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AIG Delenda Est

These guys have chutzpah. Bailout upon bailout, but they pay "retention bonuses" to the same whackadoodle traders in phony paper (Credit Default Swaps, securitized mortgages) that caused this mess. Then they take the bailout money and pay foreign banks and Golman Sachs (a very politically connected bank, especially with Republicans.)

The thing that chaps my butt is the payouts to foreign banks. Why the fucks should American taxpayers be essentially bailing out foreign banks that got greedy and bought crap? Caveat Emptor, fuckers. We are taking the hit, both in our investment portfolios (most 401Ks have junk CDOs and CDSs in them), and in our taxpayer debt.

We are NOT bailing out the entire fucking world, damnit! We can't afford it!


( 1 comment — Leave a comment )
Mar. 16th, 2009 10:00 pm (UTC)
Why are we doing it? Because we sold crap as "good debt". Foreign banks bought it and they want to be repaid. If we dont repay them, they wont buy our debt anymore. Whats worse, they'll sell the debt they're holding.

Given the amount of debt foreigners are holding and the amount the US needs to keep selling to stay afloat, they have to make good on the bad paper....

The old school term for this is (or was) fraud and why no one from the ratings agencies are in jail for it is beyond me. Ditto for everyone involved in the phony paper schemes that caused this mess.
( 1 comment — Leave a comment )

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