Obama’s blind faith in Geithner

Boston Globe
by Joan Vennochi

03/26/09

President Obama got frosty during Tuesday night’s press conference when asked about the bonuses paid to employees of American International Group, the failed company that received an $180 billion taxpayer bailout. He said he needed time to get angry ‘because I like to know what I’m talking about before I speak.’ When Obama finally got mad, he got mad at Wall Street. But he knows who else deserves the cold shoulder. The list of bonus conspirators includes his own economic team, which is headed by Treasury Secretary Timothy Geithner. The controversial AIG contracts, which provide for so-called retention bonuses, were written in March 2008. A year later, after taxpayers became 80 percent owners of AIG, the bonuses were protected by Connecticut Senator Christopher Dodd, via a special provision inserted into the federal stimulus bill...

//tinyurl.com/c6ym94


Informant: Thomas L. Knapp



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