WASHINGTON (CNNMoney.com) – Edward Liddy, chief executive of bailed out insurer American International Group, will tell Congress Wednesday that he found the company's controversial bonuses "distasteful," but necessary because of legal obligations and competition, according to a written copy of his testimony.
"We have to continue managing our business as a business - taking account of the cold realities of competition," Liddy will tell the House Financial Services subcommittee. The hearing is set to begin at 10 a.m.
"Because of this, and because of certain legal obligations, AIG has recently made a set of compensation payments, some of which I find distasteful," he added.
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Arrest Liddy for theft and treason.
Sure you do.
I find all the outrage outrageous.
Since those big execs received their bonuses I would assume they did the job they were hired for so now pay back the bailout money.
Well we can't knock Liddy since he just got the in September. I'm glad someone from AIG is finally speaking up about this. I still say Congress should tax the bonuses 100% and be done with it.
I have a suggesting for congress to bailout the American people. We already tried with the rich and wealthy and the money never trickled down. I say the government pay off every American family debt and we all start from scratch. I know if my debt was paid off, I would have more money to spend to stir back up the economy!! Sometimes you have to work from the bottom up!! I say the government give us vouchers where we have to pay off our debt instead of using the money for other things and our own cash can stir up the ecomomy!!
Stop picking on AIG. It was OBAMA and CONGRESS who screwed up this mess...no control over funds given away.
INCOMPETENT POLITICIANS. GET IT???
What do Republicans and AIG have in common.Everything and they both dont get it.
Liddy is making a $1 per year, learn some facts before you rush to get your pitchforks! Geitner is the one ultimately responsible for this, he planned and executed this system for AIG when he was in charge of the NY Federal Reserve and oddly enough he declined to attend today's grilling, I wonder why that is!
Liddy shares the congress anger. What fake outrage
What about the raises congress and the senate are getting.
Shouldn't the public be just as outraged at them for taking MORE money in these economic times.
Also what about all the other bail outs and the bonuses that were taken by other bailed out firms
Wall Street, Obama, the DEMS and the REP should all go out and commit suicide
Actually, Chris Dodd and Barney Frank should be the ones facing a congressional committee. They are the ones that let this happen.
No one is defending AIG's bonuses.
But, Obama and Congress knew about these bonuses for months and did nothing about it. The bailout bill (which no one at the White House or in Congress actually read) allows for it. Suddenly it's a problem when the media gets involved.
Contracts are contracts and the law is the law. Is the government going to start breaking legal contracts now because the public doesn't think it's fair? Is AIG the only failed company that should pay a penalty?
Let's get real here. Enough with the "treason" talk.
So are we supposed to be surprised about all this? Wake up, sheeple! The rich and powerful have been robbing us blind for years. And you can be sure they'll get to keep their bonuses and they'll pay no taxes on them, either. The corporations run this country and the corporations get what they want. Always.
He shares our anger? well, then I'd like him to beat the crap out of himself for me, because I don't have time to go to DC today.
Wow.......necessary eh.
I wish the company I worked for found it necessary. Instead we have all had to endure pay cuts and our bonuses being taken away, just so our company can "hopefully" whether these economic hard times.
But i guess that's not a problem for them since they are too big to fail.....If they have financial trouble they can just run to the government.
I'm not buying this bologna and neither should congress.
I think this is soooo funny – obama trying to look like the fiscal watchdog over $165mil when it represents less than 1% of what obama has given the company in funds. It's the ultimate bait and switch and obama has all the liberal idiots fooled...
If Liddy is so "outraged" by the actions of his company's theft policies against the American people, he should resign and surrender ALL the compensation he has received from AIG. What do you think of the chances of THAT happening? So his alleged "outrage" is nothing but hollow "staging" before a correctly hostile Congress. Of course, since the relevant legislation giving AIG the money in the first place had a mysterious provision allowing such bonuses, it's also a little hollow-sounding for Congressional committees to be too "high and mighty."
@ Dutch
Can't "tax" 100%...that's just "confiscation." The trick is going to be keeping it Constitutional and that is going to depend heavily on the rate they choose.
Before we tar and feather Liddy, how about Barney Frank and Chris Dodd do the country a huge favor and resign? Talk about two idiots.
And then perhaps Obama and Dodd can give back their AIG campaign contributions? That would be preferrable to their phony outrage.
Although I am angry at the undeserving executives who received hefty bonuses at AIG and the banks, I am angrier at our administration, past and present, for failing to stipulate stringent conditions on how the money could be spent by the recipients.
What is it about guys named "Liddy" that they all turn out to be crooks??
When you are a company that is majorly owned by the American taxpayers and the American government then you need to get their approval before doling out more bonuses. When it comes to getting bonuses all of the companies I know of will not give out bonuses if a company is not doing well. Yes, a company wants to do everything you can to encourage your employee, but they should never give bonuses out when a company is as far deep in the hole as AIG and when they have received millions upon millions of dollars in taxpayers money for a supposed bailout. Ever since receiving this bailout, AIG has done nothing to prove that they deserved it. They just throw it all away on silly, stupid things (getaways for their executives and now bonuses for executives, most of which aren't even still there).
And as for Liddy and him saying he "shares the anger" ... B.S.!! Give me a friggin break. If this jerk shared this anger then he wouldn't allow this to happen.
Liddy and the rest of his executives at AIG (including those that have left) all deserve to burn in hell as far as I am concerned.
I am currently unemployed and I tell you one thing ... I don't care if AIG was the last company on the face of this earth. I'd rather starve and be homeless than to ever work for those people.
Suuuure he "shares that anger." Yeah, right.
I don't know what this guy's personal net worth is, but if those bonuses had been coming out of his wallet instead of ou you can bet he'd have found a way to avoid paying them.
This creep needs some serious jail time.
Congress members from both houses should go to AIG headquarters, carry signs and walk a Congressional pickett line demanding every penny back and then let AIG fail.
Chris Dodd doesn't share that anger. Dodd wrote the provision that specifically allowed AIG to pay these bonuses. Dodd screwed up Fanny and Freddie now he screwed this up. Its time CT screwed Chris Dodd.
If you SHARE the ANGER then ABROGATE the contractual obligation!