Sunday, May 17, 2009

CBS 60 Minutes: Will AIG pay US back, ever?

Tonight, on CBS “60 Minutes” Steve Kroft interviewed Ed Liddy, the new CEO of AIG (American International Group), and he says he took the $1 a year job from former Treasury Secretary Hank Paulson when asked to. He talks about it as patriotic duty, serving his country.

Watch CBS Videos Online

Ed Leefeldt provides a column from “60 Minutes”: will AIG ever pay us back?,” here.

The American taxpayer now owns 79% of AIG. The company was brought down, according to Liddy, by about 30 employees or fewer, in London and Greenwich, CT.

Liddy also said that the 30 or so "culprits" depended too much on models and didn't pay enough attention to human behavior or human nature. Fareed Zakaria made a similar comment today on his "Global Public Square" when talking about the modeling or possible pandemics.

President Obama has explained to the public that AIG was destroyed by a hedge fund that it plopped on top of its insurance operations.

The video showed some of AIG’s properties around the world before the collapse. I thought I caught a glimpse of the Petronas Towers in Malaysia. I know of a businessman who helped the Towers management deploy a website in the 1990s.

“60 Minutes” is also offering a podcast of its latest interview with the president.

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