The media really went to town with the public outrage over the $165 million bonus paid to AIG's financial products unit. This is the same unit that wrote the credit default swaps (CDS) that precipitated AIG's eventual downfall, and led to its subsequent bailout by the U.S. government using $170 billion in taxpayers' money.
Have you taken sides in the highly-charged AIG-bashing still going on in mainstream media, blogs and website forums? Before you do, I suggest that you try first to gain an objective perspective on this issue by visiting Chris Bowers' post at OpenLeft.com (click this link). In this post, Mr. Bowers presents, among others, a comprehensive chronology (dating back to late 2008) of the AIG bailout, with focus on employee bonuses.
If you keep an open mind, after reading his post, you will come away convinced that somebody high up in the Obama administration must have dropped the ball big time for this issue to have generated the outrage we are seeing now. That "somebody" should be fired, according to Chris Bowers. I agree.
(Photo credit: Google Images)
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