AIG – Where Did the Money Go?

Much has been said about the bonuses paid out to AIG employees. My take is, so what?

The bonus dollars represent less than 1/10 of 1% of the taxpayer money funneled to AIG.

Compare this to the recent omnibus spending bill which contained 9,287 earmarks totaling $12.8 billion out of $480 billion to keep Congress going until October.

Where is the outrage over that abuse of the taxpayer trust?

AIG bonuses represent taxable income. Money that will flow back (in part) to the Treasury.

How much of the $12.8 billion or $480 billion (in the omnibus bill) will return to the Treasury? Who knows?

The folks in Washington have no shame when it comes to pointing fingers.

The bonuses may outrage some, but the bigger issue is . . . what did AIG do with the $180 billion we gave them?

It seems the management at AIG felt it was good business to spread the wealth around and share it with some of the folks who bought “toxic assets” from them. According to Reuters, some $44 billion of our money was used to pay off folks like Goldman Sachs, ING, Credit Suisse, Deutsch Bank. Barclays and others.

Which is a bigger issue?

Paying bonuses to folks who earned them and were entitled to them as part of their employment agreement, or redirecting taxpayer money to banks, many of them domiciled outside of the U.S. and beyond the reach of the Treasury or Federal Reserve.

It seems to me the inmates have taken over the asylum.

At Health Insurance 411 we act like a watchdog, looing after your tax dollars as well as your Georgia health insurance dollars. How much can you save by checking out rates for affordable health insurance plans in Georgia?

Speak Your Mind