On Wednesday, AIG CEO Edward Liddy testified before Congress to explain his insurance company’s planned road to recovery, apologize for $165 million in bailout-funded bonuses for executives and say he’s urging all recipients to give back the bonuses. So what did we learn about AIG today? Can taxpayers see light at the end of the tunnel or are we pouring money down an endless hole? What does this episode tell about the wisdom or lack of wisdom behind the TARP legislation? Should Treasury Secretary Tim Geithner resign? Are today’s Fed actions smart or sending us down the road to major inflation? And should Congress pass legislation taxing almost all of the bonus money that AIG executives refuse to give back? We ask Texas Rep. Randy Neugebauer, a member of the House Financial Services Committee.
