AIG Keeps On Robbing You

by Joseph Jagde⁽¹⁾

As the latest news from AIG is sparking protests all across the country, people realize that in the context of AIG, these robbers, not exactly robber barons in that the form is different, are sending bigger and bigger bills to the American taxpayer while stuffing their own pockets with your money.

Like it or not, you are doing business with AIG and you have to pony up.

To pay 1 billion in total taxes, that would be 50 million people paying 20 dollars in taxes/

To get to 200 billion that would be 200 times 20 or 4 thousand dollars. So, 50 million workers in regular jobs like construction have gotten up early to contribute 4 thousand dollars to AIG and its financial products division and their credit default swap games.

This giant casino, essentially a mobster ring, was set up as a separate division under the umbrella of the insurance group. Most of the divisions and people in AIG were legitate office workers and are also victims of this scheme. The high ratings for the smoothly operating insurance divisions were used as a front for the operations of this unit. The games devised were designed in the first place to stuff the pockets of the players without any regard to eventual possible payoffs.

In comes the government, who is also at fault for not properly regulating this insurance company. A hedge fund should be partially regulated but it is a casino essentially. But how does this rogue division get its hands basically on the whole company in terms of total finances, a company that is responsible for vital insurance policies worldwide. This was the worst case scenarios and it was allowed. Without this division probably no bailout money or much less bailout money would have been needed by AIG, say only 25 billion.

Now massive bonuses were paid from the bailout money to individuals from this division. It is being said that there were contractually obligations. Yet the division set up false contracts as their work product, massive bets that couldn't be backed if things went a certain way for neat up front payoffs. Yet they say the contracts for bonuses should be honored when their work product only violated contracts.

Then the CEO paints a picture of innocent office workers being threatened, when they chose to be mobsters and this is what happens in the world of mobster rings.

How much of the bailout money to all these players is being pocketed beyond the bonuses as there is zero accountability? Even if the bonuses are withdrawn, there is that drain as well of the still happy pockets of the AIG bonus boys.

But AIG robs you not only of money. It robs the government of valuable time. If for example two plus weeks of all the government operations this year are spent on AIG that would represent 5 percent of all the governmental resources in terms of time. A pretty big bill right there for you.

People are being robbed and they didn't ask to be robbed. No wonder they are furious and they are acting in part in self defense.

Article submitted Friday, March 20, 2009 & read 430 times.

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» left by Linda DeWitt (2 years 324 days ago.)

Good article. It is pretty scary when a corporation says they are to big to fail.
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» left by straight talk (2 years 323 days ago.)

Joseph, can you think of any others? Ok, how about this one CONGRESS. You see they make it all legal to do it. After all a contract is a contract and unsecured debt, well that contract isn't really unsecured. They get to take it all. Only in that case. Yes thanks to Congress.
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