Geithner and Summers AIG Bonus Timeline

"In the extended entry, I provide a lengthy, detailed timeline of AIG bailouts and bonuses, from September 2008 through the present. The timeline includes the role Timothy Geithner and Larry Summers played in those bailout and bonuses. It shows that, more than any other government employee, Timothy Geithner is responsible for the bonuses at AIG. Larry Summers provided Geithner with assistance in this matter, but overall the blame almost entirely rests on Geithner himself."

full text:

http://www.openleft.com/showDiary.do?diaryId=12270

Hoover, for giving the Federal Reserve that power. Paulson, for insisting it would fail if we included stipulations.

"Apparently, none of the three AIG bailouts to this point, all of which were engineered under Timothy Geithner's watch, contained restrictions on such bonuses."
I cannot say that Timothy Geithner would have called the shots any differently, I unfortunately doubt he would have. But why is Paulson suddenly off the hook for his own actions?

"In response to a public outcry and media furor over the bonuses, Larry Summers and Timothy Geithner both state that there is no way to get the money back." We would have to take them to trial. I'm not at all against that because of other crimes that could potentially be exposed. Then we really could see these guys carted off to join Madoff. But unless we do that, unfortunately we can't just take the money back.

"Why these lawmakers were able to think of a solution that would force AIG executives to pay back the bonuses, even though Timothy Geithner and Larry Summers claimed there was no way to get back the bonuses, is unexplained."
And if this goes to trial it should be found unconstitutional.

We should have forced AIG employees to re-negotiate the terms of their contracts like the Republicans did to the auto union workers (even though they shouldn't have). But by getting 80% ownership of AIG with the bailout, we had the leverage. But we didn't and that was on Paulson's watch.

Geithner has yet to earn my approval. That doesn't mean he deserves all or most of the blame for this.

Have any of the AIG employees involved in the fraud and possible insider trading spoken out about who did what when at AIG?

Here's Cenk Uygur discussing it.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x286392

<http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8273064>

http://tpmmuckraker.talkingpointsmemo.com/2009/03/did_cassano_and_aig_commit_fraud.php

"...So here at TPMmuckraker, we've spent much of today taking a close look at the reams of evidence contained in news reports, documents submitted to congressional investigations, SEC filings, and civil lawsuits filed by AIG shareholders -- one of which charges that Cassano "hid AIGFP's ballooning exposure from public markets and short-circuited alarms within the AIG organization." And from this mass of data, a clear picture emerges in which Cassano -- aided by other AIG execs, who appear to have given his AIGFP unit broad autonomy within the company -- repeatedly downplayed the risks his unit faced, publicly painting a rosy picture that was at odds with reality. Perhaps most egregiously, he actively shut out voices -- primarily those of AIGFP's own internal and external accountants -- that highlighted potential problems at the unit.

Here's a rough, and far-from-comprehensive, timeline of events that begins to suggest a level of deliberate fraud and deception on a level that goes beyond what's generally been acknowledged so far...."

and so it goes...


Or can anyone prove otherwise?