(Untitled)

[lemmywinks30]

A good article from the other day. Gives a different perspective on the situationThere is a group on Facebook called End AIG. I suppose people are so outraged over the bonuses that they just want to see the company die. People are just so preoccupied with their tax dollars going to these bailouts and bonuses, that they just stopped using their

Comments

[redtiger7]

No flaming? Awwww

[lemmywinks30]

the guy from the article that got the bonus IS in the department that screwed everything up (AIG Financial Products). but he had nothing to do with the credit default swaps that got them into the mess.

It seems that most of the people who were due for the bonuses were people who were trying to 'dismantle' the mess and fix things and this is what they were to be rewarded for. Now i'm sure some were guilty of screwing it up in the first place and some were not, but i'm not sure how to differentiate between them.

Another thing to note is that the fed admitted to knowing about the bonuses months before they were to be paid, but they never did anything to stop them from going through.

oh yeah and the whole time AIG was making these 'bad investments' there were regulators watching over everything, never saying a word. so people really can't fully blame AIG for this stuff, Lehman Brothers and Bear Stearns made the same mistakes, they just didnt get a bailout.

[redtiger7]

Yeah, the regulators. Hopeflly there emerges a new way of doiing things after all this. For years economists have been calling for a free market, free of regulation, and now we see that that won't work.
Up here in Canada teh banks have been complaining about all teh regulations they have to "suffer", and it ended up saving them from the worst of this crisis.