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…I’m Smart Enough, and Doggone It, People Like Me!”

President Obama meets Minnesota's latest political contribution; Al "Stuart Smalley" Franken

Al Franken gets “Under My Skin” as Mick Jagger…

Let the (Democrat) Party begin! Al Stuart (real middle name) Franken gets sworn in as Minnesota’s junior United States Senator tomorrow.

THE BUCK STOPS…NOWHERE:

Edward Liddy, CEO of AIG, thinking about what there is to think about.

Edward Liddy, CEO of AIG is rumored to testify on Wednesday at a U.S. congressional hearing on the bailout of the troubled insurer. Gee, it’s about time, don’t ya think?

No word on whether or not this one is going to be televised, but if even on pay-per-view, sign me up. Aside from the obvious questions about bonus pay and such, I really just want to hear what this guy has been doing since taking the “helm” of this barge, way back in June, 2008.

Separately, at a press conference yesterday in the White House East Room, in decrying the misdeeds AIG, President Barack Obama attempted a really lame joke:

“Excuse me,” he said Monday, after coughing into the microphone. “I am choked up with anger here.”

There is nothing remotely funny here, and this, do nothing, “I’m just as upset as you” attitude from Mr. Obama is an unnecessary waste of copious amounts of both time and money.

Let’s get clear on this. If the numbers from the government are to be believed, AIG has been bailed out three times thus far for $180 billion. The “deal” sold to the taxpayers, was to replace the AIG CEO with Liddy, and take a preferred ownership of 80% of firm’s equity. Liddy’s job was to, at a bear-bones minimum, protect the taxpayer’s “investment,” and hopefully make us a buck or two.

Ensuring the taxpayers interest at Insuror AIG's HQ in NYC

When you get a “clean-up” job like this, the first order of business is to find out what where the “dogs” are hiding, to avoid getting twice-bitten. It’s just that simple, and if this task is too grand, then you go get a new “dog catcher.” Mr. Obama – do something – this solvable problem is running ahead of what you were elected to do, and people are taking notice.

Edward Liddy, for whatever reason, is not doing his job. Perhaps he’s lost interest since dropping his million dollar salary down to a buck, but he’s no turnip when it comes to running a business.

Liddy is currently on the board of 3M and The Kroger Company. Prior to taking the AIG gig, Liddy had to resign his board position at Goldman Sachs to avoid conflicts in what is now becoming and yet, another taxpayer fed money eating, double-dipping “counterparty” dog to bite our AIG.

Liddy is also the former chairman, president, and CEO of Allstate Insurance. Before Allstate, he held the position of chief financial officer of G.D. Searle & Company, where former Defense Secretary Donald Rumsfeld held the CEO position. Additionally, he has recently become a partner at the private equity firm of  Clayton, Dubilier & Rice, which he joined in 2008. Educated at and with a degree from Catholic University of America, he also holds an MBA from George Washington University.

Suffice to say, the insurance business is not “over his head” or pay grade, so the question remains – what exactly has Mr. Liddy been doing at AIG since June 2008? If not too late already, maybe somebody will “man-up” and give us some answers – we deserve, and should settle for no less.

A man waits for...something. At the back door of AIG in NYC

ECONOMIC TIME LINE:

1985 – Aretha Franklin, the Queen of Soul, asks, “Who’s zoomin’ who, take another look, tell me baby, the fish jumped off the hook boy, who’s zoomin’ who?’

1991 – James Carville, Democrat campaign stratigist to Bill Clinton focuses on upseating then President George H.W. Bush, admonishing, “It’s the economy, stupid.”

2001 – Two weeks following the September 11 attacks terrorist’s attacks, President George W. Bush advised, “People …should go about their daily lives, to work, to live, to travel and to shop.”

2003 – Start of US-Iraq invasion/war/conflict “thing.”

2007 – With the recession looming, President George W. Bush laments, “This work begins with keeping our economy growing. And I encourage you all to go shopping more.”

2008 – Recession starts “officially” somewhere around January.

2008 – September: Republican Senator John McCain whilst campaigning for President, asserts his view, “I think, still, the fundamentals of our economy are strong.”

2008 – September: Democrat Senator and McCain challenger Barack Obama, disagrees with McCain on the economy, saying, “You don’t have to agree with me, you just need to vote.”

2009 – February 20, stocks slide to Depression era levels with the Standard & Poors 500 having lost 50% of their value in less than ten years, and the Dow slipping to an eleven year low of 7,302.

2009 – On March 4, President Barack Obama encourages buying stocks in saying, “What you’ve got now, is profit and earnings ratios are starting to get to the point where buying stocks is a potentially good deal.”

2009 – On March 8, Peter Orszag, the Obama Administration’s Director for the Office of Management and Budget (OMB), asserts, “Fundamentally, the economy is weak.”

2009 – On March 9, President Obama assures, “If we are keeping focused on all the fundamentally sound aspects of our economy…then we are going to get through this.”

2009 – On March 15, Christina Romer, Chief Economist for the Obama Administration, urges Americans to spend and – “Go out and buy that car.”

Who’s Zoomin’ Who?