Monday, March 16, 2009

Time for indictments at AIG

A lot of people linking to Josh Marshall this morning. I agree that the problem with the AIG bailout isn't just the bonuses, though they do rankle. But I don't think it's being perceived by the average Jake so much as impotence, as it is complicity. It smacks of politics as usual, not change and certainly not reform of the system. It will play as a broken campaign promise. It won't escape the notice of even the least informed voters that auto workers got screwed on contracts and white collar brass get millions in payola with no apparent enforceable conditions.

I'm thinking the only way to restore public confidence is for them to see the bankers held to account for creating the mess, instead of being bailed out any further. As I said at DetNews last night:

By clawing back the money through criminal prosecutions, the taxpayers would recoup the profit the racketeers took off the top of the debts, instead of paying their debts off for them, which is what we're doing with the bailouts. Of course the perps won't like this idea, but I can't think of a better way to restore consumer confidence than showing the people our government is willing to bring their well-connected, enormously wealthy patrons to justice.

[More posts daily at The Detroit News]

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Blogger Capt. Fogg said...

I would like to know who authorized handing them a check while those contractual bonuses were part of the package? I'm suspicious that it was Paulsen and I'm angry that no one is talking about it.

If you remember his proposal was "give me the money and don't ask questions."

I promise that when Fogg International Group - or FIG - get's it's bailout, nobody is getting a bonus. I might let them swab the decks on the megayacht, but that's it.

4:12:00 PM  
Blogger Libby Spencer said...

Well, I'm getting a job with AIG. I want my bonus for failure, dammit. Although I must admit, I'd love to say I work for FIG.

5:42:00 PM  
Blogger Ruth said...

Guess you knew some one would come along and say we don't care a Fig for AIG execs, and shouldn't some one go ahead and let these bunglers go before they can do any more damage.

10:47:00 AM  
Blogger Libby Spencer said...

LOL Ruth.

11:19:00 AM  

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