Treasury Secretary Timothy Geithner confirmed Thursday that the department did talk to Sen. Chris Dodd about a clause he put forth in the stimulus legislation that would have strictly limited executive bonuses.To reiterate, the fact that AIG got bonuses has actually nothing to do with me wanting Timmy gone. I know bitching about AIG getting $175 million in bonuses is literally chump change compared to the $1.2 trillion the Fed just printed up. The two reasons I do want him gone are A) he designed the TARP bailout in the first place, and now B) he's been caught lying about knowing about the bonuses.
A loophole in the bill allowed bailed-out insurance giant American International Group to keep its bonuses.
The Treasury Department was concerned that legislation that would restrict contractual bonuses would not hold up to legal challenges, Geithner said in an interview with CNN's Ali Velshi.
"We expressed concern about this specific version. We wanted to make sure it was strong enough to survive legal challenge," Geithner said.
Tender your resignation, please.