Messing up and getting handsomely rewarded is the order of the day at AIG, the giant insurer whose Financial Products Division more or less brought on the country's financial mess. Now, of course, they are going to get 100 billion in bonuses and we are going to let it happen. Why? We don't want to get sued. Well, la de da, what is the big deal?
We involved ourselves with AIG based on the best information we had at the time. Little did we know that we were about to fork over these gigantic bonuses to the wienies who were the ones who created the incredible mess mainly with the infamous credit default swaps. In my view, since we didn't know, we can change the rules. Want to sue us, go ahead.
Larry Summers, the president's chief financial advisor caved somewhat, saying we are a country of laws. It was code saying we knew nothing about the risky business AIG were involved in. And, the previous "deciders" let them run amuck. The fact that those receiving these outrageous bonuses had a contract before we took over their messes, means they walk away. I don't think so: I don't accept it and surely don't think that most Americans who care and are trying to understand, will accept it either.
The last time I looked, lawyers weren't running the country. Let the lawyers duke it out, at least it will take years and by that time, the 80% of AIG we own may have righted itself.
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