Look Who's Scheduled to Appear Before Congress on Wednesday...March 16, 2009 - by Donny Shaw
It’s none other than A.I.G. Chairman and Chief Executive Officer, Edward M. Liddy. I’m not sure exactly how long this has been planned, but, for Liddy, this is awful timing given the recent news that his company, which has taken $170 billion in taxpayer bailout money, is paying out $165 million in bonuses to their executives:
Washington, DC – Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that the Subcommittee will hold a hearing to fully examine the American International Group (AIG), how it got into its current situation, why it has received so much federal assistance, and how to move forward.
“The federal government has provided AIG with access to well over $150 billion in federal aid to protect the global economy,” said Chairman Kanjorski. “Unfortunately, taxpayers do not understand how AIG ended up in such a terrible situation, nor do they understand why the federal government continues to give it money. We must assess AIG’s progress, as well as how we move forward to ensure that any taxpayer money AIG receives is spent efficiently and effectively.”
I think it’s safe to assume that they’ll also be chatting about those bonuses.