AIG Squanders Taxpayers Money

Most hard working blue collar workers agree that the $700 bailout, plus $100+ billion in pork, is not a solution to the crisis on Wall Street or main street.  AIG is a perfect example of that.

Previously it was reported that AIG executives went on a lavish spa retreat after receiving $85 billion in a a taxpayer funded bailout.  While people on main street are trying to feed their families and meet their difficult financial obligations, here comes AIG pissing money away on foot massages and aroma therapy.

If the spa treatments were not enough, it was reported yesterday, on MSNBC,  that AIG spent $86,000 on a hunting trip in England.  And believe it or not, these bold executives paid for the hunting trip after getting nearly $38 billion more in a second bailout package!

If memory serves me correct, our government has an 80% stake in AIG now.  So why the heck are these executives still working for AIG?  Come on people, write your Congressmen and Senators.  How can taxpayers fund such a bailout while the executives blow this money like its nothing.

AIG highlights the whole problem with the Wall Street bailout.  We are bailing out companies that mostly operate under the same flawed laws that allowed them to enrich themselves at the cost of average citizens.  Many of these companies still employ the same executives and, as AIG illustrates, they still waste money.  They could care less if it is taxpayer money or not, so long as their bunions get a good massage!

Other bloggers have noted AIG stands for “Ain’t I Greedy.”  I surely see some truth in that.

If this bailout has any hope for success, new laws need to be enacted IMMEDIATELY to protect taxpayers.  By allowing these companies to operate under the same flawed laws and no oversight, we surely will see more of this $700 billion wasted on nonsense.  That’s a hard sell to the American people that are struggling to do the right thing while corporate America continues to prey on citizens.

I ask, where is our Federal Government now that AIG is wasting our money?  If the government wants confidence restored, we need some accountability and action today…

1 Comment for AIG Squanders Taxpayers Money

  1. Bethany said,

    October 28, 2008 @ 12:05 pm

    I SO think you are right! The government needs to stop wasting our money! We need it for other things in our life that is more important than taxes. But they don’t care at all! And especially families who are poor and need food, they can’t pay for a loaf of bread because of taxes! Thanks for writing this.

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