I've got the solution for what's happening at AIG: The gov needs to take it over. That's it. No more million dollar bonuses. In fact, no one at any of these businesses we're bailing out should get more than $100,000 a year, tops. (I'd like to say $50,000 a year, since that's still more than what we make in a year, but I'll say $100,000 just to be generous.) AND THAT'S IT. No bonuses. In fact, if you've run a business into the ground, why are you getting a bonus? I'd get fired. I wouldn't get a bonus. But then I work for a governmental agency that is legally obligated to account for every penny it spends. Sounds like a good idea for these companies we've bailed out.
What I still want to know is this: Why didn't Congress put all sorts of strings and restrictions on this money in the first place. They all keep saying they're shocked, they're shocked. I wasn't shocked. Not that AIG kept giving out bonuses. I was shocked that these politicians don't seem to learn. I think it's a cultural thing: the rich culture vs. the rest of us. So let's the Rest Of Us speak up and continue to take back our country and our world.
Tuesday, March 17, 2009
Take It Over
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Part of the challenge is that the U.S. government really isn't in the position to be managing banks. Managing a bank well is a very specialized skill-set (as has been demonstrated in recent years by it's lack). Government simply doesn't have the appropriate staffing to manage whole-scale bank takeover.
I absolutely agree that we should have attached more restrictions on how the money could be used though.
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