The Chairman and CEO of AIG, who was appointed by the Bush Administration in Sept. 2008, wrote an Op-Ed in todays Washington Post. I am not exactly sure if it is a request for forgiveness or an explanation of their screw up... lol
Edward Liddy, who is the newest head of AIG has a tough job, no doubt about it. But, if as he says he feels like the bonuses should have been renegotiated, then why didn't he do that when he took over?
I may be naive, but I still don't think blaming Pres. Obama and Tim Geithner is the answer here. Yes, maybe they should have been a little more aware of all this, but also, I think since the Fed has been the lead in this, doesn't Bernanke hold the major responsibility in it. Wasn't it under his watch this all started and still continues?? Why didn't he do something about the contracts when he started this mess last year??
I haven't a clue. I just know it is another mess that we are left with, and it will be interesting to see what the hearings will bring today. If you would like to read Liddy's letter to the American People, (or at least I suppose that is what it is supposed to be) you can access it here.
I just think we all need to continue to think a little. Yes, I am angry about this entire mess, but remember, you have to play the cards you are dealt sometimes, and Pres. Obama was dealt a mess. This is just one of them. Until he can draw some new cards this is one of the ones he has to deal with. We just have to support him and his choice of Treasury Secretary Geithner.
As I have said before, I think Tim Geithner is getting a bum rap. Remember everyone thought he was a great pick, until he didn't give them what they wanted. Now they don't like him anymore.