Lawmakers were shocked, shocked, shocked that Wall Streeters at insurance firm AIG took bonuses with one hand while grabbing a government handout with the other.
Tales from the Trail
The main event in Wednesday’s Washington circus has to be at the House of Representatives Financial Services Committee, where AIG chief executive Edward Liddy is set to testify this morning. The title of the hearing — “America International Group’s (AIG) Impact on the Global Economy: Before, During and After Federal Intervention” — doesn’t quite convey the catcalls and outrage expected. The $165 million in bonuses to AIG execs is the flash point, even though the company could get more than a $170 billion in taxpayer bailout money.