Subject opinion to coercion: whom will you make your inquisitors? Fallible men, governed by bad passions, by private as well as public reasons. And why subject it to coercion? To produce uniformity? But is uniformity of opinion desirable? No more than of face and stature.

- Thomas Jefferson

AIG Pays for Thee

It is interesting how focused everyone seems to be on the AIG bonuses, but what about the real money? The bonuses, though ridiculous, are piker's fees compared to the billions passed along to banks:

Financial companies that received multibillion-dollar payments owed by A.I.G. include Goldman Sachs ($12.9 billion), Merrill Lynch ($6.8 billion), Bank of America ($5.2 billion), Citigroup ($2.3 billion) and Wachovia ($1.5 billion).

Big foreign banks also received large sums from the rescue, including Société Générale of France and Deutsche Bank of Germany, which each received nearly $12 billion; Barclays of Britain ($8.5 billion); and UBS of Switzerland ($5 billion).

Sure, keep an eye on the millions in bonuses, but do not lose focus on the BILLIONS!

Is that billions of bailout money going to foreign banks? Why did we bailout AIG in the first place?

We do not have these problems when? That's right, when the government does not engage in the inappropriate behavior of artificially propping up businesses.

posted at 13:07:32 on 03/16/09 by clearpolitics - Category: Economics - [Permalink]

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