4:51PM: Rep. David. Scott: "We've got to get that stone out of our shoe." Oh, yes, we're back.
Scott: "Mr. Liddy, we are in effect at war....Our economy is *almost* in the tank."
One more Congressman should ask Liddy what he was thinking when he drafted those contracts.* Go on, do it. It no longer makes us want to kill someone, 'cause we've turned it into a drinking game.
*Which he, you know, since he's been forced to say it 838 times today, didn't.
5:01PM: Rest assured: AIG = dumb, not criminal (according to Lids, there's no cooking of books at AIG, just "too big an appetite for risk...it's not like an Enron or a WorldCom").
5:04PM: Rep. Maloney: Why didn't you disclose your counterparties? What were you hiding? Why? Why did you do it?
Liddy: Because the Federal Reserve has a policy of not disclosing that information, and wouldn't let us.
Maloney, eye lit up, practically kvelling: REAL-LY? Was there anything else you wanted to disclose but were prohibited from doing so?
Liddy (nervous, sees where she's going with this*): Uhmmm...not that I know of (don't hurt me, crazy lady).
*The place where she strings Bernanke up by his balls.
5:35PM: Rep. Donnelly: In terms of credit default swaps, how much have they cost AIG?
Liddy: 50 billion...ish?
[CSPAN flashes the definition of a credit default swap, probably for the benefit of Congress]
6:00PM: Some Rep whose name I missed is interested to hear how 20 to 25 people were able to bring AIG "to the brink and threaten the entire financial system." Liddy tells him he ought to bring in those people (Cassano, for starters), and ask them. No argument there.
Hank Greenberg Wins AIG Case, Snowball Does Not Get A New Pair Of Shoes
A judge ruled in Greenberg's favor but not in the monetary sense.