Part of the Bay Area News Group

Archive for March, 2009

Speier on AIG

Rep. Jackie Speier released a statement Monday afternoon regarding the lavish bonuses that American International Group gave out with government money. She went further than most of her colleagues in Congress, except maybe for the guy who called for AIG execs to commit seppuku, in demanding accountability, suggesting that the U.S. government may have to take the company apart if it doesn’t change its tune:

“AIG has shown, once again, that they are incapable of grasping the enormity of the financial mess which they helped create. Despite receiving more than $180 billion in taxpayer money, they are set to reward executives with $165 million in bonuses. Many of the executives are from the same ethically challenged Financial Products Division whose irresponsible practices drove the world economy off the cliff in the first place.

“I appreciate that President Obama has directed Treasury Secretary Geithner to use every legal means to stop the bonuses. If AIG insists that they are unable to change the existing contracts, perhaps it is time for us, as AIG’s largest shareholder, to break up AIG, sell off its profitable state-regulated insurance companies, fire the executives of the Financial Products Division, and put in place a leadership team that respects the American taxpayer.”

Posted on Tuesday, March 17th, 2009
Under: Aaron Kinney, Democratic Party, Economy, Jackie Speier | No Comments »

Speier vs. Stein

We’re a bit late on this, but here’s a clip of Rep. Jackie Speier (shown earlier this month during a tour of Greenbox Technology in San Bruno) on the Feb. 18 edition of “Larry King Live,” where she debated Ben Stein on the merits of President Obama’s plan to help American homeowners facing foreclosure.

Digression: King introduced Stein as a “noted economist,” among other things. But Stein is not an economist, let alone a noted one. He talks and writes about the economy, yes, so you could call him a noted “commentator,” but that’s about it.

In order to be an economist, you should probably have a postgraduate degree. Stein is certainly a very well-educated man, but majoring in economics in college does not make you an economist any more than majoring in philosophy makes you a philosopher.

Speier, who is mourning the recent death of her mother, Nancy, also made some news last week by opposing the omnibus spending bill on the basis of the earmarks it contained. She has also proposed an amendment to a housing bill that would make it easier for struggling homeowners to refinance their loans.

Posted on Monday, March 2nd, 2009
Under: Aaron Kinney, Democratic Party, Economy, Jackie Speier, Republican Party, San Mateo County | No Comments »