Comments on: Larry Summers gets a big “F” for AIG…

By: recasting readers as learners & citizens

recasting readers as learners & citizens — Wed, 21 Oct 2009 02:51:35 +0000

[...] public relations. The widespread reaction to Larry Summer’s interview on CBS–judged “tone deaf” by many–characterizes that brief turn of public opinion, now [...]

By: Larry Summers the magician: another $167 BILLION of taxpayer money disappears…. : The New Agenda

Tue, 07 Apr 2009 17:24:46 +0000

[...] Geithner have managed to have the country transfixed on $165 million of AIG bonuses, while – POOF – $30 billion of taxpayers funds given to AIG goes out the door to domestic AND foreign banks (yes, foreign [...]

By: Larry Summers collects $8 million bonuses for 2008 : The New Agenda

Larry Summers collects $8 million bonuses for 2008 : The New Agenda — Sat, 04 Apr 2009 15:35:38 +0000

[...] wrote a couple of weeks back about Larry Summers spoke out against the AIG executives were collecting millions of dollars in bonuses. We wrote how Larry, Timothy Geithner and President [...]

By: Florida Lady

Florida Lady — Thu, 19 Mar 2009 13:54:29 +0000

Flora – O.K.
quote me where?
just wondering.

By: Flora (fsteele)

Flora (fsteele) — Thu, 19 Mar 2009 00:19:29 +0000

Florida Lady said, ” Women at Harvard fared poorly in tenure selection under his watch. He continues to insist – insist – that he misspoke about women in science only because he was trying to play “provocateur” in an intellectual debate. Not that he thinks women are not suited for rigorous intellectual careers. Nope, he was just sayin’. Riiiiight.”

Very concise summary. May I quote it? (Not that I agree with your take altogether.)

By: MaryL

MaryL — Wed, 18 Mar 2009 23:23:43 +0000

NEW YORK (Reuters) – The names of 200 highest bonus earners at Merrill Lynch & Co last year are not a trade secret and can be made public in an investigation by New York’s top legal officer, a judge ruled on Wednesday.
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Now, THAT will be an interesting list !!

By: OK

OK — Wed, 18 Mar 2009 21:53:49 +0000

“I don’t understand why people think BObama would radically change anything around the economy…”

Those people don’t understand why they think that, either. They have no reasons when you ask them. They are somehow oblivious to the heavy-handed marketing campaign that has been selling them Hope for two years.

By: Florida Lady

Florida Lady — Wed, 18 Mar 2009 16:31:34 +0000

Amy, wonderful essay. You are on a roll, so articulate and reasoned. And your financial background is useful in these scary times. Please keep on doing this. Love it – fills a void.
Obama is surrounded by clueless lawyers and academics, nobody from the world of (honest) business who can lend weight. He is getting duped by gleeful hedge and i-banking types, like taking candy from a baby as they nudge him along. They were big donors, of course.
Larry Summers was not put in as Treasury chief since his confirmation hearing would have re-aired his dirty laundry. Women at Harvard fared poorly in tenure selection under his watch. He continues to insist – insist – that he misspoke about women in science only because he was trying to play “provocateur” in an intellectual debate. Not that he thinks women are not suited for rigorous intellectual careers. Nope, he was just sayin’. Riiiiight.
Can you imagine anyone making those type of stereotyped statements trashing, say, Jews? Veterans? The disabled? Blacks?
They’d be run out of town on a rail. Not respectfully deferred to, and ushered into the Oval Office by a president so tone-deaf to gender issues. It’s fine with this president that his top advisor is proud of his sexist statements and rationalizes them. Wink, wink.
He is the power behind the economic decision-making at the WH, such as it is. They tried to tuck him behind the Wizard of Obama’ curtain but I can see him standing there. Damning us with his presence.

By: dianet

dianet — Wed, 18 Mar 2009 16:21:58 +0000

I don’t understand why people think BObama would radically change anything around the economy — for one, he is a free market Chicago boy. And look at who funded his campaign! You don’t really think he’s going to allow Wall St. to implode. To paraphrase Noam Chomsky: to put Summers and Geithner in charge of the bailout is like putting the Taliban in charge of the war on terror. Appoint a woman! Don’t make me laugh.

By: MaryL

MaryL — Wed, 18 Mar 2009 15:56:21 +0000

“These bonuses were set up as a retention tool so that the company could hold onto some individuals lower down in the ranks that actually understand how they work as they unwind them. I was completely against the bail out and think we should have suffered the short term pain of seeing AIG fail. BUT if you’re going to give them hundreds of billions of dollars – I have no problem with spending a few hundred million on people who actually have a prayer of salvaging the situation, and returning some of OUR money. If you don’t want those folks just let the company blow up and stop sending them money.”
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OK, I admit that my business expertise was NOT in derivatives, but AIG just paid 100 cents on the dollar to their counterparties. 100 cents!!
So, what exactly are these “retained” geniuses doing? With THIS kind of help, I’d let them walk…..
I’ve worked on Wall Street and so I understand the “group think.” I would argue that the people you want to keep at AIG were the ones who saw the train wreck coming and tried to object to the deals or at least raised some annoying, pesky questions.
THOSE are exactly the type of people who are laid off when the company “restructures.” The ones who are kept then try to “double-down” their bets to prove themselves right on their original positions…or, they do nothing, hoping that the market comes back…The place needs to do a good housecleaning….
More opportunities for women to move in, too….