Geithner Under Fire From Congress: 'You Don't Know Me Very Well'

Blaming Bush again, Timmy?

Geithner, Fed To Face Subpoena Over AIG Bailout

The Federal Reserve Bank of New York will be compelled to hand over documents related to American International Group Inc.s government bailout after Edolphus Towns, chairman of the House Oversight Committee, said he will issue a subpoena.

More trouble for Tim Geithner...

Read more at HerringPost.

Explosive new e-mails released last week could see Treasury Secretary Timothy Geithner embroiled in criminal charges for his role in the cover up that exposes the monumental criminality behind the $182.3 billion dollar bailout of American International Corporation.

Geithner Lashes Out After GOP Congressman Asks Him To Resign (Video)

Aww....poor Hermey the Elf! Sorry, Mr. Secretary, but you suck!It's your economy now, bucko! You are part of the problem, Mr. Federal Reserve! Snap!

Obama, Geithner Moves To Close Tax Loophole; Plan Hurts Jobs, Says U.S. Chamber of Commerce (Video)

Tim Geithner discussing closing tax loopholes and making sure the IRS gets every penny it deserves is beyond hypocritical and preposterous; it's outright hysterical!

Remember: A tax cheat was confirmed, the tax cheat hired a lobbyist and violated the ethics rule, another lobbyist was hired that violated the ethics rule, a tax cheat withdrew her nomination, another tax cheat withdrew his nomination. Then a nominee violated House ethics rules and is married to a tax cheat. Then another tax cheat was nominated! Then another nominee withdrew over skeletons in the closet. And then another nominee had tax issues.

President Obama's plan would eliminate certain tax deductions for companies and consider U.S. citizens who use tax havens such as the Bahamas or Cayman Islands guilty of violating tax laws.




From Fox News:

"The way to make American businesses competitive is not to let some citizens and businesses dodge their responsibility, while ordinary Americans pick up the slack. Unfortunately, that's exactly what we're doing," Obama said.

"If financial institutions won't cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly," he continued.

Under the plan, companies would not be able to write off domestic expenses for generating profits abroad. The goal is to reduce the incentive for U.S. companies to base all or part of their operations in other countries.

The current law, Obama said, "says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York. "

U.S. Chamber Opposes Administration’s Tax Proposal

WASHINGTON, DC—The U.S. Chamber of Commerce Chief Economist Dr. Marty Regalia issued the following statement today in response to the administration’s announcement that it is seeking to reform international tax provisions:

“This issue is about jobs in America and the competitiveness of American companies. Deferral has been mischaracterized as a ‘tax break’ but is actually a vital mechanism providing relief for American businesses from double taxation.

“The United States is the only major industrialized country which double taxes the overseas earnings of our companies. Since other countries don’t subject their companies to double taxation, U.S. companies need deferral to stay competitive in the global marketplace.

“When you limit deferral, you limit the ability of U.S. companies to compete, you impede growth in the U.S. economy, and you cause the loss of jobs – both at the companies directly impacted and companies in their supply chains.

“Tax increases that hurt U.S. companies’ global competitiveness hurts U.S. workers here at home. A huge tax hike on U.S. employers is not the way to stimulate our economy. Congress should reject this approach.”

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

Tim Geithner Not to Be Confused with a Banker (Video)

"I've never actually been in banking...I've spent my entire life in public service," said Tim Geithner today in Congress.

Well that certainly explains a lot.

Geithner: U.S. May Oust CEOs at Banks Needing ‘Exceptional’ Aid (Video)

Obama Wants to Control the Banks
There's a reason he refuses to accept repayment of TARP money.

Treasury Secretary Tim Geithner told Katie Couric last week he is open to more unconstitutional terminations of CEOs, continuing Team "O"s assault on the markets, investors and capitalism.

President Obama, in a blatant abuse on his constitutional Executive power, felt it necessary to fire GM CEO Rick Wagoner.

Geithner has recently unveiled a plan designed to give Treasury Department the ability to take over financial institutions at the Secretary's choosing.

Recently, a bill has been introduced in Congress, HR 1664 Grayson-Himes Pay For Performance Act of 2009, which aims to cap pay which is not performance based and any and all employees who work for companies receiving bailout dollars.

It's a power grab to redistribute wealth, penalize the successful and establish a communistic "equality" among Americans. Regulation = control and power. Team "O" wants to destroy free market capitalism. There is ample proof of Obama's war on investors. Welcome to The United Socialist States of America (USSA).

The "Firing" executives discussion begins at the 6:00 mark.

Watch CBS Videos Online

April 5 (Bloomberg)

Treasury Secretary Timothy Geithner said he’s prepared to oust the senior management and boards of directors at banks that require “exceptional” assistance from the U.S. government.

“If in the future, banks need exceptional assistance in order to get through this, then we will make sure that assistance comes,” while ensuring taxpayers are protected, Geithner said today in an interview on the CBS “Face the Nation” program. “Where that requires a change in management and the board, then we will do that.”

Geithner noted that American International Group Inc., Fannie Mae and Freddie Mac had their chief executives removed after it became clear the companies couldn’t
survive without government rescues. The Treasury is reviewing how much capital the biggest U.S. financial companies need in order to endure a severe economic downturn.

“Where we’ve had to do exceptional things,” the government has replaced management and boards of directors, Geithner said.

Obama hates America and hates capitalism.

Geithner: I'm Open To Pressuring A Bank CEO To Resign (Video)

Treasury Secretary Tim Geithner tells Katie Couric he is open to more unconstitutional terminations of CEOs, continuing Team "O"s assault on the markets, investors and capitalism.

President Obama, in a blatant abuse on his constitutional Executive power, felt it necessary to fire GM CEO Rick Wagoner this week.

Tim Geithner unveiled a plan last week, designed to give Treasury Department the ability to take over financial institutions at the Secretary's choosing.

Recently, a bill has been introduced in Congress, HR 1664 Grayson-Himes Pay For Performance Act of 2009, which aims to cap pay which is not performance based and any and all employees who work for companies receiving bailout dollars.

It's a power grab to redistribute wealth, penalize the successful and establish a communistic "equality" among Americans. Regulation = control and power.

Team "O" wants to destroy free market capitalism. There is ample proof of Obama's war on investors. Welcome to The United Socialist States of America (USSA).




CBS News:

Days after GM's CEO Rick Wagoner was forced out by the Obama administration, Treasury Secretary Timothy Geithner left open the possibility that such moves could happen again.

In an interview with CBS Evening News anchor Katie Couric, Geithner acknowledged the government has had to do "exceptional things" – citing AIG as well as Fannie Mae and Freddie Mac.

"We have changed management aboard," he said. "And where we've done that, we've done it because we thought that was necessary to make sure these institutions emerge stronger in the future."

Beyond AIG: A Bill to Let Big Government Set Your Salary

The Liberal assault on personal freedom, free-market capitalism and liberty is in full swing!

President Obama, in a blatant abuse on his constitutional Executive power, felt it necessary to fire GM CEO Rick Wagoner this week.

Now, a bill has been introduced in Congress, HR 1664 Grayson-Himes Pay For Performance Act of 2009, which aims to cap pay which is not performance based and any and all employees who work for companies receiving bailout dollars.

Huh?

To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards.

Tim Geithner unveiled a plan last week, designed to give Treasury Department the ability to take over financial institutions at the Secretary's choosing.

I have no problems with setting restrictions on companies which receive government/tax payer dollars, but what is disturbing about this legistlation is that it affects ALL employees at these companies and this it gives Geithner some pretty vague new powers.

The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.

In addition, the bill gives Geithner the authority to decide what pay is "unreasonable" or "excessive." And it directs the Treasury Department to come up with a method to evaluate "the performance of the individual executive or employee to whom the payment relates."

All of this continues the Obama Administration's war on Wall Street. It's a power grab to redistribute wealth, penalize the successful and establish a communistic "equality" among Americans.

Regulation = control and power.

Team "O" wants to destroy free market capitalism. There is ample proof of Obama's war on investors. Welcome to The United Socialist States of America (USSA).

Washington Examiner reports:

It was nearly two weeks ago that the House of Representatives, acting in a near-frenzy after the disclosure of bonuses paid to executives of AIG, passed a bill that would impose a 90 percent retroactive tax on those bonuses. Despite the overwhelming 328-93 vote, support for the measure began to collapse almost immediately. Within days, the Obama White House backed away from it, as did the Senate Democratic leadership. The bill stalled, and the populist storm that spawned it seemed to pass.

But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.

The purpose of the legislation is to "prohibit unreasonable and excessive compensation and compensation not based on performance standards," according to the bill's language. That includes regular pay, bonuses -- everything -- paid to employees of companies in whom the government has a capital stake, including those that have received funds through the Troubled Assets Relief Program, or TARP, as well as Fannie Mae and Freddie Mac.

VIDEO: Rep. Manzullo Discusses "Radical Treasury Plan on the Glenn Beck Show

Congressman Don Manzullo (R-IL) appeared on The Glenn Beck Show to discuss his concerns with Treasury Secretary Timothy Geithners overreaching proposal that gives the government too much power to regulate the financial services sector. The plan would actually allow the government to seize private property and set pay limits for private employees. Manzullo questioned Geithner on the plan during yesterday's Financial Services Committee hearing on the issue.

Yesterday, Rep. Manzullo challenged Tim Geithner on Capitol Hill asking the Treasury Secretary: "Do you know how radical your plan is?"




Here is the interaction between Geithner and Manzullo yesterday.

The "radical" comments are at the 3:30 mark.

VIDEO: Rep. Manzullo Slams Geithner, "Do you realize how radical your proposal is?"

Congressman Don Manzullo (R-IL) questions Treasury Secretary Timothy Geithner on the Administration's dramatic new plan to regulate financial services companies. Manzullo is concerned the plan goes too far and will give the government the power to seize private companies and set executive compensation limits, interfering with our free market system.

The "radical" comments are at the 3:30 mark.

From Wapo:



In testimony before the House Financial Services committee that just adjourned, Treasury Secretary Tim Geithner just had to defend his institutional takeover plan against charges of radicalism.

"Do you realize how radical your proposal is?" Rep. Donald Manzullo (R-Ill.) asked.

"It's not radical. . ." Geither began, before Manzullo interrupted him.

"You're talking about seizing private businesses and you don't consider that radical?" Manzullo replied, his voice rising.

Manzullo is trying to get Geithner to give details of the plan -- that's where Geithner got stung before -- but Geithner doesn't have them yet.

"If the plan were not radical," Manzullo said to Geithner, "you would have answers to some of my questions, such as, what size business would be subject to this?"

Never Let A Crisis Go To Waste: The Geithner Plan To Take Over Wall Street

Tim Geithner unveiled a new plan today that continues the Obama Administration's war on Wall Street.

And like every other socialist/totalitarian item on the agenda, they have to act fast and act now to get the most out of the "crisis".

Regulation = control and power.

Team "O" wants to destroy free market capitalism. More proof of Obama's war on investors. Welcome to The United Socialist States of America (USSA).

March 26 (Bloomberg)

U.S. Treasury Secretary Timothy Geithner said regulation of the U.S. financial system needs a broad overhaul to heal a crippling lack of confidence caused by the credit crisis.

“To address this will require comprehensive reform,” Geithner said at a House Financial Services Committee hearing. “Not modest repairs at the margin, but new rules of the game.”

Geithner’s proposals would bring large hedge funds, private-equity firms and derivatives markets under federal supervision for the first time. A new systemic risk regulator would have powers to force companies to boost their capital or curtail borrowing, and officials would get the authority to seize them if they run into trouble.

The Obama administration is counting on public anger over the taxpayer-financed rescues of American International Group Inc., Bear Stearns Cos. and other firms to help it win approval for the changes, which could be the most sweeping since the 1930s. Policy makers want to improve the oversight of the financial system now rather than wait until the crisis is over, administration officials said on condition of anonymity.

VIDEO: Oops! Geithner: Open To China "Global Currency" Plan; Then Retracts

Tim Geithner had another "Biden" moment today. When asked about China's proposal for a "global" currency, Geithner initially seemed open to the idea.

As usual when Geithner speaks, the dollar instantly plummeted.

Soon after, the moderator of his interview quickly asks a "leading question" prompting Geithner to "clarify" his position.

The dollar thankfully recovered.

Wonderboy. Whiz kid. When can we get rid of this guy?

Ben Smith reports on the gaffe:

Geithner, at the Council on Foreign Relations, said the U.S. is "open" to a headline-grabbing proposal by the governor of the China's central bank, which was widely reported as being a call for a new global currency to replace the dollar, but which Geithner described as more modest and "evolutionary."

"I haven’t read the governor’s proposal. He’s a very thoughtful, very careful distinguished central banker. I generally find him sensible on every issue," Geithner said, saying that however his interpretation of the proposal was to increase the use of International Monetary Fund's special drawing rights -- shares in the body held by its members -- not creating a new currency in the literal sense.

"We’re actually quite open to that suggestion – you should see it as rather evolutionary rather building on the current architecture rather than moving us to global monetary union," he said.

"The only thing concrete I saw was expanding the use of the [special drawing rights]," Geithner said. "Anything he’s thinking about deserves some consideration."

The continued use of the dollar as a reserve currency, he added, "depends..on how effective we are in the United States...at getting our fiscal system back to the point where people judge it as sustainable over time."

President Obama flatly rejected the notion of a new global currency at last night's press conference.

UPDATE: Evidently sensing a gaffe, moderator Roger Altman told Geithner that it would be "useful" to return to the question, and asked if he foresaw a change in the dollar's centrality.

"I do not," Geithner said, adding several forceful promises, including, "We will do what's necessary to say we're sustaining confidence in our financial markets."

But Geithner wasn't the only top Obama adviser who refused to rule out a transition to a global currency. White House economic adviser Austan Goolsbee said much the same thing yesterday afternoon in an interview with CNN's Wolf Blitzer. Although he characterized such a change as "unlikely," Goolsbee twice declined to rule out such a global currency despite being pressed by Blitzer. "I haven't seen the details of the proposal," Goolsbee said. The entire exchange follows:

BLITZER: The Chinese suggesting today, this dollar, U.S. dollar, should be replaced as international currency, because they are beginning to have concerns that you are printing, the U.S. government is simply printing too many of these dollars and will lose its value as an international currency.
What's your reaction?

GOOLSBEE: It strikes me as probably unlikely.

Different people have in the past argued for world currencies or new -- new currencies before. I believe the U.S. at this point is the safest place to invest in the world. And it's likely to remain that the dollar is a critical currency in the years ahead.

BLITZER: So, you -- you don't like some new international currency that some Chinese are proposing?

GOOLSBEE: Well, look...

BLITZER: I assume that's right, right?

GOOLSBEE: I haven't seen the details of what they are proposing.

I mean, the dollar is the dollar. If people don't want to buy it, they don't buy it. But I think you have seen sort of a flight to the dollar in -- in times of trouble.

VIDEO: The Bachmann Effect, Rep. Michele Bachmann Grills Geithner On The Constitution And His Banking Plan

Rep. Michele Bachmann is an up and coming GOP superstar!

I love this woman. What a shining star for the future of the GOP.

VIDEO 1: She rips Geithner a new one!




VIDEO 2: Highlights everything from her grilling today of Tim Geithner over the constitutionality of his banking plan to debating border security during her campaign to blasting James Carville for his character assasination of Sarah Palin.




Visit her blog at Town Hall.com

VIDEO: Geithner Wants Broader Powers to Take Over Banks

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
-- Thomas Jefferson

And who says they don't want to nationalize banks and destroy free market capitalism?

More proof of Obama's war on investors. Welcome to The United Socialist States of America (USSA).

Obama says he hopes "it doesn't take too long" to convince Congress to approve new authority to oversee financial firms.

Treasury Secretary Timothy Geithner asked lawmakers to give him powers similar to those of the Federal Deposit Insurance Corporation, which can seize control of banks, take over their bad assets and sell the good ones to competitors.

VIDEO: Sen. Fred Thompson Calls On Republicans To Obstruct Obama Agenda

Sen. Fred Thompson appeared on "Your World" with Neil Cavuto this afternoon to break down the Geithner/Obama bank plan.

Thompson and Cavuto both believe the "new" plan is basically the "old" Paulson/Bush plan, just recycled.

Towards the end of the second video, Thompson calls on Congressional Republicans to obstruct Obama's radical agenda.

Well done, Senator!

VIDEO: Stocks Rally As Housing Numbers Exceed Expectations

In related news, President Obama unveiled Tim Geithner's $1 Trillion bailout plan for toxic assets.

In case anyone hadn't noticed, Geithner conveniently did not speak a word today. Obama and Economic Advisors Christina Romer and Larry Summers handled the media.

Maybe the markets are just happy they didn't have to listen to Timmy "Hermey the Elf" Geithner today.



FOX Business reports:

The number of existing homes sold in February unexpectedly rose last month, an industry trade organization said Monday, as distressed home sales continued to remain the dominant force in the nation’s impaired housing market.

According to the National Association of Realtors, the number of homes sold rose 5.1% to a seasonally-adjusted rate of 4.72 million units in February up from 4.49 million annualized units.

The jump in sales was much better than what economists had predicted, who were expecting existing home sales to fall to 4.45 million units. The data helped boost stocks broadly, pushing the Dow Jones Industrial Average up nearly 300 points.

While the increased sale of homes is a welcome sign to Wall Street -- as many believe that the housing will eventually lead the nation’s economy out of this recession -- the bulk of February’s sales were distressed purchases. The average price for a home sold was $165,400, down 15.5% from a year ago.

“Because entry level buyers are shopping for bargains, distressed sales accounted for 40% to 45% of the transactions in February,” said NAR’s chief economist Lawrence Yun in a statement.

As it has been for the past couple months, existing home sales were stronger in the West than the rest of the nation -- primarily in the struggling housing market of California. Existing home sales in the region were up 2.6% from a month ago to 1.2 million annualized units, and are up 30.4% from a year ago.

In the Northeast, sales rose 15.6% to an annualized rate of 740,000 units and are down 14.9% from a year ago. In the Midwest, sales were basically flat -- up 1% -- to 1.04 million units.

In the struggling Southern market, existing home sales rose 6.1% to an annualized rate of 1.74 million units, according to the trade organization.

VIDEO: Obama 'Very Confident' Bank Plan Will Work

The Obama administration on Monday launched its much-awaited assault on the worst U.S. banking crisis in 70 years, billions of federal dollars to thaw the nation's frozen credit markets and ease the economy out of recession.

So far, the markets like the plan. I'm still skeptical of the long term success.

Another $1 Trillion? Where is this going to leave us in the long run?

Bankrupt?

VIDEO: Sen. Richard Shelby On Geithner “if he keeps going down this road, I think that he won’t last long."

Sen. Shelby joins Sen. Jim Bunning, Rep. Connie Mack, Rep. Darrell Issa and The ConservativeXpress in calling for Geithner to step aside.




POLITICO reports:

Sen. Richard Shelby (R-Ala.) told Wallace “a lot of people question” whether Geithner “is the man for the job.”

Citing Treasury’s role in recommending the removal of a provision to block bonus payouts by TARP recipients, Shelby said “there’s a lot of questions to be asked. I’m not feeling real good about Treasury’s role or the specific role of Tim Geithner at the moment.”

Shelby, who voted to confirm Geithner, said “if he keeps going down this road, I think that he won’t last long. I think he’s probably on shaky grounds now, at least with the Congress and a lot of the American people.”

Shelby added “he’s going to have to do a 180 degree turnaround I believe to be a successful secretary.”

Geithner's Big Plan: We'll Just Print and Spend Another $1 Trillion!

Problem solved, we'll just print another $1 Trillion. Thanks wonder boy!

Maybe we should send a copy of The Constitution to these people. This nationalization, regulation furor is getting out of control!

The Maximum Wage crusade is in full swing.

I have no problem with setting stipulations on companies who receive government aid moving forward.

But this plan calls for Big Brother-style Government to regulate all banks, investment firms and possibly other companies!

Legislation such as the law passed last week in Congress to tax AIG bonuses is unconstitutional. and violates every free-market economic principal!

It's hard to imagine that a government who will run a $10 Trillion deficit over the next ten years will help Wall Street.

Where do they expect to get this money? Inflation is going to rise to levels never dreamed of and that's exactly what Obamunnism is all about!

Break the banks, destroy Wall Street and the investment community, and have a Totalitarian government takeover of the entire American economic system.

You'll see.

WASHINGTON – The Obama administration's latest attempt to tackle the banking crisis and get loans flowing to families and businesses will create a new government entity, the Public-Private Investment Program, to help purchase as much as $1 trillion in toxic assets on banks' books.

The new effort, to be unveiled Monday, will be followed the next day with release of the administration's broad framework for overhauling the financial system to ensure that the current crisis — the worst in seven decades — is not repeated.

A key part of that regulatory framework will give the government new resolution authority to take over troubled institutions that would pose a threat to the entire financial system if they failed.

VIDEO: Press Secretary Gibbs On Geithner and AIG Timeline... "Uh...um...uh...um...uh..."

Chip Reid hammered Robert "Peter Griffin" Gibbs today. Peter fumbles like I've never seen him fumble before! How does Obama keep sending this guy out there everyday?

How does Gibbs keep sending himself out there everyday?

I'm glad that Chip (CBS), Jake Tapper (ABC) and Major Garret (FOX) are asking tough questions.

Maybe the rest of the White House Press Pool will join forces soon!

This is bad! They have absolutely no answers for their AIG lies!

It's a long video, but worth the wait.

The relevant fumblin', bumblin, stumblin' is at the 15:28 mark.



Q So he's not really feeling frustrated that this week the message kept slipping away and getting only chatter.

MR. GIBBS: I didn't go to California, but it looked like he was having a good time.

Q On Geithner, is the administration sticking to -- are you sticking to this March 10th date for when he found out about this? Because I -- he was asked about it in Congress a week before -

Q It was March 9th.

Q March 9th. He was asked a week before, specifically.

MR. GIBBS: And I think the Treasury Department addressed that in the newspaper this morning. Look, I think there's -- there has been -- obviously, the Treasury has talked about taking responsibility for knowing more about the timeline.

Q When Secretary Geithner talked about that yesterday, he really parsed words. He said, on Tuesday, March 10th, I was informed about the full scale and scope of these specific bonuses. He's not saying that was the first time he learned about it --

MR. GIBBS: Well --

Q A very careful parsing of words here, suggesting he did know about it before then.

MR. GIBBS: No, I -- I think if you read carefully the report you're discussing, the Treasury Secretary takes responsibility, as the President does --

Q But he's sticking by that October 10th date -- excuse me, March 10th date --

MR. GIBBS: Right, I --

Q -- even though he clearly knew about it before then. He was asked about it in Congress --

MR. GIBBS: But, again -- but again, Chip --

Q -- and he was overseeing the AIG bailout. I mean, is it --

MR. GIBBS: What committee --

Q It just doesn't seem credible.

MR. GIBBS: That was Ways and Means?

Q Yes. But he was specifically asked the question.

MR. GIBBS: No, I understand. I understand. And I think he's addressed that and I think that's addressed in both the reports today and what he said yesterday. Chip, we're -- we understand and the President shares the outrage and the frustration that everybody has. The administration is taking steps to recoup money that's gone out, as well as to put in place a financial stability plan and to seek progress on getting our economy moving again.

Q Let me just ask you specifically. When he says, on March 10th he was informed about the full scale and scope, is he saying that's the first he learned about it at all?

MR. GIBBS: Chip, the question is predicated on the report in the paper and I think the report in the paper answers your question.

Q So he did know about it before then? 20:54

MR. GIBBS: Chip, I will -- can somebody go get a dollar and buy Chip a newspaper so that he can read the report? Again, I think it's pretty clear --

Q Been read.

MR. GIBBS: Excellent. Then I believe it's been answered.

Q Robert, can I follow on that real quick? Why did you tell us that it was March 10th, then, that you found out? The statement from the White House was very specific, he found out March 10th.

MR. GIBBS: Again, I would point you to the report that the Secretary of the Treasury takes responsibility, as does the administration, with knowledge about the structure and the scope of those bonuses.

Q But we were accidentally or however misinformed about the day that he found out.

MR. GIBBS: Well, let's -- let's not -- I'm just going to leave it at that. I think the report is pretty clear and so are the answers.