Well then start bailing…
While I realize that AIG is a very large world wide corporation, it just seems entirely unconscionably disgusting that we the general public will ultimately end up bailing these criminals out of bleeding their investors dry.
It has lead to a some seriously half baked plans aimed at solving the problem. An estimated $700 billion in the bucket thus far. Honestly who are the trying to fool? Oh wait a minute that’d be you and me. Listen I understand that there are over 100,000 jobs in NY alone that need saving as a result of this, and honestly I am all for it. However, to simply hand these companies a blank check without some serious stipulations is utterly irresponsible and should not be allowed to proceed.
First they government must lock down the salary gap between the executive on this company, and reduce it to a resonable level. Second they must strip away any and all bonuses for the duration of the bailout. These executives must not be allowed to profit from their failure! Further the NYS Attorney General shall seek damages against all former AIG (group) executives in an effort to reclaim the appropriate funds for NYS, and exspecially the displaced workers.
Ok I’m calm. I am trying to remain composed. It is just hot issue. You are probably wondering why I identified the NYS AG in lieu of the US AG quite simply these matters are directly affecting NYS, as these companies are head quartered in NYS and therefore it is a NYS actionable issue. The NYS AG must act swiftly before the Feds steal any restitution he can secure.
If the NYS AG fails to act then the Feds will bleed the people dry and divert any of the funds that should be infused into solidifying NYS, who is suffering the most from the failures of Wall Street, into other areas. Some of it will end up ear marked as a redistrobution of wealth, in a package to jump start other failed economies like those in areas of Michigan and Ohio.
While I am find this concept acceptable, I am concerned about those who will likely loose here in the state where these companies operated.
The second issue with this bailout that I take serious issue with is that if AIG is such a world wide company then where are these other countries? Why have they not stepped forward to help with the issue? It is time that we as a country retract our open check book of foreign aide. WHile I am not such a big fan of isolationalism I do feel it is time that we start calling on a few of our loans. Yet that leads to the problem of what to do should the lonaee not be able to pay.
I would not be one bit surprised to learn that we have loaned money to far risky nations than some of the US mortagage lender clients. It’s not as if we can forclose on your country.
Honestly that would be a terrible idea.