The AIG bailout is getting more and more representational of a monumental screw- up than a legitimate government assistance bailout.
If you remember, the government agreed in September to give $85 billion to faltering AIG to avoid a collapse in the economy (mmmm, how did that work out for you?).
AIG was so happy with the bailout that saved their company and their jobs they continued on with a $440,000 posh California retreat just days after the bailout.
But wait, there is more. Buried in the news…
AIG is saying they need more money. And the government, in such a giving mood right now, gave it to them. How much you ask?
$37.8 billion.
Yes, that is on top of the $85 billion in September.
“The bottom line is, they need more liquidity than they thought,” said Mark Lane, an analyst for William Balir & Co.
You just can’t make this S#%@ up! When will the government learn their lesson? When will someone make some solid decisions? Just say “no!” – even a four-year-old knows that!
Don’t get me wrong; I don’t blame the government – exclusively – for the economic downturn. Frankly, we are all to blame. We, as a country, have been living in excess and mixed up priorities for some time.
What we do going forward is key to our future and I have yet to see a fundamentally sound decision being made in the last month. I mentioned in my first AIG post that they would most likely need more money and here we are. Matter of fact, I am going to say it again; I highly suspect this STILL will not be the end of it. Companies like this seem to always keep coming back to the government trough (I hope I am wrong).
Keep the Godfather Caffeinated! Donate to the Diet Pepsi Fund.
I suppose this is where you look for some witty insights to my mind. A "bio" of sorts. Here is the deal... I ride motorcycles, smoke cigars, golf, kayak, fly, race my car through the mountains, write (a lot), and travel extensively. I am almost old enough not to care what other people think about me...almost. ~ Godfather
“PS. Like the photo? I have long since run out of “money” related photos lately!”
And the rest of us have just long since run out of money..nevermind the photos!
There’s a reason the people call it “corporate welfare”………
Meanwhile, those hard-working average joe/janes on the street losing their jobs can’t even collect unemployment. Landlords and utility companies show no compassion either as neither will work with the hard-working person down on his luck through no fault of his own. And they wonder why the homeless population is exploding?
Someone needs to tell AIG “NO” and let them fall on their faces. Any bets they get this THIRD bailout also with NO strings attached and little oversight?
WHERE is the accountability?
Now Lynda, don’t go around throwing out words like “accountability.” Then we will have to bring in “exit strategy,” “cost effective” and “risk reward.”
I agree, just say “NO”