An Exit Strategy for AIG?
I was listening to AM1100 today and at the top of the hour news I just about lost it.
The topic was the bonus furor over the AIG bonuses in Washington. Congresswoman Michelle Bachman was heard to ask if there was an “exit strategy” to get out of AIG?
Timothy Geithner was referred to saying that he planned on deducting the amount of the bonuses from the next bailout payment.
What? There’s going to be another emergency bailout?
And if you can deduct any amount from a future bailout why are you giving them any money anyway. It seems to me that if they need 20 billion dollars giving them any less than that is a complete waste of money. Giving them any more than they absolutely need is a waste of money as well.
This little news blip just shows to me that the jokers in Washington (blame both parties if you want) have no idea of what they’re doing.
What they’re really doing is screwing up the economy for the long term.
