AIG chief gets grilled on Capitol Hill

From NBC's Betsy Cline
Though it's been weeks since the news of those AIG's bonuses produced an angry public -- and political -- backlash, the company's CEO continued to face harsh criticism on Capitol Hill today.
 

AIG CEO Edward Liddy testified before the House Committee on Reform and Government Oversight about the ways the company is spending more than $180 billion in taxpayer money, and AIG's plan to pay it back.
 
Liddy told members that AIG planned to have the money paid back in three to five years, assuming the world economic climate improved or remained as is. When GOP Rep. Darrell Issa, the committee's rank minority member, pressed for a specific strategy to repay taxpayers.
 
But Liddy was unwilling to do so, citing the sensitive nature of the internal company memo. Yet when Issa pressed further, Liddy spoke with counsel and reluctantly agreed to release the plan to members of Congress if it came with a confidentiality agreement.
 
Democratic Rep. Dennis Kucinich, a one-time presidential candidate, accused AIG of defrauding the pension funds of state employees in Ohio. He promised to continue calling Liddy before the committee until he felt all his questions were answered. "We're not going to let you go. You're not going to roll this member of Congress -- guaranteed."
 
Though Liddy promised to meet with Kucinich immediately following the hearing, the congressman assured him, "You won't get away with this."

This discussion is closed.

Discuss this post