Wednesday, March 18, 2009
Don't blame AIG: Pelosi, Frank, Reid, Bush and Obama share blame for the big bonuses
Let's break the AIG bonus scandal down to basics.
AIG is part of the capitalistic machine in this nation and world designed to make profits off anything. The more obscenely excessive the better for its executives. For government to try and legislate simple common decency in these corporations is like trying to put a cone around a dog's neck to keep it from licking itself on its private parts.
That dog is ultimately going to find a way around that cone and get back to his or her mind's desire. It is just part of its nature.
The breakdown in the AIG fiasco was in Washington -- where House Speaker Nancy Pelosi, House banking chairman Barney Frank, Senate banking chairman Christopher Dodd. Senate Majority Harry Reid and then presidential candidate Barack Obama pushed and supported the bailout of AIG, and then other financial institutions.
And the Bush administration could not do enough to make sure no Wall Street executive felt a twinge of discomfort.
The Chicken Little legislation was pushed through so quickly that lawmakers did not have time to read the sentence giving AIG the power to award these bonuses, agreed to a year ago.
So if you want to get angry, aim your ire at these lawmakers. The 73 AIG employees who got the million-dollar plus bonuses have made off with the loot. Your job now is to make sure the federal government feeds no more money into the pit called AIG, the nation's financial system, General Motors or anyone else with their hands out.
These giveaways of taxpayer money must end, because big-time capitalists such AIG can't help themselves around lots of money -- particularly yours.