Friday, March 20, 2009

Congress May Have Saved Us 0.045% of the Money They Wasted on AIG


Sure, between the Federal Reserve and Congress $180 Billion of future taxpayers' wealth might have been wasted on AIG in two bailouts. Sure, untold tens of billions of dollars of that passed right through AIG and went to banks in Europe and Asia. Sure, these coordinated actions by Congress and the Fed has propped up zombie banks that destroy untold billions more wealth. But Congress is going to tax the bonuses on people work for AIG Financial Products, and make more than $250,000 per year, at 90%. If this action isn't challenged and ruled unconstitutional, they are going to get back 90% of some portion of the $170 Million in bonuses that represents less than 1/10 of 1 percent of the money that they've wasted on that one company this year. Good thing they're looking out for us and our children.

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