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Thread: TARP Oversight chair: fire top management at AIG and Citi

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    Elite Member Fluffy's Avatar
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    Default TARP Oversight chair: fire top management at AIG and Citi

    Warren: Fire Top Management At AIG and Citi

    By Zachary Roth - April 7, 2009, 5:25PM

    We're late to this, but it looks like Elizabeth Warren, the Harvard Law professor who chairs the Congressional Oversight panel for the TARP funds, is upping the ante.

    After several months of raising the alarm about the Treasury Department's failure to attach strings to the bailout funds, to little apparent effect, Warren will issue a hard-hitting report this week that broadly indicts the Obama administration's approach to the financial crisis, reported the British paper The Observer over the weekend.

    The report will call for top execs at several major banks, including Citigroup and AIG, to be fired, and for shareholders in those institutions to be wiped out.

    "The very notion that anyone would infuse money into a financially troubled entity without demanding changes in management is preposterous," Warren told the paper in an interview. "When are they going to say, enough?"

    As we said, this is hardly the first time that Warren has sharply criticized the government's approach to the bailout, and it's unclear whether this latest round will prove more effective than the previous ones. But until Warren gets put in a position with some actual executive power, it's hard to know what more she can do.

    Now there's a thought...

    Warren: Fire Top Management At AIG and Citi | TPMMuckraker

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    Elite Member Grimmlok's Avatar
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    i'm betting failbama simply ignores her ass
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member Fluffy's Avatar
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    Video where TARP Oversight Chair gives an excellent explanation of what's going on[YOUTUBE]7bRerUGAOAw[/YOUTUBE]

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    Elite Member Grimmlok's Avatar
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    LA LA LA CANT HEAR YOU, bonuses must be paid!
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member kingcap72's Avatar
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    I like Warren. I've seen her a few times on Rachel Maddow and she knows what she's talking about.

    And she's right, you can't keep infusing cash into AIG and the banks without restructuring the bad management that created the problem to begin with. That's why we keep ending up with these bonuses.

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