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 an interview with CNN's Ali Velshi, Geithner said the Treasury Department was particularly concerned the government would face lawsuits if bonus contracts were breached.
So, Geithner’s the man who created the loophole. This has to be one of the lamest excuses I’ve ever heard. Let me get this straight. The auto industry and others of its ilk force unions to rework their contracts to the detriment of the workers in order for the industries to be solvent. Yet the wealthy financial executives “scare” our government into thinking lawsuits will ensue if the bonus contracts aren’t honored to aid in their future solvency? Are you frakkin’ kidding me?
“Concerned” my a**. This is a spin job from the word go. Not a chance was “concern” EVER in the mix. Cronyism at its finest. I’m glad he confessed and got Dodd off the hook though I’m sure he had no choice, or he would have never admitted it.
Geithner should be tossed out on his ear.
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