Yesterday I posted Another AIG Victim Of Our Dem Leaders.
The short of it: An AIG exec said he had nothing to do with the company's problems and had stayed with AIG to try to help fix them. However, he was now resigning because of broken promises regarding bonuses and threats he and others there were receiving from the politician-led mob seeking and vowing vengeance.
I noted that members of Congress have contributed to that mob mentality and our country's slide toward banana republic standards by their frequent abuse of witnesses at congressional hearings.
The following photo and accompanying text from a Financial Times story helps make my point.
Last week, testifying to Congress, Edward Liddy (pictured), chief executive of AIG, the stricken insurer at the centre of a scandal about bonuses paid to top executives in spite of a $170bn bail-out, told of lurid death threats, including a vow to garotte staff with piano wire. Jimmy Cayne, the dethroned chief executive of Bear Stearns, is said to employ armed guards.
3 comments:
Liddy knew he was going to have to take some gas the day he took the job. The real problem he has is he didn't stand up to the mob and support the execs he convinced to stay on and try to right the AIG ship. One of the main principles of leadership is you don't let other people piss on your people. Liddy may not have felt he could stand up to the mob but he had the duty to try. The result is a bunch of high level resignations at AIG and the potential failure of the bailout and re-organization effort.
f1guyus:
While Liddy is to be admired for taking the AIG position, you are correct that he forgot a basic principle - one stands up for one's workers. Instead, he has allowed them to be pilloried in the press; be subjected to busses of sight-seers driving up and down their streets and assailing them in front of their homes; and some threatened (as well as their families) and of course, being coerced into giving up their bonuses.
Why would anyone want to work for such an organization? While there was mismanagement at AIG and other financial institutions, the fact is that members of Congress through the legislation that was enacted, encouraged the financial mess in which we now find ourselves. The Franks, Dodds, Rangels, etc. need to stop the pandering to the rabble and instead take the first step in owning up to their role in this mess. I won't hold my breath waiting for that to happen.
cks
JinC
On another note (this is of a personal nature) - I was informed Tuesday evening that I was awarded one of fifteen National Endowment to the Humanities grants for this summer. I will be studying the rise of the Dutch Republic in the 17th century and the making of the mercantilist English empire in the 18th.
I am looking forward to returning to Britain after a thirty-seven year absence. While my free time will be limited, any suggestions that you can give as to places to visit will be greatly appreciated - I will be doing some side work for the Victorian England course that I teach as well.
cks
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