As I sit here tired from listening to the testimony of AIG CEO and listening to the questions and comments of the committee panel, the least of my concerns at this point is their bonuses. Bonuses are often fractions of what the executive and employee earns in a year. I am concerned that their strategy for the future is to sell all their profitable businesses in order to pay back the loan. Huh? So they are again depending on an interested big-money buyer of their stuff! Explain to me what sense that makes. AIG solicits the government for funds, and then sells off its businesses to pay it back? Why didn’t they just sell them off in the first place! Sounds like a pyramid scheme to me. I’m tired of learning about so many schemes in so many places. This is the worst terrorism of all.
The last minute Bush Administration push for this AIG bag-o-shit is now in the hands of Obama. Let’s never be confused about when this fire-storm we are experiencing was initiated. I trust Obama can fix it, his major hurdle is changing the way things work, top to bottom. But this is not about partisanship, this is not a matter of politic, financials are finite and free of emotion. Outrage from deception is found on both sides of the aisle about both sides of the aisle. A lack of transparency and oversight always increases room for deception. White collar crimes are the most detrimental of all. Silent killers. Market confidence will be restored when the Justice System becomes a definitive player in this debacle.
Tim Geithner has been involved one way of another for some time, if he proves to be a major conflict of interest player in all this, Obama should consider a complete outsider to replace him. Transparency and future vision often comes with impartiality.
I hate to hear Obama saying that things are “too complicated to get into” when speaking to the press. We can understand, the “people” are not stupid, but our media sources might be! The internet has created a much needed checks and balances for media information. Complete access is powerful. But it also changes the way we move toward the future. People don’t want to pay for things they can get for free. Newspapers lose business. Things are changing and it’s great! That’s a free market; the people speak with their wallets. Newspapers will have to change to keep their market share. If change was really a problem we’d still be riding in horse and buggies. If only our government leaders had more confidence in or paid more attention to, the voice of the people.
Checks and balances are in place for a reason. We must be sure not to impede them. Perhaps the Justice Branch should weigh in on all bills and legislation. Someone should have to read the bills in their entirety. How on earth do they know what they are agreeing to, Senators saying they didn’t have time to read the legislation before passing it? Make time (expletive here). What else are you there for? You would think a huge systemic program like this would have been reviewed many times over, thoroughly discussed and debated. Maybe they should require a pop quiz before the vote, so they have to have read the damn thing to be able to voice an opinion on it! Hello is ANYONE at home?
As a nod to public anger, those who have called on people to hurt themselves or others are out of line. But justice must prevail and this little Bonuses tidbit is reasonable cause to blow the whole thing open and really look at it. Let’s slow down and take the time to read. By the by, all contracts have exit clauses, they are usually based on performance. If contracts aren’t negotiable they would never exist in the first place.