Friday, September 26, 2008

Here is Your Morning Kick in the Ass

If you want to know why so many of us are upset with the whole concept of a bailout of Wall Street then this should explain it .

Using your and my money which should be paying for something important like SCHIP, or Medicaid or food stamps. The government spent it propping up the failed AIG and now the former CEO (who, BTW, is still charged with fraud dating back to his days at AIG) Maurice Greenberg is selling his shares which are currently valued at $3.02 per share for a cool billion dollars. That's right folks. $85 bilion of your money went to prop up AIG while it's ex CEO walks away with a cool billion bucks.

It is a very long shot on whether the American taxpayer will ever see any of the bailout money back from AIG so we might as well write it off now and move ahead. What's even a bigger hoot is that the "plan" McSame sprung yesterday, you know the one with the tax breaks, would have allowed Greenberg to keep all the money. Even now with the the GOP break in capital gains Greenberg is going to keep most of it.

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