In the wake of the $700 billion bailout, the public is finally getting a look at the faces behind the financial crisis. On October 7, the Committee on Oversight and Government Reform grilled former AIG CEOs Robert Willumstad and Martin Sullivan. During the five-hour hearing the executives tried to dodge blame as congress members harshly criticized their management of AIG and questioned their compensation.
Flogging of AIG Execs (Click on link below for video)
http://americannewsproject.com/...
It seems amazing to me-- even after all that has happened-- these executives who drove the world economy into a crisis still refuse to take any kind of personal responsibility. They got rich off of complex derivatives and financial transactions that in the end had little real value and to this day they refuse to acknowledge that.
As the public finally gets a look into this mythical world of global finance the farce of it becomes more apparent and the outrageous wealth of these CEOs seems even more absurd. It seems to me that American's home mortgage's, once a sacred pathway to the proverbial American dream, were tossed around like chips at a poker table-- circling round and round the elite trading world-- making those holding the cards rich, while the families in dept became more exposed. Those who claim to understand these complex markets better always seem to have other explanations, but I don't think that it takes a PHD to realize that some of these financial executives did not act in the best interest of those who's money they were getting rich with.