`Chump' Kashkari Takes a Beating From Congressmen on AIG, TARP, Christmas

[Purveyor]

By John Brinsley and Rebecca Christie

Nov. 14 (Bloomberg) -- On Capitol Hill today, Neel Kashkari became the ``chump'' who stole Christmas.

Kashkari, who oversees the Treasury's $700 billion financial rescue plan, came under fire at a congressional hearing, notably by Maryland Democrat Elijah Cummings. Cummings was angry about reports American International Group Inc., which got an expanded $150 billion government bailout this week, is setting aside $503 million in compensation for executives.

``I'm just wondering how you feel about an AIG giving $503 million worth of bonuses on the one hand, and accepting $154 billion from hard-working taxpayers,'' Cummings asked Kashkari. ``What really bothers me is all these other people who are lining up. They say, well, is Kashkari a chump?''

Kashkari, who was selected by Treasury Secretary Henry Paulson as interim head of the Troubled Asset Relief Program, told the panel that he was ``outraged'' when he first read the reports. Then he learned AIG has set aside the money to eliminate an incentive to leave the insurer, he said.

``I'm not defending it,'' he said.

MORE...

BLOOMBERG: http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aELLkr3l7JYk

[AdHocSolver]

1. Why give the crooks and incompetents an incentive to stay? The company could use new management. n/t

[lib2DaBone]

2. This Neel Kushkari Guy is a Chump.....

.. he is also a CREEP.