR. And the real issue here is not the contractual obligation to the banksters, but the risk still present in the CDS strategies.
The Geithner Master Plan To Recover The AIG Bonuses
Pretty much the only news this week has been outrage over the bogus bonuses paid to individuals in the AIG Financial Products division (yes, they have already been paid) and discussion among the political class as to how to remedy the situation. The moment we have all been waiting for has arrived: Tim Geithner has announced his master plan. Sounds like he stole it from Gomer Pyle.