Live AIG House Hearing: Elijah Cummings vs. Ed Liddy, Round 2
Ed Liddy already telling Ed Towns that he will only share the "broad strokes" of what AIG’s plans for "Project Destiny" are going forward, because despite the fact that taxpayers own 80% of the company, a private agency — the Federal Reserve — told him not to.
Towns: Are you trying to hide something?
Liddy: I’ll ask my lawyers if I can tell you more.
Towns: Do you honestly believe you have the right to deny the taxpayers the details of what’s being done with their money?
Issa: I think you’re doing a great job. But why don’t you ask Tommy Boggs, who is by the way wonderful, what he’ll let you say? (Note: Tommy Boggs of Patton-Boggs was named the #1 lobbyist in DC by the Washingtonian in 2007).
Shorter Ed Liddy: What information AIG will give Congress is dependent on what a private agency and a lobbyist say we can.
Oh, it’s on…Cummings is up.
Cummings: What is being done such that bonuses follow Chairman Bernanke’s guidance that they be based on performance?
Liddy: Oh that was only a problem in FP.
Cummings: So how much can people who are losing their jobs and their homes expect to see about bonuses and retention payments in the next year?
Liddy: Well, we’re trying to make more of them performance based.
Cummings: Did AIG write swaps to any creditors of Chrysler or GM?
Liddy: Beats me.
Cummings: When we met on January 5, you said you expected that it would take 5 years to pay back the taxpayers. What about now?
Liddy: 3 to 5 years. (Nose curiously starts to get longer…)
Fortenberry: Hey Ed, you’re a great American, I understand you’re not being paid for this, thanks for taking it on. (Fortenberry didn’t seem to get the memo that Liddy owns AIG stock, is eligible for a bonus in 2010 and own $3.3 million in Goldman Sachs stock — a company he wrote a $12.9 billion check to upon taking the helm of AIG.)
So why does the bonus number paid out keep getting larger?
Liddy: We keep squirming around and adding qualifiers to everything we say, you have to listen more carefully.