AIG – nonsense to keep employees that blew up the economy
ECONOMY -- FRANK: IT'S 'NONSENSICAL' TO RETAIN AIG EMPLOYEES TO UNDO THE MESS THEY CREATED: Edward Liddy, the CEO of the bailed-out insurance giant AIG, will testify on Capitol Hill this morning, where he'll reluctantly defend millions of dollars’ worth of bonuses doled out to employees despite the government bailout. On the front page of the New York Times’ business section yesterday, economic writer Andrew Sorkin argued in favor of paying out the AIG bonuses. He cited the sanctity of contracts to warn that the business community would panic if the government started abrogating contracts left and right.