Tuesday, March 17, 2009
Too Little Too Late
Posted By Eric S. Peterson on March 17, 2009, 3:37 PM
Why do I get the feeling that AIG execs are in some Tijuana whorehouse right now, rolling around naked in a big pile of tax payer money? And why is the more disturbing feeling I'm having is that, there were probably plenty of lawmakers who saw this coming, and did jack shit about it. Until now of course. Now there's alot of lawmakers vieing to be the ringmaster of a media circus as soon as more AIG execs testify before the house tomorrow.
Just remember folks this is all a performance. Those execs may look they're being prepped to be fed to the lions, but in reality the interrogating lawmakers are highly trained professionals that know what they are doing and know most importantly how to put on a show.
Like Sen. Chris Dodd, D-Connecticut, for one. Dodd, one of the democratic lawmakers who is floating an idea to tax the bonuses (floating is the operative word here) also happened to be the guy who created the loophole allowing for the fat bonuses to be collected in the first place. And in unrelated news, Dodd also got his own campaign bailout from AIG to the tune of some $103,100 in campaign donations. His state also held AIG's biggest corporate office.
Even Obama seems to be a little off cue and a few days too late to do anything about these golden parachutes other than promise America, with a little feet shuffle of embarassment, that he'll try to do better next time.
But Dodd is the critical piece here. The reality is that no elected official would help bend over his constituents as well as the rest of the nation when it comes to getting raped on these taxpayer funded bailouts, if it weren't for one simple reason. An elected official represents all his constituents. Some constituents however, do more for a candidate than wear a silly T-shirt and slap a sticker on their bumper. Some constituents give money to their candidate of choice. Sometimes, lots and lots of money.
Let's face it these groups like AIG just know a good investment when they see one. It's called the political campaign market and this market, is always a BUY market.
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