Solving The U.S. Financial Crisis, One Financial Bailout At A Time

by The Smarter Wallet on March 16, 2009

U.S. financial crisis, financial bailout

Thoughts On AIG’s Financial Bailout and Bonus Program

AIG has been in the headlines recently because of their bonus brouhaha. I’ve read about how our taxes are funding AIG’s employee retention bonus program. AIG has received many billions in TARP bailout funds funded by our tax dollars, a portion of which will be used for bonuses for their employees to bribe them into working and staying put at their jobs.

Wait a sec. Let’s just state the obvious: we’re in a bad recession where people are fighting over whatever remaining jobs are available. It’s hard to believe that there are well-paid executives who think there are jobs out there waiting for them to pick up in case they decide to leave their posts at AIG — are they that out of touch with reality? What’s even more unbelievable is that some of these executives are probably responsible for their company’s fall from grace anyway. So does the bonus-by-bailout even make sense?

Apparently not, and that’s why the media has been spotlighting these shenanigans. It’s sensational, sure, but it exposes the incompetence and greed that’s out there right now. I had said before that I thought that the financial crisis in the media may be overhyped. Well, I’m glad it is now, because maybe (a pipe dream?) we’ll be able to do something about the crooks. The government’s been putting the squeeze and the pressure on these people lately, so yeah, the hype and exposure’s been a positive thing here.

Who’s To Blame For The U.S. Financial Crisis?

So what say we shed more light on this downturn by spotlighting Time’s 25 People To Blame For The Financial Crisis, shall we? To whom should we attribute our financial crisis?

Who do you think has done the most damage?

I never thought it could happen here in the U.S., but here’s some terrible irony: if you are a petty criminal who shoplifts a few items from a store, you get a record. If you get caught with some dope on you, you go to jail (heck, in other countries, you get a death sentence!). But what we’re seeing here are people who pretty much ran the country to the ground, who looted and pillaged through fraudulent, incompetent, unethical and greedy behavior, and whose actions have caused the wealth of so many to evaporate into thin air. Yet they are handsomely rewarded with bailouts, buyouts, and our tax money.

Where is the accountability? Will there ever be any? Why isn’t anyone getting prosecuted for looting our nation?

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{ 2 comments… read them below or add one }

1 Manshu March 16, 2009 at 3:39 am

It is sad that it took so much public pressure and time for AIG to release the list of its counter-parties where the money went. But, even in that, you can’t just total up the numbers and see who gets how much. It is much more complicated and in some ways an attempt to really confuse things. Why is it so difficult to get this simple answer?

2 pam August 28, 2009 at 10:14 am

the making homes affordability is not helping. the payments is almost just as high. They will not lower the mortgage for what the house is actually worth. who in their right mind would pay $220,000 for a house that is only worth $167,000? not us & I do not know anyone who would. we need help now the foreclosures are going up everyday & more to come. I also lost my job too. No medical either & no jobs. we are getting foreclosed on.

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