Monday, March 16, 2009

I'm Sure GM Will Spend it Better......and Citi too

Look, anyone who's not pissed off that Hammer Hank's monster, AIG, took our money and gave it to foreign banks and people in their financial services division that started this mess is probably working in AIG's financial services division.

That having been said WHAT IN GOD'S NAME DID THE GOVERNMENT THINK WOULD HAPPEN WHEN THEY GAVE BILLIONS OF DOLLARS WITHOUT ANY APPARENT OVERSIGHT AT ALL TO A COMPANY THAT HAD SCREWED UP IT'S FINANCES????????????? Were they hoping for some sort of miraculous transformation of judgment, wisdom, and benevolence? That only happens in sitcoms and Disney movies.

Your neighbor has just destroyed all of his lawn equipment because he's just not very good with mechanical things. He appears at your frontdoor and says "hey, I need to borrow your chainsaw, cut down some trees in the neighborhood because if I don't my house will have a tree fall on it and ruin the value of all of the homes in the neighborhood." Your response is not "Sure, good ahead, cut away, bring it back whenever, I trust you." Your response is "Gee Bob, I'm out of chainsaw oil," or "Man, Bob, why don't you ask Phil," or "Bob, I'd be happy to, but let me do the cutting."

You see, you're not stupid. The government on the other hand is stupid, and irresponsible, and now trying to point fingers at AIG when they should have known better.............Jeez.


  1. "The government controls AIG through an 80% equity stake and as a major lender and doesn't have legal authority to freeze payments on its own." WSJ 3/17

    What a super deal for the taxpayers! Let's see: the government owns 80% of the company (using our money), doesn't exercise any oversight, and, even if they did, couldn't stop the bonuses anyhow. I certainly hope there are lots of other opportunities for this kind of investment on my behalf. I trust the current administration will do an excellent job of ferreting them all out (as their predecessors did). But thank God they didn't buy any of that crappy Lehman Bros. - THAT would have been a really bad investment.

  2. And more good thinking from the government: A tax that applies only to one company and only to a certain set of individuals within that company. It's brilliant!

    WASHINGTON (CNN) -- Sen. Christopher Dodd on Monday suggested a tax provision to recoup the bonuses for executives of ailing insurance giant AIG.

    Sen. Chris Dodd said the government could apply a tax to the AIG bonuses.

    The tax would apply only to those at AIG who have received bonuses. The provision would help the government get back the money in the form of tax revenue.

  3. This morning on NPR there was a subtle critique of Chuck Grassley's comment about the Japanese committing suicide when they screw-up. In it the reporter tweaked his comment to imply that Constitutional protection of legal respect for contract was overrated.......welcome to Madagascar,