American Public Not the Only AIG Detractors as Obama Joins In

The U.S. Public is not the only AIG detractor in town, but the latest bashing of the failed and corrupt insurance giant came from none other than President Barack Obama himself. So, if the U.S. public and the president of the Unites States are the de factor shareholders and CEO (respectively) of AIG, why are the reviled corporate bonuses still being allowed? A good question indeed. It has been claimed that the $165 million in executive bonuses that AIG paid after receiving over $170 billion in bailout funds were a contractual obligation that couldn’t be ignored. Others have noted that we live in a country of laws and that to abandon that would eat away at the core of our democracy.

These are good points. But we also – ostensibly - live in a country of justice and if we are to do anything more than give lip service to that notion, the bonuses will be canceled and repaid. Certainly if the U.S. taxpayer can be asked to pony up enough funding to own 80% of a failed company loaded with toxic assets, those same taxpayers can mount a defense of its actions after demanding that the bonuses not be paid, yes? If not, then let our government look into the SPECIFIC actions of EVERY AIG executive who has received part of the $165 million bonus allotment. Then, let us, the American Public, file civil suits against EVERY one of them who performed any action that led to the failure of the company and the eventually taxpayer funding of their corporate flotsam.

Speaking on the issue, President Obama noted, "This is a corporation that finds itself in financial distress due to recklessness and greed." Further, Obama has instructed Treasury Secretary Timothy Geithner to "pursue every legal avenue to block these bonuses and make the American taxpayer whole." Here’s another suggestion – let’s play nice with AIG if they agree to return the $165 million of ill-gotten (albeit legal) bonuses. If those executives don’t agree to return the money, let us, the American people, do everything in our power to destroy – personally and financially - every single individual within the AIG structure responsible for this mess. Let us uncover any other fraud perpetrated by those individuals. Let us look into any marital infidelities that may not be known to significant others and trumpet the news on the front pages of tabloids and the Wall Street Journal alike. In short, let us crush each of these individuals without passion or prejudice, but let us make sure that the individual destruction of each of these individuals is complete and irreversible. And let us do this NOW.