How the Fed failed to tell Obama about bonuses (MSM covers for Obama after he's been outed)

msnbc ^ | 3/19/2009 | David Cho and Michael D. Shear

[tobyhill]

Federal Reserve officials knew for months about bonuses at American International Group but failed to tell the Obama administration, according to government and company officials, exposing problems in a relationship that is vital to addressing the financial crisis.

As pressure mounted on AIG employees to return the bonuses, new details emerged yesterday about what the Fed, the Treasury Department and the White House knew regarding the payments and when. AIG executives said the Fed was informed three months ago by the company that it would pay $165 million by March 15 to employees working at its most troubled division. The Treasury and White House said they learned of the payments from Fed officials only days before they were due.

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.

[maggief]

http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=n00000581

Christopher J. Dodd (D)
Top Contributors

This table lists the top donors to this candidate in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates.

SAC Capital Partners $238,300
Citigroup Inc $157,194
Royal Bank of Scotland $142,600
United Technologies $138,950
Bear Stearns $118,550
Goldman Sachs $105,400
Travelers Companies $98,900
American International Group $98,100
The Hartford $92,250
JPMorgan Chase & Co $72,250
Ernst & Young $70,750
Merrill Lynch $68,300
Morgan Stanley $67,100
General Electric $60,850
KPMG LLP $59,900
PricewaterhouseCoopers $59,800
Apollo Advisors $57,900
Credit Suisse Group $55,300
UBS AG $54,200
UST Inc $53,500

[bitterohiogunclinger]

” To the MSM the number of days is their way of sugarcoating when Obama really knew, 2 months ago.”
The whole thing is a smoke screen to keep attention focused on the right hand. What they are doing in the mean time will make 165 billion seem like small change, let alone the paltry millions in bonuses they are squawking about.

[maggief]

http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638

Barack Obama (D)
Top Contributors

This table lists the top donors to this candidate in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates.

University of California $1,385,675
Goldman Sachs $980,945
Microsoft Corp $806,299
Harvard University $793,460
Google Inc $790,564
Citigroup Inc $657,268
JPMorgan Chase & Co $650,758
Stanford University $580,904
Sidley Austin LLP $574,938
Time Warner $547,951
National Amusements Inc $541,251
WilmerHale $524,292
UBS AG $522,019
IBM Corp $518,557
Skadden, Arps et al $510,274
Columbia University $503,566
Morgan Stanley $490,873
US Government $479,956
General Electric $479,454
Latham & Watkins $467,311

..

OT: General Electric $479,454 (NBC - Leno?)

[BigLittle]

What's cheaper than flying twin 747's around to talk shows

[1000 silverlings]

Not to them directly, to somebody’s cousin’s consulting firm

[lonestar]

What did the teleprompter know and when did it know it? And did it tell Obama?

TOTUS knew enough to have Chris Dodd inject into the Porkulus bill a statement allowing the AIG bonuses to be paid.

[tobyhill]

I know it's a smokescreen but it's one that won't work. This is only making it tougher for Obama to pass anymore “bailouts” or “stimulus bills”.

[hoosier hick]

This makes no sense at all. Since when is the Fed controlling/monitoring the disbursement of funds by the Treasury Dept/WH/Congress?

I’m not buying it....

hh

[Mad Dawgg]

Awesome INFO!!!!!

We need to get this to GLenn BEck!

Anyone know how to get it there fast so he will see it?

[maggief]

BARF ALERT!

“I know Washington is all in a tizzy and everybody is pointing fingers at each other and saying, ‘It's their fault, the Democrats’ fault, the Republicans’ fault,’ ” Obama said. “Listen, I'll take responsibility; I'm the president. We didn't grant these contracts, and we've got a lot on our plate, but it is appropriate, when you're in charge, to make sure that stuff doesn't happen like this.”

http://www3.signonsandiego.com/stories/2009/mar/19/1n19obama232357-obama-first-visit-calif-president/?zIndex=69353

[agere_contra]

Hey Obama, didn’t you read this stuff line-by-line?

[Mad Dawgg]

I am watching the Beck Video that shows the AIG money being Distributed.

AIG gave money to each of these:

Goldman Sachs 13 Billion
Merrill Lynch 7 Billion
Bank of America 5 Billion

Interesting, those names apprea on your donors list. Iam sure its just a coincidence.

We all believe that right? Here is the video: Glenn Beck Explaining the AIG payouts

[maggief]

Also note foreign banks.

[autumnraine]

Now now now. No one would accept this as any reasonable excuse (even though I don’t buy it in the first place) for Bush. It would have been all “On his watch, he is responsible for his employees, yada yada yada”.

[alice_in_bubbaland]

Obama and his Administration of Marxists are a miserable failure.

[alice_in_bubbaland]

Don’t forget France, Germany & England.

[wolfcreek]

Obama, “I voted *present* that day, Damnit”

[TornadoAlley3]

Bullsh*t, it was Obama adm that put amendment in bill and voted for it and signed it.

[pabianice]

Too late! The feckless Dodd said yesterday that the White House reinserted the bonuses into the bill after they had been cut.

[Mister Da]

If an unbiased, nonpartisan investigation were done on this bonus scandal, here's what I believe they would find:

Some of the people receiving these bonuses (BRs) have been contributing to Dodd, Obama, & other influential Rats (& Pubs, too, by the way). When the BRs found out they might lose their bonuses, they called the above named pols & complained, “Gee, w/o that bonus, my political contributions are gonna go way down - maybe zero. Can't you help me out here?”

So, to keep the money flowing in their direction, Dodd, Obama, & co. remove wording that prohibited the bonuses, & inserted wording specifically allowing the bonuses.

It was pure political cronyism! They should all resign or commit suicide!