Let 'Em FAIL!

Let 'em fail, for God's sake!

(I wrote this in 2009 but it's just as applicable today, if dated)

Who's going to pay for the AIG bonus scandal and the remainder of their bailout? You, and you're already in for $170 bil. The prez just floated a trial balloon for taxing health care benefits. No, really, I couldn't make that up. Trial balloons don't always float, of course, and they're seldom attributable, but watch for this one.

Your meager health benefits, taxed when you can least afford to pay.

AIG bonuses paid when we can least afford to pay them.

Does that sound fair to you?

* * * * *

If your husband is KIA in Iraq you get a $100K "death gratuity". If he cheated the nation out of $170 bil he gets a share of $170,000,000 in bonuses just this year!

This is what a soldier's widow gets:
$100,000

Here's how much Merrill Lynch boss Thain spent to redecorate his office:
$1,200,000

Here's the bonus Thain asked for in Dec.
$10,000,000

When Merrill Lynch lost $27 bil last year, here's what their top investment banker made:
$34,800,000

This is what AIG's current bonus plan looks like:
$170,000,000

This is what AIG's bailout looks like to date:
$170,000,000,000

Do you get it yet?

* * * * *

The solution is: Let 'em fail. Stop the bleeding, cut our losses. End the entire sham operation. Force 'em into liquidating bankruptcy TODAY just like you would any other outfit that isn't paying claims and creditors.

The advantages:

AIG ends the bonus scam with court approval
AIG winds up ALL of its bad business lines and guarantees
AIG sells off ALL valuable business lines and assets
We end all new liabilities
We see an eventual end to this giant Ponzi scheme

"But the execs might just quit!" This is a bad thing? Besides, where are they gonna go? It's a bad economy remember? Not much call for executives who just lost a quarter-tril. Consultants to the Russian mob, that's about it.

If they want to stay AND they have something to contribute to the recovery, let CEO Libby keep a few on and pay them something reasonable. Otherwise, don't let the door...

This is going to happen eventually. The only reason it hasn't happened yet is that executives are keeping the AIG zombies moving in order to line their own pockets. They've been lined enough already, and at your expense.

This solution has a lot of pain for a lot of people and AIG is to blame for all of it. The alternative is at least as painful and has no end in sight.

Cowboys shot broke-leg horses, even their favorites. It's time to put down the dying AIG mule. It's our country that is too big to fail, not AIG.

We have met the enemy and he is us.

Pogo, thank you Walt Kelly