Giving out $18 billion in bonuses at a time when ordinary Americans have seen their life savings collapse is outrageous. To give out these bonuses using federal bailout money is over the edge.
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The new economy, the one that not only gets us out of this crisis, but keeps us out of the next, will not have a place for either AIG type bonuses or Jim Cramer-type journalism.
Let's take back some 70 odd bonuses and fail on all sides to see the systemic disease that got us here: short-term thinking and the lunatic need for a profit statement this quarter considerably larger than the last.
Lincoln, FDR, and LBJ all did what they had to do, played the hardball that had to be played, to change the country. Obama should follow their example.
For eight years, the Republicans gave unprecedented trillion dollar bonuses to the richest people in America. Where was the MSM's outrage then?
Let's get real. This may be a nation of laws, but contracts are not sacred, and employment contracts are less sacred than any.
If the American people come to see the Obama administration as complicit in Wall Street's unethical behavior, then Obama's entire economic program could end up in shambles.
What would it take to change a whole subculture that has escaped all ethical boundaries?
With so much confusion in the financial marketplace, one thing is apparent: the American people deserve to know what government-supported banks are doing and how our tax dollars are being used.
If not for the taxpayer, AIG would be bankrupt, and the folks holding those contracts would be standing at the end of the creditor line.
There are few topics more fit for bailout-inspired vitriol than the sports marketing and sponsorship deals bargained by financial services firms and automakers surviving due to taxpayer largess.
The ongoing AIG mess provides us with an interesting sidelight today -- the use of an excuse that is no longer acceptable in the unwired global universe in which we now live.
The much-reviled US tax code contains within it thousands of treatments and exclusions that enable subclasses of people to enjoy deductions, credits or even exclusions from paying taxes.
Americans will justifiably ask who got us into this mess. The answer, in part, is the same man who has yet to come up with a coherent plan to get us out of it:
The sums of money going to bail out the financial industry dwarf the waste and pork that get John McCain and other budget hawks excited. Yet they are strangely calm about the bailout money.
Public morality falls to a new low-level when outrageous acts are revealed but rather than being soon corrected -- they are excused.
The Republicans were going to grab onto the populist anti-bank feelings in the country to position themselves as the party of the people, with the Democrats being cast as the party of the bankers.
Larry Summers claims that nothing can be done about the AIG bonuses. As a former Secretary of the Treasury, he should know better.
Greed was never good. Normal people know that, but it has been completely lost on the Wall Street crowd and the American economic elite.
The outrage over the AIG bonuses is a sideshow. The larger problem, both financially and politically, is the entire strategy for rescuing the banks. Obama needs to get a second opinion.
When our very own Secretary of the Treasury cannot make stick his decision that AIG's bonuses should not be paid, only one conclusion can be drawn: AIG is accountable to no one.
Ever since AIG entered the public consciousness in a very negative way last fall, people have been wondering what the initials stand for.
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