AIG and the Congressional Kangaroo Court
Well, the boys and girls in Congress are up at it again - pointing the finger at AIG executives for exercising their one thing truly driving the business - self-serving greed. Greed is not good - greed and the search for the quick and easy buck is what has led to the debacle of the worldwide financial structure.
And why, may you ask, are members of Congress so up in arms? Well, because they approved the near-buyout of AIG by the American taxpayer, and WOOPS they forgot to make sure to clean house on the Board of Directors at AIG, despite the almost 80% share of the market value of the company we acquired.
Yes - WE acquired. We're buying it on time via Treasury notes issued to foreign investors who believe in the soundness of the American people. And China, the principal purchaser of our bonds, is now rattling our collective cage.
And these people are SURPRISED by AIG's actions, outraged they claim. But just after the FIRST infusion of our money, these same execs saw fit to blow OUR money on a nice party.
Yes, these are the people I'd trust to run a business. The company is drowning in red ink because of the greed they exercised, and they are getting PERFORMANCE bonuses. These guys have received what amounts to $170 billion in welfare payments - and they want a piece.
Folks - if you aren't up in arms about this - if you own an insurance policy in AIG - find out what, if any, cash value it has. See about transfering it to a more fiscally prudent investment house, that didn't buy into the quick money, as one Congressman put it, buy discovering how to bottle smoke and sell it.
- WThomasPayne's blog
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