Focus

There must be a peculiar sense of vindication, albeit with a decidedly bitter aftertaste, for those who warned that AIG’s and the fortunes of other Wall Street miscreant’s should have been left to the judgment and correction of the markets rather than the misguided and incompetent meddling of our political leadership.

Now after 4 failed infusions totaling some $ 170 billion of taxpayer funded relief specifically to prop up AIG, our politicians are tripping over themselves to express their moral indignation and outrage that AIG would dare to use $165 million of taxpayer’s bailout money to honor employment contracts. Do these wonks really believe that they can deflect public resentment for the culpability of their own failures in this mess – that no one will recognize what is happening - that these very same politicians desperately want to shift the focus and blame away from themselves by scapegoating AIG? Well, yes … OF COURSE THEY REALLY BELIEVE IT or they wouldn’t be in such a mad rush to get “air time” or any other media coverage!

Certainly, AIG has a long laundry list of sins, misjudgments and missteps to account for, but honoring a legally binding contract is not one of them. And yes, it is one further abuse … BUT no, we should look squarely to place blame and responsibility where it belongs – on those politicians who enabled this latest abuse and the waste and squandering of 170 billion on AIG of our tax dollars in the first place. Those politicians rushed in boisterous zeal to pass legislation without having sufficiently debated the merits of it or comprehending its consequences. And they initially failed to provide for effective control or even rudimentary oversight.

“What the hell, it was only tax money not my own!”

If it can be presumed that no fraud has been perpetrated at AIG and that the company entered into these agreements with its employees prior to receiving any bailout funds, then what an incredible irony.

First, that our pontificating politicians have not shouldered any responsibility for the mess; that our government on our behalf now owns 80% of AIG; that AIG still needs substantial future taxpayer funding; and that if the Federal government tries to block legally binding contracts the resulting litigation will only cost us, the taxpayer, even more than just increased dollars of expense.

Now comes Christopher Dodd, Democratic Senator from Connecticut and the beneficiary of more than $2 million of the financial industry’s lobbying, outlandishly proposing that the way for the Federal government to re-capture taxpayer’s money is to target those who received the bonus with TAXES specifically designed and legislated for them – Apparently, if our leadership can’t provide and exercise sufficient judgment to prevent the wasting away of BILLIONS in taxes in the first place, they can smugly recapture millions by using the resources of government to punish those they deem to be undeserving.

Congratulations Mr. Dodd, your thought processes, and those of your ilk, are indeed proving to be truly dangerous!

Assuaging our politician’s “outrage” is only going to cost the rest of us more in the long run. And sad to say but better to write off this latest abuse of $165 million in bonuses and move on. The least we can learn from it in the future is to better recognize the spoon fed crap we will get from our current political leadership.

Still not satisfied because of the unfairness? Ok, then you want satisfaction. Fine - let’s see the outrage placed where it could better accomplish something more meaningful – not on the $165 million - focus on the $8 BILLION in waste of our tax dollars on “pork” in the last appropriations bill – the $ 270 billion in the same bill that had nothing to do with stimulating the economy – or the TRILLIONS of dollars of debt we’re running up. Express that to Congress.

Take at least one small step ... Send a Teabag on April 1st – it’s a simple, but powerful and symbolic message they’ll finally understand.