Barney Frank: New Derivatives Bill Will Encourage Big Banks To Join In Market Exchange

House Financial Services Committee Chairman Barney Frank (D-Mass.) says if the combined derivatives bill becomes a law it will encourage large financial institutions to join into an exchange market. He says the AIG situation, where derivative trading caused problems, will be covered under their bill. (0:32)
Listen

Liddy: AIG Has Paid "Several Billions" Of Taxpayer Money Already

By Kayleigh Harvey - Talk Radio News Service

Edward Liddy, Chairman and CEO of AIG appeared before the House Oversight and Government Reform Committee today. Congresswoman Marcy Kaptur (D-Ohio) asked, “Have you paid the taxpayers back any of the money they have lent you to date?”

Liddy responded, “Yes.”

Kaptur: “How much?”

Liddy: “Several billion dollars”

Kaptur: “Several Billion?”

Liddy: “Yes”

Kaptur asked for a list of dates, sums to be submitted for the record. Liddy agreed.

Kaptur then questioned Liddy about his connections with Goldman Sachs which revealed that Mr. Liddy has shares to the market value of $3 million from Golden Sachs.
Listen

Kucinich Accuses AIG Of "Defrauding" His Ohio Constituents

By Kayleigh Harvey - Talk Radio News Service

Edward Liddy, Chairman and CEO of AIG appeared before the House Oversight and Government Reform Committee today. Appearing frustrated and angry at Liddy’s responses throughout the hearing, Congressman Dennis Kucinich (D-Ohio), told Liddy that AIG’s behavior was “unacceptable.” Adding, “You cheated people who saved lives, who save our children, what are you going to do about this?”

Liddy said he would work with Congress and offered to meet with Kucinich after the hearing.

Kucinich told Liddy that until this matter is resolved “Congress is not going to let you go,” shouting that this was “unacceptable” behavior. He told Liddy that Congress “will keep calling you back here,” until this issue was concluded.

Kucinich agreed to meet with Liddy following the hearing.
Listen

AIG Will Aims To Pay Back Taxpayers In 3-5 Years

By Kayleigh Harvey - Talk Radio News Service

Edward Liddy, Chairman and CEO of AIG appeared before the House Oversight and Government Reform Committee today. Congressman Brian Bilbray (R-Calif.) asked Liddy how long it would take to pay back taxpayer money.

Bilbray asked, “Are you hoping to be able to pay back the taxpayer before the ceiling falls in….How long will it take to pay the taxpayers back?”

Liddy replied, “Somewhere between three and five years. What makes the answer so difficult is how strong will the economy be worldwide and how strong will the financial markets be worldwide.”
Listen

AIG Chairman Makes Assurances But No Certainties

By Kayleigh Harvey - Talk Radio News Service

Edward Liddy, Chairman and CEO of AIG appeared before the House Oversight and Government Reform Committee today. Chairman of the Committee Edolphus Towns (D-N.Y.) asked Liddy whether he "could assure that AIG would not need any additional Federal money," and whether he "could assure that taxpayers would get their money back?" Liddy made "assurances" that efforts were being made, but no certainties that this would be the case.
Listen

AIG Cannot Prevent Congress Seeing How Taxpayer Money Is Spent

By Kayleigh Harvey - Talk Radio News Service

Edward Liddy, Chairman and CEO of AIG appeared before the House Oversight and Government Reform Committee today. Chairman of the Committee Edolphus Towns (D-N.Y.) talked about AIG's new project, Project Destiny, which aims to help the financially troubled company get back on track, with Liddy. Asking for more details on the plan, Liddy told Towns he was unable to provide it as it contained "commercially sensitive" information.

Towns asked Liddy, “Do you honestly believe you have a right to prevent Congress from reviewing how the taxpayers money is being spent?”
Listen

Forty imaginary dollars from one real dollar.

Coffee Brown, University of New Mexico, Talk Radio News

Rep. Peter Welch (D-Vt.) and Maurice R. Greenberg, former Chairman and CEO of American International Group discuss regulating financial leverage, which went as high as "30 to 40 to one" within AIG.

00:32
Listen

"Can't we just leave the toxic assets where they are?"

Coffee Brown, University of New Mexico, Talk Radio News

Rep. Carolyn Maloney (D-N.Y.) asks Maurice R. Greenberg, former Chairman and CEO of American International Group, whether we could just leave the toxic assets where they are until they mature into their claimed value.

00:30
Listen

Maloney: "nothing would have happened?"

Coffee Brown, University of New Mexico, Talk Radio News

Rep. Carolyn Maloney (D-N.Y.) asks whether bailout was necessary, or preferable to bankruptcy.

Maurice R. Greenberg, fprmer Chairman and CEO of American International Group doesn't think so.

02:35
Listen

Cummings: "It's never coming back."

Coffee Brown, University of New Mexico, Talk Radio News

Rep. Elijah Cummings (D-Md.) tells Maurice R. Greenberg, former Chairman and CEO of American International Group, "I have constituents as old as you ... they're going back to work."

00:43
Listen

Congressman Sherman: Are you going to give us the chart? Or are you going to hide the ball?

by Christina Lovato, University of New Mexico-Talk Radio News Service

Today at a House Committee on Financial Services hearing, Congressman Brad Sherman (D-CA) asked Treasury Secretary Timothy F. Geithner if he planned on posting a list for Americans to see how many AIG executives received compensation packages, how many of them make more than a $1 million a year. (1:39)
Listen

Special Inspector General of TARP: "Rest assured, we will bring any fraudster to justice"

Neil Barofsky, Special Inspector General of the Troubled Asset Relief Program (SIGTARP), explains his agency's role as the sole oversight body which has the authority for criminal law enforcement when fraud is detected with government loans. He explains that an audit is being conducted to find out who knew what when, how, and why regarding AIG bonuses. (2:02)
Listen

Pelosi: "Bring some justice back to the American people"

By Kayleigh Harvey - Talk Radio News Service

Speaker of the House Nancy Pelosi (D-CA), discussed the issue of the AIG bonuses at a Press Conference today.
Pelosi told reporters: “We see the outrage of the American people in terms of bonuses paid by AIG and perhaps others who have received TARP funds and on the floor of the House today we will present legislation to address the concerns of the American people. To bring some justice to the situation and to get the taxpayers money back.”
Listen

Pelosi doesn't want to answer any more AIG questions: "New Subject!"

By Kayleigh Harvey - Talk Radio News Service

Speaker of the House Nancy Pelosi (D-CA) held a press conference today, to talk about the six year anniversary of the announcement of war in Iraq, the budget and the AIG bonuses. After answering three questions about AIG Pelosi refused to answer any further questions on the AIG matter. Stating, “New subject, new subject, new subject or else....”

Listen

Ackerman makes a joke at House Financial Services hearing on AIG

By Kayleigh Harvey - Talk Radio News Service

Congressman Gary Ackerman (D-NY) makes a joke comparing AIG to 'I can't believe it's not butter', at House Financial Services Committee.
Listen

AIG Chairman Testifies To House Financial Services Committee

By Kayleigh Harvey - Talk Radio News Service

Edward Liddy, Chairman and Chief Executive Officer for American International Group was given unlimited time to deliver his opening statement to the House Financial Services Committee Subcommittee hearing on "American International Group's Impact on the Global Economy: Before, During and After Federal Intervention."

“We have heard the American people loudly and clearly these last few days…We have asked those who received bonuses in excess of $100,000 to return at least half of those payments…some have offered to pay back 100 per cent of those payments,” Liddy added.


Listen

Kanjorski tells Liddy: "I warned you"

By Kayleigh Harvey - Talk Radio News Service

Chairman of the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprise, Paul Kanjorski made this comment to Mr. Edward Liddy, Chairman and Chief Executive Officer for American International Group, today at the House Financial Service Committee on AIG bonuses.
Kanjorski also noted: "Mr. Liddy is not a person that is being paid anything for the CEO position he occupies at AIG".
Listen

Scott: "We've got to put a pause button on these bailouts"

By Kayleigh Harvey - Talk Radio News Service

Congressman David Scott (D-GA) made this comment at the House Financial Services Subcommittee Hearing today on "American International Group's Impact on the Global Economy: Before, During and After Federal /intervention.

He added: "As we point fingers here in Congress we've got to recall that there are three fingers pointing back at us. We've got to make sure we are doing our job right."
Listen

Obama calls for new financial regulating body

By Michael Ruhl, University of New Mexico - Talk Radio News Service

President Barack Obama said that his administration is working on establishing a new regulatory framework to prevent future situations such as the one the government faces with AIG. Obama said these would be part of his broader economic plan, and would serve as tools to help maintain balance. The new body would be similar to the FDIC, and would protect consumers, investors, and depositors. (01:47)
Listen

Frank calls for more regulation in financial markets

By Michael Ruhl, University of New Mexico - Talk Radio News Service

Today in a hearing House Financial Services Committee Chairman Barney Frank (D-Mass.) said that the federal government must help to bring about regulations in financial institutions which presently are operating unrestrained in the free market. Frank emphasized that these moves are not about "diminishing the role of the private sector as a wealth creator," but is about placing safeguards on newly developed market entities. (01:44)
Listen