Yesterday, the media circus was centered in Washington, DC, where AIG CEO and chairman Edward Liddy was being grilled. Judging from the comments of some people I overheard and read yesterday, people are more than willing to throw the book at Liddy and heaping the lion's share of scorn on him.
Meanwhile, yesterday Connecticut Senator and Senate Banking Committee Chairman Christopher Dodd admitted that he was responsible for adding the loophole that allowed AIG to give out the bonuses in the first place. He even said that a Treasury Administration official pushed him to add the verbiage. Yet, the day before, Dodd said he had nothing to do with adding the loophole.
The timing of this revelation was rather convenient, wasn't it? After Dodd and his fellow Democrats whipped up a furvor against Liddy and AIG, Dodd let things cool down a bit before admitting his actions helped AIG hand out the bonuses. After all, all the spotlights were on AIG and all the wrong they were doing! Never mind the fact that these bonuses were contractual obligations that had nothing to do with the performance of the company, the Democrats smelled blood in the water and attacked.
But now that it's clear that at least one Democrat, one that had quite a bit of power over the transaction to begin with, caused the loophole that lead to the AIG bonus situation, why are people still upset wtih Liddy? Dodd's actions made it okay for AIG to hand out those bonuses in the first place! And now his fellow Democrats (and more than a few uninformed Americans) want AIG to pay for not breaking the law.
You AIG haters feel foolish enough yet? You should, but you can make up for it by supporting the removal of Chris Dodd from the Senate. Not a fine, not a slap on the wrist, not a resolution against him condemning his role in the AIG bonus situation. He deserves to be out of a job for this.
After all, haven't you guys been saying those responsible for the AIG bonus situation deserve to be unemployed?