AIG: Political Outrage and Financial Stability
Listen to/Watch entire show:
On Capitol Hill today, it was all about AIG. We hear about millions in executive bonuses, billions in bad debt and proposals for new regulatory authority. Also, moderate Democrats in the Senate are getting organized to restrain what they call “liberals” in Congress and the Obama White House.
Banner image: Edward Liddy, chairman and CEO of the American International Group participates in a House Financial Services Committee hearing on Capitol Hill. Photo: Chip Somodevilla/Getty Images
AIG's CEO Faces Congress ()
President Obama spoke to the public outrage over Wall Street excesses today on his way to town hall meetings in California. The President said he wants a new agency with new regulatory powers. Meantime on Capitol Hill, Edward Liddy, the CEO of the failed insurance giant AIG, testified before a House subcommittee. Kevin Hall is national economics correspondent for the McClatchy Newspapers.
AIG: Political Outrage and Financial Stability ()
President Obama said today he shares public outrage over bonuses paid to failed executives with public money. Meantime, the head of the failed insurance giant AIG told Congress he would never have approved the contracts that required those bonuses to be paid. Is there a way to get the money back? Why are executives given incentives for assuming so much risk that they threaten the world's financial stability? What's AIG doing to pay back at least some of its $200 billion government bailout? We ask those and other questions.
- Mark Pittman: Financial Reporter, Bloomberg News
- Andrew Ross Sorkin: Mergers and Acquisitions Reporter, New York Times
- Dean Starkman: Managing Editor, The Audit
- Mark Blumenthal: Editor, Pollster.com, @MysteryPollster
Centrist Senate Democrats Declare Independence from Obama ()
In the Congress, the Democratic majority is divided between liberals and moderates, who call themselves Blue Dogs and often vote with Republicans. In the Senate, the party had been more unified. President Obama says the financial crisis makes it more urgent than ever to take on expensive projects like healthcare, education reform and global warming. Today, a group of moderate Democratic Senators, led by Evan Bayh of Indiana, declared they have their doubts. Roll Call's Emily Pierce has more on this new challenge for President Obama.
CD copies of To the Point are available by calling 1.888.600.5279.
Engage & Discuss
BROUGHT TO YOU BY