This whole display of political hackery on Capitol Hill begs one really big question. Why is Edward Liddy getting lectured when Joe Cassano is the guy who brought AIG Financial Products, and the world economy, to its knees??
IMHO, Liddy is doing what he can to fix a really bad situation. Meanwhile, this Cassano guy walked away with over $300 million and is a major reason why we all got screwed. They should haul all these people to jail (i.e. all the people who worked at AIG under Cassano in the AIG FP division).
From NY Daily News:
Before he was finally fired last March, Cassano pocketed $280 million in cash and an additional $34 million in bonuses.
Under a "retirement" agreement marked "confidential," Cassano also got a $1 million-a-month "consulting fee."
AIG subsequently cut off these payments, but Cassano still walked away with more than $315 million while the company staggered under $440 billion in liabilities. Taxpayers had to pour in $170 billion in bailout money.