I happened to see the congressional subcommitte (Capital Markets, Insurance, Government Sponsored Enterprises) hearing on the AIG bonus issue today. And I was surprised by the opening lines of the Chairman Paul Kanjorski of the committe.
He was effusive in his praise of Mr. Liddy and went on to say that he was saying all this just so that its part of the records. Well, Mr. Liddy anyways deserved that praise, for being the CEO without pay of AIG.
However, late in the evening, it became apparent that the culprit was the very congress and administration that was playing holier than thou.
Congressmen and the administration officials, including the President himself were tripping over each other taking potshots at AIG and how greedy these people were. Going so far as asking them to kill themselves like the Japanese!! How dramatic!
When given a chance to set the law straight, the administration and the democratically controlled congress bailed out on their responsibility. But today act as if they had nothing to do with any of this. How lame!
And why may I ask is the President jumping into each and every decision made by each and every CEO? What is his Treasury Secretary there for? Warm his bench? Actually no, he is busy drafting bills which will come back to bite him later!
Its best for the President to concentrate on bigger items and leave the handling of errant companies to his cabinet.
Otherwise he will be dragged into every hiccup before eating his own words.
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