AIG's Liddy Speaks: AIG's chief executive Edward Liddy responds to the public outrage over executive compensation at the insurance giant in a WaPo column today. He says the "retention payments"-- a.k.a. the millions of dollars in executive bonuses-- at AIG were part of a compensation system implemented by former management. "I would never have approved the retention contracts that were put in place more than a year ago," Liddy writes.
Paging Eric Holder: The ACLU is calling on Attorney General Eric Holder Jr. to appoint an independent prosecutor to investigate allegations of torture at secret CIA prisons that were revealed when a secret Red Cross report was leaked last weekend. The WaPo says that Justice Department officials declined to comment on the ACLU's demands.
Dreier Development: A new development in the case against New York lawyer Marc Dreier came to light yesterday, according to the Wall Street Journal. According to an amended indictment that came out Tuesday, Dreier allegedly defrauded investors out of about $700 million, a much higher figure than the previously reported $400 million. Dreier, once the sole equity holder of law firm Dreier LLP, was indicted in January on conspiracy and fraud charges for an alleged scheme to sell fictitious notes to hedge funds.
Bankruptcy: The American Lawyer reports on the bankruptcy of New York IP boutique Morgan & Finnegan. The firm dissolved in February, and filed for bankruptcy yesterday, six days after a New York state judge placed it into a receivership. The firm, which saw its revenue drop 38 percent in 2008, listed $6.37 million in assets and $10 million in liabilities in its Chapter 7 filing.
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