Wednesday, May 13, 2009

AIG pwns our government; the foxes are guarding the henhouse

So it should come as no question as to why the government gave preference to AIG. Right after the subprime collapse, AIG was given this $85 billion bailout at first and a lot of preferential treatment by congress for basically, @#$*ing around with taxpayer money.
AIG was barely scolded by our Congress after they blew these parties that exceed $40,000 taxpayer dollars. Congress scolded these criminals after awarding themselves multibillion dollar bonuses.

Only AIG LOST $61.7 billion in the 4th quarter 2008 while they were receiving a $180 billion dollar bailout. THAT'S HORRIBLE!!!

Please allow me to reiterate on how horrible Liddy is with taxpayer money by comparing them to NASA and the World Wide Web funding. (I apologize if my numbers are far from accurate, I think the figures I have still illustrate a rather strong point).

-NASA received a lot of critism for it's expenditures. We receive an infinite amount of wealth through satellite programs (made possible through NASA); including cable, internet, weather forecasting, global warming monitoring, advantages to studying alternative wind power...

All this typically costs the US taxpayers less than $40 billion each year.

-Al Gore passed the NETWORKING AND INFORMATION TECHNOLOGY RESEARCH AND DEVELOPMENT ACT in 1991. Billions were thrown at the Internet sector and the result was a $300 billion dollar industry.

"In 1998, the Internet economy generated more than $300 billion in U.S. revenue and 1.2 million jobs. "

Somewhere in the Mercury News (Sillicon Valley) was quoted that the tech sector returned $200 billion/year.

***For under $85 billion taxpayer dollars, both NASA and the IT sector created jobs and returned an amount of wealth exponentially higher than the origional investment. Edward Liddy gets $180 billion taxpayer dollars and LOSES $65 billion in the last 2 quarters. ***

I wonder if the government worker pensions even amounted to $180 billion dollars. It might have been cheaper to use taxpayer money to recover those, instead of using AIG to hold the pensions since they're wasting our money. Can't we just get those pensions back and imprison Liddy? The apathy of Congress is mind numbing.


Ed Liddy was hand selected from the CEO Special Olympics.
No offense to the special olympics. But he took $180 billion to lose $65 billion (total 4th quarter 2008 and 1st quarter 2009).

In the normal world as America understands it, the shareholders would have prosecuted this insurance company the same way they prosecuted Enron after that former scandal. AIG should have been imprisoned for fraud. Ed Liddy is a criminal.

He is not being imprisoned because his institution AIG holds hostage government pensions. I wonder if Congress has their pensions held at this institution as well.


video

In this video, Kucinich grills Liddy about the pensions owed to government employees in Ohio. Both Kusinich and Kapture, both Democrats make me happy to have lived in Ohio at one time. It's not everyday when someone admits that they're happy to be from Ohio.

Neither of them voted for the bailout; it's nice to not have to question their intentions, agendas, competancy, sanity or integrity through this entire mess so I can defend his anger. After all of the stunts that AIG pulled since the unethical bailouts, it comes as no suprise that nobody trusts Liddy with their pensions. The amount of money that Liddy got from his bonus would have paid off pensions for many people.

I judge harshly the Congressmen who voted for the bailouts. Remember when Obama was "outraged" at the AIG bonuses? It was all a big dog and pony show.

read:

US officials knew of AIG bonuses: report

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