Let’s do this.
1:26PM: Yes, Kanjorski, YES. “The signs of demonstration [which read, among other things, "Fire Geithner"] are to remain down or be removed. I’m a very patient person but don’t test my patience. The Pink Ladies’ signs are to remain down or leave the room. SIGNS DOWN!”
Kanjorski and Liddy had a “great meeting” in Kanjanx’s office two or three months ago. Then, a couple weeks ago, a “not so good phone call.”
Kanjorski wants to make it clear that Liddy is basically not being paid to do the worst job in the world, which Paulson forced him to do, since he knows Lid’s family has probably endured a lot of abuse by people who don’t get that. Awww.
“We do not intend to harass you.” Oh, thinkin’ of a few Reps who beg to differ.
“On the other hand…” (there it is).
1:31PM: Kanjorski says Lids should’ve broken the contracts, the worst that would’ve happened was a penalty fee (which, by most accounts, would’ve cost more money than the actual bonuses).
Kanjorksi plans to “slap the gavel” as much as necessary to silence, among others, the batshit insane ladies in pink in the back.
1:34PM: Opening remarks by Liddy. Read along here.
1:41PM: “We’ve been working on this issue of what to do with the retention bonuses. We–I– came to my decision based on two factors: risk assessment, and following legal advice. There is still $1.6 trillion of stuff in that portfolio, which could still explode [and we need those people to help us with the wind-down...I know $165 million is a very large number. In the context of $1.6 trillion, we thought it was a good trade."
According to Liddy, Fed Chairman Bernanke knew about the bonuses.
Liddy: There's no intent to do anything under the stealth of darkness, or cover. We've been talking about this with the Federal reserve for at least three months.
Kanjorski: And the Treasury?
Liddy: No. We talk to the Fed, and they go the Treasury.
[I don't know what's happening over here, but we're feeling sorry for Liddy, who legitimately sounds and looks like a wounded puppy or something, scared that Kanjorski's going to hit him on the nose with a rolled up newspaper.]
1:54PM: Do it, Kanjorksi. GET ANGRY. “You’ve tried my patience. The signs are going to be removed from the room or you’ll be removed from the room. Which is it gonna be? [the signs, apparently] Officers, remove the signs. If I see one more sign on camera, you’re going to be physically removed from the room.”
Barney Frank does not want you to show us your tits. “Mr. Kanjorkski, I’m just glad no one was wearing the message on a t-shirt.” [They actually were wearing the messages on t'shirts, but go with it. Laughter erupts from the audience. That's what this is about, people. Gotta be able to laugh about this stuff]
1:58PM: Liddy says the only bonuses that’ve gone out are retention bonuses.
Frank wants the names of executives who got bonuses, then left AIG, and didn’t give them back.
Liddy says he’ll turn the names over if he has the assurance they’ll remain confidential.
Frank says fuck that shit, I won’t agree to that, and if you won’t give them to me, I’ll subpoena them.
Liddy wants to comply but is worried about the safety of the individuals, reads an excerpt from a letter received by AIG from sick classless scumbags that says, “AIG executives should be executed with piano wire around their necks….if we have to we’ll take it into our own hands…we want all the CEOs names, their kids, where the live, etc.”
Frank: I get those kinds of threats all the time.
2:11PM: Chuckles Ackerman suggests the $165 million get paid back, now, cause there’s legislation coming down the pipe called “We Can’t Believe It’s Not Waterboarding.”
2:21PM: Once again, the names of the individuals receiving bonuses are requested, with Liddy again asking that they remain confidential (since, you know, people and their children have been threatened with decapitation by piano wire) which shouldn’t be that difficult to comply with, unless you’re on a witch hunt or something. Not that anyone in the Rayburn building would know anything about that.
We need to lighten things up in this piece, starting with this:
2:25PM: Rep. Michael Capuano starts off calm, but you know that’s just to lure us in and then unleash the “girl scout cookie mother theresa you motherfuckers, i don’t have anything to say but I was told I’d get the five minutes” waiting to come out.
“Did you suspect this’d touch a nerve?”
“Do you believe in your heart of hearts this is right?”
“Are you going to fire anyone next week? Next month?” I’ll go in there and do it myself if I have to.
“You’re apparently the only good person left on Wall Street”
Liddy: “I assure you there are other good people working at AIG. You would be proud of them.”
Capuano: “No, I wouldn’t.”
[Liddy legit looks like he's about to cry.]
Caps was the letdown of the week, so we’re gonna have to take a few moments with this:
2:54PM: Rep. Jeb Hensarling was up all night trying to come up with an idea for the bonuses that would make for a good sound bite. Here’s what he’s got– “Why don’t you do double or nothing on these bonuses, Mr. Liddy? If AIG returns to profitability, they got double, if not, nada.” Cute, but I think we’ve got this covered, if only someone would have the pair to suggest it today.
Via Dealbook, the AIG bonus contract:
A.I.G.’s Employee Retention Plan
2:59PM: Rep. Stephen Lynch reads the bonus contract, which was apparently a violation of fiduciary duty, by Liddy, who was the captain of a sinking ship that saved himself and his crew. The aptly named Lynch wants to know if Liddy has anything to say for himself. He does!
Liddy: “You’ve liberally made use of the word, ‘you,’ but perhaps you should note that I didn’t write this contract” and then proceed to GTFO! “So, yeah, I find your insinuation a li’l offensive.”
Lynch: “Good, offense was intended.” (Also, Lynch was a contract lawyer, so don’t you dare try to pull a fast one on him or he’ll cut a bitch.)
3:09PM: Rep. Brad Miller would like to know if, when the contracts were being drafted, Liddy’s lawyers told him that AIG was an insolvent pile of garbage and should be looted accordingly.
Liddy: Hi, are you just joining us? I WASN’T THERE WHEN THESE CONTRACTS WERE WRITTEN. Knock-knock. Who’s there? I DIDN’T. I didn’t who? I DIDN’T WRITE THESE CONTRACTS.
Intermission, back in an hour. What do you think Lids will do during the break?
edward.liddy@aig.gov
All we have to do is throw a few senior directors to the lions.
Let the crowd tear them to pieces and life will go on.
Odds a congressman pronounces it as a word (Ay-g)?
Winding down to 1.6 Trillion?
That’s like winding down to a few cases of tequilla and some 8balls.
Don’t want to seem more clueless than normal, but who the f*** are the Pink Ladies? Can anyone explain?
aig selling building
http://thereformedbroker.com/2009/03/18/for-sale-aig-world-headquarters-at-70-pine-street/
Liddy just sold Bernanke and Geithner out….Tim Geithner better rethink selling his home, sounds like he will not be in Washington very long…..
@5- they’re an activist group known as code pink. they’ve been at all the hearings, and were the ones in the pics with Fuld.
@ 5 and 8….come on didn’t you see Grease….
Liddy looks like he was having too much fun on St. Paddy’s day…..
Wow – this is fucking stupid. You’re transcribing an event 90% of the people reading DB are hearing on CNBC in their places of business. That’s appropriate, given the apparent absence of any added value in all of Wall Street.
Way to go, in this defining moment.
11,
Actually, we’re not watching it here, and I’m sure many others are just getting the abridged CNBC account. Pipe down, and let Bess work her beat.
@SBII– if you don’t like it, leave and go elsewhere you miserable piece of shit.
did anyone get the feeling that the more Liddy talks the more we uinderstand that this house of cards, AIG, is more precarious than we thought….sounds like he is going to ask for more $$$, get your checkbooks ready America!
seaman, aren’t you sick of leaving comments about how everyone in the world sucks except for yourself? way to tell DB they’re not making a contribution when you yourself spend your day posting anonymously how much people blow?
Betcha the Ladies are all going to Marie Callender’s after the hearing is over to pig out. Save the pink for the Susan G. Komen Missing Titties Run or stay home and watch “The View” you stupid fools.
Poor Ed, I feel kind of sorry for him.
-Sensitive Chick
@seaman- yeah, just like the wsj, clusterstock, dealbook, and every other media outlet.
kill yourself you sad, sad little man.
@11 (Jethro) Bodine.
So I guess you’ve never read or listened to anything concerning sporting events you watched?
Or maybe post election coverage?
-C
seaman you really need to do your part and jump off a cliff.
holy fuck my pants…”can i edit one of your words…visibility…and call it transparency?”
Can i edit one of your words…synonym..and call it a word having the same or nearly the same meaning as another word or other words in a language.
God, Bodine, take the dick out of your ass and get a life.
@bodine- don’t like it? start your own damn site and GTFO. You obviously have the time on your hands.
@11 – where the hell do you work, AIGFP? At my firm, there’s too much real work to do to spend all afternoon watching TV. So EP’s updates are appreciated.
I don’t really understand why anyone is shocked by this. Angered, fine, but shocked, nonsense. One of the first rules of contract law is that the other party is out to f*ck you in any way it can, which is why we have contracts in the first place–to reduce the moral hazard of transactions If you create a contract that contains no restrictions, covenants, etc., then of course the other party will do whatever the hell it wants, because it’s not restricted. Thus, just because the government gives AIG, a bank, or whomever, cash does not mean that the receiving company has to, all of the sudden and magically, behave ethically.
It’s all just grandstanding and B.S. If the gov’t truly wanted companies indebted to it to behave differently, it would have to contract for it, but that would look socialist by nature, and also (probably) wouldn’t fly. And this is what happens when the gov’t gets involved in private business, there seems to be no easy answer, possibly no right answer, and probably no good way out.
“Susan G. Komen Missing Titties Run ” is why we need this in addition to having the show trial piped into our cells.
@11 keep watching CNBC thats the right place for news and fair reporting and look out for new shows like…
“Your Money/My Money” with Bernie Madoff
“Everyone’s Money” with Ed “I’d buy that for a $1″ Liddy
“Water into Wine” with Obama
and my favorite
“Lord of the Cock Rings” with Tim “Gelfling” Geitner
CNN stream has a nice remix going on
financial services division-
financial services division-
I bet Barney Frank got execited when Ackerman said “….Waterboarding…”
Capuano is an ignorant buffoon who disgraces the voters of Mass. Sick and fucking tired of elected officials, who could count loose change, using these hearings to kick off their election campaigns.
Not seaman bodine.
-the new killing it.
Capuano is an ignorant buffoon who disgraces the voters of Mass. Sick and fucking tired of elected officials, who couldn’t count loose change, using these hearings to kick off their election campaigns.
@seaman- “defining moment” my ass. this is congressional grandstanding. and you’re an idiot.
this is bad right? right?
Are piano wire murders really that common?
you are all pikers
@SBII– fabulous response (not). And why are you still here?
@32
?
@SB- what’s your question?
@31 just how does anyone offend a Masshole voter? 3 out of 5 dollars of Masshole stim money is going to a kennedy park, library, bar, bloated asshole or other…
You want offended? I am fucking offended!
Ackerman… “I can’t believe it’s not waterbaording” – spit soda through my nose on that one. Hilarious!
Liddy is one of the biggest corporate douchebags I’ve ever seen. What a f’n creep. Should be fired immediately. He has absolutely no character. Total f’n weasel.
@41- buy a fucking clue before commenting again.
TGFD doesn’t really see anything sufficiently wrong with Seaman Bodine II’s comments @#11 to merit all the abuse he’s getting.
Maybe it’s the part about “the apparent absence of any added value in all of Wall Street” that lit everyone’s asses on fire.
The Guy from Delaware
They should have waterboarded those women in pink. They probably have no f-ing clue what they are even protesting.
Women should stick to raising kids and cleaning things.
yeah, but you’re a proven idiot, TGFD, so it’s not much help to him.
#41 here.
@44, you’re as clueless as Liddy.
@42, STFU. You’re an idiot.
Ed “Sully” Liddy?
Is it just me or does the chick in the picture look like her sign says Gook instead of Crook? I thought we took care of the Chinaman problem already but I guess I was mistaken.
@48,
Sign says “Crooks”. Don’t think you can see either. BTW, what “Chinaman problem”?
http://en.wikipedia.org/wiki/Medea_Benjamin
Fucking communist.
@49 ‘ole Lu Pi of Enron fame.
Hey Liddy, you fucking idiot…
Look at the AIG Bonus Contract, and check Section 3, Paragraph 3.04 (b) on page 6. There’s all the fucking reason you need to not pay the bonuses, you clown.
I knew it would be there, and it took TGFD all of 3 minutes to find it.
Liddy and the lawyers who work for him are fucking goons.
The Guy from Delaware
@44
Husband: Did you clean today?
Wife: What was I supposed to clean?
Husband: Things, goddamnit!
@TGFD- you need to put a lid on it. idiot.
@#54…
Pardon me. The Clause is on page 7, not on page 6.
The Guy from Delaware
Good job, TGFD! I knew it would be there too! Spread the word!
GOOKS???? I never knew the Pink Ladies were a racist group!!!