AIG CEO to Testify Before Congress Today

[radfringe]

Source: ABC NEWS Business Unit

AIG CEO to Testify Before Congress Today
Edward Liddy to Testify in Wake of Bailout, Bonus Outrage
By ALICE GOMSTYN
ABC NEWS Business Unit
March 18, 2009


As outrage continues to swell around bailed-out insurance giant American International Group, the company's chief executive will take the hot seat today in a hearing before a House Financial Services subcommittee.

The testimony of Edward M. Liddy, who took over as AIG's CEO in September as part of the government's initial rescue efforts for the embattled firm, will come days after news broke that AIG awarded $165 million in retention bonuses to employees of the AIG Financial Products unit.

The Financial Products unit is blamed for plunging AIG into the financial turmoil that eventually led the government to lend and invest some $170 billion in taxpayer money in the company.

Part of the purpose of today's hearing is to examine how AIG arrived at its "terrible situation" and why it is receiving so much taxpayer money, according to a statement issued by the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.



Read more: http://abcnews.go.com/Business/Economy/story?id=7102844&page=1

[cboy4]

1. What CEO Edward M. Liddy will look like 2 minutes into testimony:

[Soylent Brice]

3. !

:rofl:

[Mr. Hyde]

2. Which is worse, the millions in bonuses or the billions to foreign banks?

It all sucks but I'm voting for billions to foreign banks.