Wednesday, March 18, 2009

Barney Frank: Naming Names

Barney Frank wants names and he wants them now.

From CNSNews:

Rep. Barney Frank, chairman of the House Financial Services Committee, says he wants a list of all AIG employees who received retention bonuses.

The firm has received $170 billion in taxpayer-funded bailouts, and it is under fire for the $220 million in retention bonuses paid to employees in its financial products division. The most recent payment of $165 million was awarded last Friday.

“We will be asking for the names,” Frank said at the beginning of a hearing at which AIG Chairman Edward Liddy was called to testify. “If Mr. Liddy declines to give us the names, then I will convene the committee to vote a subpoena for the names. So we do intend to use our power to get the names of the people here.”

...Frank on Wedneday complained that the AIG contract “appears to have been signed in contemplation of serious losses.” He noted that the bonuses were to be awarded whether the firm made money or lost money.

“As for retention – no I do not think these are the people you want to retain.” Frank said. It would be better for people who did not make the mistakes undo them.

Frank told the hearing he has urged Treasury Secretary Geithner, “Let’s exercise our ownership rights, and let’s bring a lawsuit as the owners against people who in fact did damage to the company.” The federal government now owns 80 percent of the company.

Do you feel a chill wind blowing?

A-witch hunting we will go
a witch hunting we will go
Heigh ho, the dairy-o, a-witch hunting we will go

This is Barack Obama's America.

I hope Frank will be as aggressive in demanding the names of the Fannie Mae executives set to get bonuses.



Video of Frank and Liddy discussing Frank's demand that Liddy release the names of bonus recipients.

Liddy pushes back out of concern for the employees' safety, citing threats made against the employees and their family, even their children.

Absolutely sick.

1 comment:

Ju said...

Breaking News: Dodd Says loophole that protects AIG Bonuses added per request of the Obama administration. The video is about a fifth of the way down.

Obama should take full and direct responsibility for this mess.