
so, i am watching the coverage of the hearings in Congress going on right now concerning the AIG bonuses that hover in the neighborhood of $165 million. It is amazing in its complexity, this AIG mess. Most of us have no idea of what a credit default swap is, or mortgage backed derivatives, or even short selling for that matter.
All we know is that things went SOUTH, and they went that way FAST! The proverbial
house of cards has collapsed. Our economy is very intricately woven into the fabric of the global economy now. China owns a huge chunk of our debt. Some of the bailout money to the banks is going OVERSEAS to banks that helped tank our economy with hedge funds
that were selling short. and yet AIG pays out these huge bonuses --some to people who are no longer WITH THE COMPANY!! and some of the reasoning is that these outrageous payments are being made because these are the only people that understand the complexity of all of this enough to GET US OUT of this mess. REALLY? the only people who can get us out of this..are the ones who got us IN? I guess this is the same logic that applies to a software company hiring a hacker, because they can't outwit him with
their own safety features. The world is upside down!
stevens