Results tagged “edwardliddy”

AIG CEO Edward Liddy will be stepping down from the troubled insurance behemoth—once a replacement can be found, natch. Liddy, whose salary was $1, became CEO last September "within hours" of the firm's bailout; CNBC explains his "mandate [was] to sell off assets to generate funds to repay taxpayers." Liddy, who weathered criticism when hundreds of millions were handed out in bonuses, is the fifth person to run the company since 2005. An analyst told Bloomberg News, "It really is a terrible job, I’m not sure who would really want it. There is so much political baggage that whoever takes over the company is going to find it an extremely difficult and thankless job." In other news, Richard Fuld announced his resignation from Lehman Brothers last night, "I believe that we have worked together effectively in achieving an appropriate transition."

AIG CEO Edward Liddy was in the hot seat today, testifying in front of the House Financial Services Committee, and revealed that he had asked some employees to return their controversial bonuses, "Specifically, I have asked those who received retention payments of $100,000 or more to return at least half of those payments." According to the NY Times, "The A.I.G. chief said that some recipients had already offered to give up all of their bonuses, and he added later that he expected to get most of the money back."

AIG CEO Edward "We're Legally Obligated to Pay Millions to Executives Who Helped Bring the Company Down" Liddy is scheduled to face questions from Congress's Financial Services Committee today. Yesterday, Liddy wrote an op-ed in the Washington Post, "The anger is understandable, and I share it... No one knows better than I do that AIG has been the recipient of generous amounts of government financial aid. We are acutely aware not only that we must be good stewards of the public funds we have received but that the patience of America's taxpayers is wearing thin."

AIG, the troubled insurer that the Feds bailed out to the tune of $85 billion in September, was accused by Rep. Elijah Cummings (D-Maryland) of "stonewalling" Congress when AIG said it couldn't come to D.C. for a meeting to discuss executive pay last week. Now AIG CEO Edward Liddy tells CNBC that Cummings didn't give him enough time to prepare, "I got a letter on Tuesday asking for more information. We simply couldn't provide the information in time for a meeting on Thursday." Liddy, who said AIG has been "very transparent," also said that retention bonuses were important for keeping employees, "If we don't do that, we will not be able to pay back the federal government." Related: The AP tallies how many private jets are owned by financial firms that received bailout money, noting that while automakers are getting nailed for private jetting, Wall Street firms still are (AIG has 7 private jets).