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Federal Reserve officials knew for months about bonuses at American International Group but failed to tell the Obama administration, according to government and company officials, exposing problems in a relationship that is vital to addressing the financial crisis.
As pressure mounted on AIG employees to return the bonuses, new details emerged yesterday about what the Fed, the Treasury Department and the White House knew regarding the payments and when. AIG executives said the Fed was informed
Wyden expressed frustration that Obama’s economic team, including Treasury Secretary Tim Geithner and top White House economic aide Lawrence Summers refused to support his amendment to block such bonuses.
Originally posted by skeptic1
The bonuses were part of the Stimulus package that Obama signed several weeks ago.
If he "didn't know about them" that means that he doesn't bother to read the bills he signs into law. That doesn't give me warm, fuzzy feelings towards the President or the Democrats (who wrote the Stimulus bill in the first place).
They all knew about it, pushed for the protection language in the Stimulus bill, and are now trying to pass the buck as to who knew what when.
"This is Senate-White House language. ... This was never brought to conference," Pelosi said, even though the final language on bonuses was in fact in the conference report on which House conferees (including Pelosi) signed off and that the House approved.