AIG chief Edward Liddy has the not-so-distinct pleasure of testifying before Congress tomorrow just as rage at his company is reaching a full-throated roar. The House and Senate seem to be in a race to see who can recover the $165 million in bonuses faster, the Hill reports. If AIG employees don't give them up, Sen. Schumer suggested a tax on them of 91%, Rep. John Dingell pushed for 95%, and, later, Rep. Steve Israel and other House Democrats called for 100%.
Nancy Pelosi, meanwhile, wants the Ways and Means panel to write legislation this week to get the bonuses back. Easier said than done: Chairman and fellow Democrat Charles Rangel asserted that the tax code is not a "political weapon," the New York Times notes. Liddy will testify before Barney Frank's Financial Services panel, which should be interesting. Today, Frank said the US should exercise its "ownership rights" in the company and sue to get the bonus money back, Reuters says.