Why We Are Angry At AIG

March 20, 2009 at 7:04 am | Posted in American politics | Leave a comment

These executives from AIG don’t understand. We’re not angry over bonuses, even if the word isn’t properly used (they really don’t get that money as part of a compensation for excellent work—it’s just extra pay that they decided to call “bonus”). We’re angry that AIG borrowed $30 for every $1 they could actually insure and somehow believe that was safe practice for a business that truly is “too big to fail.” The irresponsibility! I’d love to see this company actually go down, as well as many others do, but we cannot allow that. If AIG went down, the whole economy would collapse mightily. I wanted to see Lehman Brothers collapse. They deserved it, for their recklessness and irresponsibility. However, their collapse precipitated the meltdown we saw from October through January (and on still). If the government had not intervened with TARP, it would certainly have been much much worse. AIG is five times BIGGER than Lehman Brothers. And to put in perspective, Lehman Brothers had more assets than the country of Argentina! AIG is about five or six times BIGGER than the country of Argentina. It cannot be allowed to collapse.

So the anger comes from the fact that these executives at AIG ordered such irresponsible actions, then set themselves up to get millions for running their company into the ground, who then come begging to the taxpayers to save their corporation, which we reluctantly do. These executives would never do the same for someone making $50,000 a year. I would fire every single one of those who agreed to the irresponsible actions that led to AIG’s downfall. I know Liddy, the CEO of AIG doesn’t think that’s a good idea. He thinks, in a Randian snobbish sense that only the current corrupt crop can actually handle AIG, as if these executives are John Galt in the flesh who, if they are out of their jobs, would cause AIG to collapse. The idiocy! It is THESE VERY EXECUTIVES who CAUSED AIG to collapse! They really should be fired!

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