What The hell did they expect?
I just finished this AP report entitled "Obama berates AIG and vows to try to block bonuses." The article kicks off with "Joining a wave of public anger, President Barack Obama blistered insurance giant AIG for "recklessness and greed" Monday and pledged to try to block it from handing its executives $165 million in bonuses after taking billions in federal bailout money."
What did they expect? Have we already forgotten the big crisis of just a few months ago when Bush and Obama couldn't give away the TARP money fast enough? In January, Obama was telling congress that we had to help AIG and the others pronto or we'd all be in the toilet. It was all about writing the checks now, asking questions later. In their efforts to expedite bailing out these corporations, therewere few, if any rules to follow or strings attached. All authority was given to then, Paulson and now, Geithner to shove the cash out the door as fast as possible. It was blank checks all the way. And to whom was all this cash going? To a bunch of greedy bastards who had already proven themselves incompetent at managing their business. They got truckloads of cash, and, in the exchange, the government got controlling interest in their corporation. The same government, by the way, that can't even run itself with anything that even smells of efficiency. So all these AIG execs now get the last laugh. They all have contracts. They all earned those bonuses, and (regardless of what taxpayers think) they ain't giving them back. That's the way business works. Agreements are made. Contracts are signed. People are paid. "I'll do this for you and in return, you'll pay me X." It's as simple as that. So once again, the government has made a foolish error that has come back to haunt all of us. What next?
- Robert Lindquist's blog
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