Tuesday, March 17, 2009

Hey AIG, Listen to Iowa Senater Grassley...

It's a shame he had to go back and cover his political ass but what he said in the first place is pretty much how we all feel...isn't it?

"The Republican lawmaker's harsh comments came Monday during an interview with Cedar Rapids, Iowa, radio station WMT. They echoed remarks he has made in the past about corporate executives and public apologies, but went further in suggesting suicide.

"I would suggest the first thing that would make me feel a little bit better towards them if they'd follow the Japanese example and come before the American people and take that deep bow and say, I'm sorry, and then either do one of two things: resign or go commit suicide," said Grassley.

Soon afterward, Grassley spokesman Casey Mills said the senator was speaking in hyperbole and "doesn't want U.S. executives to do that." He said his words were meant to say those who accept tax dollars and spend them on travel and bonuses do so irresponsibly.

Other Capitol Hill lawmakers also voiced their outrage over AIGs big bonuses, though in somewhat less violent terms.

Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said he's disgusted by the news and is calling for a shake-up at AIG.

"These people may have a right to their bonuses. They don't have a right to their jobs forever," Frank said on NBC's "Today" show Monday. "It does appear to be that we're rewarding incompetence."

On Tuesday, a pair of congressional hearings will focus on the insurance industry.

A Senate panel will look into whether insurance companies should be regulated by states or the federal government. A House committee will examine systemic risk in the financial services industry, with an eye toward avoiding a repeat of the AIG situation, in which one company's fall could bring down an entire industry.

Both hearings are expected to provide lawmakers with opportunities to take a few more shots at AIG executives."
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