Thursday, March 19, 2009
"Arrogance, Incompetence, and Greed" - Rep. Paul Hodes (D-N.H.)
AIG (American International Group) is a public insurance group that been around since the early 20th century.
Since 2008, AIG has been having severe difficulties after its liquidity crisis in September. Americans depend on AIG to such an extent that the U.S. Federal Reserve decided to bail the major insurance group out of its financial crisis - $122.8 billion worth of loans.
In October, it was reported that AIG executives $86,000 on a hunting trip; ABC News then reported in November that a luxurious trip was taken, costing $343,000. With its debts and losses, AIG executives should be working to re-construct the company to save it from this whirlpool of financial loss.
Yet, as of March 18, 2009, according to FoxNews.com, Congress is faced with the issue of re-collecting the $165 million in bonuses given to AIG employees. A large percentage of U.S. taxpayer's money has already gone into the bailout of AIG, and now the insurance group wants to give out bonuses?
Where is the money coming from? Out of the pockets of millions of hardworking Americans.
Although President Obama claims that he and the U.S. Congress will work to retract the bonus-distribution; who knows what will happen?
AIG, where is all that money going?
1 comments:
Way to go Ashtyn!
Post a Comment