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This video is a bit overdone, and the acting a bit underdone, but it is topical. Submitted for your approval: If the office basketball pool were run like the AIG bailout, wouldn’t we all be winners?’
Good morning, Netizens…
While we’re busily flagellating the leadership of our local law enforcement for perceived errors if not bad intentions, today’s David Horsey cartoon gives us yet another target for our angst: AIG.
The inner machinations of credit default swaps, derivatives and other exotic financial instruments are so convoluted and hard to understand — even for the smartest brainchildren of Wall Street — that I won’t even try to explain them. I’m not even certain the people who authored these various financial instruments truly understand them, so how will you or I?
One thing is certain: they do not deserve bonuses for finding ways to put not only our economy, but the economy of a major portion of the world on the rocks. What seems unfortunate to my way of thinking is that why did Congress and President Obama wait until the bonuses which were paid for incompetence to get angry about them? That makes about as much sense as letting the pirates manage our national coffers, does it not?
My opinions do not matter for much, but having stated that, how different is the scams that were perpetrated by AIG and Bernie Madoff’s ponzi schemes? If, as I surmise, there isn’t a lot of difference between the two, simply remember where Bernie calls home these days. What might be equally interesting from a pragmatist’s point of view is to follow where these bonuses went, then close those loopholes by which so many in AIG have escaped.
AR AR AR! Put the mateys in the brig, I say.
During the Senate’s hearing Wednesday over the AIG bailout, Sen. Maria Cantwell, D-Wash., asked Treasury Secretary Timothy Geithner to explain “where did the money go?” The exchange below is interesting, but not terribly illuminating.