How To Stop AIG From Happening Again
http://boztopia.com/?p=492AIG, Andrew Cuomo, art, bailout, Bernard Madoff, Bloomberg, bush administration, change, CIA, CNN, Common, Congress, crash, credit, DC, EESA, Elizabeth Warren, Emergency Economic Stabilization Act, failure, Firedoglake, instruments, meltdown, money, Obama, outrage, President, reform, shock doctrine, Sun, Sunlight Foundation, taxpayers, Technical, The Secret, transparency, Treasury, warhttp://boztopia.com/?p=492#comments
By now you’re probably familiar with the brazen outrage that is AIG giving billions in bonuses (paid with taxpayer money) to the very executives responsible for a very large part of the financial crisis - the creation and sale of credit default swaps. The amount is so staggering it bears repeating-after receiving $170 million in taxpayer dollars to prop it up, the company is paying $165 million in bonuses to its financial products unit. 95 percent of the money we gave to this company, which engineered a global financial meltdown through reckless horse-trading of incomprehensible financial instruments, is being used to reward those people who were most responsible for causing the chaos.
Disgusting.
Like you, I had my moment of sheer, spittle-flecked rage and frustration about this whole situation, but today, I’m focused on what we can do about it, and hopefully I can do the same for you. Read on if you’re so inclined.
Read the rest of this entry »
By now you’re probably familiar with the brazen outrage that is AIG giving billions in bonuses (paid with taxpayer money) to the very executives responsible for a very large part of the financial crisis - the creation and sale of credit default swaps. The amount is so staggering it bears repeating-after receiving $170 million in taxpayer dollars to prop it up, the company is paying $165 million in bonuses to its financial products unit. 95 percent of the money we gave to this company, which engineered a global financial meltdown through reckless horse-trading of incomprehensible financial instruments, is being used to reward those people who were most responsible for causing the chaos.
Disgusting.
Like you, I had my moment of sheer, spittle-flecked rage and frustration about this whole situation, but today, I’m focused on what we can do about it, and hopefully I can do the same for you. Read on if you’re so inclined.
Read the rest of this entry »