From the pinnacles of power by Fortune editor at large Patricia Sellers
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May 13, 2009, 6:21 pm

Power Point: Trust is not enough

“We are hearing, ‘Trust us,’ but we are not willing to let $180 billion go just on trust. We will question; we will inquire; we will verify.”

-Rep. Edolphus Towns, D-N.Y., chairman of the House Oversight Committee, in a hearing with AIG (AIG) on Wednesday. The embattled insurance giant, which recieved a $180 billion-dollar bailout, claimed it had made “substantial” progress, but Congress wanted more proof. CEO Ed Liddy failed to submit the roadmap of the company’s repayment and restructuring plan that Towns had requested. Liddy argued that revealing AIG’s operating details publicly would “put us at a severe disadvantage to repay the American public.” The world’s biggest bailout lives on.–Jessica Shambora

Come on… Give em a break!
The Financial Services segment’s first quarter operating income improved by $7.6 billion from 2008. Sounds like “substantial” progress to me!

http://justsomethoughtsbybob.wordpress.com/2009/05/13/aig-bonuses-reap-immediate-results/

Posted By Bob : May 13, 2009 7:26 pm
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Pattie SellersPatricia Sellers has written some of Fortune's most talked-about cover stories, including "Can Meg Whitman Save California?", Melinda Gates ("The $100 Billion Woman"), "MySpace Cowboys," Martha Stewart ("I cannot be destroyed"), Ted Turner ("Gone with the Wind") and Oprah Winfrey ("Oprah Inc."). And she has broken ground with insightful pieces on career management issues such as ego ("Get Over Yourself!"), and "Charisma: Do You Need It? Can You Get It?" Pattie chairs the annual Fortune Most Powerful Women Summit, the preeminent gathering of women leaders in business, philanthropy, government, academia, and the arts. And she has helped oversee Fortune's "Most Powerful Women in Business" cover package since its launch in 1998. She started at Fortune in 1984, covering the big consumer brand companies.
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