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Wednesday, March 18, 2009

Edward Libby, AIG, and Crimes Against Taxpayers

AAPP: You have to give it to U.S. Sen. Chuck Grassley, he calls it the way he sees it. As reported by the Iowa Independent, In and interview, Grassley lambasted executives of sinking insurance giant AIG for taking large bonuses after receiving taxpayer bailout money. He spoke admiringly of what he said was a Japanese custom of committing suicide after a significant public failure.

“I would suggest the first thing that would make me feel a little bit better toward them if they’d follow the Japanese example and come before the American people and take that deep bow and say ‘I’m sorry,’” Grassley said, “and then either do one of two things: resign or go commit suicide. And in the case of the Japanese, they usually commit suicide before they make any apology.”




Now, as reported by The Huffington Post, The chairman and CEO of American International Group acknowledged Wednesday to congressional interrogators that some of the insurance giant's executive bonuses are "distasteful."

"We are meeting today at a high point of
public anger," Edward Liddy, chairman and chief executive officer, conceded in testimony prepared for a hearing by a House Financial Services panel. "I share that anger," he said.

AAPP: Get this, the
AIG Chief Executive Admits 'Mistakes,' Touts Progress - Right!

The
fact is the looting goes far beyond bonuses. Edward Liddy should do one of two things as Grassley said: "resign or go commit suicide. And in the case of the Japanese, they usually commit suicide before they make any apology.” Then we should surtax him and others. But, guess what does it make a difference? The Feds are planning to throw another $30 Billion Into AIG Black Hole.

Meanwhile, get this, as reported by The Huffington Post,

The Treasury Department demanded that Sen. Chris Dodd insert exemptions into the stimulus bill that allowed bailout recipients to receive bonuses, the Connecticut Democrat said on Wednesday.

According to Dodd, officials at Treasury expressed concern that if the government were to prohibit payouts, it risked being sued by companies like AIG, which had contracts stipulating that bonuses were to be paid.

At the urging of Treasury officials, Dodd modified a clause he had previously inserted into the stimulus that prohibited bonuses from being issued by bailed-out companies. An exemption was added to allow bonuses that applied to in-place contracts. More HERE

Maybe we can do something. Let's sign some petitions or something! Or are going to wait for the next $170 billion in taxpayer money to these crooks, so that they can funnel $165 million of it into bonuses to its incompetent executives?

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