Secondly, why does Cuomo have to inform Frank whats going on? Isn't it Frank's job to know! After all, he is the chairman of the House Financial Committee, which oversees the entire financial services industry, including the securities, insurance, banking, and housing industries.
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Liddy (CEO) said they had to pay a "retention" bonus to keep the best and brightest people with the company. Out of 73, 11 have already left the company. One guy who has already left according to Cuomo got 4.6 million! (By the way, these were the same people that invested in credit default swaps and CDO's, something that Warren Buffet said, "Was the black hole of investments." )
This is the same kind of toxic crap that brought Lehman Brothers down. Speaking of Lehman Brothers, they are done, gone, and have no one to blame but themselves. They were in existence for 150 years. Now they're gone. No one cares. The sky didn't come crashing down. It didn't cost billions in taxpayer dollars. Why? Because the free market system works!
The bottom line on AIG comes down to a multiple choice. Select A or B.
Sept 2008
A. AIG a major player once worth billions goes belly up because of greed and poor business decisions. Thousands loose their jobs.
Sept 2009
B. After the US taxpayer paid approximately $180 billion, AIG a major player once worth billions goes belly up because of greed and poor business decisions. Thousands loose their jobs.
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