Categories
Social & Political

Disgusting AIG antics exposed at hearing

<![CDATA[Watching the chairman of Lehman squirm yesterday when asked about his half-billion dollars in pay was fun, but the fact AIG execs are already back to the high-flying lifestyle is simply infuriating.

After Bailout, AIG Executives Head to Resort:
Less than a week after the federal government offered an $85 billion bailout to insurance giant AIG, the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a tab of $440,000, Rep. Henry Waxman (D-Calif.) said today at the the opening of a House committee hearing about the near-failure of the insurance giant.
Showing a photograph of the resort, Waxman said the executives spent $200,000 for rooms, $150,000 for meals and $23,000 for the spa.
“Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation,” Waxman said. “We will ask whether any of this makes sense. “

Waxman should press for criminal investigations as to whether the bailout made this illegal. And, if it didn’t, then we should make it illegal until these companies have paid back every penny of taxpayer money with interest.]]>

Categories
Social & Political

An alternative to the bail-out that makes sense

<![CDATA[James K. Galbraith writes in the Washington Post, arguing that, with all the big investment banks gone already, the best move is to fund the FDIC to cover all deposits and just be done with it. Then, take steps to shore up local governments.
It's a thoughtful alternative to buying bad paper. Read, think.]]>

Categories
Business Social & Political

Imagine we bailed out homeowners

Categories
Economic Social & Political

Legislators from both sides agree: Rip-off

<![CDATA[It may be needed, but the bail-out shouldn't come in the form of a give-away to the banks, Congress says.
This is when the vaunted “bipartisanship” Republicans demand at every turn actually becomes a real debate and negotiation. In this case, the only people in favor of the bail-out in its current form are the Bushies. This is why we need a strong Congress, not a unitary executive.]]>

Categories
Social & Political

Recovery or double-dip?