Sunday, March 15, 2009

AIG bailout vs bankruptcy

Asset Design Center Reviws AIG

WASHINGTON – Leaders of the White House economic team and the Senate's top Republican bellowed about bonuses at a bailed-out insurance giant and pledged to prevent such payments in the future.
From one Sunday talk show to the next, they tore into the contracts that American International Group asserted had to be honored, to the tune of about $165 million and payable to executives by Sunday — part of a larger total payout reportedly valued at $450 million. The company has benefited from more than $170 billion in a federal rescue.

Unfortunately, Government action caused this to happen. Why do we allow our representatives to act on impulse without knowing what they are doing???

We are fools for letting these people stay in office.

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