Nobody hits like Matt Taibbi. And I haven't seen him miss yet. ka-BOOOM!

I personally believe these "retention" bonuses were a ruse cooked up by management to suck a few more dollars out of the company before it sank to the ocean bottom. So if DeSantis is "owed" these bonuses, it's only in the sense that someone up above agreed to cheat the shareholders by paying these bonuses when they weren't really necessary; they weren't "earned" in any real sense.

Gotta hurt, that.

So...what happens when you don't tell the truth under oath? You go to jail.

What happens when you don't tell the truth under oath to Congress? Generally speaking, the same thing HAS happened, in the past.

But what happens when you don't tell the truth under oath to Congress if you're an officer, appointee or nominee of the George W. Bush administration?

"Roberts didn't tell us the truth," Reid said. "At least [Justice Samuel A. Alito Jr.] told us who he was, which made it different. But -- you know, we're stuck with those two young men, and we're going to try to change that by having some more moderates in the federal court system. As time goes on, I think that will happen."

If the Senate is led by Harry Reid, not a goddamned thing. Nothing. Zip. Ze-ro. The sun goes down and another day goes by; that's all. There are apparently a myriad of Bush crimes under the umbrella of Harry Reid's idea of what a 'nuclear option' contains.

No other explanation.

No. Really.

From the New York Times, circa 1999, via This Modern World:

Congress approved landmark legislation today that opens the door for a new era on Wall Street in which commercial banks, securities houses and insurers will find it easier and cheaper to enter one another's businesses...

"Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century," Treasury Secretary Lawrence H. Summers said. "This historic legislation will better enable American companies to compete in the new economy."

The decision to repeal the Glass-Steagall Act of 1933 provoked dire warnings from a handful of dissenters that the deregulation of Wall Street would someday wreak havoc on the nation's financial system.

I remember when they repealed that Act. It wasn't front page news...but I remember thinking something along these lines:

Decades ago, our forefathers made certain business decisions that have, generally speaking, served us all well. The decision to semi-nationalize certain utilities was never in doubt--their importance to each municipality is simply too vital to expose to the 'free' market.

Twice I have dealt with a claim where I had to threaten to contact the state insurance commission, and twice the claim paid within a week. Black Friday should remind anyone with a working brain of the importance of regulating banks, insurance companies and other financial institutions. However, allowing them to MERGE is, admittedly in hindsight, a disaster that was waiting to happen. Sooner than nearly anyone expected, too.

Jake DeSantis explains why he and the rest of the AIG execs deserve to keep their bonuses:

"Many of the employees have, in the past six months, turned down job offers from more stable employers, based on A.I.G.'s assurances that the contracts would be honored."

ha ha

All those offers have been simply pouring in, the invisible hand of the free market demanding these superb men and women's services. All the while jobs are being shed like Huskie hair in July.

The Dow rose 500 points today, on news of the newest Geithner bank plan.

But when that plan doesn't work, THEN what? Because it's not.

I'm not a pissant. I want to be optimistic. But real optimism is reality-based, and Geithner's plan is the same old song and dance from the George W. Bush administration. It's time to admit the truth: These institutions are certainly NOT too big to fail.

Because they HAVE failed. These are just temporary stop-gaps allowing our grandchildren to be fleeced even more than they already have been. And the sooner President Obama faces that reality, the better off we will all be.

Especially HIM!

The hallmark of the Bush administration? Did you miss it? Neither did I.

Nevertheless, here's some outrageously fresh hubris, served up courtesy of Obama's Secretary of the Treasury:

"We are the United States of America, we are not Sweden."

Guess that settles THAT. And if you are informed as to what the hell he's talking about, well, then you know what I'M talking about, too.

Hubris; it's not just for neocon breakfast any more. As Atrios notes in the link: This is going to turn out very badly. Unless Obama comes to his senses and keeps his promise, that is, that this crisis is going to get painful before it gets better. As far as I can tell, from every honest voice on this issue, unless AIG et al are allowed to fail and go under, Obama and Geithner are simply putting off the inevitable.