Friday, March 20, 2009

The song remains the same!

Throughout the week, we have been bombarded with news of the bonuses given to employees of AIG. Though I will certainly address that; there are a few other details that remind us that “change” is nowhere in sight. Today, the deficit soared to $1.8 trillion while the California unemployment rate rose to 10.5%, it’s highest since 1983. One can only imagine what those stats are going to do to the market today. My original optimism is slowly waning. All I see is business as usual. The promise of Congressional oversight and the numerous bailouts and stimulus plans have, so far, accomplished zip. I have preached patience and will continue to do so but there are those in key positions who are performing as if they took a seminar put on by the Bush administration.

I am referring to Treasury Secretary Geithner and Democratic chairman of the Senate Banking Committee, Sen. Dodd of Connecticut. These two misfits have more to answer for than those greedy suits at AIG. Dodd, the highest ranking member of banking oversight community, claims that he had no knowledge of these bonuses. If that is true; then he truly is an idiot. I actually hope that he’s lying so he can blend in with the rest of them instead of being perceived as a moron. Treasury Secretary Geithner, an old Wall Street boy himself, seems to have shown complete indifference to the situation. Since the Fed now owns 80% of AIG, where was its fearless leader while this travesty was unfolding? Thanks in part to these two do-nothings; it is President Obama who now has egg on his face, and justifiably so.

AIG-where do I begin? First and foremost; I question the moral turpitude of any individual associated with AIG who accepted these bonuses because there were those who declined. $165 million to a group of people who are as responsible for our economy’s demise as anyone. The present and past CEOs of the company are now playing the blame game as far as who is responsible for these rendition bonuses. Who gives a damn who is responsible for creating this system-flush it!! While all this is happening, Geithner and Dodd both confess to being concerned about the possible legal implications of refusing to give out these bonuses. Who the hell are they going to sue? The government is the “chief stockholder.” Which brings me to my next question. As “chief stockholder”, shouldn’t we have had a say in the dispensing of these bonuses? Apparently not since no one stepped up to the plate. Oh yeah-I forgot that they were unaware.

As previously stated; Obama is now the one who looks the fool. His only salvation seems to be the House vote to levy a 90% tax on these bonuses. Now if only the Senate would step forward and impose a fine for misappropriation of funds. Though this may sound counter-productive; the way things are going this may be our only way to get any of our money back. I apologize for the tone of this article but I am pissed.

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