Rewarding bad behavior
A day after reporting that AIG was living it up at the taxpayers' expense, word comes from Washington today that King Henry has given AIG an additional $37.8 billion.
There is absolutely no accountability. If there was accountability, King Henry and the Bush Administration would not be rewarding AIG with more taxpayer money after the Bacchanalian orgy at the St. Regis. Furthermore, if the shoe was on the other foot, and Democrats were using taxpayer money to shore up a failing social service program, Republicans would be blustering about fraud and waste.
The Federal Reserve Board said Wednesday that it would provide up to $37.8 billion to the embattled insurer the American International Group to help it deal with a rapidly dwindling supply of cash. [emphasis mine]Dwindling supply of cash? Perhaps spending over $440,000 on lavish accommodations, spa treatments and food wasn't such a brilliant move. But then again, these guys aren't brilliant or we wouldn't be bailing them out.
There is absolutely no accountability. If there was accountability, King Henry and the Bush Administration would not be rewarding AIG with more taxpayer money after the Bacchanalian orgy at the St. Regis. Furthermore, if the shoe was on the other foot, and Democrats were using taxpayer money to shore up a failing social service program, Republicans would be blustering about fraud and waste.
# Posted by Ken Camp : 9:07 PM
Comments:
It is becoming increasingly apparent that AIG is the hazardous waste dump of the new millennium. Goldman, Merrill and others dumped their toxic liabilities on the Sponge Bobs running AIG. Now taxpayers are paying for the cleanup, the costs of which are rising in the billions literally by the day. Why do'nt we do what we did under the super fund legislation. Force the responsible parties to pay up on a strict liability basis. Lets ask Goldman et al to clean up the financial Love Canal.
Post a Comment