Gulp.

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.

The reason? He wanted to avoid AIG employees suing the government.

Yeah right okay. This mess is soooo much better. And — bonus — there will probably be legal problems with this take-back tax anyway. Good job, Mr. Secretary.

I sincerely hope he’s some sort of financial ubergenius who will make the economy fart piles of cash directly into our bank accounts. If he’s not, what’s the point?

(Source: Sullivan)

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  • Zanath

    At least he owned up to it when he was asked, I guess. I’ll give him credit for that. Though I think AIG still would have found a way to pay those bonuses even if the provision was left in.

  • Nanotyrannus

    Indeed, Zanath. They would have managed it somehow.Perhaps, as owners, we need to break the sonofabitch up and sell off the pieces-parts of it. Then we’ll here no more bullshit about how it’s “too big to fail.”

  • Packy

    Obama has enough on his plate without having to clean up Tim’s mess every time he turns around.Geithner should go.

  • GItheJOE

    I really think there is something more to all of this mess.President Obama is much smarter than most of us and will use this for the greater good. I am forecasting MASSIVE GOVERNMENT REGULATION due to a populous outcry from the masses. Watching President Obama use his AntiTrust tool to break up organizations that ARE TOO BIG TO FAIL would give me permaCHUB.

  • GItheJOE

    Yes, Geithner can go. But if the GOP want him gone I feel he must stay because they know something I don’t.

  • SillyRatfacedGit

    GItheAwesomenessThat should be permaCHUB®.I’d have one too if he does that.

  • http://nanotyrnns.blogspot.com/ Nanotyrannus

    Great point, GItheJoe. I was sort of contemplating that myself– should I have more patience and trust that Obama has a few tricks up his sleeve we’re not aware of?

  • come on

    Time to move on already. WTF.$165 mil is PEANUTS in a multi-trillion dollar global economic mess.Wall Street and others have taken FAR MORE money away from the little guys before.This is a silly unproductive witch-hunt.Where’s the outrage about the $9 BILLION of taxpayer money that’s been missing in Iraq now for years? It just went poof and no one gives a shit.

  • TravisTheChimp

    “President Obama is much smarter than most of us”Prove it!

  • TravisTheChimp

    The bloody reason that Congress has bailed out AIG repeatedly is that their pension plans are invested in it.

  • http://nanotyrnns.blogspot.com/ Nanotyrannus

    You don’t get it “come on.” Back when the 9 billion went missing, the morons in charge where not keep account of where the money was going. Hell, that was the whole idea. Just shovel taxpayer dollars into corporations with nothing to show for it and zero accountability.Elections have consequences. Now, when we shovel millions and billions of taxpayer dollars into corporations, they are accountable for every fucking dollar.

  • http://eclectablog.blogspot.com Eclectablog

    Are “fart piles” really what this country needs right now? Bob, why do you hate America???

  • Packy

    Well, Travis… he may not really be smarter than most of us. We assume he is, and we hope we’re correct in that assumption.However, based on your comments at the GDAB, there is little doubt in anyone’s mind here that Obama is certainly smarter than YOU.

  • http://www.broadwaycarl.blogspot.com Broadway Carl™

    Well, I don’t know about “most of us” but Obama’s definitely smarter than TravisTheChimp.

  • http://www.broadwaycarl.blogspot.com Broadway Carl™

    Ha, Packy! Great minds…

  • http://www.broadwaycarl.blogspot.com Broadway Carl™

    On a serious note, Geithner should resign. Yes, we’ll hear about it for the next week how yet another one of Obama’s appointments was a screw up, but this one went a little over the top, especially in light of the fact that they were trying to throw Dodd under the bus for approving something they wanted. That’s the Bush way of doing things (ie. George “Slam Dunk Medal of Freedom” Tenet) and it shouldn’t be tolerated if we’re to have any faith in what the President has to say in the future.

  • GItheJOE

    >>”President Obama is much smarter than most of us”>>Prove it!You still haven’t answered Packy’s question. However, proving something subjective is Glenn Beck’s job not mine. I like facts and evidence. My statement was common language of our time. There isn’t any possible way I can prove his intelligence(Columbia 1st in his class, Harvard Law 1st in his class, but I am sure it was because his father was rich….).But, my dad could beat up your dad!

  • TravisTheChimp

    Again dear lad you are wrong. Mr Obama graduated fom Columbia WITHOUT any honors, thus his grade point average was below 3.2. With regards to Harvard, the only title of achievement was president of law rewview, a selected position , and one that was selected at the time of an insurrection mounted by black professors at Harvard Law, notable Mr West, regarding the paucity of black faculty at the school.Mr Obama is not a Fullbright Scholar, a Rhodes Scholar, nor even a MacArthur Fellow.

  • Lexaburn

    Hell, it’s obvious President Obama is smarter than George W. Bush, since he didn’t have to depend on his brother, GOP groupie, and his father’s flunkies in the Supreme-damn-Court to win the presidency.Now, when you, TravistheGimp, win the presidency without the aid of any of that nonsense, then you’ll have room to question Barack Obama’s smarts.Til then – SHADDAP!

  • Lexaburn

    Ok, Chimpy, run down your academic accomplishments.If they do not come close to equaling Barack Obama’s, you’re nothing more than a nosy bum that, for inconspicuous reasons, is nitpicking to spite supporters of “the leader of the free world,” as they say.

  • Babs

    His teleprompter has an IQ of 140, which is what really matters.

  • Lexaburn

    Babs, your IQ must be 10 for relying on that old that parroted jab at our president.

  • TrainWreck

    The entire stimulus legislation could have been written on one piece of paper, and it would have had a chance at actually working. It should have contained three articles, and it should have read like this:Article One: All federal taxes of any kind, personal income, corporate income, capital gains, etc., shall be reduced by 50 percent, starting immediately.Article Two: Five percent of the national debt shall be retired each fiscal year for the next 20 years.Article Three: No further amendments to this bill shall be permitted.Had that been the text of the stimulus package, employment would already have started to turn around. The banks would be lending again because people would have jobs, and revenues to the federal Treasury would start to increase. An excellent example of this can be found in Ireland, where taxes are low and the economy is far better than the rest of Europe.Of course, the present mind set in Washington is to keep people in turmoil, dependent upon the government for all of their wants and needs. It is the way of the career politician whose only priority is to keep getting re-elected. The well-being of the people who elect them is not even on their radar.

  • SillyRatfacedGit

    I can see why you picked the name Train Wreck.Your recovery bill would have made our economy into a Train Wreck.Neocons and their one trick pony of an ideology should ride off into the sunset. We aren’t buying any more of your economic advice because you have zero credibility.We voted for change not more of the same.

  • leemoder

    Bob,Check out the following Kos diary that debunks the above story on who put what into the stim bill concerning bonuses.http://dailykos.com/storyonly/2009/3/19/710101/-CNNs-reporting-vs.-CNNs-transcript

  • emsique

    Read or watch this. It’s Robert Scheer from Truthdig.com being interviewed by Amy Goodman concerning AIG, Geithner, Summers, etc.http://www.democracynow.org/2009/3/19/the_great_american_stickup_veteran_journalistI know Obama is very smart, but maybe a little wisdom and judgment are needed here. Maybe he needs to reassess his economic team, eat some crow and fire the bastards.The economic situation needs a major enema, and needs to be totally reregulated. This economic team consists of a bunch of crooks and insiders who have been a big contributors to the great ideas that have put us in the shitter.