Now, our Treasury Secretary, Timothy Geither, who was Bernanke's point man with the original AIG deal at the Federal Reserve, has come up with a brilliant plan on how to make those Wall Street fat cats feel the righteous burn of our public anger, as reported by Keith Olbermann on his show according to Jane at Firedoglake.
"Breaking news out ot the AIG bonus outrage, in a letter to Nancy Pelosi, Treasury Secretary Timothy Geithner is revealing how he'd like to get the bonus money back. He wants that company to pay back all the $165 mil of bonus money by cutting that amount out of AIG's operating budget. In addition as sort of extra punishment, Geithner wants to take the upcoming $30 billion of our taxpayer money going to AIG and deduct another $165 million from it, and deduct the same amount from an upcoming $30 bil additional payment."
My god, what a brilliant plan! I am so overwhelmed with his sudden genius on how to rescind these bonuses that he already agreed to in his deals with AIG. Also, let's not forget how he and Summers fought against retroactive bonus pay caps and other restrictions that would've been a part of the stimulus bill.
But, oh no, they had to fight against that because that would cause a "brain drain" in the financial services industry, where the bestest and brightest would flee away from these too-big-to-fail banks. And yesterday, they said they couldn't do anything about the contracts as they were sancrosanct.
Give me a fucking break with this shell game.