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US to "Wind Down AIG in an Orderly Way and Protect the American Taxpayer" ... Why Didn't That Happen From the Start?

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Geithner just told Congress he would:

"Work with" AIG chief executive Edward Liddy "on measures to wind down AIG in an orderly way and protect the American taxpayer."

That's great, but why didn't that happen from the start?

Why was AIG paid $ 180 billion dollars of taxpayer money, when AIG was obviously failing and should have just been wound down?

Why did foreign banks get around $40 billion of that, when AIG was obviously failing and should have just been wound down?

Why did Goldman Sachs get $13 billion of that, when AIG was obviously failing and should have just been wound down?

Why did AIG executives receive billions in bonuses, when AIG was obviously failing and should have just been wound down?

Why would many billions more have been sucked into a bottomless pit with no accountability and no end in sight and no benefit for the American people, if the taxpayers had not gotten mad and stood up and yelled "NO!"... when AIG was obviously failing and should have just been wound down?

When even Business Week is running articles entitled "Off With Their Heads . . . Samples of AIG Outrage", it makes one wonder if the financial elites caved in to avoid a revolution.

 

George Washington


As a political activist for decades, I have rejoiced in victories for the people and mourned in defeats. I chose the pen name "George Washington" because - as Washington's biographies show - he wasn't a (more...)
 

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AIG, the insurance company that failed (during the... by Dennis Kaiser on Wednesday, Mar 18, 2009 at 6:22:59 AM