He's a no nonsense person whereas AIG is nothing but nonsense. I've heard the arguments in favor of retention bonuses or whatever they want to call them and it's a common story that's been floated for years. If the superstars who led AIG into the abyss are convinced of their self worth and want to try the market, go for it. It's possible, maybe even likely, that AIG will lose some business as employees try those greener pastures but that's a normal fact of business on any given day. Let's not forget that for every person leaving (and there are only so many hot jobs out there today) there are perhaps a dozen queuing up to get in. With Wall Street shedding jobs there is no shortage of job seekers in this employers market.
I've listened Cummings on a number of occasions discuss the AIG situation and never once has he sounded aggressive or unreasonable. AIG is completely out of order here and playing games with the bailout money that was necessary to save AIG and others from total ruin. It's time AIG steps up and acts responsibly with taxpayer money. They're all making much more than most Americans, bonus or no bonus, so quit the games or give back the cash and go under.
American International Group Chief Executive Edward Liddy insists his troubled company is not trying to hide anything from Congress, as Rep. Elijah Cummings has charged.
"We had a meeting set up last Thursday with the Congressman," Liddy told CNBC in an interview. "I got a letter on Tuesday asking for more information. We simply couldn't provide the information in time for a meeting on Thursday."
Congressman Cummings' office disputed Liddy's account of the timing of the request, saying letters were sent to AIG on December 5 and December 9 requesting the information. A letter concerning the matter was sent last week to the chairman of the Oversight Committee, but was not addressed to Liddy or AIG.
When the meeting was postponed, Cummings accused the company of "stonewalling" and denounced AIG and others for "stall tactics."
