CNN explains the AIG bailout

If you are one of those people scratching their head/worrying about this, check out this:

AIG bailout might work out well for taxpayers – CNN.com

Notice the word might.

One thought on “CNN explains the AIG bailout”

  1. Dear Rick Sanchez/CNN

    I am not an American, but the AIG fiasco has touched our lives the world over. Thank you all for your excellent coverage and great reporting and investigative journalism.
    After listening to the latest CNN reporting on the AIG bailout, I understand that AIG sold insurance to banks for subprime mortgages, but since there are regulations governing insurance, they chose to call it something else and so avoided the insurance requirement to retain the necessary funds to cover the risk. Is this not fraud
    This to me is no less of a fraud than Bernard Madoffs ponzie scheme, where the money was taken but the service was not provided. …only on an even larger and more deadly scale.
    This calculated intent to scam the worlds financial markets for their profits while avoiding the regulatory requirements set in place to prevent this from ever happening. They knew this could bring the US government and its people to their knees, not to mention global economy etc. In my opinion this is nothing short of global organized crime and should be seen as the modern version of treason and terrorism and extortion. The laws are clear on how insurance is to be governed, and AIG executives deliberately flew in the face of US law to line their own pockets, and they even covered their butts by outragious, excessive and unconstitutional bonus contracts that would pay them even when their horrific scheme sent the world into this nightmare. I hope they are all named and exposed and that they be charged and punished in the US courts and even the world court. All their assets should be reclaimed and liquidated as is being done with Bernard Madoff. They should be made to work for free while in prison the help solve the problems they have created and should be set free only after all moneys have been recovered and repaid to all affected.
    I think the tax on the bonuses is a good first step but this is just the tip of the iceberg.
    I am also concerned that there is apparently a legal requirement for AIG to pay legal fees for those corrupt individuals in the event of criminal charges being laid against them. This is outrageous and unconstitutional and should be immediaterlt addressed and revoked before further litigation action and charges are laid.

Comments are closed.