Edward Libby testified about operations and business practices at American International Group (AIG) before, during, and after federal intervention. Much of the focus was on AIG’s use of federal money to pay millions of dollars in bonuses. In his remarks he admitted the $165 million bonus payments to AIG executives were “distasteful", adding that the "cold realities” of business prompted the pay out.


During one exchange Mr. Libby refused to divulge the names of persons receiving bonuses because he said he feared for their safety following several death threats.

The hearing was briefly interrupted to remove signs from representatives of Code Pink.