Frank's House Panel to Grill Geithner Twice

(NEWSER) - Treasury chief Tim Geithner said today that he asked Chris Dodd to add a stimulus loophole allowing AIG to dole out bonuses. Geithner told CNN he felt he had no choice because the government would have been vulnerable to lawsuits if it tried to stop them. "But we also worked with (Dodd) to strengthen the overall framework, and his bill has this very important provision we're relying on now to go back and see if we can recoup payments that were made that there was no legal ability to block." More»

AIG bonuses is latest of Tim's failings: Mack

(NEWSER) - The AIG bonus flap is the last straw for Rep. Connie Mack, who today called for Treasury Secretary Timothy Geithner to resign or be fired, USA Today reports. “The scandal is but the latest fiasco under his watch,” said the Florida Republican, the first among GOP congressmen to demand Geithner’s departure ousting. President Obama says he still has “complete confidence” in his appointee. More»

Once-ridiculed Treasury chief now on top of his game

(NEWSER) - After a rough start, Timothy Geithner has found his sea legs. Many were calling for the Treasury secretary’s head after his botched handling of February's bailout speech and the AIG bonuses. But, reports Politico, as the economy stabilizes, Geithner’s getting the hang of things. His regular meetings have gotten the economic team on the same page, and he’s switched from big speeches to quiet off-camera meetings with reporters, where he does better. More»

Company gives congressman the biggest figure yet

(NEWSER) - Lawmakers and journalists keep pressing AIG about how much it paid out in bonuses in 2008, and the number keeps getting bigger, reports Politico. In response to a query from Rep. Elijah Cummings, the company now says it paid $454 million, about 4 times the figure it told Politico in March. The figure does not include $165 million in controversial retention payments to employees of a unit that caused AIG much of its financial grief. More»

Obama wants bill passed fast, but Congress chooses to take its time

(NEWSER) - Once on the fast track to President Obama’s desk, a bill that would grant the government powers to place large companies into receivership has been pushed to the slow lane, Rep. Barney Frank tells the Wall Street Journal. The bill’s complexity, and a slow-moving Senate, led the Financial Services Committee chairman to package it with broader regulatory legislation pegged for later this year. More»