Tuesday, March 17, 2009

Am I Missing Something Here?

The more I read this morning, the more convinced I am that Obama and Geithner have botched this whole financial bailout issue.

But the damage control did not seem to satisfy incredulous lawmakers in both parties, who said the image of financial executives taking huge bonuses from a taxpayer-funded rescue puts the president in a politically impossible position.

"I warned them this would be met with an unprecedented level of outrage,"
Sen. Christopher J. Dodd (D-Conn.), the chairman of the banking committee and part of a group of senators who pressed Treasury Secretary Timothy F. Geithner to stop the bonuses, said yesterday.

In a different article, we find death threats:

A tidal wave of public outrage over bonus payments swamped American International Group yesterday. Hired guards stood watch outside the suburban Connecticut offices of AIG Financial Products, the division whose exotic derivatives brought the insurance giant to the brink of collapse last year. Inside, death threats and angry letters flooded e-mail inboxes. Irate callers lit up the phone lines. Senior managers submitted their resignations. Some employees didn't show up at all.

What is the Administration's problem? They just don't seem to be serious about controlling the financial sector and its excesses. This is very serious. Am I missing something here?

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