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Financial Crisis Inquiry Commission Report Drops

January 27, 2011 - by Donny Shaw

Back in 2009, one of the first things Congress did to actually start dealing with the causes of the economic crisis was to give the Justice Department more power to detect and prosecute fraud in the financial markets. As part of that bill, the "Fraud Enforcement and Recovery Act," they created a bipartisan commission "to examine the causes, domestic and global, of the current financial and economic crisis in the United States" and laid out 22 specific areas of financial activity for them to investigate. Today, more than 20 months after the bill was signed into law, the commission has released their report.

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AIG Bonuses and Tracking Changes in the Stimulus

March 17, 2009 - by Donny Shaw

By comparing the Senate version of the bill to the final conference version of the bill that was signed into law, Jane Hamsher shows that a provision to block bonuses retroactively on TARP contracts, inserted by Dodd in the Senate bill, was actually taken out by the conference committee.

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Tax AIG bonuses at 100%

March 17, 2009 - by Donny Shaw

As David Waldman at CongressMatters points out, the scandal over executive bonuses at A.I.G. has set off a race to the hopper. The legislative solutions that's picking up the most steam is Rep. Carolyn Maloney's [D, NY-14] plan to levy a 100 percent tax on bonuses to AIG execs that are not related to a commission. The bill's not up on OpenCongress yet- we'll update when it is. Here's the text of a letter she sent around yesterday to members of the House: Dear Colleague: Like many of...

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It's none other than AIG Chairman and Chief Executive Officer, Edward M. Liddy. I'm not sure exactly how long this has been planned, but, for Liddy, this is awful timing given the recent news that his company, which has taken $170 billion in taxpayer bailout money, is paying out $165 million in bonuses to their executives

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