"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
"None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house."
-- Jake DeSantis, an EVP in AIG's (AIG) financial products unit, in a resignation letter yesterday to AIG chief Ed Liddy. The letter, published in Wednesday's New York Times, is riveting. DeSantis tells Liddy that he'll MOREJessica Shambora, Writer-Reporter - Mar 25, 2009 6:31 PM ET
"It was distasteful to make these payments."
AIG (AIG) chief Ed Liddy, testifying today before a House Financial Services subcommittee. He was, of course, talking about the infamous $165 million in retention bonuses that the bailed-out conglomerate paid out to employees. Liddy—who took charge in September and is working for $1 a year and no bonus—told Congress that employees who took home more than $100,000 in bonuses have been asked to MOREPatricia Sellers - Mar 18, 2009 6:29 PM ET
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