Edward Liddy

This resignation letter in The New York Times today from an AIG executive in the financial products unit explaining the bonus controversy from his point of view probably will be flying around the blogosphere today. In the letter to AIG CEO Edward Liddy, the executive, Jake DeSantis, says  it’s not public shame that prompted his [...]

Although a major embarrassment to both AIG and the government, the bonus scandal could ultimately provide the best opportunity yet for real changes to the financial system.

After Congress released the second $350 billion in TARP funding, President Obama made sure new rules wouldn’t be so strict that they would scare away the employees of recipient companies.

AIG CEO Edward Liddy said today that he’s asked AIG employees who received bonuses larger than $100,000 to give half the money back, and that some AIG employees have agreed to give the entire payment back. But Liddy refused to provide Congress with the names of who’s given back what, noting that AIG employees have [...]