Tag: AIG

GSA “Scandal”

Worth noting that the “scandal” eating up several days worth of Congressional hearings cost American taxpayers $823,000. That’s Thousand, with a “t.” Particular interest seems to focus on a single party that cost $1960 dollars. Two thousand dollars.

Bonuses paid post-bailout in AIG’s godforsaken Financial Products Division? $168 million.
Total USG investment in AIG alone: $180 billion. With a B.

That’s just for AIG and really just for one division of AIG. The whole shooting match there on Wall Street was measured in trillions of dollars.

These and other gross mismatches in outrage brought to you by Feckless, the official messaging arm of The Democrat. Well played, boys. Should government money be wasted? Of course not. But let’s keep a sense of scale and focus the outrage on the truly outrageous.

The John Erwin Act of 2009

Based off the warm reception the recent AIG retention bonuses have received, I forsee no problem at all for Fannie and Freddie’s upcoming round of same.

Here’s what it’s going to take. First, enact the previous post. Up it to 200%, just to be sure, and include any corporation receiving bailout or TARP monies. Funny how the UAW had to reopen their contracts lest the world surely end, but the millionaires: not so much.

Second, an example needs to be made. Ceterum censeo AIG esse delendam. Starting immediately, AIG shall be taken into bankruptcy. The still very valuable and profitable insurance branch: sold off…on the condition that all its related executives must not be retained beyond six months. Their jobs are over. The dread CDS unit: what’s sellable is sold. As to the rest of it, the various counterparties will be approached, and workarounds “negotiated.” I’m pretty sure their attidues will soften once the default swap is going to yield a) something -or- b) zero (with the attendant and required revelation on the old balance sheet). What’s not unwindable or proves unsellable is held by a resolution trust-style operation and eventually sold. Everyone, and I mean everyone currently employed by AIG that makes above $100,000/yr: goes on the fucking breadline. You can safely fire everyone not in the insurance unit starting tomorrow. And you furthermore ensure that they are not legally employable by any company or proxy of said company that is receiving or received bailout or TARP funds.

Then we wait and see which CEO wants to start off the next round of bonuses for all the hard work and genius. Things have changed. Dramatically. These fucktards just refuse to accept it.

And, media, can we quit with all the “Masters of the Universe” crap? It was foolish and obviously quite sad when times were good. Now it’s just pathetic.