To the editor:
The AIG fiasco is the consequence of not allowing a bankruptcy to occur. Congress is propping up a zombie company in order that anyone who made a bad decision suffers no loss. Congress has rewarded AIG for speculating on credit default swaps. If they make money, they keep all the profits. If they lose money, they are made whole again with taxpayer dollars. What a country!
AIG paid out $165 million in bonuses after they received over $180 billion of taxpayer money. However, this disappointment pales compared to the incompetence coming out of Washington. The federal government owns 80 percent of AIG (nationalization) and they act as if they have no control. The AIG bonuses amount to less than .01 percent of the $180 billion. What about the other 99.99 percent? Why isn’t the government accounting for the rest of the money? Maybe they don’t want the public to know how many billions of dollars went to foreign banks and U.S. investment banks that have previously received bailout money. The taxpayers are bailing out those that have already been bailed out. This lunacy has to stop.
This country can no longer afford to be complacent. A government that continues to reward failure and punish success needs to be replaced. We can do this through the ballot box. I urge you to vote any incumbent out of office who has been a part of this bailout legislation. Taxpayers unite.
J. Joe Herynk,