Grassley: AIG Execs Should Commit Suicide
Mar 18, 2009
Posted by Jody Eisenman | Filed under Uncategorized
The anger over AIG continues to mount. It now seems that $57 million out of the $165 million in bonus money was paid out to employees who are no longer working for AIG. In response, Iowa Senator Chuck Grassley stated that AIG executives should follow the Japanese method and apologize; then either resign or commit suicide. I think it’s called Hari Kari in Japan, Chuck.
Meanwhile, Attorney General Cuomo is looking into whether or not these bonus payments constituted fraud. Other Democrats are looking for ways to tax these payments at 100%. Can anyone imagine if when AIG first approached the government for its’ handouts, they revealed what some of this money would go for? In addition, most of this bailout money went to the counter parties of the CDS policies. These counter parties include some of the biggest banks in the world, such as Goldman Sachs and Deutsche Bank. So, on top of these banks handouts, they also got billions from AIG. Meanwhile, the average consumer is drowning in debt, and the credit card companies are busily cutting back every way they can. Yet, the biggest risk takers (meaning the banks and other financials) continue to get bailed out.
The stock market continued its’ powerful rally today. The Dow closed up 178 points, just about its’ high for the day. Since this rally started last Monday, the Dow is up about 850 points. The S & P 500 rose another 24 points, and now stands at 778. However, we are now roughly at or near resistance points, and I suspect tomorrow will tell if this rally is for real. If we cannot get through the 775-800 level on the S & P, this advance could run out of steam rather quickly.
March 21st, 2009 at 3:35 am
It’s actually hara kiri in Japan. Hari Kiri is the English dub. It’s literal translation is “stomach cutting”