[Cedar]

Anyone else shocked by Liddy's responses besides me and the congressman? 25 people...never monistored..ruined AIG and cost the taxpayers billions!

[Fred]

Here is the real story, now this is shocking...

[spunkets]

"Mr. Liddy said the risk management team wasn’t allowed to monitor that particular group (those 25 employees). "

BS.

[JLS]

Could be those 25 people might have criminal charges against them soon? Don’t know enough about business law, but to totally risk shareholder’s money through deriviatives without allowing any risk monitoring....is that criminal action?

What in the world do you think they could be charged with? What businesses do, particularly financial businesses, is take risks. Whose business other than the owners is it how much risk a particular firm takes?

I can not say I am shocked that a unit or so of AIG was where most of their losses were. As far as never monitored, of course they were monitored at least by the CEO. If the people in this unit had a different view of risk than some others in the firm, so what. As long as they were doing what their bosses thought they were doing again it is of no concern to outsiders.

BTW, if the 25 had a view that the US government would stand behind the assets of Fannie and Freddie, it appears they were correct in their risk assessment doesn't it?

[blackbart.223]

This might seem a little simple. But The Federal Government sticking it's nose into business and financial matters has always proved to be a disaster. The only business Barney Frank had any direct association with was a male prostitute ring. Okay, Freddy and fanny if you insist. WE know how those turned out.

[occamrzr06]

Responsibility lies with the officers of the company.

There is is leadership tenet that people do not understand.

You can delegate authority, but you cannot delegate responsibility.

YOU CANNOT DELEGATE RESPONSIBILITY!

I have heard managers, and even Executive types say they delegated that responsibility to someone else.

Apparently, delegating responsibility is all it takes anymore.

As I told my son 3 times when the ‘One” gave his natioanl address.......”You have no idea how F*cked we are!”

[guitarplayer1953]

How true is it that AIG does a lot off books deals with the DOD in the form of Black-ops?

[jersey117]

Interesting thread. This whole AIG thing stinks from the top down. And I’m talking new administration and Washington.