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Obama’s Holbrooke Was On AIG Board

From a shocked and appalled Associated Press:

Special Representative for Afghanistan and Pakistan Ambassador Richard Holbrooke (left) speaks with US Secretary of State Hillary Cliinton during talks at the State Department in Washington, DC.

Obama envoy Holbrooke served on AIG’s board 

By Richard Lardner, Associated Press Writer – Thu Mar 19

WASHINGTON – Obama administration special envoy Richard Holbooke was on the American International Group Inc. board of directors in early 2008 when the insurance company locked in the bonuses now stoking national outrage. Holbrooke, a veteran diplomat who is now the administration’s point man on Pakistan and Afghanistan, served on the board between 2001 and mid-2008…

Obama named Holbrooke as a special envoy on Jan. 22, two days after taking office. Vietor said administration officials were aware of Holbrooke’s work for AIG during background checks this year — when AIG already had benefited from federal intervention.

"Disclosure of past board membership is part of the vetting process," Vietor said…

Holbrooke joined AIG’s board in February 2001 and resigned in July 2008, two months before the company nearly collapsed. Over more than seven years as a board member, he may have earned as much as $800,000 in cash and company stock, according to AIG financial documents filed with the Securities and Exchange Commission…

Obama this week blasted AIG for what he described as the company’s reckless course. He also defended his administration’s handling of the company’s rescue.

"Nobody here was responsible for supervising AIG and allowing themselves to put the economy at risk by some of the outrageous behavior that they were engaged in," the president said.

Vietor said Holbrooke "has not discussed AIG with the president, Treasury or any other member of the administration." …

For much of tenure [sic] on the AIG board, Holbrooke had a role in approving salaries and compensation. From 2001 until mid-2005, he was a member of the board’s compensation committee. According to AIG financial statements, the committee sets the salary for the company’s chief executive officer and gives advice on how other senior managers are to be compensated.

Holbrooke also led the board’s public policy and social responsibility committee from 2005 through July 2008. The committee assesses how political and public policy issues might affect the company’s business operations, performance and corporate reputation, according to AIG…

According to the SEC filings, AIG paid Holbrooke $267,943 in fees and stock awards in 2007; he was paid $232,865 in 2006. Compensation figures for the six months he was on the board in 2008 are not yet available. By prorating his 2007 compensation, he could have earned about $107,500 in directors fees and stock.

Between 2001 and 2005 the records indicate he earned $200,000 in director’s fees. He also received 2,400 shares of AIG stock and options to purchase 10,000 more during that period.

How much more preposterous can this witch hunt get?

Perhaps it should be noted that Larry Craig even has AIG in his name.

How many times have you heard our watchdog media note that White House chief of staff Rahm Emanuel was in the pay of Freddie Mac?

We haven’t either.

This article was posted by Steve on Thursday, March 19th, 2009. Comments are currently closed.

4 Responses to “Obama’s Holbrooke Was On AIG Board”

  1. catie says:

    And the hits just keep on coming.

  2. proreason says:

    Another youthful indiscretion.

  3. wardmama4 says:

    Ok so combine this article with the one that Obama cut the bonus limits – and does this not mean that Obama knew all along what was going on with the Generational Theft Act and AIG bonus?

    And that this whole week has been one big, fat Chicago lie?

    And it makes me wonder just what the hell Obama and the Klownposse in DC have been doing to screw We The People that they had to do this Kabuki Theater act on an issue that they already knew about?

    Can’t wait to hear that they passed a 100% tax rate while they had ginned up the angry masses over a bonus that they knew about and is legal –

    Impeach them All – This is not Constitutional, not truthful and certainly not in the best interest of the American citizens. Heck no government would be better than this lying, stealing, debt producing bunch of frauds.

  4. Professor_Repulso says:

    Say, WM4, what do you make of the latest revelations about Mr. Geithner’s role in this malfeasance? Geithner, the man with the perpetual look of someone, in need of a restroom, caught urinating in some inappropriate place. I heard an exasperated investor make the comment, “I thought this guy Geeter or Gator was supposed to be some sort of half-assed genius. Whenever his trap flies open, it drives the Dow down at least 1%.” This conversation could have taken place:
    Obama: Tim, you’ve got the brains of a nit-wit.
    Geithner: Sure! You want ’em back?

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