Monday, March 23, 2009


The following press release from Congressman John Shadegg's office speaks for itself.

Washington, Mar 19 -

WASHINGTON – Congressman John Shadegg (AZ-03) released the following statement after the House vote to retroactively tax the AIG bonuses [H.R. 1598], concerning questions about Secretary Geithner and his prior knowledge of those bonuses:“

What did Secretary Geithner know about the AIG bonuses and when did he know it? Is his claim not to have known about this until last Tuesday believable? Two recent and startling developments seriously call his claim into question.

“Yesterday, in sworn testimony before the House, AIG’s chairman, Ed Liddy, declared that the Federal Reserve and Fed Chairman Bernanke knew about the bonuses not days or weeks ago – but three months ago. And who was Chairman of the New York Federal Reserve at that time? Tim Geithner.

“And, back in September, when the original AIG bailout was being structured, who was one of its principal architects? Again, Secretary Geithner.

“We have now also learned from no less than Senator Chris Dodd that the Treasury asked him in February to put a provision in the stimulus to protect these bonuses. And who was head of the Treasury at the time? Once again, Tim Geithner.

“These shocking revelations demand immediate answers.“

How could Geithner have been so intimately involved in the AIG bailout, head of the New York Federal Reserve when the Reserve was informed of the bonuses, head of the Treasury when the department asked for the provision that helped secure these bonuses, and supposedly one of the greatest experts on Wall Street today – and not have known about them?

“Sadly, it appears that Secretary Geithner is either dishonest or incompetent.

“Perhaps the Senate should have paid more attention to Geithner’s tax errors after all.”


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