AIG CEO Says Bonus Money Was Planned Even Before Funds Were Issued!

At a House Financial Services Subcommittee hearing on March 18, 2009, AIG CEO Edward Liddy answered questions from Rep. Paul Kanjorski (D-PA) about the $165 million in bonuses the company paid some of its executives recently. The payments sparked outrage from the American people, since handing out bonuses with taxpayer money hardly seems like an efficient use of funds meant to be an emergency measure to prop up the giant company and avert a greater financial collapse.

This clip is interesting for two reasons. First, in one of his answers, notice how Liddy brings up the threat of further financial troubles if AIG isn't helped, even though it has nothing to do with the question he was asked. It is as if he is deliberately trying to scare the American people into further helping AIG. Second, Liddy admits the bonuses were planned, with Federal Reserve approval, even before the TARP money was appropriated, a statement which should boil your blood even more than it probably already is.

Category:

News & Politics

Tags:

• AIG
• bailout
• economy
• depression
• recession
• TARP
• bonuses
• taxes
• $165 million
• democrats
• republicans
• obama
• congress

[pig5689]

How would we feel if we loaned $1,000 to a friend who used the story he was desperately trying to provide for his family, & instead of using the loan for groceries, clothing, rent, etc. he took all $1,000 in cash and blew it partying & gambling at the casino. Then when you went to him furious & demanded to get the expected repayment of your loan he laughed at you and forced you to stand there while he peed on the faces of you and your family. This is exactly what AIG has done to the taxpayers.

[freshlivn]

aaaaah! that is bull @#%&, I hope this vid makes the main stream, keep the bonus, contracts are backed by the gov'nt, thats part of the foundation of democracy. Those fucks in the fed knew this, I knew this, those bonus contracts were written a year ago. And screw congress for passing that bailout without forseening this. This is just a smoke screen for the purchase of the US debt just did. Were all screwed!!

[luke666808g]

did he just threaten to lose all their money?

"Pay us the bonuses, or let AIG go bankrupt and lose all your money"