Wednesday, March 25, 2009

The AIG Hoopla

This is what happens when you let government get involved with anything. They mess it up. People end up playing politics with people's lives. The truth is that government is the most corrupt, inefficient, and unethical organization there is, accusations that were levied against AIG.

Here are the facts of the matter. It is absurd for the politicians to scream over $140 million in bonuses when they just passed a pork-laden spending bill in the amount of $410 billion. Anyone on Capitol Hill who opens their mouth about this ought to be slapped. After all, it was Chuck Schumer, Senator from New York, who stated during the hearing for the spending bill that the American people do not care about $200 million.

Another thing: those receiving the bonuses did not create the financial crisis AIG finds itself in. Those parties are long gone. The ones who are there now were the ones put in charge of reversing the trend. They legally earned this money and it is immoral, unethical, and unconstitutional for Congress to take it back.

Finally, the argument that quality people will not leave the financial institutions is bogus. These people are talented. They will find employment elsewhere. There are plenty of companies who are willing to take them on at salaries well above the cap that the government placed upon the Tarp receiving companies. Of course, this will further weaken the institutions the government is professing to want to help. This will lead to the nationalization of these outfits. Do you see how the scam works now?

In case you still have an issue with this AIG deal, here is a copy of a resignation letter that appeared in the NY Times.

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