Let’s Move On From AIG Already!!

March 25, 2009

Business

I’m really getting tired of people blaming AIG already. It’s been proven that they did not break any laws, but continuing to dwell on the subject has gotten old. Rep. Barney Frank just called for the federal government to do a take-over of AIG and try to make it easier to get back the some of the $165 million it paid the execs. Democratic Sen. Charles Schumer wants Congress to tax the HELL out of the bonuses, something like 90%?! My personal favorite is how Republican Sen. Charles Grassley wants the AIG executives to either resign or commit suicide.

During President Obama’s campaign and a large chunk of the first 60 days of his presidency, he has shown patience and determination in keeping his eyes on the prize of two major economic goals: creating around 4 million jobs and getting credit going again. True, the plunging of the country’s financial crapper is taking longer than everyone wants, but I’m willing to give him some breathing room on that one, because that’s a pretty big piece of crap to drain overnight. However, Obama seems to have taken his eye off the ball a little bit and gotten pulled into the publicity. It seems that the plan isn’t to pull the economy from the bottomless pit of port-o-potty’s, but to point some fingers on who we think got us into this crap. We gave billions of taxpayer dollars to AIG, and the company has the balls to pay out huge bonuses to the execs, because you know they’re hurting too!

Now I get that AIG had some contractual obligations to these execs, and it was either pay up to get sued, but shouldn’t we set a restriction that voids these types of contracts if the government is forced to step in and bail them out? Shouldn’t the government hear the full plan on what happens with the money they just forked over? I guess that’s another thing for the Prez to think about.

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