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AIG Executive after the First Bailout

How long is the Federal Government going to do this shyt?  From Yahoo:

WASHINGTON – The government on Monday unveiled a revamped rescue package to insurance giant American International Group and will provide the troubled company another $30 billion on an “as needed” basis.

The new package comes as the company has burned through cash and has been unable to find buyers for pieces of its company that it hoped to sell to repay the government on its existing aid package, which totals some $150 billion.

In an interview on NBC’s “Today” show Monday morning, AIG’s chairman and chief executive Edward Liddy, said: “We’re going to be able to pay back the Federal Reserve. The new $30 billion is a standby line. It’s not necessarily something that we think we’ll have to draw on right away.”

The announcement came as AIG, once the world’s largest insurer, reported Monday it lost $61.7 billion in the fourth quarter, the biggest quarterly loss in U.S. corporate history (emphasis mine).

Excuse me, but when did rewarding CEOs for FAILURE become an acceptable job PERFORMANCE EVALUATION?  I thought you got fired for running companies into the ground.  And as one of my co-workers said, and I agree with him:

“When Banks FAIL, they go out of BUSINESS. They don’t get bailed out and allowed to continue the disastrous policies that ran them into the ground.”

I’m sorry, but I can’t get with this shyt; I just CAN’T. And it’s with our tax dollars, y’all.  OUR MONEY.  You KNOW how you would act if some fool came up to you on the street and asked you to loan him money, and you only got his promise it would be paid back (Okay, some of you might be more gracious about personal loans).  Only recently, the Government decided to make the Auto Industry tap dance for the twos and fews they finally got, but the Bush Administration gave the banking industries a BLANK CHECK, without any oversight or compliance requirements.  And I can’t help but wonder why the Obama Administration is appearing willing to continue the disasterous policies of an already FAILED administration that ripped off the American people for eight years.

I admit to not really understanding economics beyond the concept of supply and demand, consume, spend, and balance out the whole enchilada, but honestly, another BAILOUT?  Especially after what AIG did with the initial money they got from the Gubmint?

In case you forgot, here’s a tidbit guaranteed to fire you up, especially if you’re snowed in (for those of us on the East Coast):

AIG sent its executives to the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government that it needed to stave off bankruptcy. The resort tab included $23,380 worth of spa treatments for AIG employees, according to invoices the resort turned over to the House Oversight and Government Reform Committee. (emphasis mine)

This reminds me of my everyday life.  I work, and get taxed very heavily, but I budget to afford some things, like getting my mop (hair) hooked up on the regular and keeping my nails done – but when I was unemployed, I did my own hair and went to the salon every six weeks.  I did my own nails (kept the cuticles trimmed anyway), but if you saw me in a nail shop during that time, it was because I saved to go.  Forgive me for saying this, but nothing makes me angrier than sitting in a salon, having had to scrimp and save to make that appointment of having to choose if I can get both a manicure and a pedicure or the manicure only; and sitting next to a sista hood rat who collects welfare and lives off Section 8 on the generational tip – using that money to get not only her hair and nails done, but have facials, a pedicure, feeding her rugrats Mickey D’s on the regular and wondering why the teachers complain about Dontrelles’ ADD; and THEN, is heard bragging loudly on her cell phone to her other hood rat friends about how she gon’ milk the gubmint cheese by “forgetting her pill” and tricking Jawan into making another sperm deposit so the checks will continue because the gubmint will kick her off the dole in another year.

When I read about how AIG got an initial bailout of $85 billion, then allowed their executives that boondoggle including $23K for SPA TREATMENTS; now it is followed by another $30 billion, it is just like you and me, having to BUDGET our money and trying to see if we can afford the minimum of a spa treatment, sitting next to a hood rat in a salon who goes for the full package, and paying for it with the government welfare check and bragging about how she gon’ continue to find ways to keep the gubmint cheese coming.



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