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Posts Tagged ‘Andrew Cuomo’

Andrew Cuomo Faces Strategic Choices In Filling Anthony Weiner’s Seat

Huffington Post – Sam Stein

First Posted: 06/16/11 12:09 PM ET Updated: 06/16/11 02:10 PM ET

WASHINGTON — The process to fill the soon-to-be-vacant seat of Rep. Anthony Weiner (D-N.Y.) may not be as smooth or as simple as initial reports suggest.

New York State officials have had no shortage of practice in the art of hosting a special election, having completed one just recently to fill the seat of another scandal-submarined lawmaker: former Republican Rep. Chris Lee.

But the timing of Weiner’s resignation presents some strategic choices for Democratic Gov. Andrew Cuomo.

Under a just-passed New York law, a special election can take place no less than 70 days and no more than 80 days after called for by the governor. Should Cuomo choose that path and announce a special election immediately after Weiner submits his resignation (likely this week), it would mean that a vote to fill the seat would take place either in the dead-days of late August or right around Labor Day weekend. Turnout, in short, would be abysmal.

An alternative would be to let the process take its course.

According to John Conklin, a spokesman for New York State’s Board of Elections, Cuomo could simply leave Weiner’s seat vacant. If he did that, the vote for a replacement would take place on the general election ballot this fall — a date more likely to encourage wider voter participation.

If that happens, however, prospective candidates would have to make a mad dash to get on the ballot. “People should be out passing petitions in his district today or tomorrow,” said Conklin, “because the petition process closes on July 14.” Candidates from one of the six parties in the state –Democratic, Republican, Conservative, Working Families, Independence and Green — would then have to collect 1,250 signatures to qualify. Those attempting to run as an independent or third party candidate, would need 3,000. A primary would be held in September for that election on the first Tuesday in November.

MORE HERE

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Cuomo: Most AIG Bonus Money Went To Foreigners

Nine of the top ten AIG bonus recipients have given back the payouts, according to Andrew Cuomo, the New York Attorney General who is probing the issue.

Cuomo also said, on a conference call this afternoon, that 15 of the top 20 bonus recipients from the firm’s financial products unit, which is at the center of the bonus furor after causing the company’s collapse last year, have returned their awards.

But he added something else that may wind up being less exculpatory for AIG: 47 percent of the $165 million in retention bonuses was awarded to Americans, he said, declaring that he expected to get that money back. That means 53 percent — around $87 million — of taxpayer money went to foreigners, and is unlikely to be recouped.

Cuomo said he didn’t think it would be in the public interest to release the names of those who gave back the bonuses, and that his office is still assessing the risks of releasing any names at all.

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Robert Scheer | Truthdig | March 17, 2009

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There must be a criminal investigation of the AIG debacle, and it looks as if New York’s top lawman is on the case. The collusion to save this toxic company in order to salvage the rogue financiers who conspired to enrich themselves by impoverishing millions is being revealed as the greatest financial scandal in U.S. history. Instead of taking bonuses, the culprits should be taking perp walks.

I’m not just referring to the swindlers in the Financial Products Subsidiary of AIG who devised and sold those insurance policies on derivatives that brought the world economy to its knees. They do seem deserving of a special place in hell, and presumably the same divine power that according to Scripture labeled usury a high moral crime and threw the money-changers out of the temple will consider that outcome. (more…)

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Obama: ‘pursue every legal avenue’ to block AIG bonuses

RAW STORY
Published: Monday March 16, 2009

UPDATE (at bottom): NY Attorney General subpoenas AIG

Obama coughed during his speech and joked, “Excuse me. I’m choked up with anger here.”

Responding to a populist firestorm over the news that AIG planned to pay out millions in bonuses to many of the executives viewed to be responsible for the firm’s near-collapse in 2008, President Obama announced he has directed Treasury Sec. Timothy Geithner to “pursue every legal avenue to block these bonuses” in embargoed remarks obtained by RAW STORY.

Noting the substantial sums AIG has received from the federal government, Obama said late Monday morning Geithner should use that leverage in pursuing a block of the bonuses.

“This is a corporation that finds itself in financial distress due to recklessness and greed,” said Obama. “Under these circumstances, it’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. How do they justify this outrage to the taxpayers who are keeping the company afloat?”

He added that Geithner is working “to resolve this matter with the new CEO, Edward Liddy, who came on board after the contracts that led to these bonuses were agreed to last year.”

“This isn’t just a matter of dollars and cents. It’s about our fundamental values.All across the country, there are people who work hard and meet their responsibilities every day, without the benefit of government bailouts or multi-million dollar bonuses. And all they ask is that everyone, from Main Street to Wall Street to Washington, play by the same rules,” he added.

Barney Frank told NBC’s Meredith Vieira that he want to consider taking action against some of the AIG executives receiving bonuses. “These people may have a right to their bonuses, they don’t have a right to their jobs forever. The federal government is now an 80% owner. One of the things we can do to make sure this doesn’t happen again,” he said.

“We’ve got people who are so irresponsible. It does appear we’re rewarding incompetence. Forget about the legal matter. These bonuses are going to people who screwed this thing up enormously, who made terrible decisions,” said Frank.

If the bonus payments can’t be stopped then Frank wants to consider firing some executives. “Since the federal government — thanks to the Federal Reserve’s use of the power under the 70-year-old statute — now essentially owns the company, maybe it’s time to fire some people. We can’t keep them getting the bonuses, but we can keep some of them from continuing in their jobs,” he said.

UPDATE: Cuomo subpoenas AIG for executive bonus details

“New York Attorney General Andrew Cuomo has issued a subpoena to American International Group Inc. seeking a list with the names of executives receiving bonuses,” reported Albany Business Review.

VIDEOS AND MORE HERE

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