Word: bailout
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...change. But the revelations of the AIG bonuses, like nothing else, seemed to finally tip the mounting public furor over corporate malpractice into a full-scale rebellion. Yet Geithner, embarrassed for discovering the bonuses so late, plans to dock AIG that much out of the next $30 billion in bailout funding when it is delivered - which amounts to a mere 0.1% of the total AIG has received. Assorted Senators, from New York Democrat Chuck Schumer to Montana Democrat Max Baucus and Iowa Republican Chuck Grassley, have proposed a number of tax and legal schemes to snatch back the bonus bucks...
...Geithner's backers note that he took over an office that was drowning in crises and has had to address failing banks; impossible-to-price toxic securities; a continuing auto-bailout program; woes at Citigroup, AIG and other financial houses; a housing crisis; and an upcoming G-20 summit all at the same time. Even his detractors admit that the to-do list is the deepest any Treasury boss has faced in 80 years...
...Geithner's supporters argue that the AIG bailout was pulled together in less than one business day and that it's understandable that the bonus issue was not central to those negotiations. They also argue that in subsequent negotiations with AIG and others about further infusions of government cash, Geithner has imposed tough conditions limiting bonuses and executive compensation...
Still, as Democrats weigh another bank bailout and a potential second stimulus bill, the global-warming legislation may get knocked another rung down the ladder - a terrible waste of a rare opportunity for dramatic action, in the eyes of U.S. environmentalists still smarting from the Bush Administration's pullout from the Kyoto Protocol. "Right now we have a degree of flexibility [regarding] what we need to do and what other countries are willing to do," says David Doniger, policy director at the NRDC's Climate Center. "That tremendous opportunity may be lost at this moment if this drags...
...Reid. "I know," began the embattled Geithner, "that there is considerable outrage in the Senate, as there is throughout the country, about the bonuses." Indeed, outrage was the theme of politician, pundit and President of the United States at each new revelation about the bonuses paid out of federal bailout money to AIG executives. There was so much outrage, in fact, that furious red overtook St. Patrick's green as the color of the day. But in the end, what were the outraged - as well as the hapless Geithner - going to do about it? (See 25 people to blame...