Anyone else catch the interview with AIG CEO Edward Liddy on 60 Minutes last night?
After admitting that it was perhaps just 20-30 people who brought AIG to the brink of collapse, it seemed to me that he struggled a little to explain why they still worked for the company. Although 2 have tendered their resignations, the remainder are allowed to continue on, and Mr Liddy even mentioned that perhaps the company still had need of their expertise. Wow.
But isn't that how it is? We coddle those who make mistakes at the top, while we 'throw the book' at those who make mistakes at the bottom. "There, there - you relied too heavily on flawed models..." vs "Three strikes and you're out!"
There will be those who will complain that comparing fraudulent financiers to drug dealers is an unfair or at least very unequal comparison. I would agree. The amount of social upheaval and damage caused by a single drug user is tiny compared to the damage caused by an unscrupulous financier. We can't afford to give them three chances - One, and they should be out!
Keep explaining, Mr Liddy. We're not buying. And as 85% owners of the company, we want them out!
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