federal bailout

Comment of the Day: “Dear AIG: I’m Not Going To Be Able To Keep Criticizing Occupy Wall Street For Destructive Class Warfare If You Act Like This”

/ Jack Marshall / Leave a comment

Michael, who now leads the field in Comments of the Day, picks up another with his commentary on my post about AIG’s continuing habit of living large on taxpayer funds. Here are his reflections on the post  Dear AIG: I’m Not Going To Be Able To Keep Criticizing “Occupy Wall Street” For Destructive Class Warfare If You Act Like This:

“A company can allow any expenses they want. That being said, since they are now majority owned by the US government, we need to ask who is giving the go ahead to things like this? Why haven’t they been fired? The Wall Street culture is so entitled and so out of touch with the reality of the common Americans that it is almost beyond belief.

“The Occupy Wall Street group could have a lot of legitimate gripes, but they don’t seem to have anyone with half a brain in the group. Instead of hearing “I want them to take the money from rich people and give it to me” form a college aged girl wearing $500 worth of clothes or “I have gone to every protest I can find for the last 40 years” from the aging hippies, why not try one of the following angles: Continue reading →

Dear AIG: I’m Not Going To Be Able To Keep Criticizing “Occupy Wall Street” For Destructive Class Warfare If You Act Like This.

/ Jack Marshall / 20 Comments

Pelican Hill...where wealthy insurance executives can spend taxpayer funds like it was Monopoly money!

American International Group Inc. (AIG), the huge insurer—too big to fail!— that is now majority-owned by the U.S. after a 2008 bailout of $85 billion, has resumed its arrogant, irresponsible habit of living like sultans on the money of taxpayers, many of whom are getting kicked out of their homes and who can’t find jobs.

Back in October 0f 2008, the House Oversight Committee nearly had a collective stroke when it discovered that, just one week after the federal government bailed out AIG because it was too vital a part of the shaky world financial markets to let go belly-up as it richly deserved, company executives went on a wildly-expensive retreat to a luxury resort. The executives “spent nearly $500,000 on manicures, facials, pedicures, and massages,” among other things.  Rep. Elijah Cummings (D-MD) was incredulous, and he wasn’t alone: Continue reading →

The A.I.G. Bonus Payments…Again

/ Jack Marshall / 1 Comment

Here we go again.

A.I.G. is paying out another 100 million in “retention pay,” also known as eye-popping bonuses, which is certain provoke another round of cursing from the public and posturing by politicians. The question is whether it is unethical to pay these bonuses, and you’re not going to like the answer. I don’t like it much myself.

It is no. Continue reading →