Daily News Channel
President Obama said Wednesday that no one in his administration had been responsible for supervising ailing insurance giant AIG but that ultimately, the buck stops with him. “Nobody here drafted those contracts; nobody here was responsible for supervising AIG and allowing themselves to put the economy at risk by some of the outrageous behavior that they were engaged in,” he said outside the White House. “[But] we are responsible, though.
Insurance giant AIG will have to return to the Treasury Department the $165 million it just paid out in executive bonuses, Treasury Secretary Timothy Geithner said Tuesday in a letter to congressional leaders. “We will impose on AIG a contractual commitment to pay the treasury from the operations of the company the amount of the retention awards just paid,” Geithner wrote
With outrage mounting over AIG’s $165 million in bonuses to executives, the president’s chief economic adviser offered a new line of defense for the White House in an exclusive interview with CNN. Larry Summers suggested that if Treasury Secretary Timothy Geithner had pushed the insurance giant too hard on the bonuses, AIG could have collapsed just like Lehman Brothers and sparked an even bigger crisis
A 12-year-old girl died Monday after she was struck by a warning shot fired as a vehicle accelerated toward an Iraqi police station, said the U.S.-led military coalition. The comments came at the daily White House briefing, during which Gibbs dismissed Cheney’s statement Sunday on CNN that several of President Obama’s policies had left the country less safe.
White House Press Secretary Robert Gibbs launched a sarcastic barb at former Vice President Dick Cheney on Monday, but then the Obama administration spokesman pulled back a bit as he acknowledged the "seriousness" of the subject — terrorism. The comments came at the daily White House briefing, during which Gibbs dismissed Cheney’s statement Sunday on CNN that several of President Obama’s policies had left the country less safe.
The White House scrambled on Monday to get ahead of the latest outrage stemming from the bailout of failed corporate behemoth American International Group : $165 million in bonus pay for executives in one part of the firm, which is now 80% controlled by American taxpayers. President Barack Obama took to the podium in the East Room to tag AIG by name, calling its financial predicament a product of “recklessness and greed.” The President said he has asked Treasury Secretary Timothy Geithner to “block these bonuses and make the American taxpayers whole,” adding, “This isn’t just a matter of dollars and cents
They are an odd couple politically: a liberal Democratic Senator from the Pacific Northwest, and a conservative Democratic Congressman from the South.
Troubled insurance giant AIG, already under fire for intending to pay out $165 million in bonuses and compensation, succumbed Sunday to congressional pressure, identifying banks that received chunks of the company’s billions in federal bailout funds last year. AIG, a recipient of at least $170 billion in federal bailout money , got an $85 billion loan from the Federal Reserve. The list released Sunday of “counterparties” that benefited from the bailout is topped by European banks Societe Generale and Deutsche Bank, which received $4.1 billion and $2.6 billion, respectively.
Ty’Sheoma Bethea felt she had to speak up. Her school was crumbling, and Congress was not going to approve money that could be used to rebuild it. So she wrote a letter to lawmakers begging for help
The very rich are different from you or me. For one thing, their carbon footprints are bigger