Obama administration special envoy Richard Holbrooke was on the American International Group Inc. board of directors in early 2008 when the insurance company locked in the bonuses now stoking outrage across the U.S.
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. During that period, AIG undertook the aggressive investment strategies that led to a near-collapse and forced a multibillion-dollar federal bailout.
President Obama has insisted his administration was not responsible for AIG's financial woes, and a White House spokesman said Thursday that Holbrooke was unaware of AIG's decision to award retention bonuses to key employees.
"Mr. Holbrooke had nothing to do with and knew nothing about the bonuses," spokesman Tommy Vietor said.
Close to $165 million in bonus money was paid last weekend.
It remains unclear whether AIG's decision to grant the bonuses ever came before the board. A Holbrooke spokesman declined comment, referring calls to the White House.
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. - FOX News Story
The point is not what he knew and when about the bonuses. The point should be, here is a person that the President has put in a position of power and influence who sat on the Board of Directors for one of the worst economically damaging companies in American History. The worst part is the White House readily admits that the President has never discussed AIG with him. Wouldn't you want to know what his perception and thoughts on the whole collapse of his Company?
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