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Treasury Secretary Timothy Geithner told CNN Thursday his department asked Sen. Chris Dodd to include a loophole in the stimulus bill that allowed bailed-out insurance giant American International Group to keep its bonuses.
In an interview with CNN's Ali Velshi, Geithner said the Treasury Department was particularly concerned the government would face lawsuits if bonus contracts were breached.
Dodd admitted to CNN Thursday he'd added the controversial provision after a Treasury official pushed for it. Earlier in the week, Dodd had said he had not played any role in the addition of the loophole.
Geithner told Velshi Thursday he takes full responsibility for the situation.
- He does not believe TARP or the stimulus bill was rushed through Congress
- Calls for resignation are part of the job
-Officials will make sure that any further money comes with provisions (including executive compensation)
-His team will have a detailed plan for the banks w/in the next couple of weeks
-The recession will likely end in 2009, and 2010 will be a year of growth
Originally posted by skeptic1
reply to post by mpriebe81
He won't resign and he won't be fired.
Remember, the administration said he is the "only person that can fix our economic crisis".