This could be good.
Not content with letting New York Attorney General Andrew Cuomo hog the spotlight, his Connecticut counterpart, Richard Blumenthal, has subpoenaed several AIG employees, incluing CEO Ed Liddy, to testify about those bonuses, totaling $165 million, at a legislative hearing March 26th.
Said Blumenthal in a statement:
Now living off supersized taxpayer-paid bonuses, these AIG employees have a moral and legal obligation to appear at this legislative hearing and disclose details about corporate compensation to employees,” said Blumenthal in a written statement.
AIG Financial Products, the unit that caused the company’s collapse and got those bonuses, is absed in Wilton, Connecticut.
These hearings should be more good theater, but it’s worth asking: given that Liddy has already testified, and Cuomo will likely soon release the names of the bonus recipients, what more pertinent information will AIG employees be able to provide? Guess we’ll find out…