On the road and had no intention of blogging but had to give a couple of cents on this whole AIG thing. What Congress is doing is close to criminal. It is another indication of the lack of leadership we have in our nations capital. I am not defending the bonuses, they are a travesty but let's consider something. This AIG bonus plan was in legislation. It was approved by the very same Congressional leaders who are "outraged." If they didn't know about it, it is because they didn't read what they voted on!!! Treasury Secretary Tim Geitner claims he didn't know about these bonuses on March 10th. Wrong!!! He was asked about it in Congressional testimony March 2nd!!! (may have been the 3rd I forget). Did you know in this legislation there is like 300 million supposed to be handed out a year from now? Basically, the politicians got caught playing politics and in front of the public with their pants down. As a result they try to distort and confuse the situation stirring everyone up to be mad at AIG when they came up with this bonus plan in constructing the legislation and a majority passed it, Republicans and Democrats. IT IS ASININE what they are trying to do.
Then there is another issue. AIG employees should not have gotten the bonus but what signal do you send to the market and about capitalism when once you give it to them, voted on by Congress no less, you take it back. Rule 1 we voted on not no longer applies but instead we are going to issue rule 2 and stir up hatred at you. Does that help us get out of this situation????
It is a total freak show.