AIG CEO Edward Liddy faces Congress on bonus outrage
If you turn on your TV, (we are watching CNN), you can see AIG Chairman and CEO Edward Liddy being treated as a piñata by a Congressional panel. In his opening statements, according to the Associated Press, Liddy told the House Financial Services panel:
We are meeting today at a high point of public anger. I share that anger. ... No one knows better than I that AIG has been the recipient of generous amounts of governmental financial aid. We have been the beneficiary of the American people's forbearance and patience....
"We have to continue managing our business as a business -- taking account of the cold realities of competition for customers, for revenues and for employees.
"Because of this, and because of certain legal obligations, AIG has recently made a set of compensation payments, some of which I find distasteful. I want to assure you that the people at AIG today are working as hard as we can to execute the restructuring plan that, we believe, offers America's taxpayers the best possible income."
See his full remarks here.
-- Robin Abcarian
No bonus to register here now for automatic alerts via Twitter on each new Ticket item.