Word: aig
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...Read a TIME story on AIG...
...this week, Treasury Secretary Geithner and President Obama have both taken some responsibility for the fact that AIG employees got large bonuses which were, if effect, paid from government bailout money. Senator Chris Dodd, who may have had a role in allowing a loophole in a bill which let the AIG compensation slip through, refuses to be cast as the villain who let bankers make more money than they deserved. (See 25 people to blame for the financial collapse...
...assumptions behind the Congressional hounding of AIG must be based on the premise that attacking a problem which happened in the past is better than simply ensuring, as best the government can, that it will not happen in the future. People will make money for things that they did not do from now until the end of time. And, suckers who actually accomplish something will often get nothing. Christopher Columbus died in relative affluence, claiming to have discovered what would become known as America. The first non-natives to actually set foot in the New World were Vikings, and they...
...public appearance, he should take responsibility for everything that has gone wrong in the financial world since he was sworn in. He can then refuse to resign and say that he has the full support of the President. The most important thing he can do is say that the AIG and Merrill Lynch compensation issues are no longer a matter of interest. If the Justice Department wants to pursue them, it can have the files...
...bets that pulled their firms under - but that's not all bad, because in the future it would give executives reason to keep a close eye on risks being taken elsewhere in their companies. Yeah, there are complications - the main one being that lots of highly paid employees of AIG, Citigroup and the like are overseas and not subject to U.S. taxes. But it's worth a try. If nothing else, it would give the outraged American electorate the sense that the responsible parties are paying for something closer to their fair share of the financial bailout. Which would allow...