Bottom of the Morning to you!
Top O’ The Mornin’ St. Patrick’s Day bump!
http://www.cfo.com/article.cfm/13313756/c_13312353?f=home_todayinfinance
Roll Call Staff - Roll Call
March 17, 2009
House Financial Services Chairman Barney Frank (D-Mass.) called for the government to formally take control of American International Group and sue employees who received bonuses.
Frank said it’s “time for us to take over the company.”
Although taxpayers have an 80 percent stake in the firm, Frank said covenants added during the federal bailouts limited government influence over the its operations. It’s time to exercise that ownership stake, he said.
“We own it,” Frank said.
The government should sue to get the $165 million in AIG bonuses back and would be in a better position if it owned AIG outright rather than simply as a lender and shareholder in AIG, Frank said.
He said he isn’t worried that talented derivatives traders could leave AIG without the bonuses.
“These are the people who caused the problem,” Frank said, adding that replacing them with qualified financial workers shouldn’t be hard. “It is hardly a tough market in hiring people with financial expertise,” he said.
(snip)
This woman is a Grade A kook.