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Edward Liddy is the GOP Hypocrite of the Week for killing bonuses at Allstate but not at AIG

Submitted by BuzzFlash on Thu, 03/19/2009 - 9:00pm.

Edward Liddy

Welcome back to the BuzzFlash GOP Hypocrite of the Week.

Boy, when it comes to the Wall Street Bailout/AIG scandal, just point a finger and find a hypocrite. What about all the Republican senators who were opposed to restricting bonuses and now are outraged -- we tell you -- just outraged!

Edward Liddy, former CEO of Allstate Insurance, wasn't around when the AIG "no-risk to the company or executive million dollar bonus" contracts were put together. But when it comes to individuals in the AIG derivatives unit who played a key role in bringing down the American economy and costing us hundreds of billions of dollars, we think that Mr. Liddy and Treasury Secretary Geithner should be consulting criminal lawyers about prosecuting the AIG execs, instead of defending the bonuses based on baloney legalese.

But the hypocrisy for Liddy, as we pointed out in a BuzzFlash Editor's Blog on March 19 is that he knew he could hold the AIG execs who helped destroy our financial system accountable -- and deny their bonuses -- without legal repercussions because he did it at Allstate, according to the Chicago Tribune.

What ever happened to the Liddy who went after Allstate agents a decade ago like a scythe through chaff? No cautious legal counsel stopped him then.
 
The agents sued. The Equal Employment Opportunity Commission sued -- twice. Liddy fought those lawsuits, and Allstate has won at every stage.
 
Michael Lieder, the lawyer who represents the 6,000 Allstate agents, is struck by Liddy's newfound respect for the power of employment contracts.
 
"The positions he is taking at AIG are in direct conflict with the positions he was taking with regard to our clients," Lieder said.

And none of the Allstate agents helped crater an economy by selling snake oil default swops and derivatives beyond what AIG could cover so that it would increase their bonuses. If a prosecutor can't bring these cases to court, we have a big problem in the Department of Justice.

On top of that, Liddy claimed that the bonuses were for "retention" (although who would want to keep on staff arsonists with the assignment of putting out the fire that they started), even though 11 of the multi-million dollar recipients have already left AIG.

This is just the beginning of Liddy's hypocrisy, because he should have been cleaning house instead of trying to keep con artists fueled by greed on staff because he deemed them the "best and the brightest" -- at what, gambling away our taxpayer dollars so that they could oversell obscure financial insurance and then stick us with the bill?

We don't think Liddy could have got away with sanctioning that when he was head of Allstate Insurance -- and he didn't put up with it then.

For suddenly being the champion of bonuses for those AIG execs who committed financial malfeasance, he more than merits being named the BuzzFlash GOP Hypocrite of the Week. The Busheviks appointed him, and we're sure that he has not disappointed them -- wherever they may be at this point.  

Remember our motto: So many Republican hypocrites, so little time.

Catch up with you soon.

***

This is Edward Liddy's first GOP Hypocrite of the Week Award. Welcome to the club! You can see a list of all previous nominees here.

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It Is Time for Blue Dog/New Democrat/DLC "Hypocrite of the Week"

Submitted by hterrya on Fri, 03/20/2009 - 10:16am.

I watched Liddy on C-Span, and my first thought was, this guy is lying through his teeth! And yet, the conservative "Democrats" kept throwing him "soft balls."

Liddy's pronounced "concern" for the "rentention bonus" crew was as phony as the rest of his testimony. I am convinced that the reason he didn't want to give the names of his "unindicted co-conspirators" is that, once we know the names, we can link them to Liddy, to Liddy's "handlers," and to his other backroom cronies.

Once we do that, the paltry rage shown by the public toward AIG's unlawful shinanigans, will pale, like a three-year old's tantrums, in comparison to the the REAL RAGE that will be engendered once we find out how snugly connected the Blue Dogs, the "New" Democrats, the DLC political hacks, and some of the "faux" progressives are to the bonuses, to the stolen money, and to international organized crime, these hypocrites really are!

These aren't just "hypocrites," these are unindicted criminals that will make Sooter Libby look like a choir boy!

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You in good hands with

Submitted by Atmost11 on Fri, 03/20/2009 - 8:21am.
You in good hands with Allstate - unless you work there in a non-executive position. Hey everybody, lets all go get into a business contract with Allstate.
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