Monday, March 16, 2009

Code of the streets, owners who creep

Posted By on 03.16.09 at 02:47 PM

The prez is pissed: "In the last six months, AIG has received substantial sums from the US Treasury. I've asked Secretary Geithner to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole."

Here, let me fix that for you: "use that leverage and pursue every legal avenue if there are any left, which who knows and make the American taxpayers whole, or at least retain any of their dignity we may have incidentally left on the table after getting yapped by AIG."

As the invaluable Marcy Wheeler points out, it's possible that AIG is trying to claim its hundreds of millions in bonuses for the division that wrecked the company by threatening to make it even more expensive if its employees should, heaven forbid, quit. Hilzoy calls it extortion. This coming from the good people who paid their biggest fuck-up a $1-million-a-month consulting fee beginning when he retired in disgrace and ending late last year.

Below, a layman's translation of AIG CEO Edward Liddy's letter to Tim Geithner:

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