17 March 2009

My comment to TPM: AIGFP Fallout

I wrote this to talk@talkingpointsmemo.com:

One thing I don't understand... if AIG's Liddy, who's supposed to be a sort of bank examiner director, gave Pasciucco, the new head of AIGFP he brought in from Morgan Stanley, instructions to 'wind down' the unit, what the hell is that about? "Wind down!!" How about, "fire all their asses and shut the door!" I just don't get how people who basically committed what would have been gross fraud but for the fact that special interests had persuaded Congress to legalize their criminal conduct (if it wasn't fraud anyway, which remains to be seen)... and whose fraud was a key element of the worst financial meltdown in more than a generation, should have jobs the next morning, much less be receiving bonuses nearly a year later. Please explain, someone! Like in front of a Congressional committee.

Also, if most of these people were employed in London, how can Congress pass legislation to specially tax them (as may be in the works)? Isn't their income subject only to UK law? It sure looks to me like the US taxpayers have been snookered but good, AGAIN.

Stuff like this keeps happening, people are going to wonder why the Obama administration isn't succeeding in putting a stop to it.

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