October 24, 2008
American International Group (AIG) has already spent $90.3 billion they have received from the taxpayers. They have almost $33 billion more at their disposal to spend as they see fit. Of the $90.3 billion, they spent $440,000 on a big party in California earlier this month and another $86,000 on a hunting trip in England for just a few of their top executives. AIG refused to name the executives who went on the hunting and golfing trip.
I already wrote one post on AIG’s lavish party in California. At the time I really thought that would be a one-time thing for AIG, but obviously I was wrong. It seems they have no shame and a universe size arrogance to go along. But now it appears there may be a reason for their “don’t-give-a-damn” cavalier attitude. AIG’s new CEO, Edward M. Liddy, has admitted that the taxpayer bailout may not be enough to keep the company alive. Analysts agree with him. So if they are “on their way out”, why not party on taxpayer money until the lights go out?
Although Congress is holding hearings on the premise of “finding criminals and prosecuting them”, these executives know they have nothing to worry about. And the politicians also know that; they’re holding these hearings only for the cameras and future bragging rights of “trying”. No executive will ever be held accountable for their actions. It’s the lay (not to be confused with the “law”) of the land. These executives and their companies have the government in their pocket, and there’s nothing the taxpayer can do about it.
Most of the news media is too busy fighting for their favored political party to properly report on this problem. And the small fraction of the media that is not continuously defending a particular political party is too scared they will be politically demonized if they do their job of investigative reporting. But why should they anyway? Before the ink is dry on their report, the disinformation political machines will have all the facts turned into untruths.