Friday, March 20, 2009

Congress Critters Attempt 'Legal Lynching' of AIG's Liddy; Fail Miserably

Rep. Barney Frank(D) heads up this congressional parade of buffoons.

"What was supposed to be a legal lynching of AIG boss Edward Liddy over the firm's bonus plan turned into a humiliating defeat for the lynch mob. Liddy came off as a smart straight shooter, a man who gave up retirement for $1 a year to rescue AIG so it wouldn't bring down the financial system.

He also proved himself a cut above those who aimed to make cheap headlines at his expense. I'd pay to see him question Congress on its role in the economic mess.

Most important, he revealed the dirty little secret that much of Washington knew and approved of AIG's promises to pay retention bonuses to members of its financial products unit. That revelation came early in Liddy's testimony and punctured the hot air balloon.

Liddy's matter-of-fact claim directly implicates the Federal Reserve, which he called the "gatekeeper" for the 80% of AIG owned by the taxpayers. He also said Treasury Secretary Tim Geithner knew of the bonus plan nearly two weeks before it became public.

Over to you, President Obama."

Most ethical congress evah!

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