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Senator Max Baucus Wants Answers From Bernanke About AIG

Business  (tags: AIG, Max Baucus, Ben Bernanke, bailout, fraud, corruption )

- 3542 days ago -
Senate Finance Committee chairman Baucus asked for hard answers about AIG and its free-spending activities and wants a reply by October 23. One of his major questions: "Who can we fire?"

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RC deWinter (418)
Friday October 10, 2008, 4:37 pm
Dow Jones Morningstar News reports:

Senate Finance Committee Chairman Max Baucus, D-Mont., requested details of the Fed's loan program to AIG.
"Provisions must be in place to end frivolous expenses, limit executive compensation, and protect taxpayers from unnecessary risks," Baucus wrote.
Baucus asked Bernanke to respond in writing to a series of questions including whether anyone at the Fed authorized or knew about the resort retreat and whether any effort is being made to recover the expenses.
Baucus also asked for details of the AIG loan terms, the names of Fed staff overseeing the loan and an explanation into the decision to extend the additional credit line.
Also mentioned in that article, Congressman Paul Kanjorski of Pennsylvania is asking that AIG be made to repay the cost of the resort party that cost over $440,000.

Linda H (199)
Friday October 10, 2008, 4:47 pm
OH,REPAY,What!I thought It was a freebee...Thanks,Cate.

RC deWinter (418)
Friday October 10, 2008, 4:57 pm
And yes, AIG did cancel that second junket they planned in Half Moon Bay...pressure!

Pamylle G (461)
Friday October 10, 2008, 5:15 pm
Hooray ! Now let's get them fired...or at the very least those millions of dollars worth of bonuses cut...

Dolores H (2)
Friday October 10, 2008, 5:23 pm
OMFG! I'm just sick over this Wall Street fiasco. Those of us that managed to save a few pennies for retirement, well, you can kiss that good bye! I wish that they would jail each and every one of those money hungry bastards.

And our politicians? F-them too! Just lip service. "Oh, we know that many have lost their pensions, college funds diminished." NO! THEY DO NOT KNOW HOW WE FEEL!

We'll never be able to recoup those losses, and they truly DO NOT KNOW our situations. They all go back to their big fancy homes, with their padded salaries. F-them, F-them all.

Dalia H (1280)
Friday October 10, 2008, 5:37 pm
Thanks for sharing dearest friend:)
Love as always, Dalia E:)

. (0)
Friday October 10, 2008, 5:47 pm
wheres my trip?

Christine A (57)
Friday October 10, 2008, 5:48 pm
Thanks for this news Cate.
-- Agree with all the comments above. The world doesn't need these crooks and criminals. Our planet is overpopulated enough!

Past Member (0)
Friday October 10, 2008, 6:03 pm

. (0)
Friday October 10, 2008, 6:04 pm
Yeap I agree fire them all and I hope they have to sell there big fine home's use there cd's ira's saving, there big fine cars the works . Ater all they deserve the best right. lol!!! Thanks Cate

Denice G (45)
Friday October 10, 2008, 6:20 pm
I think they should all be fired too.

Joycey B (750)
Friday October 10, 2008, 6:31 pm
We all want answers. But we won't get them.

RC deWinter (418)
Friday October 10, 2008, 6:34 pm
Unfortunately, Joycey, anything that comes from this will be glossed over with political BS. But at least Baucus and Kanjorski are speaking out...more than the rest of our mostly useless legislators are doing.

Marian E (152)
Friday October 10, 2008, 6:36 pm

Fire them WITHOUT SEVERANCE PKG! Make them individually
pay back their share of the $440,000.00 trip. None of that AIG
paying us back. They'll just do it with our money. I want each
individual that attended to pay out of personal pocket!!! And
isn't it time to revisit salaries? That should be a given in view of
the current economic situation of AIG and the impact that has had
on the rest of the U.S.

RC deWinter (418)
Friday October 10, 2008, 6:47 pm
I agree, Marian. It's disgusting that there is ANY provision for these thieving execs to get any out-the door-compensation. That money should be spent on the needy. And pretty soon that's going to be just about 95% of us!

Vanda H (459)
Friday October 10, 2008, 9:10 pm
Noted..Thanks Cate

Wolfweeps Pommawolf (251)
Friday October 10, 2008, 9:10 pm
Sic 'em...get 'em.....and jail them....*S*

Laurie W (189)
Friday October 10, 2008, 9:40 pm
Maybe we should send a petition for all in the House and Senate to sign demanding the answers we are all looking for.If the average tax payer couldn't travel to a nearby camp ground for a family campout with beans/hot dogs because of their family's lack of finances why should any of these crooks get a vacation for screwing up on the job...we'd all have been fired and if you worked at McD's you would get your walking papers and no happy meal on the way out the door. All not just Kanjorski and Baucus should be demanding some answers.

Evelyn Z (300)
Friday October 10, 2008, 9:46 pm

Estella Ameigh (22)
Friday October 10, 2008, 10:14 pm
We stay home because we can not afford the gas to go on a vacation while these theives rob a fourth of our life's savings in the last month. Well, this is just wrong!
A part of me wants to tip their darned boat right on over. This Granny is
ticked off with the liars and thieves! Time to make some tea and calm
myself back down. I am going to have a good day inspite of this crap.
Time to fire them all and start over with some honest people in charge.

Elainna Crowell (174)
Friday October 10, 2008, 11:44 pm
I really don't think they should be sent to jail, taxpayers don't need to foot any more of their bills. However, perhaps they should be sentenced to several years of community service cleaning streets and picking up trash along with a lot of hefty fines.

Clever P (176)
Saturday October 11, 2008, 12:34 am
I love that picture! Did you do that?
I think they should be put in jail and their money used to pay for their imprisoned until their money runs out. When the money's all gone, they can go free. That should take a few thousand years.

Saturday October 11, 2008, 1:44 am

Kathy Chadwell (354)
Saturday October 11, 2008, 1:59 am
Just thought I'd throw in this little (8.8 billion little) reminder that nothing has been done here.

'Staggering Amount' of Cash Missing in Iraq - by Emad Mekay
Three U.S. senators have called on Defense Secretary Donald Rumsfeld to account for $8.8 billion entrusted to the Coalition Provisional Authority (CPA) in Iraq earlier this year but now gone missing.

In a letter Thursday, Senators Ron Wyden of Oregon, Byron L. Dorgan of North Dakota and Tom Harkin of Iowa, all opposition Democrats, demanded a "full, written account" of the money that was channeled to Iraqi ministries and authorities by the CPA, which was the governing body in the occupied country until June 30.

The loss was uncovered in an audit by the CPA's inspector general. It has not yet been released publicly and was initially reported on the Web site of journalist and retired U.S. Army Col. David Hackworth.

The CPA was terminated at the end of July to make way for an interim Iraqi government, which is in turn scheduled to be replaced by an elected body early in 2005.

"We are requesting a full, written account of the $8.8 billion transferred earlier this year from the CPA to the Iraqi ministries, including the amount each ministry received and the way in which the ministry spent the money," said the letter.

The senators also requested that the Pentagon designate a date by which it will install adequate oversight and financial and contractual controls over money it spends in Iraq.

They accused the CPA of transferring the "staggering sum of money" with no written rules or guidelines to ensure adequate control over it.

They pointed to "disturbing findings" from the inspector general's report that the payrolls of some Iraqi ministries, then under CPA control, were padded with thousands of ghost employees. They refer to an example in which CPA paid the salaries of 74,000 security guards although the actual number of employees could not be validated.

The report says that in one case some 8,000 guards were listed on a payroll but only 603 real individuals could be counted.

"Such enormous discrepancies raise very serious questions about potential fraud, waste and abuse," added the letter.

This is not the first time that U.S. financial conduct in Iraq has come under fire, specifically over funds slated for reconstruction after the U.S.-led attack in March 2003, which then went unaccounted for.

In June, British charity Christian Aid said at least $20 billion in oil revenues and other Iraqi funds intended to rebuild the country have disappeared from banks administered by the CPA.

Watchdog groups have complained before about the opaque nature of the CPA's handling of Iraqi money and the lack of transparency of U.S. and Iraqi officials.

Halliburton, a giant U.S. company that has been awarded $8.2 billion worth of contracts from the Defense Department to provide support services such as meals, shelter, laundry and Internet connections for U.S. soldiers in Iraq, has been targeted for allegedly overcharging for those services.

"Continued failures to account for funds, such as the $8.8 billion of concern here and the refusal, so far, of the Pentagon to take corrective action are a disservice to the American taxpayer, the Iraqi people and to our men and women in uniform," the senators wrote.

Groups critical of the lack of transparency in the CPA's spending have been particularly angry that the authority used Iraqi money to pay for questionable contracts – some awarded without a public tendering process – with U.S. companies.

Washington initially restricted the most lucrative reconstruction contracts in Iraq to gigantic U.S. firms that appeared able to reap huge profits, fueling accusations the Bush administration was seeking to benefit a select few U.S. companies rather than find the best, and possibly the cheapest, options to help rebuild Iraq.

After loud complaints, the contracting process was officially opened to firms from other nations, but many of them still insist they are not competing on a level playing field with U.S. businesses.

A Pentagon spokeswoman told IPS that the CPA administered the money transparently and that Iraqi ministries used the $8 billion in ways that directly "benefited the people of Iraq."

"The CPA provided these funds to Iraqi ministries from the Development Fund for Iraq through a transparent and open budget process," said Lt. Col. Rose-Ann L. Lynch of the Office of the Assistant Secretary of Defense for Public Affairs. "This is Iraqi money – revenue from such sources as oil sales – not U.S. funds."

The official added that the money was used to pay the salaries of hundreds of thousands of government employees, teachers, health workers, administrators and government pensioners, as well as to fund the Iraqi defense ministry and police forces.

(Inter Press Service)


Mary Neal (183)
Saturday October 11, 2008, 4:14 am
I did an article on about AIG's resort vacation after the bailout. An insurance rep. (said he was from a competitive co.), wrote and explained that the vacations are a part of the incentives for employees, and that the public should just think of it not as a fun weekend at a resort, but think of it as a salary earned by the vacationers. He said they "should not be expected to go to Motel 6 and eat simple ham sandwiches."

I wrote him back and said I recall reading and hearing people complain when children who are Welfare recipients wear Nike sneakers and other designer label apparel instead of store brands. I reminded him of that and wrote:

AIG is now a welfare recipient. STAY HOME AND EAT PEANUT BUTTER!

Mary Neal

Hans L (958)
Saturday October 11, 2008, 5:49 am

Many people dont seem to bother about the bailout......

Isn't the financial crisis worrying - and they're making it worse by bailing out the bankers, instead of intervening in the public interest to sort it all out. I just signed this petition supporting a "buy-in" rescue package instead -- it'll be delivered to the world's top finance ministers at the end of the week, so you might want to do the same:
Watching the markets freefall, we know this crisis will utterly change our daily lives -- we're not just spectators any more, and we’re seeing something new –- people and governments directly intervening in the chaos that until now was controlled by reckless and greedy financiers.

Today and all weekend, extraordinary choices will be made by the world’s most powerful finance ministers, meeting to decide our response to the financial crisis. Together, we must make sure that governments don’t just use our money to bail out the banks, but claim a share of public ownership in these institutions for our future, and oversight powers to fundamentally fix the wider system.

We'll deliver our call for a global buy-in package in 36 hours to G7 finance ministers and again to a bigger Global Crisis Summit planned for November -- please sign the petition at the link below, and forward this email to everyone you know. The decisions made this week will shape our lives for years to come:

Three weeks ago our petition to regulate global finance was waved by Denmark's former prime minister as the European Parliament voted.[1] Two weeks ago our US members bombarded Congress with phone calls for a buy-in not a bailout -- investing in the banks so they stop choking off capital, while giving the public a share for their money and the power to fix the system -- and yesterday, as Britain launched a bold buy-in of its own, word is the United States might finally change course.[2]

Only concerted action by the global community can build a better system, and we can't leave it to the financiers -- so today, we're launching an emergency campaign calling on leaders for a global public rescue to save all our economies. This is what's needed -- a 'buy-in' to financial institutions not a reckless 'bailout', massive public investment stimulus to stave off global depression, temporary guarantee of loans/deposits, and strict new regulations to fix this broken system once and for all.[3] It's a sensible and public-spirited package supported by progressives and expert economists alike -- add your name here:

Leading economists now agree that citizens and our governments are the only force powerful enough to solve this crisis -- only the public can mobilise the investment and oversight needed to fix the financiers' failings, get the economy moving and revive things on a sounder basis. The Great Depression of the 1930s teaches us that we cannot address this crisis with each acting alone -- only by acting together can countries head off disaster.

How we respond to this crisis will shape our lives for years to come. We're still a long way from tackling the fundamental problems of the global economy, but the tide is moving in our direction. So let's take control of our future in the interests of people not financiers, and raise a worldwide voice across borders for a global public rescue. 3.4 million of us in every nation of the world will get this email -- that's a start. Click below to sign, forward this email to all your friends and family, and let's raise a voice our leaders can't ignore:
Just 50.000 signatures in 24 hours is nothing for this petition and Avaaz....

Seems that you all trust the man who has caused this your beloved GWB! And his friends!

Tsandi Crew (95)
Saturday October 11, 2008, 8:47 am
I want not only to fire the bastards, I want them to pay back the millions they have taken under the guise of payment.

Stephen Hannon (203)
Saturday October 11, 2008, 10:00 am
Hold them all in contempt and jail them until they talk. Then fire the lot of them. They deserve nothing less than a good old fashioned horse whipping. Put them in stocks like in the old days, and display them in a public square, where we can all get a chance to Whack a Mole.

Louise L (48)
Saturday October 11, 2008, 1:59 pm
Any entity receiving 1 cent of this bailout money needs to now, as of the second the money was received, consider themselves to be owned by the public. That means, CANCELLING any fancy parties or vacations planned, because they are broke. Whoever is overseeing this fiasco had better keep their eyes peeled; they aren't used to being broke and will rebel. Love your comment to the insurance company, Mary! Good post, Ombretta.

Deborah Hooper (59)
Saturday October 11, 2008, 4:25 pm
"Events such as those that were hosted by AIG to reward top salesmen are common at financial firms."


I'm buying silver, can't afford gold. We need to be telling everyone about this stuff. Please, pass these on to everyone in your lists, it's what networking is all about. Here are 2 more articles along the same vein. Pass them on, we need to wake people up. Tell your friends & family outside Care2. We will need all the help we can get to stop this thing.

Amero$ for Dollar$

NAU - The Hijacking of America

It's all happening before our eyes. It's time for the revolution. If our elected officials are a part of it we have to fire them. We need to arrest them all for treason. Find a lawyer to bring charges against them. They are infiltrating everything.
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