Vicious Congress Slams AIG Angel to Hide Incompetence
Sunday, March 22nd, 2009
AIG CEO Edward Liddy took on the ills of the insurance giant with a sense of public service not seen since titans of industry answered the same call during the great depression. His compensation for this task: $1 per year. None the less, the Congress needed a scapegoat to avoid scrutiny from passing a Stimulus Package that included a clause protecting those bonus payments paid by AIG that prompted the public outrage and these congressional hearings. While none of the congressmen grilling Liddy bothered to read the mammoth $787 billion stimulus bill before voting to pass it, they were more than happy to turn the public’s outrage over the $165 million in bonuses toward Liddy rather than having it reflect on their own incompetence and deception. (more…)