When was AIG's bailout authorized?

[CC]

Was the money that has raised the recent anger over bonuses authorized by the present congress, or the one that sat prior to this one? I was under the impression that President Obama had campaigned on the notion that any money authorized by his administration would have “strings” and accountability built in. Did this not happen? Or is the matter of the AIG bonuses something that is connected to monies that were appropriated before? In which case, Obama must have voted for it, but with his nose held. Right?

[CC]

Wow! The teeming masses have fallen short on their obligation to help fight ignorance! No help here? Anyone? xo, C.

[Really_Not_All_That_Bright]

AIG has received several bailouts. The first was an $85 billion Treasury loan, the second was a sort of $65 billion “bonus” loan, and they got another $30 bn. last week. The first two were in 2008, while Bush was still in office (in October and December).

Obama did vote for the original bailout funds. I don’t know if he voted for the second, but I would guess yes.

[Squink]

AIG Bonuses Contemplated in ‘08, TARP Inspector Says

President George W. Bush’s administration “specifically contemplated” paying bonuses to American International Group Inc. employees in its November agreement to provide federal bailout funds to the insurance giant, the inspector general for the Troubled Asset Relief Program said today.

Neil Barofsky testified before the House Ways and Means oversight subcommittee. The panel held a hearing on the TARP program, which so far has spent $300 billion trying to reverse the financial meltdown.

[CC]

In the absence of timely responses, I had to resort to doing my own work! Dopers, I’m not happy about this. And what I found out is that the money that was recently delivered to AIG was authorized in February, and that the Treasury Department (under Secy. Geithner) pressured congress to eliminate language that would have precluded these bonuses. Raises the question of the authenticity of the “anger” and crocodile tears we’re seeing, and makes a supporter wonder about the talk of transparency. But, of course, that’s a topic for GD, so I’ll wander off now. Thanks.

[Really_Not_All_That_Bright]

@CC

And what I found out is that the money that was recently delivered to AIG was authorized in February, and that the Treasury Department (under Secy. Geithner) pressured congress to eliminate language that would have precluded these bonuses.

Where, exactly, did you find that out?

[Squink]

@CC

makes a supporter wonder about the talk of transparency.

A supporter of what?

[CC]

@Really_Not_All_That_Bright

Where, exactly, did you find that out?

This morning’s Chicago Tribune.

@Squink

A supporter of what?

Mr. O’Bama

[RiverRunner]

@CC

Mr. O’Bama

Ah, yes, the famous Irish-American president, a relative, I believe of the famous Irish tenor Mari O’Lanza.
RR

[CC]

@RiverRunner

Ah, yes, the famous Irish-American president, a relative, I believe of the famous Irish tenor Mari O’Lanza.RR

Aye, laddie.

[AskNott]

In every presidential cycle, geneologists with time on their hands trace the family trees of the candidates. That’s how RW Reagan found out he was faintly Irish. This time, we were told president Obama is not only a distant cousin of Dick Cheney, but he’s also distantly Irish. During the campaign, Obama’s people sold green t-shirts with “O’Bama” on the front.

[CC]

I imagine that the states of the union can be traced the same way. Otherwise, how do you explain Al O’Bama?
(Hmmm. How quickly we swerve from the sublime to the ridiculous)