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Greenberg:

You don't have control, and you don't have management oversight, things can go wrong. And they did.

...

I think they got greedy. I think they wrote considerably more business than they should have.


Hard to argue with that. But it only happened after Greenberg left, of course.

Also: this is coming from the man whose net worth was rated by Forbes at $3.6 billion in 2004.

From Hank Greenberg's testimony in front of Congress, which just started:

AIG's business model did not fail. Its managers did.


In 2005, Greenberg stepped down after a 37-year run as AIG's CEO.

We'll be following his testimony closely.

As I reported last night, the Senate went on record yesterday against using the reconciliation process to pass climate change legislation. Most high-profile Democrats say they had no plans to do that anyhow, but yesterday's vote (67-31) almost certainly forecloses on the option altogether. The roll call just went up belatedly on the Senate website (owing, perhaps, to a backlog of votes) and I want to highlight the 26 Democrats who voted with the Republicans. With this vote they committed themselves to the idea that climate change legislation should be subject to a filibuster, and their large numbers suggests, perhaps, significant opposition to passing any major reform legislation (read: health care) through reconciliation.

Full list below the fold.

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The new Quinnipiac poll from Connecticut has some truly ghastly numbers for Chris Dodd in the wake of the AIG bonus scandal, with him trailing former Republican Congressman Rob Simmons by a whopping 50%-34% margin, running behind GOP state Sen. Sam Caliguiri by 41%-37%, and trailing possible GOP candidate Tom Foley, a businessman, by 43%-35%.

Only 33% of registered voters approve of Dodd's performance as a Senator, with 58% disapproving. When asked whether they approve of Dodd's performance as Senate Banking Committee chairman, only 21% of registered voters approve, and 69% disapprove. Only 32% agree that he is honest and trustworthy, with 54% saying he is not.

On the bonuses themselves, 39% say they blame Dodd "a lot," and 35% blame him "some." And when asked who deserves the most blame for the bonuses, Dodd is in a statistical tie for first with George W. Bush: Bush 28%, Dodd 27%, Tim Geithner 20%, and 7% Barack Obama.

A Democratic source tells TPM that Dodd will improve as he regains support among Democratic voters, and that people are going to have a lot of negative reactions this close to the AIG scandal. We'll see what future polls have in store.

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Proven cases of fraud and corruption cases dropped suspiciously among defense contractors even as funds for defense contractors rose dramatically since 1993, according to a Center for Public Integrity study. The study showed that even as defense contracting doubled from the beginning of Bill Clinton's first term to the end of George W. Bush's second term (from $200B to $400B), proven cases of contracting fraud decreased 76 percent. An FBI spokesman said that the terror threat took resources away from efforts to oversee defense contractor fraud. (Center for Public Integrity)

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G-20 Leaders Reaching Outlines Of Agreement On IMF, Regulations The G-20 leaders have reportedly agreed to give more than $500 billion to the IMF, in order to help governments struggling because of the financial crisis, along with stronger financial regulations to avoid another crisis in the future, though details remain to be hammered out. "I'm not saying that everything is sewn up. It isn't," said UK Business Minister Peter Mandelson. "I mean there are arguments, or some tensions over precisely what resources we're talking about."

Obama's Day Ahead: The G-20 Summit In London President Obama met with South Korean leaders in London at 3 a.m. ET this morning. At 3:30 a.m. ET, he attended the G-20 leaders breakfast. At 4:50 a.m. ET, he attended the G-20 summit's opening plenary session. At 8:25 a.m. ET he attended the G-20 leaders lunch. At 9:30 a.m. ET he will attend the afternoon plenary session. At 10:35 a.m. ET he will meet with leaders of Saudi Arabia, and at 11:30 a.m. ET he will meet with leaders of India. At 12:45 p.m. ET, he will hold a news conference.

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Prime Minister Gordon Brown and President Obama in London for the G-20.
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Police attempt to control the crowds at the G-20 protest march.
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Prime Minister Gordon Brown's wife Sarah Brown is hosting First Lady Michelle Obama at No 10 Downing Street as their husbands hold talks ahead of the G-20.
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Protesters and members of the Stop the War Coalition gather in Trafalgar Square after marching from the US Embassy in London.
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Prime Minister Gordon Brown delivered a speech Tuesday at St. Paul's Cathedral at a convention titled "My Word is my Bond? Rebuilding Trust - The G-20 and Beyond with PM Gordon Brown and the PM of Australia Kevin Rudd."
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German Chancellor Angela Merkel welcomes French President Nicolas Sarkozy for a bilateral meeting in London ahead of the G-20 Thursday.
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Protestors converge on Bishopsgate in London and set up a climate camp in protest of the G-20.
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Russian President Dmitry Medvedev after meeting British Prime Minister Gordon Brown.
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President Obama arrives with his wife Michelle at 10 Downing Street for a breakfast meeting with PM Gordon Brown.
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Air Force one touches down at Stansted Airport ahead of the G-20.
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Police occupy the Royal Bank of Scotland buildings in London as protesters smash windows and smear graffiti over the walls.
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Secretary of State Hillary Clinton and UK Foreign Secretary David Miliband arrive at 10 Downing Street for a breakfast meeting with President Obama and PM Gordon Brown.
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President Obama and First Lady Michelle Obama talk with Queen Elizabeth II and Prince Philip, Duke of Edinburgh during an audience at Buckingham Palace.
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President Obama meets with Chinese President Hu Jintao.
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First Lady Michelle Obama and Sarah Brown, wife to UK Prime Minister Gordon Brown, chat inside 10 Downing Street.
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Police struggle to control demonstrators in front of the Bank of England in London today.
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President Obama meets with UK Conservative leader David Cameron at Winfield House, the U.S. Ambassadors' residence in Regent's Park.
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President Obama at a press conference with British PM Gordon Brown.
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For Don Siegelman, DOJ's decision on Ted Stevens just adds insult to injury.

"There seems to be substantial evidence of prosecutorial and other misconduct in my case, that would dwarf the allegations in the Stevens case," the former Alabama governor told TPMmuckraker in an interview moments ago.

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