MONEY CULTURE

They Got the Wrong Guy

Why Congress' confrontation with AIG's CEO was a failure.

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  • Posted By: I need help @ 04/02/2009 8:55:25 PM

    I have read most of the stories about AIG. I want my story told how AIG, has sold me a annuity investment that is all lies. If you are an employee of AIG these people think they are God. There is no one to stop them from ruining peoples lives. Now all of a sudden AIG is so concerned about the investor's. In order for me to get my money out of AIG I will have to pay thousand s of dollars. I need help from a Lawyer to help me. I have been fighting and arguing with this agent for almost fifteen years. I live in the Los Angeles County area. Please contact me at 909-860-4942

  • Posted By: kfbphoto @ 03/27/2009 4:55:38 PM

    From the UK. It is not only the USA that is suffering from the despotic actions of AIG. I had an nasty accident due to negligence last June in the UK. 60 witnesses etc. No contest. The Oil company responsible admitted liability within weeks. Since then AIG insurance ( UK ) have prevaricated and behaved abysmally, to the point of sarcasm.

    A judge in my extended family said they have no reason to delay. An insurance agent friend says they are crazy, just increasing their own costs. In such a clear cut case ( she went on to say ) any sensible insurance company would pay out quickly to avoid additional costs.

    I suggested a very reasonable settlement at the outset to help me and my business ( I could not walk ) This was ignored. Instead AIG London ( A Mr. Thompson ) told me to get a solicitor ( which under the circumstances was not needed, another £1000 ) Then AIG???s Mr. Thompson required me to see a specialist, even though all X rays and medical information was available free. This cost another £500
    My solicitors costs keep rising as AIG seeks ever more silly excuses. My business is ruined by AIG, not the accident.

    The costs keep rising, ( not just mine ) AIG prevaricates and the American Taxpayer is paying the bills. Or at least the bonuses. AIG is now living off Taxpayers money, stealing bonuses and looking after themselves financially. While not honouring their responsibilities and debts. Is that not public fraud ? So, while many people suffer ??? AIG fills its pockets. How many others have AIG cheated while they live off American Taxpayers money. How many others are they running up bills for and expecting others to pay these bills ? Complete arrogance, stupidity and greed. Bonuses, they should be on trial for fraud on a grand scale.
    I am now writing to The President Barack Obama for help.

    Kevin Fitzmaurice-Brown photo-journalist UK

  • Posted By: kfbphoto @ 03/27/2009 4:41:34 PM

    From the UK. It is not only the USA that is suffering from the despotic actions of AIG. I had an nasty accident due to negligence last June in the UK. 60 witnesses etc. No contest. The Oil company responsible admitted liability within weeks. Since then AIG insurance ( UK ) have prevaricated and behaved abysmally, to the point of sarcasm.

    A judge in my extended family said they have no reason to delay. An insurance agent friend says they are crazy, just increasing their own costs. In such a clear cut case ( she went on to say ) any sensible insurance company would pay out quickly to avoid additional costs.

    I suggested a very reasonable settlement at the outset to help me and my business ( I could not walk ) This was ignored. Instead AIG London ( A Mr. Thompson ) told me to get a solicitor ( which under the circumstances was not needed, another £1000 ) Then AIG???s Mr. Thompson required me to see a specialist, even though all X rays and medical information was available free. This cost another £500
    My solicitors costs keep rising as AIG seeks ever more silly excuses. My business is ruined by AIG, not the accident.

    The costs keep rising, ( not just mine ) AIG prevaricates and the American Taxpayer is paying the bills. Or at least the bonuses. AIG is now living off Taxpayers money, stealing bonuses and looking after themselves financially. While not honouring their responsibilities and debts. Is that not public fraud ? So, while many people suffer ??? AIG fills its pockets. How many others have AIG cheated while they live off American Taxpayers money. How many others are they running up bills for and expecting others to pay these bills ? Complete arrogance, stupidity and greed. Bonuses, they should be on trial for fraud on a grand scale.
    I am now writing to The President Barack Obama for help.

    Kevin Fitzmaurice-Brown photo-journalist UK

  • Posted By: MJPD345 @ 03/23/2009 11:12:52 AM

    Newsweek published an article about the 25 people most responsible for the financial meltdown. These people could and should be held accountable and taxed ( fined ) accordingly. What could be recouped from their malfeasence? Hundreds of billions surely.And shouldn't the list be expanded to 250 ? Because their subbordinates were the ones who carried out their strategy. This disaster amounts to a puppeteer pulling on the strings that made the American taxpayer dance to their dark music..And now the puppet lays like a crumpled and motionless heap on their dancefloor. While their taking in the sun on the afterdeck of some 80 million dollar Yacht.

  • Posted By: lattina1 @ 03/22/2009 2:16:26 PM

    this was ridiculous!! one from thousands that are responsible for this debacle? how about roasting those responsible for deregulating the financial system??? where are they?

  • Posted By: trogers @ 03/22/2009 11:40:11 AM

    Liddy should have known he would face a bunch of indignant, showboats ; many of whom were complicit in the destruction of regulation that enabled the real culprits to loot the companies now on the government dole. The bonus payments were outrageous, but also insignificant compared to the billions of payments made to the firms mentioned in this article. Will we ever see Congress agree to work for a dollar a year until the financial system recovers? Their part of the blame certainly exceeds Mr. Liddy's.

  • Posted By: bagbalm @ 03/22/2009 5:32:39 AM

    Lippy when abused should have stood up - quit - taken a dollar from his pocket - and told Congress where to deposit it.

  • Posted By: bagbalm @ 03/22/2009 5:31:13 AM

    Liddy should have stood up - taken a dollar from his pocket - and told Congress in clear and manly words where to deposit it, and quit.

  • Posted By: Still Free in the USA @ 03/19/2009 12:08:05 PM

    Obama and Dodd (the criminals) specifically re-worded the bailout to preserve the bonuses... now they scream outrage.

    Word, dude!

    • Posted By: Osama Bin Login @ 03/19/2009 4:19:50 PM

      "Obama and Dodd (the criminals) specifically re-worded the bailout to preserve the bonuses"

      Dodd did. Your link to Obama being involved?

      • Posted By: paproudmom @ 03/20/2009 12:22:28 PM

        Dodd even stated that it was pressure from the administration.

        • Posted By: Osama Bin Login @ 03/20/2009 5:42:23 PM

          And you believe him?

    • Posted By: pamp205 @ 03/19/2009 12:26:07 PM

      Word, dude...where'd you get your info about Obama knowing anything? Wasn't in print or or TV. In fact, it's being said he was not told. Guess you've got the inside scoop...from Limbaugh. You're a riot!

      • Posted By: oneofthefew @ 03/19/2009 3:02:56 PM

        No, YOU'RE a Riot, koolaid drinker! Dodd & Obama received the largest amounys from AIG. all the thieves listed on several news reports the day before. Also reported on the news the same day. I'm so sick of those theives. Barney is the biggest cheat of all. He gets a promotion from Obama & screams at Liddy?????? Why in God's name is he not ever investigated? By the way, on that list were repubs & Dems. Mostly Dems. You need to wake up & smell the coffee. Dodd lied for days about that little clause and finally admitted that he put it in, blamed the treasury. Geithner was well aware of clause and so was Obama. Their political theatre is a joke. If heads gotta roll, go after the lawmakers who bought their way into their seats. So sad. When are you guys gonna do something about it? They will never be heeld accountable for the gravy train.THEY are on. Believe me. Money has traded hands in the past few days so we won't know the full extent of damages done by the real crooks, ie, politicians.

        • Posted By: Osama Bin Login @ 03/19/2009 4:20:13 PM

          "Geithner was well aware of clause and so was Obama. "

          Let's see your proof, please.

  • Posted By: Rog123 @ 03/20/2009 9:25:21 AM

    I feel that the bonus controversy is a red herring put out to deflect the public scrutiny on how much of that tax payer money is being spend to bail out financial institutions like Goldman Sachs who should have known better that buying such swaps. In the end it is they (through buddies like Paulson) who are making out. I am unable to under stand why Goldman Sachs, Chase etc. are getting money from both ends (directly from treasury/Fed and indirectly through AIG for the same bad bets. Is there no reckoning for them?

  • Posted By: Carolinalady @ 03/20/2009 8:11:19 AM

    I totally agree with these comment. Let's also remember that it was Congress who put Liddy in this position.

    I'd like to address another angle of the AIG fiasco. Sadly, some of us got hit more than once in this AIG fiasco. My husband has worked for his company for 29 years, and AIG absorbed that company a few years ago. That means that we, as citizens, are participating in the AIG rescue with our tax dollars. We too have been hard hit with our personal retirement fund taking a huge loss in the stock market. Finally, his pension is now part of the AIG program, so if AIG is dissolved, his pension will need to come from the Pension Benefit Guarantee Corporation and it will not be at full value of what he has worked toward for the past 29 years.

    In the meantime, he is just a very small cog in the AIG wheel, and he and thousands of others like him are paying the penalty for the disastrous decisions made by top echelon, unethical executives. We, like so many other American citizens, are being financially destroyed by decisions made by others that we neither want nor approve of.

  • Posted By: Carolinalady @ 03/20/2009 8:10:18 AM

    I totally agree with these comments. Let's also remember that it was Congress who put Liddy in place.

    I owuld like to address another aspect of the AIG fiasco. Sadly, some of us got hit more than once in this AIG fiasco. My husband has worked for his company for 29 years, and AIG absorbed that company a few years ago. That means that we, as citizens, are participating in the AIG rescue with our tax dollars. We too have been hard hit with our personal retirement fund taking a huge loss in the stock market. Finally, his pension is now part of the AIG program, so if AIG is dissolved, his pension will need to come from the Pension Benefit Guarantee Corporation and it will not be at full value of what he has worked toward for the past 29 years.

    In the meantime, he is just a very small cog in the AIG wheel, and he and thousands of others like him are paying the penalty for the disastrous decisions made by top echelon, unethical executives. We, like so many other American citizens, are being financially destroyed by decisions made by others that we neither want nor approve of.

  • Posted By: cbernami @ 03/19/2009 10:55:21 PM

    "Aside from revealing congressional ignorance of all things financial, the hearing showed Liddy to be the wrong man at the wrong place???and it was yet another example of misplaced anger."

    My anger is not misplaced it is directed solely at Congress!!!!!!!!!!!

    Get behind term limits people, and do it now. I don't care for the argument that if we have term limits we may exclude some good congressmen or senators. I say term limits will prevent us having to put up with the 30 year careers of convicted felons, murderers and extortionists whom we pay. I also don't buy the arguement that term limits will keep the "Best and Brightest" from running for office. We don't have the best and brightest in office now so clearly the status quo is not acceptable.

    • Posted By: dredai @ 03/20/2009 3:54:31 AM

      Thank you my brother. I've been making that arguement for years to deaf ears. Politicians don't move unless they have reason to and being that most of these guys who have been around for more than 15 years are usually uncontested in elections they can care less of the concerns of their districts.

  • Posted By: MCGILL @ 03/19/2009 11:44:57 PM

    We are focused on the egg as opposed to the chicken. The creators of this mee include Clinton,Bush,Raines,Dodd,Frank,Pelosi&Reid These are the ones who should be on trial.

  • Posted By: Omaar @ 03/19/2009 11:22:21 PM

    The FED should go back to being [[Nationalized]] and the Government needs to then have [[Gold]] back as the standard.

    A Private Corporation should not make US Currency any more, we all SEE what has happened when Bankers dictate the Markets....

    The FED, Wall Street, The Banking System, S&P, The Dow Jones, Nadaq, Bear & Sterns, AIG, Land Developers, Speculators and Mortgage Companies are to BLAME for this Nation's Misery and Woe...

    And those Damn Land Developers, Snake Oil Men, is what they are, making those Damn Cookie Cutter Castles, as well as Over Pricing them, knowing full well these Over Priced and Cheaply Constructed, Cookie Cutting Castles, would Top Out and Belly Up, within 2 -3 Years, after the Home Owners Purchased and Refinanced these Quickly Made and Cheaply Assembled Horror Stories !!

    All the institutions are Inter-Connected and is to Blame, but no one Dare makes a Sound

  • Posted By: Omaar @ 03/19/2009 11:01:13 PM

    A senior House Republican aide said that Minority Whip Eric Cantor (R-VA.) did not whip the vote and that members were free to vote however they chose. Cantor voted yes. Minority Leader John Boehner (R-Ohio) voted no.

    A united bloc of House Republicans could have killed the bill -- and that's just what Democrats were hoping would happen, Simpson said.

    "The only reason it's on suspension is so if it fails, they can blame us. And they don't want it to pass, otherwise they'd run it under a rule," he said. Under normal rules, a bill only needs a simple majority.

    "Expediency isn't the issue. It only takes an hour to do a rule," said Simpson "So it's phony. It's a phony bill. They know it won't become law."

    Note: "The bill passed well beyond the two-thirds margin necessary," said Kristie Greco, spokesperson for House Majority Whip James Clyburn. (In all, 243 Democrats and 85 Republicans voted "yes" on the bill. It was opposed by six Democrats and 87 Republicans.)

    "The American taxpayers are outraged by the AIG bonuses and the House act

  • Posted By: mac101 @ 03/19/2009 10:12:36 PM

    "Now that, at least, would be good theater."

    And that's all any of this is - theater. The jury is still out as to whether it's any good as entertainment.

    The entire exercise has been a waste of time - but Americans have made Pointing Fingers the number one spectator sport in the nation.

    Can we please move on to solution, rather than remaining in the problem? The scripted outrage of congressman after congressman is getting old fast, as is the populist anger.

  • Posted By: Oldenoughto @ 03/19/2009 8:15:28 PM

    We have a term limiting provision in force now. It's called "Election".

  • Posted By: JPACTS @ 03/19/2009 8:03:28 PM

    Can anyone say good ol boys club or he who has the gold makes the rules ? That's become the mantra of big corpoarte America

  • Posted By: Oldenoughto @ 03/19/2009 7:50:19 PM

    With everybody screaming about the executives of failing financial companies drawing fantastic bonuses, my wife asks this question. "What have the members of Congress done to deserve their $4,500 raise?" Anyone?

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