Larry Summers appeared on ABC’s This Week with George Stephanopolous. Select quotes:
“There are a lot of terrible things that have happened in the last 18 months, but what’s happened at AIG is the most outrageous,” said Summers, chairman of the White House National Economic Council, during an appearance on “This Week” Sunday.
“What that company did, the way it was not regulated, the way no one was watching, what’s proved necessary, it is outrageous,” Summers said.
“We are a country of law. There are contracts. The government cannot just abrogate contracts. Every legal step possible to limit those bonuses is being taken by Secretary Geithner and by the Federal Reserve system,” Summers said.
“What the Obama administration has done, based on the advice of attorneys, is done everything that it can to, within the law and within the tradition of upholding law that we have in this country, to limit these bonuses. And they have as a result of Secretary Geithner’s efforts been scaled back,” he said.
My take: The game changed when the company began taking our money.
