Sunday, March 15, 2009

AIG – American Corruption

Both NYT and WaPo reporting how Obama Administration and Congress have failed to stop bonus payments to AIG employees is a tale of shameful capitulation of American Law Makers and elected President at the hands of recalcitrant AIG. We do not fall to the games of President Obama when his Administration leaks out how Secretary Geithner tried in vain to stop those bonus payments. We need results, not just sincere outrage window dressed for some cheap political points. The word is if AIG does not pay those bonuses, those ‘specialists’ who are dismantling AIG’s more than Trillion Dollar bets would walk out and that will cause the grave harm! F**k those ‘specialists’ who destroyed American Economy in the first place. They have probably done more harm to America than Bin Laden has. May be the dropped phrase of ‘enemy combatant’ should be applied to them. We are tired of all these cosmetic, cheap symbolic political acts by the new Administration while it fails to show guts where it matters most to American people.

It is like saying General Petraeus would not conduct war in Iraq or Afghan operations unless he is paid in millions. Are these specialists doing any more critical work than so many of America’s soldiers are doing when they risk their lives? Or for that matter so many other Americans who are doing many important tasks of national importance? Why in America when millions are laid off we can not find few thousand competent employees who would do the job without being greedy to such an extent that it is a national disgrace?

Some would say, stupid – it is all about the ‘legal contract’. Contract of American soldiers never mentioned about paying bonuses whereas contracts of these specialists do. Fine. Then why are these ‘law makers’ elected and sent to Washington if they can not pass an emergency law granting immunity to AIG, now owned by American people, from all follow up law suits when these bonus programs are halted? Why is the CEO Liddy in the office still? Why would not any American worth his or her salt say that ‘I would not sign these bonus programs’ no matter what? We need CEOs of AIG who would rather resign than sign these bonus payouts. It is admirable that CEO Liddy is not taking bonus himself; but that is not sufficient.

Next, what is with Fed Chief Bernanke and Treasury Secretary Geithner refusing to divulge the details of how the $160 Billion AIG bailout was used? As NYT in a blistering editorial is demanding, we need details of those receiving parties. Unless that happens, it is not just Madoff or Stanford who are the perpetrator of largest financial frauds in America; but it is our own American Government which is openly conducting a massive ‘corruption program’ called AIG bailout!

Congress seems to have abducted its responsibility in this manner. It is not demanding these details. It can say to Obama Administration unless these details are provided; no more co-operation with the Administration on any bill. And where is America’s political opposition? In a healthy democracy, you would have GOP pounding on the table about these details as well as these brazen bonus payments. GOP lawmakers can not be worried that earlier in Bush Administration they backed early parts of AIG bailout on the same terms – no details to public. But they can correct that now. Continuing earlier mistakes is not an ideological consistency. America needs politicians demanding ‘sun shine’ policy in this case. Until then we are seeing a ghastly ‘open corruption’ program called AIG bailout.

1 comment:

Pro said...

This is sick. Why in the world are we helping these companies that keep sending millions to people who do not know how to run a company? They cry yet get paid millions on the "average joes" taxes. Furthermore, I fear this is just the tip of the iceberg. Look what Enterprise rent-a-car did to get bailout funds:

http://www.butasforme.com/2009/02/25/alert-enterprise-rent-a-car-may-have-fired-employees-as-fake-evidence-when-lobbing-for-bailout-money/