AIG and the House Oversight committee have agreed to a date, May 13, on which the firm’s CEO, Ed Liddy, will testify before the committee. But it looks like Liddy will be going to Washington kicking and screaming.
As we noted earlier this week, the committee invited Liddy to testify May 6, and told us that it expected to see him then. But today the Wall Street Journal reports (sub. req.) that that day “was scrapped because AIG is due to report its results for the first quarter the following day.”The Journal continues:
The committee then switched to the 13th, but AIG initially resisted having Mr. Liddy testify on that date either, according to a person familiar with the matter. The company agreed after the prospect was raised of compelling his testimony by subpoena, according to the person.
Liddy, who testified before the House Financial Services in March, will be joined this time by three of the firm’s trustees — Jill Considine, Chester Feldberg and Douglas Foshee — who were appointed in January and control the government’s stake in AIG, which is nearly 80 percent.
Rep. Ed Towns, who chairs the Oversight committee, has said he intends to ask Liddy — who took over as CEO last fall at the government’s insistence — what caused AIG’s collapse, and what it has done with its bailout money since then.
So this should be worth watching.