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Obama’s AIG timidity
I’ve been pretty amazed at how silent the Obama administration has been about Robert Benmosche’s antics since becoming the well-compensated CEO of American International Group–the defacto government owned insurer.
But after reading this story in The New York Times, I was shocked to learn that many in the Obama administration are warying of looking like they are injecting themselves into the company’s affairs. That’s the case, even though many on Team Obama are upset with Benmosche’s $9 million pay package and his desire to move slowly in selling AIG’s assets.
WTF? Intefere, please. The taxpayers didn’t bailout this company so its high-living CEO can do as he pleases. The Obama administration has never sought to put anyone on AIG’s board–maybe it should.
James Kwak at Baseline Scenario is equally puzzled and disturbed by the administration’s hands-off approach to AIG.