I can’t help but wonder: Why are lawmakers and politicians so motivated to recoup the $165 million in bonuses from a few AIG employees?
Why aren’t lawmakers and pundits equally or more concerned about the $11,000,000,000 that has departed the United States to benefit the French bank Société Générale or the $5,400,000,000 sent to Germany-based Deustche Bank? And why are we funding $8,100,000,000 to benefit the millionaires at Goldman Sachs?
(Notice how big the numbers are when you include all the zeros?)
The justified furor over the AIG bonuses is diverting our attention from the real issues: Why are U.S. taxpayers funding trillions of dollars worth of unregulated gambling disguised as credit default swaps?
Keep in mind, if it wasn’t for the AIG bailout, those three banks – among several other on the list – might have gone bust. By bailing out AIG, these banks were also bailed out but WITHOUT obligation to the U.S. taxpayer. Therein lies the real stench.
So why aren’t lawmakers (and pundits) screaming just as loud: Give us our money back, Société Générale, Deustche Bank and Goldman Sachs?
If lawmakers were really doing their jobs, they would be regulating the credit default markets rather than distracting us with comparative pocket change.