AIG according to the latest news articles threw(blew) the money away on executive pay and another lavish party for the execs in Phoenix Ariz.Article from today: AIG getting $40B in new aid
What did they do with the other billions of bailout dollars they already received? Paid their bonuses to their failure executives? That's our money, our taxes, our plummeting 401k totals.
"401(k)s in for a double whammy" yeah right it ain't gonna be only a one two punch. It will be punch after punch after punch until you crumple to the canvas and are called out.
I think this is the 90 degree turnaround that the Fed made today. They're not just handing money out anymore , they'll buy stock in the company with the 700 billion bailout instead of just handing it to them to blough.
Whatever happened to public hangings in our country? Have a dozen or so and the rest will fall in line. Start with Frank and Pelosi and AIG.
It isn't going to work for the Auto Industry either. Wouldn't it be cheaper to give each citizen ,working or retired 150Ks and watch us spend it. The Gov was never good at bailouts for the rich.
watch me spend my days fishing in the Delaware bay.