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$165 Million in Bonuses to Go To A.I.G. Executives in Government Bailout : Theft by the Haves of Taxpayer Monies paid by the Have Nots

By Andis Kaulins

One of the major reasons for the present world economic disorder is the flawed and economically idiotic policy that the Bush administration followed from its very first days in cutting taxes for the rich and redistributing the nation's money from the middle classes and the poor to the wealthy.

You do NOT create economic recovery by giving money to the people at the top who are all earning much more than they are worth to begin with. That is a fantasy of economists who should be digging for coal in Siberia.

We have posted previously that bailout money should go to the thousands of investors and mortgage holders who have been bilked out of their life savings by the greedy banks and investment and insurance companies, and that no bailout money should go to the people who are responsible for the current economic malaise.

Yet, we read with astonishment in the New York Times that $165 million in bonuses are to be paid to the very same A.I.G. insurance executives whose very dealings are an integral part of the demise of that company, and who, except for the government bailout, would get nothing.

A.I.G. argues that they are contractually obligated to pay the money, whereas it looks to us like the kind of outright fraud and theft for which a good prosecutor should be hired to put a number of these people into the jails where many of them belong.

This is a scam for the ages. You sell let us say $10 million of worthless credit swaps, fleecing your customers of every penny they have, then claim your commission share in millions on that money, and the taxpayer ultimately pays you - not in worthless paper scraps like the credit swaps you sold - but in real money, for which a lot of taxpayers worked very, very hard, only to see their hard and honest work go to pay off the crooks, who have been leading the country into financial ruin.

We simply do not understand how people in the U.S. government, and particularly in the Obama Administration, can possibly account for that kind of a policy. Why, ladies and gentlemen in the government, should anyone else work honestly at all, when dishonesty and theft are so richly rewarded? That to us is the critical question. Why should anyone WORK honestly?

The attention of governments around the world seems to be focused on criminals, terrorists and crooks under the motto that birds of a feather flock together, and they are all in their own way raking off what the honest citizens around the world by their labor are producing.

Something is seriously wrong with our present world system. Perhaps instead of thinking in terms of political groups and religions, we should all start thinking about who is actually paying for the world's political circus and who in the end is being left holding the empty bag.

The answer is clear, YOU are.

When President Bill Clinton left office as the U.S. President, America had a surplus budget, which Bush after his election proceeded to dispense to the haves as so-called "tax refunds". We call what Bush did "national theft". Moreover, these already wealthy elements in society, sensing that their day had come, then proceeded to fleece the country dry in the next eight years, so that when Bush left office, the U.S.A., and the world, were left on the brink of economic calamity. The banks, the investment and insurance companies had been plundered beyond all recognition by those who now sit on top of their personal fortunes.

Giving these people even more money turns the virtues of man upside down and sends a message to all of us that greed and dishonesty are the world's prevailing doctrines and that the average man is basically, a stupid idiot.

Full post as published by LawPundit on March 14, 2009 (boomark / email).