Cuomo provides House with AIG bonus report

And it ain't pretty. As much as Jack Welch is annoying and perhaps lucky to have retired when he did, he's right that Washington should start acting like the AIG owners that they are. This also situation also shows just how wrong Geithner is for the job. In other times, maybe he could have been OK but in this situation, he's the wrong person for the job.

- AIG distributed more than $160 million in retention payments to employees at its Financial Products unit, the subsidiary Cuomo says was "principally responsible for the firm's meltdown"

Cuomo's office has subpoenaed AIG for the names of bonus recipients, and provided the following figures:
- Top AIG bonus recipient received more than than $6.4 million
- Top seven bonus recipients received more than $4 million each
- Top 10 bonus recipients received a combined $42 million
- 22 individuals received bonuses of $2 million or more, and combined they received more than $72 million 73 people received bonuses of $1 million or more

- 11 recipients of "retention" bonuses of $1 million or more are no longer working at AIG, including one who received $4.6 million
- Employment contracts with AIG bonus recipients had required most individuals' bonuses to be 100 percent of their 2007 bonuses "despite obvious signs that 2008 performance would be disastrous in comparison to the year before."

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AIG worm testifies

At least Cong. Alan Grayson tried to hold the worm's feet to the fire.

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Flipper meets Godzilla

Someone thought of bringing their animated baby dinosaur to the dolphin pen at Sea World. I don't mean to become dolphinblog, but these guys are starting to freak me out. The dolphins start around 1:46 into the video, and possibly the best part is at 5:39 on. However cute this appears, I can't helping thinking the dolphins were actually pulling a Homer, "mmmmm.... pleoooooo."

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NY judge tells Merrill to turn over bonus details

Hell yeah. It's sickening that it had to come to this. Merrill Lynch is a company kept alive thanks to the AIG bailout and then the last second acquisition by Bank of America or else they would have nothing. (And hopefully their "nothing" would have been less than the hand full of Lehman people who share millions after bankruptcy.) Someone is going to have to pick up the pace with targeting Merrill and start indicting people but Andrew Cuomo is our best option. Unlike the dithering members of Congress, Cuomo is serious about getting results.

A New York state judge on Wednesday ordered Bank of America Corp. to disclose information about bonuses given to employees at Merrill Lynch & Co. just before the bank bought the brokerage company.

New York Attorney General Andrew Cuomo and Bank of America have been sparring over the release of the information for weeks. Cuomo is investigating whether Bank of America and Merrill failed to provide proper disclosures to shareholders about the bonuses.

New York State Supreme Court Justice Bernard Fried ruled that the compensation figures didn't constitute a trade secret, as BofA had claimed.

Bank of America and the attorney general's office did not immediately comment on the ruling.

The judge's order reverses a temporary order keeping individual bonus information confidential. That order was put into place last month after Merrill's former CEO John Thain testified about the bonuses.

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“The only approach that has not been tried is the conservative approach – limited bureaucracy, lower taxes, and responsible regulatory structures.”

Yes, if only we gave conservatives a chance to gut government programs, create massive deficits, and poison the environment, our food and our water. Then we'd see what miracles are possible. Oh yeah, tried that from 2001 to 2008. Didn't work out. Thanks though.

Seriously, catch the whininess of the Republicans these days. That quote above comes from the new GOP talking points about Obama. You see, one of their biggest complaints about Obama is that he isn't governing as a conservative (uh, duh - and George Bush, the other George Bush, Ronald Reagan, Gerald Ford, Richard Nixon and the rest of the Republican presidents didn't govern as Democrats either). Implicit in that notion, and it goes along with quotes made by Limbaugh, the religious right, Glenn Beck, and others in the past few weeks, is the notion that conservatism is somehow under attack; that conservatives (and their policies) are the only group in America to never get a say - as if they didn't run all three branches of government for most of this decade, and ruin our country in the process. Read the rest of this post...

Anglican leader calls gay marriage 'a holocaust,' says the 'crime' should be punishable by five years in prison

Well, if he can throw the word "holocaust" around, then I guess I'm permitted to ask how long the Anglican church will continue to tolerate, aid, and abet a nazi in the upper echelons of its leadership? This entire "save the church" fiasco has gone far enough. Angry, bigoted religious right elements have been trying to divide the Anglican Communion for years. The solution the progressive wing of the church came up with? Cave. (You'll be familiar with the logic: If we just give them what they want, maybe they'll be nice to us next time.) One of the leaders of the faction is a nutjob from Nigeria who, for reasons unfathomable to any real Christian, the progressive wing of the Anglican church feels the need to constantly coddle. The nutjob is currently pushing a law in his country that would throw married gay couples in jail for five years. Here's an excerpt from the bigot's letter supporting the legislation, on church stationery:



At some point, the leadership of the normal wing of the Anglican church had better wake up and realize that by appeasing evil, and bigotry, and hate, they are no better. Jesus said to turn the other cheek, he didn't say to stand idly, repeatedly giving your blessing to the evil in your midst. The leaders of the progressive wing of the Anglican church have enabled this nut from Nigeria, and now his hate and bigotry, his evil, is theirs. I hope it suits them. Episcopal Cafe has more:

Why does the Anglican Communion continue to attempt to accommodate a man who, by his own admission, has very little use for human rights, and who has yet to answer pressing questions about his knowledge of a well-planned massacre of some 660 Muslims?

Yes, why does it?

One of my favorite parts of the Anglican leader's letter is the part where it sure sounds like one of the leaders of the Anglican church is in favor of outlawing Christian churches he doesn't like - nice:



And here's the end of the letter:



Christian or Satan? You decide. Read the rest of this post...

Fannie Mae joins the bonus fun

Where does everyone else sign up to get jobs like this? The bigger the failure, the bigger the bonus.

Government-backed mortgage company Fannie Mae plans to pay retention bonuses of up to $611,000 each to some executives this year even though it reported huge losses, the Wall Street Journal reported Wednesday.

The newspaper said Freddie Mac, Fannie's main rival, also plans to pay retention bonuses, although it did not detail how much.

Citing a recent Fannie Mae securities filing, the Wall Street Journal said Fannie Mae chief operating officer Michael Williams is due to receive cash retention awards of $611,000 this year, in addition to a similar award of $260,000 in 2008. His base salary is $676,000 a year, the paper said.

It said Fannie Mae also plans to pay retention awards this year of $517,000 to executive vice-president David Hisey. Two other executive vice-presidents, Thomas Lund and Kenneth Bacon, would get $470,000 each.

Fannie and Freddie posted combined losses of about $108 billion in 2008 as mortgage defaults grew to record levels, the paper said.

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One phone call Obama should never make: To George Bush if Obama wants his help

George Bush gave a speech in Canada yesterday:

His remarks contained few surprises, according to the attendee. Perhaps catering to the local audience, Mr. Bush spoke out against trade protectionism in the United States. While he warned against prolonged government intervention in the economy, he also criticized the financial community, saying, “Wall Street got drunk, and we got the hangover,” according to the audience member.

Mr. Bush said he hoped that President Obama would succeed, adding, “He deserves my silence, and if he wants my help he is welcome to call me.”

Okay, where to begin. Wall Street got drunk at Bush's frat party. Bush bought the kegs and lined up the shots. Then, Bush gave inebriated Wall Street the keys to car and let them drunkenly drive our economy off the cliff.

Obama does deserve Bush's silence. And, a call to Bush for help is one call Obama should never, ever, ever make. Read the rest of this post...

"The crappiest generation of spoiled idiots"

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Sarah Palin's Scientology link, and Greta Van Susteren's massive conflict of interest

So not only is a Scientologist reportedly one of Sarah Palin's top advisers, but the man is the husband of FOX News' Greta Van Susteren. And ThinkProgress says that not only did Van Susteren never reveal that her husband was a top Palin adviser, while Van Susteren was interviewing Palin on FOX during the campaign, but TP says that Van Sustern even did stories about her husband's work, without revealing her husband's involvement in it.

I'd like to know why a Scientologist is one of Sarah "Religious Right" Palin's top advisers. (I can't believe the top religious right groups put up with this.) And then I'd like to know why FOX "News" is okay with its talent interviewing politicians their family members work for, and reporting on stories involving their own family, and not divulging that fact. The answer to the second question is easy - FOX doesn't reveal its conflicts because FOX isn't a real news network, it's a Republican propaganda organ. But the answer to the first question is less obvious. What is Palin doing cozying up to a Scientologist? And for that matter, according to Andrew Halcro, Bill Clinton was very close to the Scientologists, doing their bidding during the 1990s. That's just creepy. I had no idea. But now I'd like to know if Hillary is shilling for the Scientologists while at State as well. Read the rest of this post...

Wall Street traitors now threatening Obama

Can we just shoot them all?

From the Wash Post:

The firestorm over bonuses paid by insurance giant American International Group has triggered alarm at other financial firms, threatening federal efforts to draw private investors into economic recovery programs....

The attack by lawmakers on AIG pay has provoked renewed complaints from some financial company executives that federal involvement in business decisions is making it difficult for struggling firms to return to profitability. In particular, executives say they need to offer bonuses to keep and motivate their most valuable employees and are already seeing an exodus of talent.

Enough already. First, there are no jobs. There are no competitors to run to. If these people don't get bailed out, they will lose their jobs, they will lose their companies. So please spare us this bull about how if we don't give people $100,000 bonuses, in the middle of a massive recession, they'll somehow leave. Where pray tell will they go? Other than to the 70th floor to jump off the building.

But more importantly, who the hell do these people think they are? I'm worried about making any money at all this year. As I'm sure many of you are. And these folks are whining about the only thing they got going, a free handout mind you, to keep them alive? To keep us alive? If these companies don't want to join whatever program the administration comes up with to save credit, to save our economy, then nationalize them or, if it's safe to do so, let them fail. But enough of this greedy, whiny crap about how they're all going to leave if we don't give them massive bonuses. Let them leave. Then let them join the unemployment line while figuring out how to pay their mortgages on $400 a month. It's time to tell these companies to STFU, and jam this down their throats. They don't like it, they can go bankrupt or be nationalized. But enough of the games, and enough of the weakness telegraphed by the administration and the Fed. Read this:

Officials at the Federal Reserve and the Treasury Department are increasingly worried that the controversy could discourage investors from joining a new government effort to revive consumer lending as well as a separate plan that relies on private money to buy toxic assets from banks, sources familiar with the matter said. Treasury officials planned to outline that second program as early as this week.

Stop it. Stop telegraphing weakness to barracudas. You people have the upper hand. These companies are about to go bankrupt. Don't give them a choice, just do it. And if you have to nationalize them, or otherwise take over their companies, and jam a solution down their throats, then do it. We are trying to avert a global depression, and these greedy traitors are worried about whether they'll get a $100,000 bonus. Enough already.

I'm beginning to think Obama retired the "enemy combatant" thing too early. Read the rest of this post...

US to sign UN gay rights declaration

I feel a bit like I did, back in the 80s, when the East Germans and the Soviets would release some Jewish refuseniks, and we were supposed to be all impressed that the hostage takers had finally released the hostages. I'm not equating the Obama administration to the E. Germans and the Sovs, just that with all 27 EU member states already having signed this, it's a bit embarrassing to have our government come crawling in last. Still, Obama is to be praised for doing this. It simply shows what urchins the Republicans are for opposing something so basic to our humanity. Read the rest of this post...

Republicans in full whine mode because Obama is going to work around their obstructionist tactics

The Republican whining about Obama and bipartisanship is getting tiresome. To work, bipartisanship has to be a two-way street. But, the Republicans have a roadblock on their side of the street -- and they bitch every time Obama tries to get around their obstructions:

Senior members of the Obama administration are pressing lawmakers to use a shortcut to drive the president's signature initiatives on health care and energy through Congress without Republican votes, a move that many lawmakers say would fly in the face of President Obama's pledge to restore bipartisanship to Washington.

Republicans are howling about the proposal to expand health coverage and tax greenhouse gas emissions without their input, warning that it could irrevocably damage relations with the new president.

"That would be the Chicago approach to governing: Strong-arm it through," said Sen. Judd Gregg (R-N.H.), who briefly considered joining the Obama administration as commerce secretary. "You're talking about the exact opposite of bipartisan. You're talking about running over the minority, putting them in cement and throwing them in the Chicago River."

Obama went to the White House with a vow to change the way things are done. The Republicans are playing the same games. Obama vowed accomplishments for the American people. The Republicans on Capitol Hill are doing every thing they can to stop him. So, when Obama basically, says "Fine, I'll do it without you," the Republicans whine and run to the media. It's pathetic and it's gotten really old already.

NOTE FROM JOHN: "[W]arning that it could irrevocably damage relations with the new president." Right, those would be the relations where Obama bent over backwards, even offered the GOP 3 cabinet posts, and in return 3 of them - a whopping 3 - voted for the stimulus package. What "relations" are the Republicans talking about?


Rush Limbaugh, the leader of the GOP, has said repeatedly he wants Obama to fail. Most of the GOPers on the Hill are lemmings who follow (and fear) Rush. That's what Obama is up against. Republicans want to kill Obama's agenda. It's good that the White House has figured that out. Now, roll the Republicans. Team Obama should "Strong-arm it through." It's the only way to save the country from the economic disaster created by the Republicans.

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Wednesday Morning Open Thread

Good morning.

It's only Wednesday? Why does this already feel like it's been a long week?

John and I have been talking and writing a lot about the traditional media of late. Many reporters and pundits seem particularly angry and aggressive towards the Obama administration -- while still coddling Republicans. I don't have a problem with the media holding public officials accountable -- that is what they are supposed to do. (Although, they failed miserably during the eight years of Bush and Cheney.) But, there's an ugly edge to the coverage of late. It's something we're going to have to monitor and fight back against. I wonder if it's because, once again, Jon Stewart, who appears on a network called the "Comedy Central," has upstaged them. Lots of ego in the traditional media. Big, big egos.

It's only Wednesday... Read the rest of this post...

Thought for the day...

A reader writes:

Of the two major terrorist attacks on US soil, WTC and Oklahoma City, one was on a Republican administration's watch, and the other was actually carried out by a Republican. Jus sayin...

Silly reader, facts aren't change we can believe in. Read the rest of this post...