Tuesday, October 07, 2008

How AIG spent your bailout money

Click image or here to enlarge.

More good news from Wall Street.
At today’s Oversight Committee hearing on AIG, the Committee discovered that a week after the government spent $85 billion dollars bailing out AIG, executives went on a retreat at a luxury resort, spending $443,343.71.
Don’t act suprised: Stealing is what thieves do.

I’m not optimistic that the other hundreds of billions of dollars of taxpayer money being thrown at Wall Street won’t be pissed away in the same manner. But I am optimistic that when the Very Serious People who enabled the biggest heist in American history are asked why their big idea didn’t work, they’ll offer purposely confusing bullshit full of technical jargon and esoteric economic theory, and straight-up theft by companies and executives will be downplayed, if it’s mentioned at all.

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