WSJ Op-Ed on AIG - regulators say they were "on the job"
This is exactly what they want. People arguing between the two parties. Both parties are accepting bribes from the same billion $ corporations. They may pretend to care as they voice pessimistic opinions (while grilling the "evil doers" in committes)however, People like Richard Fuld still walk w/ their 480 million dollar golden parachutes. All this while the loyal employees lose their 401ks & their jobs. I can't believe this is happening in America. I wish I could educate people on this subject. When the regulations were taken out to allow this mess, each party had two years of dominance. None of the regulations have been put back in place. We are merely spending money in a bucket with all the same holes in it. We need to take back our country from a lobbyist corrupted system. We have to eliminate all lobbyists & eliminate all corporate funding in campaigns. Both McCain & Obama accepted campaign $ from AIG. McCain 52,000 Obama 110,000. They were both senator "incumbents" from the same "botched" system. Our candidates are weeded out for us before they even reach the Newhampshire primaries. by $ As far as the Aig problem goes; if they really wanted the money back, they would bring their precious ceo & cfo buddies before judges. Not Committees! Bring them up on charges. I can think of quite a few. Witholding info from investors. Fraud = rubber stamping tripple "A" ratings on toxic mortgages. Fraud = writing out toxic CDO's combined pools of mortgage backed securities consisting of toxic assets. Embezzlement = monopolizing upper management & boards of directors to loot astronomical amounts. Writting out two trillion $ worth of credit default swaps (knowing that the aftermath would ruin the co. & the housing mkt) The 1st rush to bail out this corrupt co. was 'cause of a mountain of credit default swaps. They owed money for writing out too many insurance policies "preying on failed mortgages". The corrupt Wallstreet thieves were begging for them & AIG was writting toxic CDO's followed by Credit default swaps for short term gains. We are paying the department million in bonuses for accepting short term profits (knowing they were destroying their own co.) for greed ! The regulations have not been put back into place to this day. We are just throwing money in a black hole.