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Wednesday, March 18, 2009

AIG Here We Go Again!

Here they go again!

As reported by the Chicago Sun Times and The Huffington Post,Eddie Liddy,CEO of American International Group, warned a congressional panel Wednesday of "dire consequences" if the bailed-out insurer is allowed to fail.

Liddy's warning came in response to questioning by Rep. Paul Kanjorski (D-Penn.), chairman of the Financial Services subcommittee, who asked Liddy if he fully understood the consequences of the decision to pay $165 million in bonuses to AIG executives.

"It may have jeopardized our ability to get a majority of this Congress to support further largess, to provide funds to prevent a recession, depression or meltdown," said Kanjorski. "Are you aware that that's the consequence of your decision?"

"I am, but I think there's also a question of another relevance," said Liddy. "If something happens to AIG and it goes bankrupt or goes belly up, and puts at risk all the money that has already been put into it, that also can have dire consequences." More HERE




AAPP: I agree with Jim Rogers who recently said, American International Group should be allowed to go bankrupt because keeping it and other sick financials alive on government support risks ruining the US economy, the legendary investor told CNBC. More HERE

It's time to let them sell their
New York Headquarters Building. One has to wonder why Obama administrative officials sought to keep AIG bonuses.

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