AIG Chairman and CEO Edward Liddy Testifies before Congress Wednesday, March 18th.
The above clip is Florida Democrat Alan Grayson questioning Liddy about the names of the executives who steered the AIG financial products division and all of AIG into virtual governemnt bankruptcy. The only name Liddy offers is Joseph J. Cassano and regular readers already know him well as the reprobate in charge of the London AIG FP division who earned in excess of $300 million writing unhedged credit default swaps CDS. Fear not Jim Chanos says Cassano will be wearing an orange jumpsuit soon.
I will be surprised if Liddy survives two more weeks at AIG. Hand picked by Henry Paulson six months ago to lead AIG, he has no incentive to continue as the national pinata of taxpayer anger. Where's the upside? Why is he subjecting himself and his solid reputation as former CEO of insurance giant Allstate to these constant attacks?
For the record, Liddy's 2009 compensation for this abuse is a buck, one single, solitary and soon to be worthless dollar.
Do not misinterpret my sympathy.
Paul Kanjorski's opening comments. The money quote from Kanjorski:
Kanjorski continues saying he has been aware of the pending bonus payments for more than 3 months. It was a direct shot at tax-cheating Treasury Secretary Tim Geithner's claim to have first learned of the bonus payments on March 10th..
Liddy's opening statement.
Paul Kanjorski on Squawk Box Wednesday morning with Kernan and Quintanilla.
Edward Liddy should take responsibility for making a bad decision, says Rep. Paul Kanjorski, House Financial Services Committee Capital Markets Subcommittee chairman (D-PA).
