Tied to the Whipping Post.
Words.
"...Unfortunately for Geithner, the payments to the Financial Products employees didn't come to light until last week, after he'd reviewed and acquiesced to them. Administration officials claimed that their hands were tied by AIG's employment contracts, but that argument mollified no one.
The predictable result, in addition to the calls for Geithner's ouster, was the bill now rocketing through Congress to impose confiscatory tax rates on many of the individuals who've collected bonuses from rescued firms. To the financial industry, it's yet another switchback by Washington, which has spent the last year plunging in new directions and then quickly reversing course. The shifts have made investors wary just when the administration is trying to persuade them to be its partners in restoring credit to consumers and small businesses, disposing of illiquid bank assets and averting foreclosures. Geithner's initiatives in those areas hold promise, but they won't get far unless he hones his political skills -- fast."
No comments:
Post a Comment