With $170 billion invested in AIG we (the American people) own the company. We own 80%. If we are the owners of the company doesn't that give us the right to terminate the contracts of the CEOs and other "top" management. I'm sure they might have golden parachutes but why let these criminals steal any more by taking yet more of our money to line their pockets. We could use another approach. That would be to split the company into parts and let the weak elements fail. That's the way other big companies get out of difficult situations. By doing that the bad guys don't win. They don't get bonuses.
Oh and here's some other great news if you didn't catch it. We the taxpayers paid for this bail out twice. Goldman Sachs we bailed out once before then AIG gives them $12 billion.
I also wonder if we ever got back the $10 billion we lent to the airlines right after 9-11. I'll bet not.
More later
Update: My blog buddy Crum informs me that yes indeed the airlines did payback their loan and the taxpayers did profit. Now let's see if the banks and AIG can follow suit.
From Propublica:
The Chrysler and airline bailout plans had a commonality: stock warrants. A provision inserted into the ATSS Act, which allowed the Treasury to purchase stock at below-market prices from any airline receiving a loan guarantee, allowed the Treasury to earn money. Reports varied on the total net profit, ranging from $141.7 million to $327 million. The loan guarantee program suffered one loss of about $23.2 million when ATA Airlines filed for bankruptcy protection.
4 comments:
Apparently several sites indicate the airline loans were repaid. We should expect the same from the bail outs we have created recently also. The history of bail outs being repaid is better than one would expect. As a matter of fact, the US government made some serious jingle in the way of profit from the Air line bailout.
Check these sites out-http://www.propublica.org/special/government-bailouts
http://www.propublica.org/special/bailout-aftermaths#penncentral
Yes, if they're "too big to fail," then they need to either be broken up into smaller companies, or they need to be regulated more closely.
And since We The People own 80% of AIG, we can definitely void the "contract" that those failed executives are hiding behind. Fuck their bonuses! They belong in jail, where their only "bonuses" would be a little extra sodomizing from their cellmates.
We could use another approach. That would be to split the company into parts and let the weak elements fail.
Should have just let it fail in the first place, there is always something to replace it that knows it isn't going to get bailed out and will do a better job the next time.
But as long as they keep bailing out these greedy morons not much is going to change.
We are taxpayers, it is not in our interest to bail out those that have been fucking us over.
Theodore Roosevelt, who saw 2 Depressions caused by "too big to fail" corporations, knew what the remedy was. He was right then, and he's right NOW. We need an Executive who is ready to enforce the Sherman Antitrust Act once again.
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