Word: congression
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...things that Congress and the Administration knows but do not want to admit in public is that bailouts are messy affairs where most of what is planned does not work and one of the unintended consequences is that the process of salvaging large institutions is rarely fair. A lot of people, who should in a utopia, get nothing as the taxpayers dump money into the financial system to save it are paid very well. Others, who seem to be innocent bystanders in the process that has ruined financial firms and put tens of thousands of people out of jobs...
...most cumbersome and embarrassing of the government's neighborhood improvement projects. Word made it out recently that employees in the division that caused most of AIG's losses would be getting $450 million in bonuses. Some of the media put the number lower than that, but Congress and The White House have already complained loudly that any amount of money paid to an operation that helped undermine AIG's viability should get nothing. Edward Libby, the feckless former head of Allstate (ALL) who was brought in to turn AIG around, apparently did not know about the bonuses until recently...
...under pressure from Congress and the press, also released the number of the counterparties to many of its credit default swaps. AIG had decided to insure the value of certain paper owned by the likes of Goldman Sachs (GS), Morgan Stanly (MS), and Deustsche Bank (DB). When the value of that paper fell, AIG was on the hook to pay off the "insurance" which kept the likes of Goldman from having to book large write downs. Those write downs might have pushed Goldman into a difficult financial situation. The same holds true for a number of the other companies doing...
...Congress will do what it believes is its job. It will question AIG, its employees, and the firms that benefited from getting money from AIG's bailout pool...
...royalties to the U.S. government may have been affected. The total amount of money that comes in from the Mineral Management System each year is about $11 billion. If the sex addicts are thrown out of the service, it could be worth a few billion more. And, if Congress and the Administration would do everything that they can to give oil companies permits for off-shore drilling in areas which have recently been approved for this purpose, it would certainly add billions of dollars in additional money to the annual amounts that the Interior Department sends to the Treasury. Exxon...