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.
160 Billion given with no strings....??? The blame lies w/those that approved this debacle in the first place
and what's this guy's salary and bonus?
Enrichment of a few and impoverishment of many is the stuff of revolution. Madame guillotine where are you ?
Off with his head, he should be fired. Surprise, surprise the American people are angry that the thieves ran off with taxpayer dollars. The cowards didn't speak up before they got the money, but like spineless guttersnipes, they snuck off in the dark of night with our money.
This Liddy guy should have his head examined and should never have a moments peace, until we get our money back.
Doling out that money was more than "distasteful", it was criminal.
This is what we get for voting for Republicans for 8 years. That moron Bush didn't have a clue about the average person.
No Bail Out can save them.
They are going to fail anyway.
AIG is Defunct. AIG executives are Crooks.
AIG System, Procedures and Operations are Fraudulent.
Put them to Trial, Sooner than Later.
If Congress and the administration is responsible for overseeing our tax dollars, shouldn't we ask each current member of the House and Senate, as well as the President and Vice President, to take a payroll deduction until all of the AIG bonus money is paid back? Afterall, they failed to have oversight on our behalf.
I wish he'd share the bonuses with us, too!
It's interesting how a few posters are angry about political donations made by AIG to Obama and other Dems. My instincts tell me that they also made contributions to Reps as well as politicos all over the world. Also, no poster seems to have the same amount listed. I've seen amounts from $45,000 and $125,000 for the 'donations' to each – which is correct? And who else was given a contribution? I think they are implying that because Obama got a contribution that he is secretly supporting the AIG bonuses? I'm no politician, but I would guess $125,000 contributions would not be enough for anyone to 'look the other way' for millions of dollars in bonuses to non-deserving executives.
As much as the execs in this unit tanked the company, I THINK the bonuses could have been rejected. Let them try to sue – The threat of exposing their activities probably would have deterred them from pursuing the pay.
Mistakes were made by this administration, but the lack of control by the managers, including Liddy, is amazing. If the company is broke, it's broke. I read that these bonuses aren't significant compared to the total investment, but this is rediculous. Name names and let vigilante justice prevail.
You're frustrated?? No , you're not. Gimme a break.
Why don't those people step forward and apologize for taking the bonus? They won't because they feel justified in some sick way.
This is so unbelievably infuriating. These guys are criminals!
He's making a $1/yr