I know many people are being distracted by the outrage at $165 million dollars paid out in bonuses for AIG execs. But I want to focus on the $54 Billion (with a ‘B’) that was given to foreign banks by AIG, with the tacit approval of our congress.
So now that you know where I want to take this post you will understand why I need some help. Glenn Beck did a great piece on this tonight on his show. He had one of the people that work for him write on a white-board the amounts that went to foreign banks. I have looked on all the obvious places but cannot find anyone, including Glenn, that has posted that part of his show on a internet video. If you know of a place where I might find what I’m looking for, please holler at me here giovanni.faga@yahoo.com
True, however, we have overlooked the more critical question: If we allowed AIG to go through the Bankruptcy process would the $165 million even be in play? Where on the pecking order of cents on the dollar would these people be? Wages of employees are usually number 1, however, a bonus is not a wage but this money was a contractual obligation. Wouldn’t such a contract be subordinate to the bond holders and the insured with claims to be paid?
It seems to me we should be flogging the government for bailing out AIG and interfering with the Bankruptcy process. Everyone who was insured (auto, home, commercial property, etc.) by AIG would buy new policies as they lapsed with another insurance company. Congress and the Teacher’s Unions would take their 401k business elsewhere as well. Which leaves the CDS, those whose bonds fell below the value they insured them would get penny’s on the dollar from a liquidated AIG. All the employees of AIG would have to find themselves a new job. So why was AIG too big to fail, I don’t buy the argument, this was about political payback for the millions in campaign contributions. What everyone should be screaming about is the millions of campaign dollars the employees of AIG gave to the Democrats, and specifically Barrack Obama. This was Quid Pro Quo, a criminal fraud upon the American People.
Gio…
I’ve had a long day…just wanted to let you know real quick I searched everywhere I know for the better part of an hour too to see if I could find what you are seeking…I couldn’t…everytime I thought I may be getting close I was disappointed.
I’ll keep an eye out though…
Or as Cash sang…”I keep one eye open all the time”….