The first panel on AIG hearing.

The Financial Services Committee beats up on AIG.

We don’t have the AIG retention contracts. But we do have Joseph Cassano’s termination contract, which was probably negotiated at the same time. Here’s what it tells us is probably in those retention contracts.

Edward Liddy’s op-ed in the WaPo reveals two significant details: those contracts were negotiated at least as early as March 17, 2008, just in time for AIG’s public confession that AIGFP was FUBAR. And the real issue here is not the contractual obligation to the banksters, but the risk still present in the CDS strategies.

Pretty much the only news this week has been outrage over the bogus bonuses paid to individuals in the AIG Financial Products division (yes, they have already been paid) and discussion among the political class as to how to remedy the situation. The moment we have all been waiting for has arrived: Tim Geithner has announced his master plan. Sounds like he stole it from Gomer Pyle.

I’m guessing that the American taxpayers just paid 11 AIGFP former employees retention bonuses even though they have already left AIGFP because they left “for good reason.” Huh!?!?!?

Over the weekend, Tim Geithner told the American taxpayers that AIG just had to pay out those millions in bonuses. But now we learn from Andrew Cuomo what was in those contracts, and it sure sounds like Geithner was lying to us.

May you be graced with trolls who will help you find the only Beamish on tap in Boston.

A nice touch, announcing this on St. Paddy’ Day:

President Barack Obama today announced his intent to nominate Steelers owner Dan Rooney as ambassador to Ireland.

In a statement from the White House, Mr. Obama said, “I am honored and grateful that such a dedicated and accomplished individual has agreed to serve as the representative of the United States to the Irish people.

Some lawyer who looks remarkably like Greg Craig doesn’t want you to know whether or not Obama will prosecute whistleblowers.