Daily Archives: March 21, 2009

AIG an existential crisis for GOP

March 21, 20096:02 a.m.

aig1The AIG bonus scandal, if we can call it that now, presents something of an existential crisis for the GOP,” Christopher Beam wrote. “On the one hand, Republicans can read the same polls as everyone else and may even share the public’s outrage at the injustice of rewarding the same corporate goons who got us into this mess. On the other, they bridle at the notion of interfering with the business of business. . . . Even worse, the solution proposed by Democrats — taxing the bonuses — insults the very essence of conservatism.”
Rep. Todd Tiahrt, R-Goddard, voted for a GOP proposal directing the Treasury secretary to recoup or stay 100 percent of the bonuses.

By Phillip Brownlee | Filed under Economy, Kansas delegation | Comments (58)

Open thread 3/21

March 21, 20096:01 a.m.

thread368

By The Editors | Filed under Open thread | Comments (79)

What we have here is a failure to communicate

March 21, 20096:00 a.m.

One big concern raised by the AIG bonuses is an apparent lack of communication. Federal Reserve officials knew three months ago that AIG was going to pay bonuses to its financial products unit but supposedly didn’t inform the Treasury Department until only days before the payments were due. As the Washington Post noted: “Close coordination between the Fed and the administration is now more important than ever as they near the launch of two signature programs to rescue the financial system, which together could reach $2 trillion and are aimed at reviving consumer lending and purchasing soured assets and loans from ailing banks.”

By Phillip Brownlee | Filed under Economy, President Obama | Comments (20)