I can't stand the ignorance!
WTF is with all the reporters, pundits and politicians? AIG was contractually obligated to pay out bonuses. So fucking what if that is upsetting to some people? THE FEDS GAVE THE MONEY WITH ENOUGH STRINGS ATTACHED, why are they getting upset about financial obligations that neither they, nor AIG, could change?
If the damn establishment want to re-write the rules, abrogate contracts and destroy credibility this is a really crappy way of doing it. Who doesn't believe that a bankruptcy filing wouldn't have been a better way to take care of this? It would be much better for the customers, employees and investors without getting the political class involved.
I heard one dumb politician on the radio yesterday (I won't name him/her, you can fill in any of their names and it would probably be true) complaining that some of the bailout money given to AIG went to Credit Lyonnaise and Royal Bank of Scotland. Just who in the hell do they think all the money owed by AIG was owed to? Foreign investors held over 24% of US corporate debt and 57% of US Treasuries as of June 2007, so is it a great surprise that foreign banks may have been major purchasers of AIG's products?
What exactly did the political class and the moron reporters think that AIG needed the money for? Donating to politicians? Paying the rent? Buying pencils?
We are so screwed!
If the damn establishment want to re-write the rules, abrogate contracts and destroy credibility this is a really crappy way of doing it. Who doesn't believe that a bankruptcy filing wouldn't have been a better way to take care of this? It would be much better for the customers, employees and investors without getting the political class involved.
I heard one dumb politician on the radio yesterday (I won't name him/her, you can fill in any of their names and it would probably be true) complaining that some of the bailout money given to AIG went to Credit Lyonnaise and Royal Bank of Scotland. Just who in the hell do they think all the money owed by AIG was owed to? Foreign investors held over 24% of US corporate debt and 57% of US Treasuries as of June 2007, so is it a great surprise that foreign banks may have been major purchasers of AIG's products?
What exactly did the political class and the moron reporters think that AIG needed the money for? Donating to politicians? Paying the rent? Buying pencils?
We are so screwed!