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The hearing's chairman, Paul Kanjorski, suggested that the AIG mess could force Congress to reconsider any future largesse.
ECONOMIST: American International Group
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"No firm should be considered to be too big to fail, " said Democrat Paul Kanjorski, who sponsored the proposal.
BBC: 'Too big to fail' US banking law
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Kanjorski said the scandal is weakening already battered investor confidence in the markets.
NPR: Madoff Placed Under House Arrest
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Congressman Paul Kanjorski, who heads the House Capital Markets Subcommittee, says he will hold hearings into the Madoff scandal as soon as Congress returns in January.
NPR: Madoff Placed Under House Arrest
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Pennsylvania Rep. Paul Kanjorski, the hearing's chairman, responded to Liddy's statement by arguing that AIG should have refused to pay all the bonuses -- regardless of its contractual obligations with the bonus recipients.
CNN: Dodd: Administration pushed for language protecting bonuses
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"Let them sue us, " said Kanjorski, a Democrat.
CNN: Dodd: Administration pushed for language protecting bonuses
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"I think we need to create an institution or a mechanism of a super-trustee to handle incredibly large institutions which may be allowed to fail and how those assets get managed and handled in an expeditious way, " Rep. Paul Kanjorski (D-Pa.) said Tuesday.
FORBES: Washington Works On Financial Rescue Plan
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Over the course of the last year, certainly Paul Volcker, members of the President's Economic Recovery Advisory Board, have been in frequent and constant contact with the economic team, and the President, in the fall, thought about these issues quite a lot, worked with Representative Kanjorski when drafting the bill.
WHITEHOUSE: Press Briefing