Dina Titus (D-NV) Knew About the AIG Bonuses
When the House passed the Obama-Reid-Pelosi debt spending plan – and the carveout for AIG bonuses – Democrats allowed a scant few hours for review of the 1,000 page bill before the vote. Some honest Members of Congress admitted they had not read the bill. Nevada’s Dina Titus however, claimed to have done so: House Democrats voted on the ‘stimulus’ bill just a few hours | Read More »
Geithner Knew About AIG Bonuses; Treasury & Dodd Protected Them
Today Treasury Secretary Geithner gave an interview to CNN in an attempt to head off further inquiries into the Democrats’ handling of the AIG mess. What he admits is stunning: Velshi: One of the issues CNN and other news organizations have reported since late January, that AIG was going to pay about $450 million to about 400 employees of the AIG financial productions unit, which | Read More »
Barack Obama Should Take Some Advice from Jim DeMint
I don’t think that Jim DeMint necessarily has Barack Obama’s political fortunes in mind when he advises him to fire Tim Geithner, but it’s good advice anyway. In Washington D.C., it’s not hard to predict what usually happens to a politician in Geithner’s place. Several Republicans have called for him to resign; more will. The press will begin to ask many Democrats what they think. | Read More »
GOP Members of Congress are slow to learn
The idea that the House would even think of targeting a specific group of people with a crushing 90% tax is unsettling. Not only is this unconstitutional but it is demoralizing beyond measure. But further, it is purely inexcusable that a single Republican voted yes for this measure. The name of every GOP congressman who voted for this bill should be posted on this site so | Read More »
The Obama CYA Act of 2009
The House is debating HR 1586, a bill that would tax bonuses given to employees of bailed out businesses. The bill would tax “90 percent of the TARP bonus received by the taxpayer.” The TARP recipient’s employer must have received the money from “the Emergency Economic Stabilization Act of 2008″ (the TARP bailout), “the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation”, “members of | Read More »
Questions About Preemption and TARP
I’ve been working on something about federal law, state law and preemption, but I would be remiss if I didn’t point out the preemption problems raised by federal bailouts and federal ownership. Except for federally chartered banks, corporations, LLC, and other business entities are created under state law. Those state laws and charters direct how business is conducted: meetings, notifications, voting, etc. However, under Article | Read More »
Why Are Democrats Protecting AIG?
A friend informs me that all but 8 House Democrats just voted against a measure to require the Obama administration to do everything legally possible to compel AIG to return to the taxpayers the controversial bonuses approved by Secretary Geithner. The bill is described here by its sponsor, Congressman Paulsen: This is the text of the bill: Section 1: The Secretary of the Treasury shall, | Read More »
Does Geithner Realize He’ll Soon Want to Spend More Time With His Family?
Today I had the opportunity to talk to Congressman Kevin McCarthy when he addressed the Heritage Foundation’s conservative blogger briefing. I asked McCarthy how House Democrats view Tim Geithner – based on his conversations with his colleagues across the aisle. McCarthy said that Geithner was in ‘dire straits’ – that he had blown his first impression, came across as the ‘man with the plan’ who | Read More »
Maxine Waters (D-CA) Helped a bank whose stock she owned. Oh – and her husband was on the board of directors
OneUnited’s minority-lending record is mixed. The bank received “outstanding” Community Reinvestment Act ratings for lending in Los Angeles. It has weak ratings in Massachusetts and failed to meet minimum standards in Florida.
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Is Geithner Fighting for His Job?
Tim Geithner is heading to the Hill this evening to brief House Democrats on the administration’s bank rescue plans. This report seems to come rather suddenly; you can’t help but wonder why it’s suddenly important for Geithner to come to the Hill on just a few hours notice: U.S. Treasury Secretary Timothy Geithner will brief Democratic members of the U.S. House of Representatives on Monday | Read More »
Too Big Too Fail Is Too Big To Fix – A Solution To The Problem
Decades of bad decisions seem to be coming together in an incredible, perfect storm of trouble. Now we are bailing out large companies left and right because they are “Too big to fail.” If you or I have a small to medium business going under, tough luck. Looking at what is happening, throwing money at the problem is not fixing anything. We are just dragging | Read More »
Obama Betrayed by His Own Words on Market Collapse
Given the complete collapse in the Stock Market – and Wall Street’s obvious vote of ‘no confidence’ in the new administration, it’s funny to read the plan that Barack Obama laid out for himself just two months ago: …but the markets are obviously a slightly different situation. Right now, given the sensitivities of the market, I’ve got to pay some attention to market psychology because | Read More »
FBN gets judge to force more transparency on Treasury
Fox has been trying to get Treasury to release more info about TARP I and they have balked. Fox filed a lawsuit under the Freedom of Information Act and today a New York judge sided with Fox. Treasury has 30 days to turn over papers and 45 days to produce a Vaughn index which shows what was NOT disclosed and why it was withheld.
Trivia Question of the Day, U.S. Senate Version (Open Thread)
Only twelve Senators voted against TARP, the Big 3 auto bailout, and the Porkulus boondoggle. Who were they? (Answer below the fold) Speaking of which, does anybody else out there have some good trivia? Let’s make this an open thread, with a slight emphasis on brain-expanding question-and-answer in the comments. My personal favorite subject is ancient history