Brand New Day

..and with it comes more AIG 'we're-annoyed-again-with-how-they're-using-our-taxpayer-money" drama, along with G-20 Finance meeting developments. (Our own Ashley Webster conducted a fair and terrific interview with Treasury Secretary Tim Geithner in Europe, btw).

At least the Benie Madoff insanity is somewhat on its way to being resolved, although we all still want to know, "Where's the MONEY?"  Did you see all of his wife Ruth's assets spread out on newspaper pages over the weekend? These people knew how to spend other people's money.  3 boats, multiple residences... the excess is so astounding.  The Madoff excess actually made me feel better to look at that and feel grateful that my own father taught my siblings and me to always 'live within our means' and to live by the saying, "Everything in moderation."  Folks, these people were NOT moderate.

Nor are the AIG people. They're spraying $100 dollar bills at people to 'retain talent.'  Millions in previously-promised bonuses are still getting paid out to people who supposedly are so well-trained in the minutiae of credit default swaps that they need to be coddled with our money so they stick around sunning on the deck of the AIG ship which, while springing leaks right and left, is being floated by the tax-payer inflated life-preserver.  Yes, I get that 'these bonuses were part of legally binding contracts" and that it would cost us more to fight lawsuits springing from refusal-to-pay, but I bring it back to the auto industry bailout again:

The auto industry, as part of its deal with the government to get the TARP money, agreed to severely alter all employee contracts, both union and white collar, in order to show fiscal responsibility. GM and Chrysler did and are doing that as we speak... slicing away bonuses and cutting salaries.  So why not AIG? Because for some reason, this country look at high-finance as this castle filled with aristocrats who deserve not to be questioned or dealt with in the same way we deal with everyday, hard-working Americans who--- god forbid--- get their hands dirty.  By all means, let's hold the U.S. autoworker to a stricter standard!  Make them suffer more, even though they're taking way, and I mean WAY fewer of our taxpayer dollars. 

C'mon. GM and Chrysler have asked for less than $25 billion dollars.  They haven't been given it all yet.  However, AIG's tab at the moment?  $160 billion, and trust me, the meter's running.

Do you see my point? Please let me know what you think.

And, HAVE A NICE MONDAY!!!

--Liz