All this AIG talk is really starting to disgust me for many reasons as it reeks of misdirected frustration. I’m going to be very clear in my stance. AIG never should have been put in a position where there were allowed to issue bonuses the very second they received government assistance, or rather taxpayers assistance.

The blame here is on the government agents that wrote the contract that failed to include these clauses that would prevent this type of misappropriations of bailout money in the first place. All this talk about AIG employees receiving death threats is first of all disturbing on many levels, and nothing more than frustrated tax payers not thinking these events through and blaming the obvious culprit. AIG is only human and after reexamining this situation, I believe you and I probably would have done the exact same thing if we were in their shoes. However, since we are not in their shoes it’s extremely easy for us to judge. It’s high time people start looking behind the curtain and seeing whose really responsible for allowing such events to transpire.

12 Responses to “Getting Out of Hand”

  1. MikeB Says:

    To me this is just one big smoke screen to cover the real news which is the fed turning on the printing press buying treasuries and other assets to prime the pump. The government was well aware of this retention plan and the outcry which would take place. If they were not aware, then thats even scarier because how can you own 80% of a company and not know what you are paying your employees?

    I just do not understand how the media talk about $165mm in bonuses ALL DAY when the government is wasting trillions of dollars to prop up a credit based economy full of individuals and businesses who are broke?

  2. Damian Says:

    I agree as well – why is no one concerned about the fact that the FDIC says it need $500b because it didn't collect premiums from 1996 till 2006? Just fucking insane – where the hell was the oversight, and how can I get an insurance policy like that?

  3. Keith Shepard Says:

    Excellent article on Bloomberg by Michael Lewis entitled "Mass Hysteria Over AIG Obscures Simple Truths". Speaks to similar issues that you and others are beginning to raise.

    » http://www.bloomberg.com/apps/news?pid=20601039&a

    I have stayed out of the whole AIG panty twisting on Twitter and in real life. The anger seemed out of control when it began and it all of it seemed like "hindsight bias" to me.

    Good luck and good trading.

    ~Shepard
    =^.^=

  4. MDan Says:

    We have a saying in Romanian that can be translated along the lines of:

    'The idiot is not the guy who is asking, but rather the guy who is giving.'

    šŸ™‚

  5. Matt Says:

    "responsible for allowing such events to transpire."

    Bluntly, shit happens and will always happen from time to time, regardless of the regulations you put in place to prevent. "Allowing" sounds totalitarian to me which is a greater evil than financial market meltdowns.

  6. Jon Says:

    I don't agree with " … AIG is only human and after reexamining this situation, I believe you and I probably would have done the exact same thing if we were in their shoes …".

    I believe that a lot of people would not be in their shoes. I believe that a lot of people would not have done the exact same thing.

    Let's don't use the word "human" when referring to the corrupted and shameless people.

  7. newbie Says:

    Why did we bail out AIG again???
    Should have let the sucker go under and we would not have this problem at all. They bet the firm and circumvented the braindead regulators. They and their counterparties should have suffered the consequences for their actions. No? Too big to fail? Why are the insurance regulators not taking any heat? Too much blame to go around here. Like the folks at the SEC happily collecting their paychecks and having lunch with Bernie Madoff…
    Makes me ill.

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