Wednesday, March 18, 2009
AIG chief insults America with testimony before House Committee
The horror story of AIG continued today with CEO Edward Liddy telling the House Financial Subservices Committee that $165 million in bonuses, including some to people who were no longer with AIG, was absolutely necessary to retain valued employees. He also refused Rep. Barney Frank's request to turn over the names of those who received the bonuses, claiming he had fears for their safety.
And in the biggest revelation, Liddy said Federal Reserve Chairman Ben Bernanke had known about the impending bonus payments for months.
Apparently, there is a double standard when it comes to bailouts in the United States. When it is time to bail out the auto companies, workers are forced to make one concession after another in order for the companies to receive the money. When it come to the big financial companies, not only are there no concessions, but taxpayers have to foot the bill for a bunch of failed employees to receive million-dollar bonuses.
I suppose it is no wonder Liddy fears for their safety. If any of them had a shred of decency, there would be nothing for taxpayers to worry about. Unfortunately, decency is in short supply these days.