AIG Executives Shows Their Appreciation For Taxpayer Bailout

October 8, 2008

The Facts

Just days after AIG received $85 billion of free taxpayer money, several executives spent $440,000 on a lavish vacation. Included in that was $23,380 for spa visits. All this was revealed during the House Oversight Committee hearings yesterday. After snubbing their noses at the committee, the executives walked out of the hearings, called their pal Treasury Secretary Henry Paulson and ask for & got another $38 billion; obviously with no questions asked.

My View

Let’s see, now; how did it go? “No taxpayer money is going to end up in corporate executives pockets”. Now where did I hear that? Oh, yea! From everybody in the White House, Henry Paulson, Ben Bernanke, most of those in Congress, and all those folks who keep telling us the bailout was for “Main Street”, not “Wall Street”.

Ok, so 98.2% of us will say ‘what the hell is $440,000 in the big scheme of things”? “So just shut up.” Well, my question is this; if that amount is nothing, just what amount is enough?

Just about every economist that has nothing to gain by this bailout of Wall Street has told us that 60% or more of the $1 trillion will find its way in the accounts of corporate executives, wealthy investors, and traders. And this theft by AIG was only a way of testing the waters. You can mark your calendar; we will hear this same story again, only with larger numbers. And each time you hear it, the number will grow. However, don’t hold your breath while waiting to hear about all of them. There’ll be attempts to keep this from the public, although I don’t know why; we’ll never do anything about it, and they know it.