Tuesday, March 17, 2009

President Obama: Push AIG into Chapter 11 to Stop Those Bonuses

I still can't figure out why, but Treasury Secretary Tim Geithner, despite all the handwringing, definitely wants AIG to be able to pay the bonuses to its employees.  Maybe we should think of it as hush money, Neither AIG brass or the regulators who have been playing this game with them for years now, want disgruntled AIG employees telling the public just how much, and for how many years, these people knew about the financial scam at AIG.  Keep 'em quite with a paltry $165 million.  

But President Obama says to do everything possible to stop the payments of the bonuses.  It's easy.  AIG can avoid paying those bonuses if the company declares bankruptcy, chapter 11 reorganization.  It's that simple.  Make it happen Tim.  Or is there something else we should know?

No comments:

Post a Comment